# Do you use a Bank or a Credit Union? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [August 18, 2011, 1:27pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152 "2011-08-18T13:27:30Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Hedda\_Rosa](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hedda_rosa/32/1204_2.png) [@Hedda\_Rosa](https://boards.straightdope.com/u/Hedda_Rosa)\ **Post date:** [August 18, 2011, 5:06pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/21 "2011-08-18T17:06:32Z")
We use both, a bank for our household money and credit union for our rental proterty. ---
**Author:** ![Marconi\_N.Cheese](https://avatars.discourse-cdn.com/v4/letter/m/57b2e6/32.png) [@Marconi\_N.Cheese](https://boards.straightdope.com/u/Marconi_N.Cheese)\ **Post date:** [August 18, 2011, 5:35pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/22 "2011-08-18T17:35:41Z")
We use a regional bank, branches in five states. As far as banks go, they’ve been ok over the years. ---
**Author:** ![Invisible\_Chimp](https://avatars.discourse-cdn.com/v4/letter/i/f05b48/32.png) [@Invisible\_Chimp](https://boards.straightdope.com/u/Invisible_Chimp)\ **Post date:** [August 18, 2011, 6:49pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/23 "2011-08-18T18:49:52Z")
I just switched from a bank to a credit union late last month. As I mentioned in the August min-rants thread, my experience so far with the credit union has not been good. ---
**Author:** ![FatBaldGuy](https://avatars.discourse-cdn.com/v4/letter/f/ecd19e/32.png) [@FatBaldGuy](https://boards.straightdope.com/u/FatBaldGuy)\ **Post date:** [August 18, 2011, 7:17pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/24 "2011-08-18T19:17:20Z")
Both. ---
**Author:** ![MissTake](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/misstake/32/3189_2.png) [@MissTake](https://boards.straightdope.com/u/MissTake)\ **Post date:** [August 18, 2011, 7:21pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/25 "2011-08-18T19:21:42Z")
Both. ---
**Author:** ![yanceylebeef](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/yanceylebeef/32/12290_2.png) [@yanceylebeef](https://boards.straightdope.com/u/yanceylebeef)\ **Post date:** [August 18, 2011, 7:27pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/26 "2011-08-18T19:27:25Z")
I have both…USAA for banking, and Security Service Federal Credit Union with a savings account just in case I need to cash a check or something. Can’t say enough about USAA as an institution. If you could have a crush on a bank, I’d be all over them. ---
**Author:** ![Tamerlane](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/tamerlane/32/7602_2.png) [@Tamerlane](https://boards.straightdope.com/u/Tamerlane)\ **Post date:** [August 18, 2011, 7:27pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/27 "2011-08-18T19:27:26Z")
Both. I use my work-specific credit union for short-term savings, legacy from an old auto loan. Mainly it covers property taxes and miscellaneous surprises ( car troubles, unexpected vet bills, house repairs, etc. ). If it had been a bit more full service back in the day I might have switched over, but back then it had very few amenities, for example no ATM cards. It’s a bit more full service these days, but there just isn’t much impetus to jump ship. My main checking account is through B of A. Who I don’t particularly like, but I doubt they are vastly worse than any other large banking firm. ---
**Author:** ![Ruby\_Slippers](https://avatars.discourse-cdn.com/v4/letter/r/94ad74/32.png) [@Ruby\_Slippers](https://boards.straightdope.com/u/Ruby_Slippers)\ **Post date:** [August 18, 2011, 7:32pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/28 "2011-08-18T19:32:51Z")
Credit union. I used to use both but once credit unions began to offer checking, I made the switch. Among other advantages, my credit union has the same name as when I first joined back in the mid-60’s. Many banks have merged so often that no one even knows all the names they’ve used. But more importantly, I appreciate the reasonable interest rate on my credit card and the overall reasonable rates and terms. ---
