Tooshy: thanks for the info re routing-number discrepencies. You have raised some very interesting issues about routing numbers for initiating Pre-Authorized Transfers and ACH Pulls. If anyone else has knowledge on this, please feel free to chime in.

Links are in main post.

I don't understand people who get upset when they don't get loans. It's not an obligation to extend a loan. I recently joined a CU and on my first visit while I was opening the account, I asked if they reported to all three credit bureaus.

SeattleNative said:

<< Some CUs product offerings are aimed at very specific member groups. I've even seen some CUs whose product pricing is HIGH and and their services aimed at affluent members.

A personal friend in Alberta had a bad experience with a CU where she had banked for many years and had a very positive long-term borrowing history. The CU manager refused to offer her a truck loan. Her favorable CU credit history didn't help her credit rating elsewhere because that CU refused to report members' credit history to any credit bureaus. She eventually financed a truck through the dealer, but the experience was very upsetting.

Ask your CU which credit agency they report to. It could be frustrating building an excellent CU credit history only to learn years later that they don't report your credit to any of the Big 3 bureaus. >>

Washington governor signs bills combating fraud
OLYMPIA, Wash. (5/13/03)--Washington Gov. Gary Locke signed into law Monday a sweeping financial-fraud package to crack down on crimes against consumers, credit unions and banks.

Has anyone here had negative experiences with CUs?

I'll add this thread to the FAQ (2nd post in sticky).

The CD rates at my credit union have recently changed where the 3yr. CD rates went .25% higher (finally!!), although the 1 yr. CD rates went down by .48%. Anyone else noticed a diverging rate trend, where short term rates are going down, but longer term rates are going up? Is this a sign that interest rates are heading up in the future? Prior to this both 1yr. and 3yr. rates consistently headed south in tandem. How are your CD rates moving?

Tooshy wrote

<< I would never close my CU account because of any inconvenience because once you do, you lose your right to rejoin if you are no longer in the FOM. >>

This is an important point. See membership policy of Navy Federal Credit Union

<< Once a member of Navy Federal, you are entitled to use the services of your credit union for life. You can leave the military, change duty station or employers, move, retire, get married. Your Navy Federal membership is a foundation that can last a lifetime. Once a member, always a member. To keep your membership active, you must:
Maintain a Share Savings balance of $50 or more, or
Maintain an active Sharechek, Share Certificate, or Individual Retirement Account (IRA), or
Maintain an active loan account (e.g.,paying on an outstanding balance or vehicle lease) as a borrower, or
Maintain a Navy Federal Visa or Mastercard
Remember, if you close your account, you cannot reopen it unless you are still in or return to our field of membership. >>

Justalil remarked

<< New car loan rate is only 2.9% fixed for 3 year term. YMMV......No reason to redeem SBs earning from 4-7% when CU is loaning $$ at 2.9%! >>

There are some phenomenal CU car loan deals. You were savvy to take the huge manufacturer cash rebate instead of the "0% financing".

Austex wrote

<< Some CU's may bend the rules to qualify you as a member. I called the "Smallville Credit Union" in a nearby suburb of "Smallville" to ask what their membership requirements were. "Do you live in Smallville?" "No, I don't." "Do you have any family members who live in Smallville? Don't you have a brother who lives here?" "No, I don't." Then she very deliberately repeated the question, "Don't you have a brother who lives in Smallville?" >>

Also check out theNCUA Searchable Credit Union Database

tooshy wrote:

<< Remember they are nonprofit and service oriented which is why I like to do business with them, from simple phone calls, etc. I just trust them more. >>

The more threads I have reviewed here on FatWallet, the more I realize CUs have been overlooked as a dependable financial resource by many (myself included).