Minn. Credit Union Broadens Field of Membership to Include Entire U.S.
The board of Postal Credit Union in Woodbury, Minn., has approved an amendment to its field of membership bylaws that would allow anyone in the country who makes a $5 donation to the John D. Miller Scholarship fund to be eligible to join the $530 million-asset credit union.
Previously, only residents from six surrounding counties or fund donors to who live in Minnesota and Wisconsin were eligible to join.
Credit unions are increasingly using outside groups to extend their membership eligibility nationwide. More than two-dozen credit unions across the country, for example, allow members of the San Diego-based American Consumer Council to join their credit union.
The John D. Miller Scholarship was named for a former postmaster in Hinckley and Lake City, Minn. The foundation has awarded $225,000 in grants since its 1980 inception.