Credit Union or Bank

roscoryan

DRC Graphics Guru
Oct 13, 2008
433
18
18
Burnsville, MN
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

Top Brass, ADVP
Oct 11, 2008
17,407
5,814
168
Lake Huntzing
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

Member
Oct 14, 2008
336
18
18
46
Burbank, CA
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

Cheeseburger Connoisseur
Oct 11, 2008
24,899
9,030
168
51
Janesville, MN
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

Banned
Dec 16, 2008
3,234
74
48
Nor-Cal
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

Well-Known Member
Dec 16, 2008
13,958
4,424
168
46
Colorado
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

Surprisingly nice
Oct 14, 2008
19,016
3,028
163
Roanoke, VA
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

Confused
Oct 12, 2008
6,079
245
63
New York
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

DRC Graphics Guru
Oct 13, 2008
433
18
18
Burnsville, MN
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! :cool:
 

JoeTan

Well-Known Member
Oct 14, 2008
1,425
26
48
Screw the big banks. They offer nothing but ignorance and stupidity.
 

Jon

Well-Known Member
Dec 16, 2008
13,958
4,424
168
46
Colorado
If I can find a credit union that offers the same service as a big bank, with the same amount of locations, atms, and services like bill pay and online banking, I could be persuaded to make the jump.
 

limegrass69

Confused
Oct 12, 2008
6,079
245
63
New York
Between your job, family and any organizations you belong to (or even where you work and live), you should have no problem finding a credit unioin. Go for it.
 

Sirius Rich

Well-Known Member
Oct 11, 2008
2,153
33
48
Houston
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.

My credit union has all these services with hundreds of branches. I financed a new truck at 3.69% last December when the best bank rate was 9.9%.
 

Jon

Well-Known Member
Dec 16, 2008
13,958
4,424
168
46
Colorado
I found one through the school I attend, all I have to do is mail off the online application and give them a copy of my driver's license (damn patriot act!) and I'll be set. Now I just have to make money to put in the account. :D
 

roscoryan

DRC Graphics Guru
Oct 13, 2008
433
18
18
Burnsville, MN
If I can find a credit union that offers the same service as a big bank, with the same amount of locations, atms, and services like bill pay and online banking, I could be persuaded to make the jump.

I had a loan with Bellco CU, and was tempted to move to them when I lived in CO. All of their services are definitely up to par, and you can use any US Bank ATM nationwide at no charge as well.
 

zepped

Member
Nov 2, 2008
234
0
16
Have used credit unions exclusively for the past 15 years and been pleased with rates. As someone said earlier almost anyone can join now. At one point I managed the web/online department for one of them and we bent over backwards to please members.

The drawback of CU's a while back was the amount of atm's and storefronts available. With Shared Branching (CUSwirl.com CU Service Center Locations) you can make deposits, loan payments, advances, balance inquiries and transfers nationwide.

Had to go to Wells Fargo six years ago for a business account as my credit union did not offer business accounts yet. They do now so there is no need to go to a bank.