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Would you switch banks if you were offered free money to do that?
March 21, 2013 at 5:51 PM

We get lots of junk mail including from the bank that holds the loan on our house.  Which by the way will be paid in full November 2016.  When I get stuff from that bank.  I make sure it's nothing important. Like related to the loan on our house.  If not I toss it.  Well there must of been something to open up a checking account.  The other day that bank calls dh to ask if we got a piece of mail from them about opening a checking account.   Telling him.   They'll give us 100$ free for opening up a new checking with them.  Dh says we are not interested.  We are happy with the credit union.    Although I could use 100$ extra right now.  It just isn't the incentive I want to get me to switch.

Replies

  • michiganmom116
    March 21, 2013 at 6:29 PM

    I've been with my bank for all of my 47 years...yes, since I was an infant and my parents opened up a savings account for me.  I have had a variety of accounts with other popular banks and credit unions, but I wasn't satisfied. 

    Depending on the bank's policies, I may consider opening an account for a monetary incentive (and closing it within a certain time frame.)

  • Amanda52007
    March 21, 2013 at 6:42 PM


    Quoting michiganmom116:

    I've been with my bank for all of my 47 years...yes, since I was an infant and my parents opened up a savings account for me.  I have had a variety of accounts with other popular banks and credit unions, but I wasn't satisfied. 

    Depending on the bank's policies, I may consider opening an account for a monetary incentive (and closing it within a certain time frame.)

    This is what I was going to say. Depending on the rules that they have with it. I wouldn't have it as my main account.

  • DawnPratt23
    March 21, 2013 at 8:47 PM

    Bank matters no, credit unions are really hard to get into and are great to their customers. Those gimmicks aren't always the best, $100 would be nice but not worth the headache of changing your direct deposit, checks, debit cards. Just not wroth it, in my opinion


  • Roxygurl
    March 21, 2013 at 8:49 PM
    What do you mean credit unions are hard to get into? I've been a member of 3 and two were simply because I lived in a city where they had a branch.

    Quoting DawnPratt23:

    Bank matters no, credit unions are really hard to get into and are great to their customers. Those gimmicks aren't always the best, $100 would be nice but not worth the headache of changing your direct deposit, checks, debit cards. Just not wroth it, in my opinion


  • DawnPratt23
    March 21, 2013 at 9:02 PM

    They usually have requirements, not just anyone can join or at least the ones I have been part of. One I had to be a relative to a Teacher or someone who worked at the University(Grandma worked at the University). My ex employer offered membership and I qualified for his credit union as a spouse. Now with USAA because my hubby is in the military, but his parents and siblings are excluded from joining. It isn't impossible, but difficult.

    http://www.bankrate.com/finance/savings/can-you-join-a-credit-union.aspx


    2011 Credit Union Checking Study » What are the requirements to join a credit union?

    While most people gain access to a credit union through their employer, there are other ways to join the nonprofit financial institutions: All it takes is a little research. For example, if you attend a specific church or live in a certain community, you might have access.

    Free checking at credit unions

    "If a consumer wants to choose to conduct their financial services through a credit union they can usually find one to join," says John McKechnie, director of public and congressional affairs at the National Credit Union Administration, the Alexandria, Va., government agency that regulates credit unions.

    Membership guidelines broader than you think

    Unlike banks that are open to anyone, laws require credit unions to have a defined field of membership, which means you'll have to be a member of that group to access the credit union and its services. The field of membership can be broad, including an employer, church, school, community and employee group.

    Gaining access through an employer is the easiest way to become a member, but community-based credit unions are also widely available in many cities and towns across the country.

    "Out of the 8,000 credit unions, almost 25 percent are community-based," says Jim Hanson, vice president at The Credit Union National Association, or CUNA, the Washington, D.C., and Madison, Wis., trade association. "The vast majority of consumers, especially in large communities and cities have an opportunity to join a credit union."

    Churchgoers are eligible to join their church's credit union as are students and faculty of a college and university. At some credit unions, like the University of Wisconsin's credit union, you only need to have taken one class to become a member, says Hanson. "It's not that hard to get into a credit union," he says.

    The not-for-profit financial institutions, which offer everything from savings accounts to automobile loans, are attractive to consumers because they offer competitive rates on loans and have money to put to work. "Credit unions have enjoyed a nice spurt in growth since the financial crisis and are flush with cash and want to make loans," says Hanson.

    Finding a credit union

    So how should you go about finding a credit union to join? According to The Credit Union National Association, you can call your state league, talk to your boss or even quiz your family. Find out if your spouse's employer sponsors a credit union that lets family members join. Some credit unions will only allow immediate family members while others will include extended family members like cousins, uncles and aunts. If you're looking for a community-based credit union, talk to neighbors to see if they know of any nearby credit unions.

