Bank or credit union?

  • Posted by a hidden member.
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    Jan 04, 2013 8:22 AM GMT
    Do you belong to a bank or credit union and why'd you choose a bank/CU over the other? Which should Neight pick? Does it really matter which I go to?

    Basically, I have cash money. I need a place to store this money and open a checking account.
    I've been eyeing credit unions, except the CU branches in my home town aren't in my college town. Apparently CU's are connected through some weird network and I found out that I am able to use the ATM's over in my college town's CU if I open an account with the Unitus CU in my hometown.
    I'm not even sure if I'll be using ATM's a lot since I usually carry cash on me anyway and can just use my debit card to pay for things.
    And Bank of America, USBank, and Wells Fargo branches are easy to find in both my hometown and college town.
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    Jan 04, 2013 9:01 AM GMT
    Yeah the CU have their own ATM network. Also most CU will reimburse the fee when you use another bank's ATM. It's usually like x times per month.

    I use a bank. Mostly because the online banking experience is much better. Plus, all my accounts are free as long as I have direct deposit or a minimum balance. I also have a free safety deposit box. Free business account if I ever need it. Free notary service. Free checks. Free money orders. And some other stuff.

    I guess you should choose based on what sort of perks and benefits you get with your account. And most importantly, which offers less fees and penalties. I think it's ridiculous that banks want to charge you for holding YOUR money. Sure the fees are waived if you have a minimum balance and/or direct deposit, but the principle of the matter is lame. I'm pretty sure almost all CU don't charge a fee for having an account. So they may work better for you since you're a student and presumably not working right now.
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    Jan 04, 2013 9:32 AM GMT
    ^^^^
    What he said. icon_idea.gif
  • Posted by a hidden member.
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    Jan 04, 2013 3:49 PM GMT
    I have both as well as an account with a regional bank. Shop around to see who offers the options you need.
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    Jan 04, 2013 4:06 PM GMT
    I'm with a local credit union because they have a free chequing account with unlimited transactions and a free high-interest savings account. They're pretty good to deal with but you don't get too many features. I have my credit card through the CU as well, which I wish I hadn't done as it's administered by a large Quebec bank (Desjardins) which sucks to deal with. I had an account with a national bank but dropped it in favor of my CU account because they wanted to charge me some ridiculous service fees.
  • Montague

    Posts: 5205

    Jan 04, 2013 4:16 PM GMT
    I have a credit union because everything about it was free and they gave me a car loan with an interest rate of 5%! icon_smile.gif

    (that was the best I could get considering I had no prior credit history and twas on a used vehicle)
  • calibro

    Posts: 8888

    Jan 04, 2013 4:24 PM GMT
    i got a free bj when i switched to the local credit union 25zqs5g.jpg
  • Latenight30

    Posts: 1525

    Jan 04, 2013 4:25 PM GMT
    I have banked with Wachovia (now Wells) when I started and that is where my family banked. I got away from that and join what I thought was a Credit Union with Washington Mutual, I left them when they became something else. I am now with a Credit Union and I love it. No ATM fees at Presto, Online bill pay and check deposit up to 500.00. I also got a loan and the customer service is excellent.
  • Posted by a hidden member.
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    Jan 04, 2013 4:25 PM GMT
    I like the flexibility, scale, and convenience of banks myself.
  • joxguy

    Posts: 236

    Jan 04, 2013 4:29 PM GMT
    CU's are easier to deal with because they are not a large corporation. They usually have better service and more free stuff. They are connected with the Co Op service so you won't have to pay fees to use the ATM.
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    Jan 04, 2013 4:29 PM GMT
    I use a credit union. It's a decent size (800,000+ members alot of whom are navy folks) with quite a few branches and atms. They have great loan rates, the best in Jax. Plus I have found it to be much more dependable than banks in regards to deposits, transfers and customer service. AlsoI like the name VyStar.


    Ps. Banks are evil.
  • FireDoor211

    Posts: 1030

    Jan 04, 2013 4:44 PM GMT
    Bank only with credit unions, be part of the solution.
  • Posted by a hidden member.
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    Jan 04, 2013 4:51 PM GMT
    Credit Union.. More personalized service fewer bs fees...
  • Posted by a hidden member.
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    Jan 04, 2013 4:56 PM GMT
    Credit Union. Free ATM reimbursement, plus they didn't fuck over the country by precipitating the greatest financial crisis since the Great Depression, launder money to Iran or any of the other dreadful things the banks do.
  • Machina

    Posts: 419

    Jan 04, 2013 4:58 PM GMT
    I do all my banking through my local credit union. The big banks seem to have terrible customer service and love to yank you around at their whims.

