Can I Keep My Credit Union Account If I Move Out of State?
Understand the critical factors for keeping your credit union account active after an out-of-state move and how to manage it.
Credit unions are member-owned cooperatives, serving members rather than generating profits for shareholders. This structure often translates to benefits like lower fees, better interest rates, and personalized service. A common question for members considering a move is whether a credit union account can be maintained when relocating to a different state.
Membership Eligibility After Moving
Maintaining a credit union account after moving out of state depends on the specific credit union’s membership criteria. Membership is typically tied to a “field of membership,” which can include geographic location, employer, organizational association, or family ties to an existing member. For instance, some credit unions serve individuals who live, work, or study within a particular area. Others cater to employees of certain companies, union members, or alumni groups.
Many credit unions allow you to retain your account even if you no longer meet the original eligibility criteria, such as moving out of their service area or changing employers. However, specifics vary significantly. Some credit unions have broad charters making continued membership straightforward regardless of relocation, while others are community-based with stricter residency requirements. Consult your specific credit union’s bylaws and policies to determine continued eligibility.
Accessing and Managing Your Account Remotely
Even if you move out of state, tools and services allow you to manage your credit union account remotely. Online and mobile banking applications provide 24/7 access to view balances, transfer funds, pay bills, and manage other financial tasks. Many credit unions offer mobile check deposit, allowing you to deposit checks by taking a picture with your smartphone.
The CO-OP Shared Branching network is a significant resource. This network comprises over 5,000 participating credit union branches nationwide, where you can conduct transactions as if you were at your home credit union. Transactions include deposits, withdrawals, loan payments, and fund transfers. The CO-OP ATM network offers access to over 30,000 surcharge-free ATMs nationwide, including many in retail locations like 7-Eleven, Costco, and Walgreens, with some allowing cash deposits.
Potential Changes to Your Services
While core checking and savings accounts can often be maintained remotely, a change in residency may impact certain services. Local branch services, such as safe deposit boxes or notary services, might become impractical or unavailable if there are no participating branches in your new location. Safe deposit boxes, for example, require physical presence and a dual key control system for access.
Eligibility for new loans, particularly mortgages and auto loans, can also be affected by out-of-state residency. Some credit unions may have internal policies that restrict mortgage lending to properties within their primary service area due to complexities in underwriting and collateral management. Existing loans, such as auto loans, generally do not require transfer, and payments can continue through online platforms or mail. Securing new loans may necessitate finding a local lender or a credit union with a broader lending footprint.