    If that fails, there's always the Internet and the Yellow Pages to point you in the right direction. According to CUNA, some of the credit unions rarely advertise so you may not know what's out there unless you peruse the Yellow Pages. You can search the association's Web site for credit unions by state, and check the safety of the institution with Bankrate's Safe & Sound rating system.

    "It's a matter of calling the local credit union and checking out what the charter allows," says Hanson. "People don't realize they can be eligible for a credit union."

    « Back to the 2011 Credit Union Checking Study.

    Quoting Roxygurl:

    What do you mean credit unions are hard to get into? I've been a member of 3 and two were simply because I lived in a city where they had a branch.

    Quoting DawnPratt23:

    Bank matters no, credit unions are really hard to get into and are great to their customers. Those gimmicks aren't always the best, $100 would be nice but not worth the headache of changing your direct deposit, checks, debit cards. Just not wroth it, in my opinion



  • Roxygurl
    March 21, 2013 at 9:10 PM
    I live in a suburb of Houston and associated credit union allowed me to become a member as long as I had a pearland address.....I no longer use them.

    The credit union I have now is the same way, I just had to live in a certain area code to be a member AND the name of the credit union is actually the name of a well known oil company and I have no ties to it.

    There is one more credit union I'm a member of through my dad but its just semantics, I could open an account totally on my own at that place as well.


    Quoting DawnPratt23:

    They usually have requirements, not just anyone can join or at least the ones I have been part of. One I had to be a relative to a Teacher or someone who worked at the University(Grandma worked at the University). My ex employer offered membership and I qualified for his credit union as a spouse. Now with USAA because my hubby is in the military, but his parents and siblings are excluded from joining. It isn't impossible, but difficult.

    http://www.bankrate.com/finance/savings/can-you-join-a-credit-union.aspx


    2011 Credit Union Checking Study » What are the requirements to join a credit union?

    While most people gain access to a credit union
    through their employer, there are other ways to join the nonprofit
    financial institutions: All it takes is a little research. For example,
    if you attend a specific church or live in a certain community, you
    might have access.

    Free checking at credit unions


    "If
    a consumer wants to choose to conduct their financial services through a
    credit union they can usually find one to join," says John McKechnie,
    director of public and congressional affairs at the National Credit
    Union Administration, the Alexandria, Va., government agency that
    regulates credit unions.

    Membership guidelines broader than you think

    Unlike banks that are open to anyone,
    laws require credit unions to have a defined field of membership, which
    means you'll have to be a member of that group to access the credit
    union and its services. The field of membership can be broad, including
    an employer, church, school, community and employee group.

    Gaining
    access through an employer is the easiest way to become a member, but
    community-based credit unions are also widely available in many cities
    and towns across the country.

    "Out of the 8,000 credit unions,
    almost 25 percent are community-based," says Jim Hanson, vice president
    at The Credit Union National Association, or CUNA, the Washington, D.C.,
    and Madison, Wis., trade association. "The vast majority of consumers,
    especially in large communities and cities have an opportunity to join a
    credit union."

    Churchgoers are eligible to join their church's credit union as are students and faculty of a college and university. At some credit unions,
    like the University of Wisconsin's credit union, you only need to have
    taken one class to become a member, says Hanson. "It's not that hard to
    get into a credit union," he says.

    The not-for-profit financial
    institutions, which offer everything from savings accounts to automobile
    loans, are attractive to consumers because they offer competitive rates
    on loans and have money to put to work. "Credit unions have enjoyed a
    nice spurt in growth since the financial crisis and are flush with cash
    and want to make loans," says Hanson.

    Finding a credit union

    So
    how should you go about finding a credit union to join? According to
    The Credit Union National Association, you can call your state league,
    talk to your boss or even quiz your family. Find out if your spouse's
    employer sponsors a credit union that lets family members join. Some
    credit unions will only allow immediate family members while others will
    include extended family members like cousins, uncles and aunts. If
    you're looking for a community-based credit union, talk to neighbors to
    see if they know of any nearby credit unions.

    If that fails,
    there's always the Internet and the Yellow Pages to point you in the
    right direction. According to CUNA, some of the credit unions rarely
    advertise so you may not know what's out there unless you peruse the
    Yellow Pages. You can search the association's Web site for credit
    unions by state, and check the safety of the institution with Bankrate's Safe & Sound rating system.

    "It's
    a matter of calling the local credit union and checking out what the
    charter allows," says Hanson. "People don't realize they can be eligible
    for a credit union."

    « Back to the 2011 Credit Union Checking Study.

    Quoting Roxygurl:

    What do you mean credit unions are hard to get into? I've been a member of 3 and two were simply because I lived in a city where they had a branch.



