I thought that there were strict rules about what you could and couldn't do, and that's why some entities were credit unions and some were banks.
Short, short, short answer -- credit unions have to be open only to members sharing a "common bond." For example, employees of one company, or residents of one city. (The rules on what's a "common bond" have changed over the years, and I'm not sure what the exact rules are these days. But that's the basic idea.)
Anyone can be a customer of a bank.
(The rules on what's a "common bond" have changed over the years, and I'm not sure what the exact rules are these days. But that's the basic idea.)
I got into the Navy Federal Credit Union, despite never having been in the Navy, by dint of having a close relative who had been in the Navy -- 20 years previously. Right now, as a member of same credit union, I could invite my two flatmates in, despite none of us ever having been in the Navy. Just the fact they live with a member makes them eligible.
Yeah, my quarterly newsletter is completely incomprehensible to me, except inasmuch as it makes me grateful I'm not trying to support a family on what a petty officer makes.
Nutty, that's why I said "the basic idea" and "short, short answer."
Trust me, you don't want me to start talking about bank regulation on any other basis. There isn't enough aspirin in the world.
Yeah, my quarterly newsletter is completely incomprehensible to me, except inasmuch as it makes me grateful I'm not trying to support a family on what a petty officer makes.
I get that with my USAA car insurance.
Trust me, you don't want me to start talking about bank regulation on any other basis.
Oh, I figured. I was using my example to illustrate how fuzzy (not fizzy, as I'd first typed) the "common bond" really is.
But I'll take all the fuzzy common bonds in the world, for a really good car loan rate!
It was only a matter of time...
savestudio60.com
Oh, so they're going after Sorkin?
What's the last thing that made you smile?
makes me grateful I'm not trying to support a family on what a petty officer makes.
Depends on the petty officer, there's First, Second and Third Class. Third Class is the lowest and, yeah, a married Third Class with two kids can just about qualify for food stamps. I got out as a First Class with 14 years service back in 1993 and I'm only now making a dollar an hour more than I was then. The longer you stay in, the better it gets.
Aimee's filk in Bitches about 60 seconds ago.