Credit Union or Bank

**roscoryan** · #1 03-16-2009, 10:57 PM

I've been with US Bank for 15 years now...no real issues with them, they've always been helpful, and I've gotten decent rates. I do like the locations they provide across the country. They've been everywhere I've lived (MN, WI, AZ, CO). I'm not worried about US Bank going under, since they were recently ranked the safest of all the big banks. I do worry that they, like many banks, will began to add more and more fees.

Still, one of our local credit unions here in the Twin Cities is offering some really great rates...you can earn 4.05% interest on your checking, with no fees, just need to sign up for direct deposit. They offer great rates on loans, credit cards, and more. They've been ranked #1 for customer service for a number of years now. AND, even the location concern is addressed, since they allow me to use any Wells Fargo/Instant Cash or Credit Union ATM with no surcharges.

I'm curious what your opinions are about credit unions vs. banks.

memebag · #2 03-17-2009, 12:39 AM

I used to use a credit union, but the problem was their lack of bigness. They had great rates, fantastic customer service, but no online banking, no branch locations, and no free ATMs. This was 10 years ago or so, and it sounds like the one you're looking at doesn't have those problems. If their online banking is up to snuff, go for it.

Learjet35A · #3 03-17-2009, 02:16 AM

I've always been with a bank and I was having various problems using bill pay and other things as well, another example of an issue is if I had only a few bucks in my account they would sometimes freeze it or say I'm overdrawn and want to charge me a $20 penalty and then correct it later, whenever they got around to it.

I recently switched to a credit union and have had no problems, they have an easy to website, free bill pay and no charge ATM's all over the place including all 7-11's and Costco's. It's worked out very well for me, I love it.

semipenguin · #4 03-17-2009, 05:50 AM

I just switched to a Credit Union. I haven't been with a CU since I had Navy Fed back when I was in the service. I'm glad I went back to one. I think CU's are better...

xan_user · #5 03-17-2009, 09:23 AM

local CU for 20 years. would not have it any other way.

online banking? check.
free at most atms? check
local brick and mortar customer service ? check
keeping the money in the county.. priceless.

Jon · #6 03-17-2009, 07:45 PM

I've been with Wells Fargo for about 6 years now. I can't see ever leaving, I have online banking, bill pay, I get email alerts when a transaction goes through, and whenever a due date is coming up on bill pay. I also have access through my iPhone on their mobile site, and can do text banking if I choose (I haven't yet).

And they just bought Wachovia so I have more ATMs to use, and will have more branches when the changeover is finalized.

**Casual Fan** · #7 03-19-2009, 11:14 PM

You have to remember that credit unions exist for the benefit of the members, unlike banks, which exist for the benefit of their stockholders. So you can usually get a good deal at a credit union. I've had mortgages and car loans through them, and in fact still belong to one in Maryland (once a member, always a member). So, I recommend them.

limegrass69 · #8 03-20-2009, 08:09 AM

I recommend credit unions as well, provided they have the services you require. Some may be on the cutting edge with technology or ATM locations.

They're insured like banks, and the customer service, in my experience, is much better than at the bank. Also, their rates are generally better. I say go for it.

**roscoryan** · #9 03-20-2009, 05:02 PM

Given this credit union has everything I'm looking for (ATM locations through Wells Fargo, great internet banking interface, etc...), I'm going to make the jump.

Besides, it's hard to beat 4.05% interest on your checking account. You can't even find a savings account close to that right now.

Thanks everyone!

JoeTan · #10 03-20-2009, 05:37 PM

Screw the big banks. They offer nothing but ignorance and stupidity.