    Quoting DawnPratt23:

    Bank matters no, credit unions are really hard to get into and are great to their customers. Those gimmicks aren't always the best, $100 would be nice but not worth the headache of changing your direct deposit, checks, debit cards. Just not wroth it, in my opinion



  • RoseWall
    March 21, 2013 at 9:13 PM

    maybe. i tried that once. but they would not let me :(

  • DawnPratt23
    March 21, 2013 at 9:25 PM

    As the article said, only 25% of the 8000 CU have low requirements. By Law there has to be memberships and in my experience everyone I have known to try to get in one in our areas have had to meet guidelines.


    Unlike banks that are open to anyone,
    laws require credit unions to have a defined field of membership, which
    means you'll have to be a member of that group to access the credit
    union and its services. The field of membership can be broad, including
    an employer, church, school, community and employee group.


    Quoting Roxygurl:

    I live in a suburb of Houston and associated credit union allowed me to become a member as long as I had a pearland address.....I no longer use them.

    The credit union I have now is the same way, I just had to live in a certain area code to be a member AND the name of the credit union is actually the name of a well known oil company and I have no ties to it.

    There is one more credit union I'm a member of through my dad but its just semantics, I could open an account totally on my own at that place as well.


    Quoting DawnPratt23:

    They usually have requirements, not just anyone can join or at least the ones I have been part of. One I had to be a relative to a Teacher or someone who worked at the University(Grandma worked at the University). My ex employer offered membership and I qualified for his credit union as a spouse. Now with USAA because my hubby is in the military, but his parents and siblings are excluded from joining. It isn't impossible, but difficult.

    http://www.bankrate.com/finance/savings/can-you-join-a-credit-union.aspx


    2011 Credit Union Checking Study » What are the requirements to join a credit union?

    While most people gain access to a credit union
    through their employer, there are other ways to join the nonprofit
    financial institutions: All it takes is a little research. For example,
    if you attend a specific church or live in a certain community, you
    might have access.

    Free checking at credit unions


    "If
    a consumer wants to choose to conduct their financial services through a
    credit union they can usually find one to join," says John McKechnie,
    director of public and congressional affairs at the National Credit
    Union Administration, the Alexandria, Va., government agency that
    regulates credit unions.

    Membership guidelines broader than you think

    Unlike banks that are open to anyone,
    laws require credit unions to have a defined field of membership, which
    means you'll have to be a member of that group to access the credit
    union and its services. The field of membership can be broad, including
    an employer, church, school, community and employee group.

    Gaining
    access through an employer is the easiest way to become a member, but
    community-based credit unions are also widely available in many cities
    and towns across the country.

    "Out of the 8,000 credit unions,
    almost 25 percent are community-based," says Jim Hanson, vice president
    at The Credit Union National Association, or CUNA, the Washington, D.C.,
    and Madison, Wis., trade association. "The vast majority of consumers,
    especially in large communities and cities have an opportunity to join a
    credit union."

    Churchgoers are eligible to join their church's credit union as are students and faculty of a college and university. At some credit unions,
    like the University of Wisconsin's credit union, you only need to have
    taken one class to become a member, says Hanson. "It's not that hard to
    get into a credit union," he says.

    The not-for-profit financial
    institutions, which offer everything from savings accounts to automobile
    loans, are attractive to consumers because they offer competitive rates
    on loans and have money to put to work. "Credit unions have enjoyed a
    nice spurt in growth since the financial crisis and are flush with cash
    and want to make loans," says Hanson.

    Finding a credit union

    So
    how should you go about finding a credit union to join? According to
    The Credit Union National Association, you can call your state league,
    talk to your boss or even quiz your family. Find out if your spouse's
    employer sponsors a credit union that lets family members join. Some
    credit unions will only allow immediate family members while others will
    include extended family members like cousins, uncles and aunts. If
    you're looking for a community-based credit union, talk to neighbors to
    see if they know of any nearby credit unions.

    If that fails,
    there's always the Internet and the Yellow Pages to point you in the
    right direction. According to CUNA, some of the credit unions rarely
    advertise so you may not know what's out there unless you peruse the
    Yellow Pages. You can search the association's Web site for credit
    unions by state, and check the safety of the institution with Bankrate's Safe & Sound rating system.

    "It's
    a matter of calling the local credit union and checking out what the
    charter allows," says Hanson. "People don't realize they can be eligible
    for a credit union."

    « Back to the 2011 Credit Union Checking Study.

    Quoting Roxygurl:

    What do you mean credit unions are hard to get into? I've been a member of 3 and two were simply because I lived in a city where they had a branch.



    Quoting DawnPratt23:

    Bank matters no, credit unions are really hard to get into and are great to their customers. Those gimmicks aren't always the best, $100 would be nice but not worth the headache of changing your direct deposit, checks, debit cards. Just not wroth it, in my opinion




  • Roxygurl
    March 21, 2013 at 9:30 PM
    I'm not arguing with you, I'm just saying that for houstonians.....which account for almost 7 million people in the entire Houston area it's really really easy to open an account with a credit union.

