I have read a lot of scripture and different interpretation and a ton of different articles. I have found little support in favor of church covenants or membership policies. While there were covenants made in scripture they never involved a specific church. The covenants were often between people at war or between God and man. I find it a stretch to say that this makes "church covenants" okay.
On the other side, I believe that covenants, especially in a church, are filled with many dangers of it becoming legalistic in nature and of it becoming a way for those who are in charge to feel in control. We know that we were freed from law and are told not to place ourselves under bondage. We are also shown that as Christians we are equal under God, that there is no hierarchical structure. Elders are called to lead but they are to lead as servants not as a master.
I will admit that there is no hard line saying that we should or shouldn't make a covenant. There are times in our lives where we will make covenants, such as when we get married. Even when we sign our name to our mortgage, however some may argue that this is not a spiritual promise, we are still responsible to uphold what we are promising. Scripture is very clear that we need to take making any kind of promise/covenant extremely seriously and that once made they are unbreakable. It seems a very foolish idea to make a vow you cannot keep or to play games with God by only partially fulfilling your vow. It's better not to make a vow (as there is no sin in not making a vow) than to make a vow and break it (which is sin).
Deuteronomy 23:21-23
When you make a vow to the Lord your God, be prompt in fulfilling whatever you promised him. For the Lord your God demands that you promptly fulfill all your vows, or you will be guilty of sin. However, it is not a sin to refrain from making a vow. But once you have voluntarily made a vow, be careful to fulfill your promise to the Lord your God.
Proverbs 20:25
Don’t trap yourself by making a rash promise to God and only later counting the cost.
Matthew 5:37
Simply let your 'Yes' be 'Yes,' and your 'No,' 'No'; anything beyond this comes from the evil one.
What? "From the evil one?" How? Well there are 2 ways that I can see. They can be false and a cover for dishonesty or they can be genuine but can bring us judgment if we fail to keep them.
I believe and agree with the following statement: "Satan, who wishes to snare well-intentioned Christians and bring them into condemnation gets them to swear binding oaths. Sacred oaths may feel right and seem solemn and deep and spiritual but they are a spiritual snare. This is why Jesus always attacks the making of oaths, vows and pledges, and did not require his disciples to make them." (http://www.aibi.ph/articles/oaths.htm)
In addition, we are to try to steer clear of actions forbidden by Scripture, but sometimes Scripture is silent or unclear. Then we need to follow our conscience. The bible says "Everything that does not come from faith is sin". This means to go against a conviction will leave a person with a guilty or uneasy conscience.
Romans 14:23
But if you have doubts about whether or not you should eat something, you are sinning if you go ahead and do it. For you are not following your convictions. If you do anything you believe is not right, you are sinning.
So, for me, I have to decide at this point that I need to be extremely careful in what covenants/promises I make. I also need to realize that I can't make statements about any promises like "It's not a big deal" or "I don't have to follow everything...I'll just sign it so I can keep doing what I am doing". I have also had to realize in all this study that this goes much further than just a church covenant though...this goes into our daily lives. And I for one need to be much more careful what kinds of things I promise or say I will do and to consider the cost before engaging. When I do promise or say I will do something that I better not break those promises. And if there is absolutely no way to keep it and I need to break it, I need to make sure that I repent both to God and anybody that may have been part of the promise.