A credit union (or more) for everyone

As stated in an earlier post, my wife and I set a goal to be debt free by June 2017.  To achieve this goal, we reviewed our finances to look for areas eligible for cost reductions. One area was bank fees because our checking and savings accounts were beset by niggling charges. Although individually, a one- or two-dollar fee is minor, a swarm of them can put a sizeable dent in one's wallet. Therefore, we made a business decision to look for and join a credit union.

The field of membership for the one credit union in our small Arkansan town was limited to certain employer groups and communities, most of which were located out-of-state. Thus began my search.

As an employee of the local school district, I learned during a search on the Internet that I was eligible to join Arkansas Employees Federal Credit Union (AEFCU). Just for fun, I searched out other credit unions for which I might be eligible.

The dearth of credit unions in my area yielded a very short list: AEFCU and Arkansas Federal Credit Union (AFCU). However, a cursory review of AFCU's field of membership didn't look hopeful until I noticed that members of Arkansas Bicycle Club were eligible. That's great! But this finding led to another question: What other credit unions include small non-profit organizations such as Arkansas Bicycle Club in their respective fields of membership? See Table 1 for the answer.

Table 1 is not an exhaustive list. If you find a credit union whose field of membership includes similar organizations, please contact me and I'll update the list.

Table 1. A selection of credit unions and qualifying associations

Credit union	Qualifying association
Arkansas Federal Credit Union	Arkansas Bicycle Club
Commonwealth Federal Credit Union	Financial Fitness Association
Coors Federal Credit Union	Consumers United Association (restricted to residents of Colorado).
Credit Union of Dodge City	Friends of the Zoo
Eaton Family Federal Credit Union	Euclid High School Boosters Club
First Tech Federal Credit Union	Financial Fitness Association
GTE Federal Credit Union	CUSavers
Patriots Federal Credit Union	AuTO-CA
Prime Financial Credit Union	Anyone who works in the United States is eligible to join Prime Financial Credit Union. For details, call 414-486-4500 (inside Wisconsin) or 800-835-9680 (all other locations).
Provident Credit Union	Peninsula Humane Society The Sierra Club
Sierra Point Credit Union	Financial Fitness Association
Spectrum Federal Credit Union	Financial Fitness Association
The Golden 1 Credit Union	Financial Fitness Association
USAlliance Federal Credit Union	Rye Arts Center Council of Community Services
Warren Federal Credit Union	Cheyenne Cycling Club

Fees to join any given association range from no cost (ATO, Patriots Federal Credit Union) to $40.00 (The Rye Arts Center, USAlliance Federal Credit Union). See Table 2 below for details.

Table 2. Membership fees of associations, effective 24 Feb 2012

Name	Cost
Arkansas Bicycle Club	$15.00 annually
Automotive Trade Organization	$25.00 (paid by credit union)
Cheyenne Cycling Club	$15.00 annually
Consumers United Association	$5.00 annually
Council of Community Services	$25.00 annually
CUSavers	$10.00
Euclid Boosters	$5.00 annually
Financial Fitness Association	$5.00
Friends of the Zoo	$10.00 (individual) annually
Peninsula Humane Society	Any amount annually
Rye Arts Center	$40.00 annually
The Sierra Club	$15.00annually

• Do your own research. What works for me may not work for you.
• Read all the disclosures! Some credit unions post their disclosures; others do not.
• Read the fee schedule. The variability of fees among credit unions is pretty substantial.

Disclaimer I am a member of the following credit unions:

• Arkansas Employees Federal Credit Union
• First Tech Federal Credit Union
• The Golden 1 Credit Union
• Provident Credit Union