Conference 7.286::dcu

    
    
    Short and sweet:  Digital Credit Union (DCU)
    
    The same as any credit union, only the branches are located inside
    DEC plants/buildings.
    
    Hope this helps
    
    drh
    

    ARE THERE ANY BRANCHES IN THE UK??
    
    WHAT SERVICES DO THEY OFFER??
    
    
    RUSS
    
    8^)

        There are no branches outside of the United States.
        
        Also, it would be appreciated if you could try to avoid
        writing notes with all capital letters.  Use of capital
        letters is considered the electronic equivalent of SHOUTING.
        
        Thank you,
        
Jim Stratton
        

    Re .*:
    
    In the United States, Credit Unions are a special class of financial
    institution that provide banking services to their members (who must
    have some common bond, such as employment by the same company).  The
    original intent was to make loans and other such services available to
    people who might not be able to meet the criteria of commercial banks
    and similar "conventional" institutions.
    
    There could be similar types of financial institutions elsewhere (and
    probably ARE in Canada, for example), but I'm unaware of any.  The DCU
    cannot operate internationally (only banks can do that), so I'm afraid
    it can't be of use to you (in the U.K.) unless you have funds you need
    to keep within the U.S. for some reason.

>    cannot operate internationally (only banks can do that), so I'm afraid
>    it can't be of use to you (in the U.K.) unless you have funds you need
>    to keep within the U.S. for some reason.
 
    ... and you can only open an account if you have a US social security 
    number (DCU wouldn't allow me to open an account when I first arrived 
    from the UK, despite the fact I had the international relo contract
    and everything with me - as I didn't have the required SS no. for
    several weeks. So I went to another bank.)
    
    There are credit unions in Ireland (both North and South).
                             
    Someone based in the UK can easily get all the services, and more,
    of DCU from a normal British bank.
    
    John

    Someone based in the UK can easily get all the services, and more,
    of DCU from a normal British bank.

US banks don't have offices and money machines at my place of work.
Also, with the DCU I have direct deposit of specified amounts into 5
different checking accounts -- I'm not sure if I can do that through 
a normal bank.  Convenience is the reason I use the DCU.  When I want
a loan, I shop around to whatever bank looks best.

	Enjoy,
	Larry

    re .6 - to clarify:
    
    In DECpark, Reading (I know that's only one site) there is a Barclays 
    Bank, with an ATM, and a (short-hours) staffed sub-branch, which
    allows you to pay all your bills, cash cheques, pay money into your
    bank account(s) wherever in the UK you bank. Also in the UK there are 
    things like standing orders and direct debits for regular bills you have
    to pay, which saves a lot of 'physical' banking, and are almost
    unheard of in the US.                       
    
    Most other DCU-type facilities (loans, mortgages, overdrafts, credit 
    cards, interest-bearing check accounts, savings accounts, pension schemes, 
    share/stock purchase) are available through a standard UK bank.
             
    So really there'd be no real advantage in someone in the UK having
    a DCU account. 
                  
    John

    This is an official response by Mary Madden of the DCU. The portion of
    that response, dated 27-Sep-1989, that applies to this note topic is
    included below. See note 2.22 for more information. 
    
    Your comments on this response should be posted here or directed to
    to DCU directly at Mary Madden's number (dtn) 223-6735 x207.
        
    Carl Leeber
******************************************************************************
         Response to 195.4
         
         A credit union is a nonprofit financial organization 
         that is owned and controlled by its members.  Credit 
         union members are made up of a group of individuals 
         associated by some common bond (employee-based, 
         community-based, etc.).  By using the members' 
         investments at the credit union, money may be loaned to 
         other members.
         
         During the 1800's, the first credit union was founded in 
         Germany.  It was developed as a way to help economically 
         disadvantaged individuals save and borrow money.
         
         Throughout the next 100 years, the credit union movement 
         spread throughout Europe.  By 1909, the first U.S. 
         credit union opened in New Hampshire.
         
         Currently, there are both state and federally chartered 
         credit unions.  The governing board of all federally 
         chartered credit unions is the National Credit Union 
         Administration (NCUA).
         
         As a federally chartered credit union, it is possible to 
         establish a branch office in a foreign country.  
         However, its primary purpose must be to serve United 
         States citizens.
         
