Banks or Credit Unions?

In My Humble Opinion
1

While listening to the radio and cleaning out my car, I heard that a local credit union is accepting new customers from certain business and people that live in a certain area. I thought this was odd, because I thought you had to work for a company that supported membership to get into a credit union. We have the chance to change over, and I’m wondering what advantages it might offer. Also, I’m curious about who gets what service from what banks (I used to get wonderful service at the branch in town, but they have a new staff and I notice it’s went downhill)

so…

1.) Bank or credit union? (even name of bank of credit union)

2.) How happy are you with the service?

3.) How come you chose them over the competition?

thanks!
Brendon

2

Oops…forgot to answer my own poll…

1.) National City

2.) It used to be great, but as I said, new staff and new policy

3.) Honest, they sent me a letter about opening a free checking account and I was angry with my current bank so I did. Just good timing on their random flyer mailing.

Brendon

3

1.) Bank or credit union? (even name of bank of credit union)

Bank Of America

2.) How happy are you with the service?

They are quite possible the finest financial institution that has ever existed. We had to take out a very sizable loan to finish some of our emergency house restoration last year and the made it as easy as possible. Most of it was done over the phone and they arranged for someone to meet us near of house on a Saturday morning to take care of the paperwork. They gave us an electronic account with the money that day with many different ways to get at it any time.

I needed to refinance the entire mortgage plus the load referenced about a week ago. I called to inquire and they had me refinanced in less than 30 minutes. Again, they will have someone meet us where and when we want to sign the papers. The rate and options available were great too.

The have ATM’s and branches all over plus a really on-line banking. That is all I need.

3.) How come you chose them over the competition?

Bank of America bought my bank that acquired my bank that had purchased my bank. They are much better than the previous ones (especially Fleet)

thanks!
Brendon

4

Credit Union. We love it. Free checking. We have to maintain a $5.00 balance in savings. Both checking and savings are interest bearing. Free ATMs. I have a 5 year CD that has a higher interest rate than any other bank in the area.

BTW, all credit union ATMs are free to anyone. They can’t make a profit, so they can’t have the extraneous charges that commercial banks do. I’ll qualify that. I’m only familar with CUs in Washington state.

5

1.) Bank or credit union? (even name of bank of credit union)

Bank. Wells Fargo, actually.

2.) How happy are you with the service?

Not at all. Never in my life have I dealt with such rude and flat out stupid people. No one seems to know their policy on anything. Example: the other day there was a few hundred dollars in my bank account (that’s like, billions by college student standards). I check online and see that $75 has been moved from my credit card to my checking account, due to an overdraft. “Wha??,” says I, “An overdraft? There’s a ton of money in my account.” Naturally, I got a bit mad, as this was the third time this happened in a month.

I look, there’s no reason for the overdraft protection to kick in. Worse yet, the money was pulled off of a credit card I have from the bank and am trying to pay off. I was charged a $15 finance charge, plus that money that was pulled was basically getting double interest (the original amount and now the finance charge amount).

I called Wells Fargo and spoke to a banker. She told me that she couldn’t figure out why it did it, but she wouldn’t reverse any charges or fees. I told her to at least remove the credit card as the overdraft account. She put me through to the credit card department. I explained what happened, the girl laughed and said, “You know, 25% of our calls are about this. This is the worst policy. I’m sorry for your inconvenience, let me fix that all for you. Ok, it’s done. Anything else?”

One smart person. ONE.

Oh, and lest we forget that my pay checks are written off of another Wells Fargo account, by my FATHER (who is the President of the company that I’m Vice President of), at the SAME branch, yet my money is held for 3 days. When I ask why it does this, the tellers insist it doesn’t. Even when I have print outs showing it pending for 3 days, I am imagining it. It’s sweet.

3.) How come you chose them over the competition?

Because I thought it would be the easiest since my father has all his accounts there. I figured my pay checks would go through faster.

I was wrong.

6

1.) Bank or credit union? (even name of bank of credit union)

Both. But I prefer my credit union. I used to work at a bank, so I got a free account there and they gave me free checks. But I don’t like them very much.