**Author:** ![robert\_columbia](https://avatars.discourse-cdn.com/v4/letter/r/e79b87/32.png) [@robert\_columbia](https://boards.straightdope.com/u/robert_columbia)\ **Post date:** [August 18, 2011, 7:41pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/29 "2011-08-18T19:41:53Z")
I use a bank for day to day financial transactions. It’s more convenient because I can find branches all over the region. I have a membership at a schoolteachers’ Credit Union that I got through my alma mater (no, your major didn’t have to be related to education and you didn’t need to intend to become a teacher, you just had to study at my alma mater). They aren’t really convenient for me for day to day banking, though I’m open to getting a mortgage or buying CD’s through them. ---
**Author:** ![Claire\_Beauchamp](https://avatars.discourse-cdn.com/v4/letter/c/ec9cab/32.png) [@Claire\_Beauchamp](https://boards.straightdope.com/u/Claire_Beauchamp)\ **Post date:** [August 18, 2011, 7:52pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/30 "2011-08-18T19:52:58Z")
Credit union only – the same one, actually – since 1981. Does everything I need: Free checking (with automatic paycheck deposit), ATM (albeit not one on every corner, but I don’t use ‘em anyway), good loan rates in most cases, Truly Excellent Credit Card rates, decent savings/money market/CD rates, online banking/billpay. All fees/rates are much lower than any bank would charge. Free Travelers’ Checks / money orders, whathaveyou. Free notary services. I do have my mortgage through a bank because my CU didn’t participate in a state first-time home-buyers program. The only thing I can think of I might use a bank for at this point would be a safe deposit box, if I needed one, which I just don’t bother with. It’s a non-profit. I’m a MEMBER, not a customer/sucker. It’s the only way to live. ---
**Author:** ![amanset](https://avatars.discourse-cdn.com/v4/letter/a/8dc957/32.png) [@amanset](https://boards.straightdope.com/u/amanset)\ **Post date:** [August 18, 2011, 10:25pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/31 "2011-08-18T22:25:44Z")
> [@MsRobyn](#): > > [Credit unions.](http://en.wikipedia.org/wiki/Credit_union) > > We started maintaining two accounts, one at a credit union and one at a bank, when Airman was last deployed. It takes quite a while for transactions to post, so he’d buy something there and it would take so long to post that I didn’t know we had less money than we did. So I had my paycheck deposited to my bank account, which solved that problem. Now we’ve got both out of inertia. Ah. Building societies. I used one in the UK until it went public and became a bank. I’m not sure we have them in Sweden. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [August 18, 2011, 10:39pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/32 "2011-08-18T22:39:25Z")
> [@sparky\_1](#): > > I saw that, too about Wells Fargo, which is what got me rethinking this. > > I basically don’t use any of my banks services: I hardly ever use an ATM and rarely ever visit a branch. I basically do all my banking online. For cash, I just get extra with my debit card purchase. > > One thing I like is that I have 3 accounts with them: a checking account with debit card for spending purposes, a checking account for just my monthly bills and a savings account. Currently they don’t charge me for those accounts. > > If I switch to a credit union then I’d like the same setup, and online banking is a must. Then I’ll also have to redo my direct deposit. Hmm… Credit unions offer all the same services as a bank, including FDIC insured deposits, CDs, loans, debit cards, online banking, autopay ability for bills, etc. ---
**Author:** ![PapSett](https://avatars.discourse-cdn.com/v4/letter/p/ecc23a/32.png) [@PapSett](https://boards.straightdope.com/u/PapSett)\ **Post date:** [August 18, 2011, 11:24pm UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/33 "2011-08-18T23:24:24Z")
I’ve been with the same credit union since about 1976. Yes, really. No, I really \*don’t \*like change very much, why do you ask? ---
**Author:** ![Canadjun](https://avatars.discourse-cdn.com/v4/letter/c/76d3ee/32.png) [@Canadjun](https://boards.straightdope.com/u/Canadjun)\ **Post date:** [August 19, 2011, 1:15am UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/34 "2011-08-19T01:15:53Z")
Bank (TD Canada Trust to be specific, as well as ING Direct Canada). We do have Credit Unions up here too, but I have no reason to look into them since I am happy with what I have. ---
**Author:** ![Rysdad](https://avatars.discourse-cdn.com/v4/letter/r/7cd45c/32.png) [@Rysdad](https://boards.straightdope.com/u/Rysdad)\ **Post date:** [August 19, 2011, 1:38am UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/35 "2011-08-19T01:38:59Z")
Both. ---
