I suggested picking a reward checking account in What To Do After PerkStreet’s Sudden Demise. In keeping with "say what you do and do what you say" I signed up for a reward checking account at a credit union*. I joined the credit union through an association by paying a one-time $5 membership fee.
* No, it’s not the one in the feature picture. I just thought this credit union has great creative design. It won marketing awards. The one I joined is not nearly as nice looking.
Now Ken Tumin at DepositAccounts.com reported that the federal credit union regulator NCUA is threatening to crack down on "Open to All" Federal Credit Unions that abuse the association membership loophole.
If you wanted to join a credit union but you haven’t, maybe put in $5 for a membership now before NCUA closes the loophole. Whether you agree with the law or not, it’s the law. I would agree that offering credit union membership through a loosely related association is an abuse.
I also read these other great articles this week:
The Fed’s "great escape" by Joe Davis at Vanguard Blog
Vanguard’s chief economist relates the Fed’s moves to the movie The Shawshank Redemption. That’s also one of my favorite movies. Let’s see if Mr Davis is right.
Big Increase on 5-Year CD Rate at State Farm Bank by Ken Tumin at DepositAccounts.com
State Farm Bank is a good place to keep a CD because it usually offers free TurboTax to its bank customers. The rate on the 5-year CD is good, and there’s no early withdrawal penalty if you are over 59-1/2.
Misconceptions About Delaying Social Security by Mike Piper at Oblivious Investor
Good call. I’ve read those misconceptions in many places. Delaying Social Security is good, usually, but not that good.
Dieting and investing: Simple, but not easy by Larry Swedroe at CBS MoneyWatch
Good analogy. I also note there are coaches for both dieting and investing.
Cost of Convenience: Costco Rotisserie Chicken vs. Homemade Whole Roast Chicken by Jonathan Ping at My Money Blog
When I retire I will definitely try roasting my own chicken, not for saving money but for personal satisfaction.
Monthly banking fees can add up at Consumer Reports
Yes they can but they are also so easy to avoid. I must say the 47% who pay a fee just don’t mind paying. Otherwise they would have found an alternative already.
[Photo credit: Flickr user UMe Credit Union]