Posted by pat/WA on 1/26/13 12:13pm
Msg #452371

Emery Credit Union

Emery Credit Union includes a document requesting a $10 membership donation to a charity. Borrowers are objecting to this.
Anyone have an explanation as to what this is all about?
I remember several years ago insurance companies used to slip in documents requesting a fee for accidental death and dismemberment insurance. I don't sell insurance should I collect membership fees for credit unions?

Reply by VT_Syrup on 1/26/13 6:50pm
Msg #452436

I've never heard of a credit union requiring any kind of expenditure to join; the ones I've belonged to required a nominal minimum balance like $5. However, the members of a credit union own it and get to vote for the board of directors, so I'm not surprised if they have some policies that are different from banks.

Reply by Malbrough_LA on 1/26/13 7:50pm
Msg #452449

I had to read this one carefully. It depends how you read it. Syrup, you're correct about the members owning and voting on the BoD.

"Emery Credit Union includes a document REQUESTING a $10 membership DONATION to a charity."
This is not stated as a requirement (necessary and jointly sufficient condition), but if someone signs it while just "point-signing" they just forked it over free of charge due to negligence to read thoroughly enough. Good borrowers you have for reading it though!