2.) How happy are you with the service?

Eh, it goes both ways. Banks tend to be a little more conveniently located, with branches all over the places and hours which can be a little better, but credit unions are generally friendlier. One thing I can say, though, the credit uion is member-focused, whereas the bank is profit-focused. At my CU, if I depoosit a payroll check (not direct deposit, but give them a paper payrol check from a well-known company) the funds are made immediately available. If I deposit it at my bank, they put a hold on it (assholes).

Through my CU, I get a discount on car isnurance through AAA that has yet to be matched by any other company, even the “discount” providers like progressive and geico.
3.) How come you chose them over the competition?

I chose the CU waaaay back because my then-bank decided to start charging fees on their checking account unless I maintained a 150 dollar balance. I was a teenager, not interested in “buying” a checking account for 150 bucks, so I decided to look elsewhere. I went to the CU where my dad belonged and signed up.

7

**1.) Bank or credit union? ** I belong to three banks (Bank of America, Washington Mutual, Bank Atlantic), and use all three for different things. I use BOA for personal, Washington Mutual for my corp., and Bank Atlantic because of the hours and just having some money available. I also belong to one credit union (Navy Federal Credit Union) and keep meaning to join one of the ones here.

2.) How happy are you with the service? All of them have positive and negatives. Personally, I like Washington Mutual better because of the operation and organization of the banks. They are pretty open and comfortable when walking in.

3.) How come you chose them over the competition? If possible use a bank and join a credit union. I have NEVER seen anyone get a better interest rate for loans than a credit union can provide.

8

1.) Bank or credit union? (even name of bank of credit union)
Credit union, though we maintain one very small bank account at a nearby branch of a large bank. We do that because we need a safety deposit box, that’s the closest place that provides that service, and the rent for account-holders is half the rent for non-account-holders.

2.) How happy are you with the service?
Very.

3.) How come you chose them over the competition?
Practically zero fees: check printing is free, online banking is free (so we don’t need those free checks all that often). They were very, very convenient for my husband’s first job in the DC area. We chose them vs. other credit unions because, at that point, because they were the only credit union where we qualified for membership. We’ve stayed with them because of continuing minimal/nonexistent fees, higher rates on deposits, lower rates on loans.

9

1.) Bank or credit union?

Both. I use Bank of America for my checking account and my credit union for my savings account.

Bank of America has plenty of ATMs around the city where I live, so it’s simply easier to use them for my checking. Regular deposits to my savings account at the credit union come out of my pay before I even see the pay stub, which makes saving easier and less painful. They also pay a better rate of interest than a bank and don’t charge fees for a savings account.

2.) How happy are you with the service?

I love Bank of America. I’ve never had any serious problem with them. Even though I am one of their smallest customers, their personnel are unfailingly polite and generous with assistance.

Credit union’s good, too. Wish they’d update their website more often, though.

3.) How come you chose them over the competition?

Bank of America chose me. They took over the bank that took over the bank I originally opened the account with thirty years ago.

I chose the credit union for convenience (obviously).

10

  1. Credit union.

  2. I love the CU. People there know me, they know my dad. I am not one for caring wether or not the teller remembers my dog’s name or not but it sure does help keep me loyal.

I equate using the CU to keeping your money at your buddy’s house. I can walk in and ask for cash out of my account. I can walk in with a check for my brother and put it in his account. I can call them and transfer money between my dad’s and my account, or my brother’s account (I’m on bro’s account, dad’s on my account - and they do ask for SSN). Because they KNOW us.

There’s no fees. There’s no hassle. I don’t know if the interest rate is good but it’s good enough for me.

When I started doing the banking for my business I was pretty “bank dumb.” You have to write a check to cash if you want to get cash out. You have to have $500 in your account to have a free account. You have to figure out when to call HQ and when to call a branch. You have to pay a fee to do anything. It disgusted me.

Only thing I don’t like about the CU is that it’s not conveniently located. Until recently, only their ATM was free to us - now all Key ATMs are free too so that helped. And their online banking which is new this year leaves a lot to be desired.

