Conference 7.286::dcu

    I find it interesting but not surprising that only 32% of DCU members
    are Digital employees.
    
    Bob

    accually, that figure seems high to me.  considering the average family
    of husband, wife and two devils, the raw average would be 25%.
    Thats assuming the whole family had accounts, that is.
    even after years of promises, they've yet to bring my kids back in to
    the fold.

    I'm glad to know that someone is reading the SC minutes!
    
    I'm not sure that that's the average family anymore.  But whatever.
    I went from four accounts to two (I pulled out my kids' accounts for
    a while), and now to three -- my kids are back, but my wife and I
    decided that we simply didn't need two separate accounts.  They
    were both joint accounts anyway.  I wonder how many couples keep
    separate accounts?  We only started it because we had IRA accounts
    at the DCU for a while.
    
    	Enjoy,
    	Larry
    
    PS:  "They've yet to bring my kids back in to the fold."  If your
    kids are adults, I'm curious what they would want to see before
    they come back.  If your kids are minors, then *you* are the one 
    who hasn't brought them back -- again, I wonder what you want to
    see before bringing them back.  LS

    the discussion on kids probably belongs somewhere else, but since you 
    asked:
    I was glad to see the reduction in the amount required for a CD.
    I had also submitted a list of other suggestions to the bod.
    One suggestions/request is that kids accounts can be independant on 
    parents.  The way they are today, if a parent got in trouble, dcu could
    tap into a kids savings account for money to satify a parent's
    obligation.  My kids work for their money and they are saving for
    college.  It would be a shame if I lost my job, didn't regain emplyment
    before I ran out of money, and dcu ate away at my kids money.
    The other side of this problem is that it could be abused.
    Today, I keep their money at a totally independant bank [read also
    slightly higher interest rate].
    
    I was told that DCU was going to straighten this matter out by July 1.
    I guess other things got in the way.
    
    ed
    

    Re: 1011.4
    
>    One suggestions/request is that kids accounts can be independant on 
>    parents.  The way they are today, if a parent got in trouble, dcu could
>    tap into a kids savings account for money to satify a parent's
>    obligation.  My kids work for their money and they are saving for
>    college.  It would be a shame if I lost my job, didn't regain emplyment
>    before I ran out of money, and dcu ate away at my kids money.
    
    Hmm, I'd never considered this.  In other words, a 100-, 200-,...
    account can be tapped to resolve problems with the base badge number
    account ?   I use multiple accounts, and sub accounts (glad the
    individual charges are gone for savings accounts) a lot.
    
    I started with my wife an I having two when I was traveling which meant
    we could each have a separate checkbook.
    
    I agree, I'd hate to have my son's account tapped (I'm joint with him
    at the moment) just cuz I bombed out for some reason.  I thought that
    was the reason got the xxx+Badge number accounts, to keep them
    separate.
    
    Bill
    

    I believe Ed may be talking about "Right of offset" or whatever it's
    called.  Basically, when you open an account at many financial
    institutions, there is something buried in the fine print that says if
    you get behind in some obligation to the institution, they may withdraw
    funds from any and all of your other accounts to settle the debt.  If
    DCU does it, it's a lousy way to run a member-owned financial
    institution.
    
    On the other hand, I can picture a scenerio where someone has a $10K
    money market account with an institution, gets a car loan, drops the
    insurance, totals the car, and tells the institution what they can do
    with their auto loan.  Without the right of offset, the financial
    institution would have to sue the borrower for the auto loan balance
    even though there was $10K sitting in another account at the financial
    institution.
    
    In general, I won't keep more than one account at a financial
    institution that requires the right of offset.
    
    Bob

    The "Right of Offset" sounds fine to me if we are talking about 
    multiple accounts that the same person controls -- e.g., when my 
    wife and I had separate *joint* accounts, or for multiple accounts 
    under one account number.
    
    I find it disturbing that some banks may apply this to children's
    accounts that are opened under the UGMA.  That kind of account
    legally belongs to the children, not to the parents -- if *I*
    withdraw money from my children's accounts, they can legally sue
    me for the money when they turn 18, even if I used the money to
    buy something for them!  (*)  That's reasonable -- the whole point 
    of such an account is for it to be the children's money.
    
    Similarly, if a husband and wife have separate non-joint accounts,
    does the "Right of Offset" allow a bank to use the wife's
    account (for example) to settle debts incurred by the husband?
    That's rather disturbing, if true.
    
    Speaking strictly as a member, I'd be very interested to hear
    a clarification on all of this.  (In other words, this is a
    management/policy issue, *not* something that I take notice of 
    as a member of the Supervisory Committee.)
    
    	Thanks,
    	Larry
    
    PS:  Yes, this is the wrong place for this discussion, but I figure
    that it is more important to have the discussion than to worry about
    filing it correctly in the notes file.
    
    PPS:  (*) As I understand the law, there *are* things I can legally
    spend my children's UGMA money on -- but not anything that a parent
    of my economic category might typically buy for his children.  LS