Stay With Cus That Don't Offer Much Anymore?

denki | Oct 20, 2023 | 159 posts since 2019

I know this has been asked before, but trying to wonder if I should close out or keep membership at a few CUs that haven't offered anything good for a while -- and probably won't in the future. I know it's generally good to stick around just in case, but they're starting to pile up and... I honestly don't have much hope for some of them.

For instance, about 4-5 years ago there was a semi-local CU that was offering a high 3% CD similar to the one GTE was offering. And ALL of their CDs allowed Add-Ons, so I joined. But then they changed their policy to no more Add-Ons (though they still honored it for the old CDs), and their rates are in the toilet and have been for some time. That CD was kind of a one-time special rate (and at the time, allowed Add-Ons). But now they just have normal CDs at terrible rates. Their other offerings are pretty bleak too. So am I still supposed to stay with them?

What are the rest of you doing with old "one-hit-wonder" places?

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NYCDoug | Oct 20, 2023 | 335 posts since 2011

I've been keeping these CUs open, with periodic automated transfers of $1, in and out, so they remain "active" i.e., don't go dormant.

However, on the spreadsheet I use to track my accounts, I have "hidden" their rows — so I need not look at them every day. Maintaining $5 in these all-but-abandoned CUs is no skin off my back; establishing initial relationships with them was, in some cases, not so easy.

And who's to say that lightning might not strike again, someday, in the same place? In which case I'll be ready!

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bobert456 | Oct 20, 2023 | 187 posts since 2022

who are you using to do the ACH ..... I use ALLY, but they only allow about 16 firms

2

NYCDoug | Oct 20, 2023 | 335 posts since 2011

I'm not juggling that many CUs, but have set up automated dollar-in / dollar-out ACHs with my otherwise useless Chase savings account (with bottom barrel interest). There I keep a minimum $300 + another $100 . . . for emergencies, and these trivial transfers.

Not sure how many external FIs Chase supports (haven't hit their ceiling). But for a seemingly limitless amount of accounts, you might go with Customers.

2

JeffinEasternFL | Oct 20, 2023 | 744 posts since 2020

Keep your estate simple - once it's done, run (you will always be welcomed to rejoin later if need be)

2

Jacques321 | Oct 20, 2023 | 32 posts since 2018

Sometimes special rates come and go quicker than the account opening and funding process, so I generally hang on to "dormant" accounts so I can move quickly when an opportunity presents itself. I've found it helpful to keep a tracking spreadsheet, and once a year (on a rolling 11 month schedule, which offers a little wiggle room) I transfer $0.01 in or out of all these dormant accounts to avoid annual no activity fees.

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Kaight | Oct 20, 2023 | 1,192 posts since 2011

I'm with NYCDoug and Jacques321 on this issue. While the majority of my "keep alives" have been of no value so far, several have made me REAL money. Thing is, I didn't know a priori which were winners and which were (so far) not. And for me at least, ability to join any credit union anew is not at all a certainty. So it's preferable already to be a member when lightning strikes.

9

111 | Oct 20, 2023 | 672 posts since 2019

You may not always be welcome to rejoin later at all CUs. Some CUs (e.g. Keesler) that expanded their geographic membership footprint a few years ago to attract more deposits, have since reduced them back to roughly their prior boundaries. I suspect that "rejoiners" would be rejected if they were not inside the current membership boundaries.

Sometimes I remain a member of a CU for a couple or even one benefit, which may not even be a deposit account. For example, PenFed's deposit rates have been execrable for several years, but I still carry their 5% cashback gas card in my wallet.

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jet13182 | Oct 21, 2023 | 2 posts since 2016

I had a Advancial leftover to keep it active when they took anybody. They are more limited membership qualifications now. Point of story did easy news cd's when it became interesting.

3

fliegeroh | Oct 21, 2023 | 116 posts since 2022

As long as they don't charge you any fees (non-activity or others) no harm in keeping it open. Follow them here on DA. Maybe they will have a deal someday and since you are already in, you don't have to go throw the formalities again.

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