         According to the NCUA General Counsel, there are 
         restrictions when opening a foreign branch.  These 
         include:
         
         1.  The Federal Credit Union Act (FCU Act) limits the 
         extra territorial application.  This means that the FCU 
         Act, along with its rules and regulations, have no 
         authority in foreign courts.
         
         2.  The NCUA prohibits a Federal credit union from 
         granting a first mortgage loan in excess of twelve years 
         if that mortgage is secured by a residence located 
         outside the United States, its territories and 
         possessions or the Commonwealth of Puerto Rico.
         
         3.  Furthermore, collecting on a defaulted loan is a 
         difficult task when the defaulting member resides 
         outside the U.S.
         
         Currently, no Federal credit union operates a foreign 
         branch except those authorized by the Department of 
         Defense, located on an American military installation in 
         a foreign country or in the trust territories of the 
         United States.
         
         If you have any questions or concerns, please do not 
         hesitate to contact Mary Madden at DTN/223-6735 or 
         508/493-6735.
******************************************************************************

    Re .8:
    
    I'm impressed!  That's far and away the HIGHEST QUALITY response I've
    ever seen to a query placed to DCU.  It was long on content and short
    on double-talk.  Keep up the good work, Ms. Madden.

195.5 says 

    ... and you can only open an account if you have a US social security 
    number (DCU wouldn't allow me to open an account when I first arrived 
    from the UK, despite the fact I had the international relo contract
    and everything with me - as I didn't have the required SS no. for
    several weeks. So I went to another bank.)

When I arrived here on relocation in January of 1983 I opened a DCU account 
without having a social security number. I wonder if the requirements for a
SS number is a new policy, or just local diffences in the branches.

Tim

...You may open an account at any financial institution without an SSN or a 
Tax Payer ID but if you don't provide this info so the financial institution
can provide it to the IRS, then the financial institution is required to 
withold some percentage of your interest/dividend (20%) so it can be passed
on to the IRS in lieu of taxes you would have been required to pay...

    
    Re: social security requirement
    
    Same thing happened with my husband. He moved to the States on
    Relocation, and he opened an account without his social security number
    (he didn't have it at the time) so DCU assigns a number to be used 
    instead until he supplies them with one.
    
    The person who we dealt to at the branch didn't know how to handle
    opening an account without the social security number, so we asked them
    to call and get the information from the main office. They did and they 
    were told the procedure over the phone.
    
    I guess you have to know what you want and how it is supposed to be
    done and tell the DCU teller what he/she is supposed to do, or you're
    out of luck.
    
    It is in a way understandable, because it probably isn't an everyday
    operation and unless someone asks they don't have the information to
    handle the situation.
    
    Nisreen
    

RE: .10

>	I wonder if the requirements for a SS number is a new
>	policy, or just local diffences in the branches.

The DCU refused to open an account for a relative of mine, because
he did not have a SSN, several years ago.

Replies in this note, indicating the contrary, lead me to believe
that implementation of DCU policy --or lack thereof--- depends a
lot on what DCU employee one happens to have run into. At least some
of them will give any answer at all that will take one out of their
hair. This is the first hall mark of decadent bureaucratic
establishments. 

-- Ron

    Re .13:
    
>   The DCU refused to open an account for a relative of mine, because he
>   did not have a SSN, several years ago.
    
    That could have been around the time that the I.R.S. started requiring
    people to provide their SSAN for all accounts.  There's a $50 penalty
    (plus the possibility of "backup withholding") for failure to provide
    the correct SSAN for each account.
    
    It could be that the DCU chose to minimize the problem (they get fined
    on behalf of each errant depositor) by not opening new accounts without
    the SSAN.  Otherwise, the DCU would have to chase people down to get
    their SSANs.  It's easier (for the DCU) to ask new customers to come
    back when they have SSANs to put on the paperwork.

>    It could be that the DCU chose to minimize the problem (they get fined
>    on behalf of each errant depositor) by not opening new accounts without
>    the SSAN.  Otherwise, the DCU would have to chase people down to get
>    their SSANs.  It's easier (for the DCU) to ask new customers to come
>    back when they have SSANs to put on the paperwork.
 
    ... and lose potential customers (like me) in the process. To be
    fair, they were only one of about ten or so financial institutions
    that refused to allow me to open a bank account before I had a SS
    number. Not that it didn't cause an amount of frustration, seeing as
    they are the 'on site' bankers.  
        
    Actually I do now have an auto loan with them, but they missed out on
    me opening a checking account, as I needed one of those straight away
    (obviously).
    
    John