**Author:** ![Crown\_Prince\_of\_Irony](https://avatars.discourse-cdn.com/v4/letter/c/ed655f/32.png) [@Crown\_Prince\_of\_Irony](https://boards.straightdope.com/u/Crown_Prince_of_Irony)\ **Post date:** [August 19, 2011, 1:54am UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/36 "2011-08-19T01:54:24Z")
I’ve been with the same credit union since 1999 when I lived in Eugene, and even though they don’t have a branch up near Portland, I’m sticking with them. They have always taken care of me - if I ever have issues, I call them up, and they set things right. They’ve even reversed overdraft fees that had been my fault (back in my dirt po’ days when that happened once or twice a year), without my asking. Try that with a faceless national bank. I’ve got both car loans, and I refinanced a second mortgage through them - I’d refinance my first mortgage, but they don’t do VA loans. ---
**Author:** ![Dr.Girlfriend](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dr.girlfriend/32/193_2.png) [@Dr.Girlfriend](https://boards.straightdope.com/u/Dr.Girlfriend)\ **Post date:** [August 19, 2011, 2:19am UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/37 "2011-08-19T02:19:17Z")
> [@Chefguy](#): > > Credit unions offer all the same services as a bank, including FDIC insured deposits, CDs, loans, debit cards, online banking, autopay ability for bills, etc. Very minor nitpick, credit unions are insured through NCUA, not FDIC. As a credit union employee I’m happy to see the CU users keeping pace with the bank users. I wanna know where these people who keep their money in the mattress live… Not that I would come visit or anything… :evil laugh: 😃 ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [August 19, 2011, 2:42am UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/38 "2011-08-19T02:42:02Z")
> [@Dr.Girlfriend](#): > > Very minor nitpick, credit unions are insured through NCUA, not FDIC. As a credit union employee I’m happy to see the CU users keeping pace with the bank users. I wanna know where these people who keep their money in the mattress live… Not that I would come visit or anything… :evil laugh: 😃 Oopsie. Well, one federal deposit insurance is about the same as another, right? ---
**Author:** ![redtail23](https://avatars.discourse-cdn.com/v4/letter/r/3e96dc/32.png) [@redtail23](https://boards.straightdope.com/u/redtail23)\ **Post date:** [August 19, 2011, 2:50am UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/39 "2011-08-19T02:50:47Z")
I will agree that not all CUs are equal. I’ve had an account at mine since…1975, I think. They’ve grown tremendously, and I have noticed that they’re less flexible and more bank-like the bigger they’ve gotten. OTOH, they’ve also added a lot of services. And their rates are still better than most banks. The SO has accounts at a different CU and I don’t like them at all. The small local bank has all the amenities and the staff are incredibly friendly and helpful. I currently have a car loan through a giant financial institution. Never again. I am intrigued by the USAA thing, though. I’ll have to check it out. ---
**Author:** ![carnut](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/carnut/32/3531_2.png) [@carnut](https://boards.straightdope.com/u/carnut)\ **Post date:** [August 19, 2011, 3:14am UTC](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152/40 "2011-08-19T03:14:34Z")
I belong to two different credit unions. I’ve belonged to one of the for 25 years. I opened an account at another CU and was going to switch because the second one is much, much closer to my home but then they started to handle each other’s banking. So the old one is still my main account and the second account is my rainy day account. It’s working well for me. I stuck with the CU because they treat me well and went out of their way to help me when I have had questions or issues (like when my new debit card was stolen and account drained before I even new I was supposed to have a new debit card). I also like that my CU is responsible to me and others like me instead of a bunch of faceless shareholders who want more profits. [Previous page](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152.md?page=1) [Next page](https://boards.straightdope.com/t/do-you-use-a-bank-or-a-credit-union/593152.md?page=3)