Should I bank at a credit union?

[one1one]

I'm getting tired of my bank (Bank of America) and they way that they treat me. I'm thinking of moving my money to a local credit union. Has anybody used the credit union before, and what are their thoughts of the credit union compared to a bank? Should I expect there to be any major differences between the two institutions, or will things basically be the same? Any information about your thoughts on credit unions would be greatly appreciated.

[hamchan]

I was fairly happy with US Bank, but I switched to a local CU about a year ago and have been much much happier with what they offer. The only real downside is that they have fewer ATMs, but there are enough close by and on my regular routes that it's not an issue for me at all.

[Blessed]

We use two local credit unions. No fees, better rates on deposits and good customer service.

[breathemusic]

I use Navy Federal for my checking and have no complaints (granted, I also have access to an ATM right at work). I also opened an account with Pentagon Federal just so I could toss some money into their CDs when they were offering killer interest rates at the beginning of the year (I got a few 4 year CDs at 2.2% interest and my brother opted for 5 year CDs at 3%).

I think credit unions are a great option if you don't really need the things that they're limited on, like ATMs.

[Retired To Win]

I've had accounts for many years at Baxter Credit Union (BCU) and at Wells Fargo Bank. I'm equally happy with both. I've got checking accounts with both, done mortgages with both. Only drawback to BCU is the absence of branches where I now live. But it still works.

[rennigade]

You sound like my friends. They used to bank at BoA. They hated it as well. Always complained of overdraft fees, the bank calling them all the time. Never mind the fact that they were always overdrawing...never kept track of their money...never balanced a checkbook...but it was BoA fault!! duh

Myself...Ive banked at wachovia...now wells fargo for the last 10 years. Never had 1 single issue. Granted I balance my checkbook once every other week...always know to the penny what is in my account. There was one time they actually had $100ish more in my account that what my checkbook stated. I called and told them about it...they basically said "well thats whats in your account" basically brushing it off to my inability to balance a checkbook and keep track of records. I told them it wasnt right and left it at that...couple days later that money magically vanished, they fixed their error. This is where its important to know what you actually have in your account at all times.

My thoughts on credit unions...the same as any other bank. If you have more money in your account than you are pulling out...you probably will not have an issue unless there are minimum $$ you must keep in your account at all times.

Im gonna go out on a limb and say that 99% of people that hate their banks are terrible with money and get angry when the bank nails them with fees that could have easily been avoided. Thats the reality. There I said it...the elephant is no longer in the room.

[cooliemae]

My wife and I have accounts at both the local credit union and Capital One 360. We prefer online banking because it offers so much more than the CU does. We've been with ING/Capital One for 10 years now and I can't say that I've had a single problem with them. As has been mentioned the CU is nice if you have local access to the branches/ATMs, but there are limits as well. Ultimately, it depends on your situation and needs.

[poorgradstudent]

I first started banking at a local credit union when I was in grad school and recently moved to a different city and immediately found another credit union to bank at. Obviously the downside is limited ATMs and branches, but the two credit unions I've banked at so far have offered interest checking accounts. My last bank offered 2.5% up to $25k and my current bank offers 2% up to $25k.

There are requirements to receive the interest, such as direct deposit, electronic statements, and a minimum amount of bank card purchases (10 a month currently), but I find the requirements easy to fulfill. And they also refund all ATM fees at any ATM if I meet the requirements as well.

Obviously this isn't for everyone, and some people won't like keeping their emergency fund in their checking account (I also have a smarty pig account where I put all savings over 25k), but for me the 2% interest is the best thing going right now.

[Weird Tolkienish Figure]

I'm getting tired of my bank (Bank of America) and they way that they treat me. I'm thinking of moving my money to a local credit union. Has anybody used the credit union before, and what are their thoughts of the credit union compared to a bank? Should I expect there to be any major differences between the two institutions, or will things basically be the same? Any information about your thoughts on credit unions would be greatly appreciated.

Credit unions are great. I find that local smaller banks are good too.

[snafu]

There have been major changes with the financial institutions. They are all pushing us to use electronic banking. In our region, we're currently being heavily marketed to bank using cell/smart phones systems. The banks are adding charges galore for services that were formerly free. It's frustrating trying to talk to a real person by phone at your branch.

If you trust electronic deposits, don't mind paying on-line, don't need to personally visit brick and mortar bank or ATMs CU will work out. I'm so impressed with the knowledgeable staff Their best feature relates to borrowers who need mortgage, car loan etc. While bank profit is paid by divided to their share holders, CUs pay out profit to their borrowers and most services are still free. Their worst feature is limited number of branches.

[ashleyjohn]

Yes!

That's actually the reason why I joined this community; to talk about my home loan success story. I had a decent credit rating and a somewhat steady flow of income, but I still wanted a long term plan. Now, it wasn't the most difficult thing in the world to get a loan sanctioned but with the kind of interest rates the average bank had, it was a very bitter pill to sallow, to pay this much more for our own house. We finally resorted to a local credit union, Greater Central Texas Federal Credit Union which seemed completely reasonable! At the end of it all, its the money we save that matters, so my answer is yes! Yes, you should consider a credit union!

[jamiesmoneyadvice]

Safer Than Banks

Credit unions are much safer than banks. BOA is insolvent. You would do much better to move your money to the credit union where you're essentially a member and share in the profits.

[ANewHorizon]

Large, powerful national banks are terrible to deal with. They are constantly adding fees, and care nothing about you as a customer. They also deal very unwisely with money, and then get bailed out by the government for it - at our expense.

I encourage you to look for a local small bank chain, or credit union - but I know nothing about credit unions.
My local bank is in only two states, and locally has only a few branches. We love dealing with them though. They are small, local, and care about me as a person.
We even got a small loan through them to purchase an old truck ( paid back now), that a big bank would have looked down their noses at.
I say local small banks are where it is at if you want to bank with someone who actually knows you exist.

[Tabs]

I was once with a bank that treated me OK but had no perks or decent APY.

Now I am a member of a CU that both treats me well, as well as having decent APY.

However, I've moved on from that as well, and currently park my cash at my investment company as well. I like it, and it's a simpler setup for me as well.

[joshuaking]

Large, powerful national banks are terrible to deal with. They are constantly adding fees, and care nothing about you as a customer. They also deal very unwisely with money, and then get bailed out by the government for it - at our expense.

I encourage you to look for a local small bank chain, or credit union - but I know nothing about credit unions.
My local bank is in only two states, and locally has only a few branches. We love dealing with them though. They are small, local, and care about me as a person.
We even got a small loan through them to purchase an old truck ( paid back now), that a big bank would have looked down their noses at.
I say local small banks are where it is at if you want to bank with someone who actually knows you exist.

Amen to all of that. I haven't banked at a MAJOR bank like BOA or Wells Fargo since I was about eighteen. I just hate them. Horrible customer service, always trying to add fees, etc. I've had no problems whatsoever using smaller, local banks and credit unions. And now with deposit by phone apps, there is no reason at all to bank with the horrible big banks.

My current favorite is NFCU, everything about them is excellent.

P.S. I haven't paid a maintenance fee, or any bank fees, in many years. I've had a few accounts institute fees, and I just close my account, and find another free account. No reason to pay a bank a fee for using your money.