Conference 7.286::dcu

    Hmmm.  Dunno how the DCU evaluates risk, but there's most likely
    a link between high interest payments per year and defaults...
    in other words, they may not miss you as much as you think.
    

    re: .1

    Not likely, since we've never had a late payment/missed payment and
    always pay more than the minimum.  None of which would be news to DCU,
    if they are reviewing your credit report and payment history on a
    regular basis.

    Besides, I thought that was the whole purpose of your credit limit,
    don't let you get in over your head.  And BTW, one of my credit cards
    has a credit limit of over $10K, so a $500 interest payment over a
    year's time would not be unusual.
    
    Bob
    

Well, Bob.  Pat and I just last week closed all of our accounts
with DCU.  We were both charter members of DCU.

Like you, we were tired of the non-competitive business practices
of DCU, and being remote users saw no real advantage to remaining
with DCU.  So, now with direct deposit of payroll and expenses,
we no longer have any reason to remain (other than missing those
neat checks with the VT100 on them).

Unlike you, we closed _all_ accounts and have left.  IMHO, there is
little reason or convenience to remaining DCU members.  We are sad
that this is so.

Steve

    
    Steve, if you don't mind me asking, could you please describe your
    "relationship" with DCU?  That is, what business have you done with
    them in the past, recently, or would you have considered in the
    future?
    

    Phil,
    
    My relationship with DCU has ended, as of last week.  My wife and I
    were both charter members and used DCU for payroll direct deposit as
    well as expense direct deposits.  My wife used DCU for loans for both a
    car and a Rainbow (yeah, this WAS some time back).  We both used DCU as
    our primary checking account institution.
    
    Over the years, always from afar, we watched DCU go downhill under the
    previous BoD.  Gradually, we offloaded our financial dealings from DCU,
    but remained members to participate in the "revolt of 1991".  I
    attended the sorry member meeting at the Tara in November 91 and was
    thoroughly disgusted at how the meeting was run and how the attempts at
    reform were being blocked.  So we stayed around to vote.  And we are
    encouraged by some of the changes that we see in DCU.
    
    However, we had moved our accounts to local institutions to the point
    where it just no longer made sense for us to remain with DCU.  With the
    advent of the PAYEE system and the ability to direct deposit both
    payroll and expense reimbursements into our local checking account, we
    no longer had any advantage in remaining with DCU -- in fact, it just
    meant I had to balance and keep track of that many more accounts, and
    even with Quicken, I'd had enough.  Thus, we closed our accounts last
    week.
    
    So, DCU probably has advantages for DECies in large site with local
    offices.  DCU probably has advantages for DECies who bank no where
    else.  DCU is probably getting better over time and recovering from the
    abuses of the past.  But in our particular situation, DCU no longer was
    relevant.
    
    Hope this helps.  I'm not bashing DCU by any means.
    
    Steve (and by proxy, Pat)

I've found much the same problem - the credit cards are just not
competitive.  I charge enough that I can meet the requirements for getting a
free credit card.  But I don't see any reason to do that since I can get a
free credit card with no restrictions from many different banks.  For
example, the two I have now are from Chase and Amalgamated.  Neither has a
yearly fee.  The one from Chase has no yearly fee forever.  Amalgamated has
no fee but that's just current policy (has been for at least a couple
years).  The interest rate on the card from Amalgamated is low for 
credit cards - 11.5% (doesn't matter to me, since I pay off in full every 
month).

Also, I find I get better interest rates on savings accounts from other banks
in the area.  For example, my savings account at DCU (which I stash a little
convenience money in, but that's about it) pays about 2.9% (?) right now.  My
savings account at Middlesex Savings Bank pays 3.25%.

In short, DCU is still not the slightest bit competitive for me.  It's just
a convenient place to put lunch money and cash checks.

Matt

    I'm also in the proccess of closing my accounts, found DCU's attitude
    towards remote users unexceptable.. Kinda gets annoying being charged
    a buck everytime I wanted to make a transaction so I asked if the
    dollar use fee charged at the ATM could be waived for users  located
    to far away to use one of the few DCU branches left open, and was
    quickly informed the $1.00 cannot be waived and the easiest way around
    paying for using the DCU was to open a bank account locally and when I 
    needed money have a check sent from the DCU and cash it at my local
    bank. Well they were right opening an account locally was a great idea
    but now I see no advantage keeping the DCU...........