The day I signed for my house I was getting the runaround from everyone. Finally, 15 mins before the CU closed, I got the amount I needed for the cashier’s check and the paperwork I needed notarized. I SPED to the CU, got my cashier’s check (for free) and got my paperwork notarized (for free) and made it to the signing in time. Had it not been for my spiffy CU, I would have had to wait another week for the house.

  1. My dad works at Ford, I signed up with his CU when I was about 14 (I’m 27 now). I’ve heard nothing but bad things about banks (usually having to do with fees) from other people so I have no incentive to leave.
11

  1. Bank or Credit Union?
    Both. My savings account is at Tucoemas Federal Credit Union, my chekcing is through Bank of America.

  2. Happy with service?
    Yes.

  3. What made you choose them?
    I got my account at the CU when I was about 7, because my mom banked there and there was a low minimum deposit to open an account ($30 I believe). I keep my saving there because of the good interest rate and it’s harder for me to get to.

I opened my Bof A account when I left for college, because I needed a checking account that I could access from home and from school, and wanted the online perks. Plus I won a “scholarship” through my school and B of A that gave me a checking account for free.

12

  1. I’m a loyal CUist.

  2. My previous credit union was the shiznit.

They paid generous interest on both savings and checking, and made taking out a car loan very easy. They were always very helpful if I had questions, and in the two or three times that there were errors (mostly not their fault) in the 10 years we were customers, they were very quick and efficient in getting them resolved.

The thing that made me a credit union customer for life, though, was when we went in for an investment counseling. The hubby and I expected the guy to try to push us into investment schemes and stuff because he was very eager to get him into the office, making many follow-up calls after our initial inquiry to get an appointment set up. We went in, all psyched up to be hardnosed and not get talked into anything risky or unwise, and said, okay, here’s where we are financially, here’s where we expect to be in 5 years, here’s what we’re currently doing. The investment couselor’s response? “That’s exactly what you should be doing. Good job. Talk to me again in five years.” Wow.

  1. I picked them originally because they were very close to work. Silly, huh? But when we moved to a new town, I looked around at different financial institutions, and none of the banks seemed to be offering anything we couldn’t get from a credit union, so we picked the CU that had the least eye-hurty webpage.

Okay, I did put a little more thought into it than that, and chose it because they offer safe deposit boxes and some other services we were interested in, but I admit that a large part of it was that the other CU we qualified to join had a webpage that looked like it was put together by a committee of elementary school teachers. And no, it wasn’t a teachers’ credit union. This does not give me confidence in the people who will potentially be holding large sums of my money.

They don’t have interest-bearing checking without a huge minimum balance, and their savings rates aren’t as good as what we’re used to, but they’re no worse than the banks in town. And I have to say, I like being treated as a member, not a profit source.

13
  1. CU

An out of state CU to boot. I’m that friggin’ loyal. Luckily there’s a shared CU branch near work on the rare occasions I need to do banking in person. Most of the time I call or use the internet.

  1. Very happy.

Two days before New Years someone cloned my debit card and wiped out my entire account. (They spent literally 3ooo dollars at Borders books in Pasadena, my theives were apparently old fashioned bookish sorts) After jumping through some necessary hoops- filing a police report and getting some documents notarized and faxed, all the money was back in my account by the next day.

Now I haven’t tried anything fancy like loans or car financing but I know they offer it.

  1. My parents chose it for me when I went off to college. I’ve been with them for… 9 years now.
14

Me too

I agree. Also, they are super helpful. ANd when I used to go th the branches more often, the tellers got to know me.

Same situation with me, except I was with Nations Bank.

15

  1. Credit Union, Chevron Texaco Credit Union to be exact :slight_smile:

  2. LOVE it. I’ve never had a fee in my life, I always have up to $500 instantly available from checks deposited (even if I do it through the atm after hours!), they gave me a great rate on my car loan even with my less than stellar credit! I can also access my account from nearly any Credit Union in the country. I’m in Oregon now and the nearest branch for my bank is down in California, but I can easily manage my account at a nearby Credit Union of another name. And their online banking rocks :wink:

  3. Well I chose it because at the time, my dad worked for Chevron and we were all eligable to be a member. Glad I did!

16

  1. Michigan State University Federal Credit Union

  2. Quite happy. I cash checks with no holds and access everything on line. I can transfer money with a few mouse clicks over to my college student son and he can access it with a no-fee ATM, even in Ann Arbor.

