4 ms·

https://iafcu.org/special-posts/membership/ https://iafcu.org/special-posts/membership/ "Persons who live, work, worship, attend school, or participate in asso

by T-A 13y ago

https://iafcu.org/special-posts/membership/ https://iafcu.org/special-posts/membership/ "Persons who live, work, worship, attend school, or participate in associations headquartered in New Brunswick or Highland Park, New Jersey" Am I misunderstanding what this means, or are they saying you have to live there in order to be a member?

jawns 13y ago
I looked into the feasibility of starting a web-based credit union a few years ago and I discovered that federal regulations require credit unions to serve some distinct community -- whether it be a physical community (like a town) or an affinity community (like an alumni association). This makes it more difficult to establish an open-to-everyone web-based credit union; you basically have to have some sort of online community already in place, and attract members from that community. Nevertheless, there are some web-based credit unions that have been able to successfully meet the requirements ... however, this explains why you don't see the cooperative equivalent of an ING Direct/Capital One 360. Even so, I do hope that either the regulations change or some established web-based credit unions are able to attract people away from the for-profit banks, because credit unions, being member owned, never put profits before people. (But if they DO happen to make a profit, it goes back to the members, not to some outside shareholder.)
- jdeibele 13y ago
  Or it goes to the CEO. Locally the head of OnPoint - formerly Portland Teachers Credit Union - makes $2 million a year. http://www.oregoncreditunionfacts.com/wp-content/uploads/OnPoint-990_2011.pdf http://www.oregoncreditunionfacts.com/wp-content/uploads/OnP...
underscor 13y ago
No, you don't have to live there. As part of the account creation process, you donate a small amount of money ($5, iirc) to one of their local partners, and that satisfies the "participates in associations" aspect of the rule. EDIT: See "Persons participating in programs to alleviate poverty or distress that are located in the approved area" on the members page

by T-A 13y ago

jawns 13y ago

I looked into the feasibility of starting a web-based credit union a few years ago and I discovered that federal regulations require credit unions to serve some distinct community -- whether it be a physical community (like a town) or an affinity community (like an alumni association). This makes it more difficult to establish an open-to-everyone web-based credit union; you basically have to have some sort of online community already in place, and attract members from that community. Nevertheless, there are some web-based credit unions that have been able to successfully meet the requirements ... however, this explains why you don't see the cooperative equivalent of an ING Direct/Capital One 360. Even so, I do hope that either the regulations change or some established web-based credit unions are able to attract people away from the for-profit banks, because credit unions, being member owned, never put profits before people. (But if they DO happen to make a profit, it goes back to the members, not to some outside shareholder.)

jdeibele 13y ago
Or it goes to the CEO. Locally the head of OnPoint - formerly Portland Teachers Credit Union - makes $2 million a year. http://www.oregoncreditunionfacts.com/wp-content/uploads/OnPoint-990_2011.pdf http://www.oregoncreditunionfacts.com/wp-content/uploads/OnP...

underscor 13y ago

No, you don't have to live there. As part of the account creation process, you donate a small amount of money ($5, iirc) to one of their local partners, and that satisfies the "participates in associations" aspect of the rule. EDIT: See "Persons participating in programs to alleviate poverty or distress that are located in the approved area" on the members page