Credit Unions vs. Traditional Banks

[wwjdmsl]

I have always found utilizing the credit union I belong to is advantageous for major loans such as mortgages and auto loans as well as more atractive rates for MMSA's, etc...any opinions, thoughts?

[Ima saver]

I have never belonged.

[sweeps]

Option C: Online bank.

[wwjdmsl]

Good point sweep.....I think lots of folks are certainly moving in this direction

[boefixepa]

I've had my checking at a traditional bank from day-one. I've never really trusted CU that much...can't say why for sure. I did use one for my car loan, better interest rate, but I didn't fit into their 'belong' category, but they said don't worry your so and sos cousin....not exactly the way I like to do things. Personally now...I'm moving more toward the on-line banking. It is impersonal yes, but now that I'm established and have a good rating I look good on paper and that 'personal' touch never was much at the brick and morter banks anyway. I alwayd felt like I was getting 'fried' no matter what.

[Bluezy]

I have a good relationship with my brick and mortar bank. I've recently joined a CU to utilize their offer for an 12 month 5.38% Add-On CD. As time passes I will see how it sorts out with the CU.

[Writer@Large]

I've been with a traditional bank for years. DW just convinced me to switch to a credit union though, mainly because they offer certan perks (better interest on savings, and even [minimal] interest on checking). The CU is through the local electric company, and is for empolyees; as my wife's father is an employee of the company, we're allowed to bank there. I don't know yet whether it's a better choice, but I don't see it as being any worse.

--W@L

[TBH]

Was part of a university CU in grad school. The inconvenience of it drove me nuts. Only one ATM I could use with no fee, no online access, etc.

I like the idea of a CU because I'd rather support a local endeavor, but I don't want to give up the convenience of a larger bank--good online interface, ubiquitous ATMs, etc.

[Ima saver]

WE have one in the next town. I don't think it would be worth it to have to make the drive to do my banking. (about 50 miles round trip)

[Bookie]

I moved my accounts to our credit union after my bank of 25 years went through yet another merger/takeover.

It's been a very positive experience in every regard. They consistently offer lower fees, better rates and superior service. Now this is a large, state-wide organization. They offer all the financial services I need, including on-line banking and bill-pay.

I couldn't be better pleased.