    Quoting DawnPratt23:

    As the article said, only 25% of the 8000 CU have low requirements. By Law there has to be memberships and in my experience everyone I have known to try to get in one in our areas have had to meet guidelines.


    Unlike banks that are open to anyone,

    laws require credit unions to have a defined field of membership, which

    means you'll have to be a member of that group to access the credit

    union and its services. The field of membership can be broad, including

    an employer, church, school, community and employee group.


    Quoting Roxygurl:

    I live in a suburb of Houston and associated credit union allowed me to become a member as long as I had a pearland address.....I no longer use them.



    The credit union I have now is the same way, I just had to live in a certain area code to be a member AND the name of the credit union is actually the name of a well known oil company and I have no ties to it.



    There is one more credit union I'm a member of through my dad but its just semantics, I could open an account totally on my own at that place as well.




    Quoting DawnPratt23:

    They usually have requirements, not just anyone can join or at least the ones I have been part of. One I had to be a relative to a Teacher or someone who worked at the University(Grandma worked at the University). My ex employer offered membership and I qualified for his credit union as a spouse. Now with USAA because my hubby is in the military, but his parents and siblings are excluded from joining. It isn't impossible, but difficult.

    http://www.bankrate.com/finance/savings/can-you-join-a-credit-union.aspx


    2011 Credit Union Checking Study » What are the requirements to join a credit union?

    While most people gain access to a credit union

    through their employer, there are other ways to join the nonprofit

    financial institutions: All it takes is a little research. For example,

    if you attend a specific church or live in a certain community, you

    might have access.

    Free checking at credit unions




    "If

    a consumer wants to choose to conduct their financial services through a

    credit union they can usually find one to join," says John McKechnie,

    director of public and congressional affairs at the National Credit

    Union Administration, the Alexandria, Va., government agency that

    regulates credit unions.

    Membership guidelines broader than you think

    Unlike banks that are open to anyone,

    laws require credit unions to have a defined field of membership, which

    means you'll have to be a member of that group to access the credit

    union and its services. The field of membership can be broad, including

    an employer, church, school, community and employee group.

    Gaining

    access through an employer is the easiest way to become a member, but

    community-based credit unions are also widely available in many cities

    and towns across the country.

    "Out of the 8,000 credit unions,

    almost 25 percent are community-based," says Jim Hanson, vice president

    at The Credit Union National Association, or CUNA, the Washington, D.C.,

    and Madison, Wis., trade association. "The vast majority of consumers,

    especially in large communities and cities have an opportunity to join a

    credit union."

    Churchgoers are eligible to join their church's credit union as are students and faculty of a college and university. At some credit unions,

    like the University of Wisconsin's credit union, you only need to have

    taken one class to become a member, says Hanson. "It's not that hard to

    get into a credit union," he says.

    The not-for-profit financial

    institutions, which offer everything from savings accounts to automobile

    loans, are attractive to consumers because they offer competitive rates

    on loans and have money to put to work. "Credit unions have enjoyed a

    nice spurt in growth since the financial crisis and are flush with cash

    and want to make loans," says Hanson.

    Finding a credit union

    So

    how should you go about finding a credit union to join? According to

    The Credit Union National Association, you can call your state league,

    talk to your boss or even quiz your family. Find out if your spouse's

    employer sponsors a credit union that lets family members join. Some

    credit unions will only allow immediate family members while others will

    include extended family members like cousins, uncles and aunts. If

    you're looking for a community-based credit union, talk to neighbors to

    see if they know of any nearby credit unions.

    If that fails,

    there's always the Internet and the Yellow Pages to point you in the

    right direction. According to CUNA, some of the credit unions rarely

    advertise so you may not know what's out there unless you peruse the

    Yellow Pages. You can search the association's Web site for credit

    unions by state, and check the safety of the institution with Bankrate's Safe & Sound rating system.

    "It's

    a matter of calling the local credit union and checking out what the

    charter allows," says Hanson. "People don't realize they can be eligible

    for a credit union."

    « Back to the 2011 Credit Union Checking Study.

    Quoting Roxygurl:

    What do you mean credit unions are hard to get into? I've been a member of 3 and two were simply because I lived in a city where they had a branch.





    Quoting DawnPratt23:

    Bank matters no, credit unions are really hard to get into and are great to their customers. Those gimmicks aren't always the best, $100 would be nice but not worth the headache of changing your direct deposit, checks, debit cards. Just not wroth it, in my opinion




  • a_and_j_momma
    March 21, 2013 at 9:45 PM
    No, I would not Go through the hassle for $100
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