  3. I have had bank accounts over the years but their fees and minimums are a pain. I’ve had this account for over 30 years now and wouldn’t switch. The sole disadvantage is that US savings bonds take a couple days to process.

17

CUs for me. Two actually.

First one was associated with company I first worked for out of college. They had a “first day orientation” session for all the employees that started the week I did. One of the other first dayers was a really cute teller for the CU. She’s now the branch manager. Not only does she know my name, she knows my account number (they are/were our employee numbers, and mine is one less than her’s). I can call her on the phone and have a loan approved in about 2 minutes.

Even after I left that job, I only worked a few blocks away, so it was handy. Now not so much, but see above.

2nd CU is because of above, and this one has a branch only a few blocks from my house. It also has safe deposit boxes that the first one doesn’t. Manager there also knows me by name…but I actually have to appear in person and fill out a form prior to getting approved for loan.

Seems like about 8 out of 12 local banks have been bought up by Wells Fargo, and I hear nothing but bad about thier “service”.

18

  1. Colorado State Employee’s Credit Union

  2. Very happy. Free checking, free checks, free online banking (including bill pay, so I almost never use checks), free debit card, and good interest rates. I get APY of 0.75% on savings (no min balance), .5% on checking (requires a min balance of $250 for no fees and $1000 to get interest, but this works with my budget; I could have a no-interest account without the limts), and 2.3% on money market fund ($2,500 min balance and limitations on withdrawal amount / frequency, but this is my “rainy day” savings). I’m looking into depositing a few thou into the MMF and upgrade to the next tier ($10k min balance) at 2.7% APY, but I’m still paying out a few bills accrued during a recent vacation. ATM withdrawals are free with in-network machines (available at almost any 7-11 in my area).

Hmm, I just did a quick web browse for some major banks I could think of (Wells Fargo, Bank of America, Wash. Mutual, my brother’s CU), and it looks like I’m getting some really good rates, especially on the MMF (relative to balance requirement).

Their loan rates appear to be less competitive, but they were good enough for me to finance my last two cars with them.

  1. Well, I originally had an account at a federal CU through my dad (he was in the Air Force). I pretty much got it because it was there. When I went to college, I opened an account at the college’s CU (again, mainly because it was there), which then got acquired by the Colorado State Employee’s CU. Prior to the merger, options were kind of “meh” (no debit card, limited online access, although being known by the tellers was nice), but afterwords: wow.
    As for the ad you heard, my sister-in-law (who works for a CU) has said that the membership restrictions for credit unions have been loosened a lot in recent years.
19

Credit union. I’ve had an account there since I was 5, when it was the Teachers’ Credit Union and you had to be a teacher or a family member to join. Now it’s Palmetto Citizens and anybody can join. I like it because it’s free.

20

1.) Credit Union

2.) Happy. It was rough at first when the didn’t offer a debit card , but that was fixed a couple of months after I re-joined. Still doesn’t have an ATM so it’s very hard to make night deposits, but with my schedule that’s not a problem. Basic online banking, no/fair fees, Etc.

Was a little dissapointed at their loan offer when I applied for a car loan (only $8000 :smack: ) but what can you do. It’s a small place.

3.) My account had been dormant for about 8 years while I had a Bank of America checking and savings account. First I had to make a teller deposit because the BOA ATMs were down. No problem I think. On a different day I have to ask a teller a question about my account. While I’m up there taking her time I make a deposit.

I get my statement and I’m charged $8 in teller fees! I go back to complain they said to call the 1-800 number. I go to the phone in the branch, call the number, they say, “Well since you weren’t explicitly told we’d wave the teller fees there’s not much we can do.”

BS! Walk right back up to the teller, “I’d like to close my account.” Deposited it into my credit union account until I found somewhere else and never ended up opening a different one.