Houston we have a problem.
If you've been reading along about the "widows and orphans, Tier 1 counties" discussion in H187 [link], you might wonder what all the fuss is about [link]? Let those poor folks join for heavens sake!
Unfortunately the H187 "Credit Union Update" bill before the N.C. Legislature has little to do with all that [link]. H187 is about changing North Carolina law to permit open, anyone-can-join membership and commercial banking and investment authority to North Carolina credit unions [link]. Those changes do not conform with the original purpose nor principles of a credit union, nor do they conform with existing North Carolina law.
Following the laws of our State is not "optional" last time I checked. But having failed for years to get its way on open membership in the North Carolina Legislature, the Carolinas Credit Union League (CCUL) decided to make up its own rules on open membership. CCUL has a wonderful charitable arm - The Carolinas Credit Union Foundation - which helps many worthwhile causes. The CCUL has added "another benefit" for contributing to the Foundation - open credit union membership in North Carolina!
❋ Here take a look at an actual example of open membership - courtesy of CCUL - from a credit union website:
✅ "Carolinas Credit Union Foundation: "You can become a member of ("XXXX") Credit Union and support an excellent cause!"
😎 "("XXXX") Credit Union is proud to partner with the Carolinas Credit Union Foundation. If we cannot qualify you in any other capacity, we will donate $15 to the Carolinas Credit Union Foundation in your name!"
😎 "How does the ("XXXX") CU & Carolinas Credit Union Foundation partnership work?"
"If you do not qualify for membership or as a family member, you can still open an account with us by becoming a Friend of the Foundation."
- When you open your account, let us know you are interested in joining as a Friend of the Foundation.
- We donate $15 to the Foundation at account opening for you to become a Friend of the Foundation.
- We will report your membership to the Foundation and you are in!
- Once you’re a ("XXXX") CU member, your immediate family becomes eligible for membership also.
"No. After your year of membership in the Foundation has expired, it is not necessary. Once a member of ("XXXX") CU, you're always a member!"
So, no this not about "widows and orphans"... it's about ethics and integrity.
Wake up to the new realities. The industry needs growth and scale and membership should broaded. Only want to compete against banks.
ReplyDelete@ 11:00am - This is the type of misguided mentality that will ultimately kill credit unions. Less we forget, credit unions should focus on quality over quantity for members of a common bond. Bigger does not equal better. I know this may be a difficult pill to swallow for CCUL when their membership fees ($$) rely on increased membership size.
Delete"You get a cu membership! You get a cu membership! Everybody gets a cu membership!"
ReplyDeleteNo credit score required to join...
no anything required just like at the bank
Delete5:30, but will get a better rate if your credit score is good.
Deleteyep, just like any other 'industry standard' financial institution ...
DeleteIf SECU is so great, it should be spread to all. Open membership should bring throngs of new people and we should welcome them with open arms.
ReplyDeletesaid like true bankerboy
Delete5:50. Exactly that's the point, including businesses. New bill will help us accelerate our growth there.
Delete@5:55pm Clever. I pity the teller that has to wait on an entitled member such as yourself.
Delete"THE HARDEST THING TO EXPLAIN
ReplyDeleteIS THE GLARINGLY EVIDENT
WHICH EVERYBODY HAS DECIDED
NOT TO SEE."
- AYN RAND
ccul need to be investgated and fined
ReplyDeleteshameful hacks
Delete848. Ridiculous. Fined by who and for what? Supporting a bill their constituent credit unions want?
Delete11:15pm when did lying and cheating become legal? and supported by credit unions/
Deletewhen did we go low rent
Deleteforward this post to the reps
ReplyDelete