Reply #31: There are also CUs that have much less restrictive membership.

[mwooldri]

Pentagon Federal Credit Union is apparently the easiest credit union to get into. The easiest way to be eligible to join is through membership of one of two military support groups (National Military Family Association or Voices for America's Troops), and joining them costs $20 or $15 respectively.

Many other Credit Unions these days are allowing membership like this by means of an individual becoming a member of an affiliated organization.

As for credit unions competing with banks - they do just that but because they don't have zillions of branches, ATM machines, or advertising budget the word just doesn't get around. Some of the bigger ones do and have set aside money for a more aggressive marketing campaign (those who typically allow membership based on geography rather than company or organization affiliation) and this helps out them and also the whole credit union movement.

Mark.