    I have a high-yield savings account, a free-checking account, a visa platinum card with a very low APR, and have had several auto loans. The service has never been anything less than stellar, and their online banking service rocks!

    I would definitely recommend a Credit Union over a Bank any day of the week.
  • NHLFAN

    Posts: 370

    Jan 04, 2013 5:15 PM GMT
    Credit union by far. They are financial co-operatives so any money they make goes back to Member/owners. That is why most CU don't charge fees or have lower fees associated with services.

    When did a bank call you an owner? lol. They are in business to make money for shareholders, CU reinvest that money in additional services, lower fees, lower loan rates, higher dividends, etc. that is one reason some smaller CU don't have all the fancy hi-tech stuff. Simply don't have the capital to buy it.
  • Posted by a hidden member.
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    Jan 04, 2013 5:32 PM GMT
    I think Credit Unions are a better choice for their not-for-profit status.

    I wish there were more non-for-profit insurance companies as well.


    Corrupt banks and insurance companies have had a major role in the current economic inequality and 2008 financial crisis.

    This video is highly recommended to the "fiscally conservative"

  • Posted by a hidden member.
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    Jan 04, 2013 5:32 PM GMT
    In the US I use a credit union. In Canada I use HSBC. (I'm a dual citizen and travel back and forth) Am thinking of switching to a credit unioin in Canada too. I just get fed up with shifting bank policies and self-serviing advice.
  • Kriss

    Posts: 690

    Jan 04, 2013 8:07 PM GMT
    Credit Union is what I recently switched over to. I am completely happy with service though I will admit finding atm can be a bit of a struggle. That being said compared to suntrust where maintenance fee fluctated and tended to rise all over the place.

    Credit union is pretty stable, I love the online banking options and it's just overall a simplistic thing to use hahah
  • Posted by a hidden member.
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    Jan 04, 2013 8:14 PM GMT
    Credit Unions are generally the better bet, though many you have to be a member of something (military, government, job sector etc...)

    Though since I moved to Miami I had to get a bank account also because my CU only has one physical location here.

  • amidon7

    Posts: 139

    Jan 04, 2013 8:15 PM GMT
    dudewithabeard said

    Ps. Banks are evil.


    ^^^^^
  • Posted by a hidden member.
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    Jan 04, 2013 8:15 PM GMT
    Credit union.

    Interest on a checking account is amazing (mainly because of dividends), they are non-profits so they don't try and screw you over and will reimburse you for ATM fees at most. Meaning you can literally use any ATM for cash and get reimbursed.

    I have a Chase account (Parents use it and the first bank I had) and an account at Bank of Internet. I do most of my transactions through the later.
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    Jan 04, 2013 8:27 PM GMT
    Neight saidDo you belong to a bank or credit union and why'd you choose a bank/CU over the other? Which should Neight pick? Does it really matter which I go to?

    Basically, I have cash money. I need a place to store this money and open a checking account.
    I've been eyeing credit unions, except the CU branches in my home town aren't in my college town. Apparently CU's are connected through some weird network and I found out that I am able to use the ATM's over in my college town's CU if I open an account with the Unitus CU in my hometown.
    I'm not even sure if I'll be using ATM's a lot since I usually carry cash on me anyway and can just use my debit card to pay for things.
    And Bank of America, USBank, and Wells Fargo branches are easy to find in both my hometown and college town.
    Is the "weird network" called Shared Branching? If it is, it will allow you to transact business at other credit unions across the country that are also Shared Branching centers.

    As others have mentioned, it's really a matter of knowing what products & services you need most often and matching the financial institution that best fits your needs. If a credit union matches up with your particular needs, that's a good way to go generally speaking (for the reasons others have already spelled out).

    I work in the CU industry - if a CU is a potential fit for you, I am happy to assist if you have any questions. Feel free to email me.
  • Machina

    Posts: 419

    Jan 04, 2013 8:44 PM GMT
    Many Credit Unions are members of either the STAR ATM or CO-OP ATM networks or maybe even both. These ATMs will not charge you for their use no matter where you are in the continental U.S.
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    Jan 04, 2013 8:46 PM GMT
    dudewithabeard saidI use a credit union. It's a decent size (800,000+ members alot of whom are navy folks) with quite a few branches and atms. They have great loan rates, the best in Jax. Plus I have found it to be much more dependable than banks in regards to deposits, transfers and customer service. AlsoI like the name VyStar.


    Ps. Banks are evil.


    Banks are the devils anus. I switched to WECU a CU and have never been happier. The bank before was always switching policies and procedures for swindling customers.