| Author |
Message |
    
bdk
Citizen
Username: Bdk23
Post Number: 33
Registered: 11-2005
| | Posted on Tuesday, March 7, 2006 - 5:02 pm: | 
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Does anyone have any experience with some local credit unions in the area? I'm looking to start an account and possibly re-fi my house in a couple months when the 1 year holding period ends. Thanks. |
Joan
Supporter
Username: Joancrystal
Post Number: 7093
Registered: 5-2001
| | Posted on Tuesday, March 7, 2006 - 6:28 pm: |
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Credit unions aren't open to the general public the way most banks are. You have to be a member of the credit union first and membership in most if not all credit unions is very restrictive and generally based on specific criteria such as all members having the same employer.
Do you know if you qualify for any credit unions? |
bdk
Citizen
Username: Bdk23
Post Number: 34
Registered: 11-2005
| | Posted on Wednesday, March 8, 2006 - 10:34 am: |
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I was hoping to contact them to see if I would qualify and become a member, open up an account, etc. and then maybe refinance 6 months from now? Any recommendations? |
Joan
Supporter
Username: Joancrystal
Post Number: 7100
Registered: 5-2001
| | Posted on Wednesday, March 8, 2006 - 5:02 pm: |
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No. We have one at work but you wouldn't qualify unless you were a New York City employee. |
Tom Reingold
Supporter
Username: Noglider
Post Number: 12801
Registered: 1-2003
| | Posted on Thursday, March 9, 2006 - 7:40 am: |
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I don't see why a credit union would turn people away, because they more people who put their money in (or borrow out), the more profits they make. I suggest you call the local ones and ask if you may join. I think you may eventually find one to take you.
I joined a credit union when I qualified (by being a telecom industry employee) but they didn't check any ID or anything. When I no longer qualified, they didn't toss me out.
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Arsenal
Citizen
Username: Arsenal
Post Number: 74
Registered: 8-2004
| | Posted on Thursday, March 9, 2006 - 8:33 am: |
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Actually, Credit Union's are no longer as restrictive as they used to be. Most of the larger ones will take in anyone, hence the Banks are throwing a fit b/c the Credit Unions are encroaching on the traditional Banking Sector. There was a write up on this in the WSJ a couple of days ago. |
jem
Citizen
Username: Jem
Post Number: 1498
Registered: 5-2001
| | Posted on Thursday, March 9, 2006 - 8:45 am: |
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We're still members of the Credit Union that we joined when we were employees of IBM. That credit union morphed long ago from being exclusively for IBM employees, and I think it's much more likely that you could find a credit union that would accept your membership.
I'm a big fan of my credit union - very reasonable rates: even my checking account bears interest - and even though it's not anywhere nearby, I'm able to do banking either on the web, by mail or through a national network of credit unions - there's one that I go to in New Providence when I need to make a deposit in person. I think it's called Affinity. |
bdk
Citizen
Username: Bdk23
Post Number: 36
Registered: 11-2005
| | Posted on Thursday, March 9, 2006 - 10:13 am: |
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yeah, the WSJ article got me rethinking about it. thanks for the help all. i meant to use one when i bought my house, but i got a decent rate and never looked into them. my mort company though screwed me on my HELOC, charging me prime + 50 when they said prime. it's been a fiasco and my broker is no help so i'm gonna refi asap partly due to the improvements we made to the house already and mostly on pure principal. |
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