topic Re: Credit unions in Community Chat

Credit unions

Elom — Sun, 19 May 2019 03:04:42 GMT

I am considering transferring my banking account to a credit union. They seem to offer so much more. I have always dealt with large banks due to my husbands career in banking. Any thoughts or opinions about them?

Re: Credit unions

GCR18 — Sun, 19 May 2019 03:15:57 GMT

I've used both. Currently at the credit union. They do a good job. No plans on switching.

Re: Credit unions

Sunshine Kate — Sun, 19 May 2019 03:20:14 GMT

I prefer a credit union.

Re: Credit unions

FancyPhillyshopper — Sun, 19 May 2019 03:37:07 GMT

I would recommend checking if your money is federally insured like the banks (FDIC).

I do like that my bank has many convenient branches.

Re: Credit unions

Nightowlz — Sun, 19 May 2019 03:37:14 GMT

We have had an account with the Credit Union for over 42 yrs.

We won't be changing. We have never had any issues with them.

Re: Credit unions

Nightowlz — Sun, 19 May 2019 03:47:44 GMT

@FancyPhillyshopper wrote:

I would recommend checking if your money is federally insured like the banks (FDIC).

I do like that my bank has many convenient branches.

@FancyPhillyshopper

Credit Unions are insured under NCUA.

NCUA versus FDIC: The vast majority of credit unions are federally insured by the National Credit Union Administration (NCUA), which provides essentially the same insurance coverage on deposits as the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits.

Re: Credit unions

lovesrecess — Sun, 19 May 2019 03:59:50 GMT

Good idea...also, the FDIC insures up to $150K..not sure if that is per account or per customer. I know they increased it from $100K a while ago. It should have it clearly disclosed on their website.

Re: Credit unions

lmt — Sun, 19 May 2019 08:23:50 GMT

We have a savings and a checking account at our credit union. They offer some perks that banks don't. Have been with them for over 40 years.

Re: Credit unions

Cats3000 — Sun, 19 May 2019 09:33:07 GMT

We used them in the past when we had access to them. They were fine. Just make sure the one that you use is federally insured. There is a federal agency (can't remember the name) that insures credit unions.

Re: Credit unions

Pook — Sun, 19 May 2019 10:03:50 GMT

@Elom I have a Credit Union account and a local bank account. I have my retirement from my employment deposited in one and my SS in the other. I like the Credit Union the best since loan/credit card interest lower and CD and savings account higher interest. I also have found my Credit Union to be more vigilant looking out for fraud and less bureaucratic BS dealing with them. I also get any ATM fees reimbursed at the end of every month. Plus with my Credit Union I get a cut of any earnings they have each year.

Re: Credit unions

geezerette — Sun, 19 May 2019 12:06:34 GMT

@lovesrecess wrote:
Good idea...also, the FDIC insures up to $150K..not sure if that is per account or per customer. I know they increased it from $100K a while ago. It should have it clearly disclosed on their website.

From FDIC dot gov:

The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank. Jan 10, 2019

Re: Credit unions

Eileen in Virginia — Sun, 19 May 2019 12:46:20 GMT

When we moved to the DC area, my first job was with a large credit union whose customer base were members of the military. Prior to that, I’d worked in a mid-sized commercial bank in North Jersey. One of the first things that hit me was the difference in the way they considered their customers. Where the commercial bank treated their customers like they were an unfortunate but necessary part of doing business, the credit union called them members and cared about meeting their needs.

Because I worked there, we were eligible to join the credit union, which we did. We have share (savings) accounts there, as well as our mortgage, home equity loan, credit cards and investment accounts. The interest rates are very competitive and their hours are very accommodating. We still have our main checking account at a commercial bank, but we’ll always keep most of our money in the credit union.

Re: Credit unions

Pecky — Sun, 19 May 2019 13:25:01 GMT

I have been with my credit union for many years and would never go back to a bank. The loan rates are great, I don't have to have a minimum amount in my checking or savings or they charge you.

Re: Credit unions

CelticCrafter — Sun, 19 May 2019 13:32:24 GMT

@lovesrecess wrote:
Good idea...also, the FDIC insures up to $150K..not sure if that is per account or per customer. I know they increased it from $100K a while ago. It should have it clearly disclosed on their website.

It's $250,000 per depositor, has been that way for a long time now.

Re: Credit unions

VaBelle35 — Sun, 19 May 2019 13:42:44 GMT

I always used banks until 20 years ago when I took my current job. We have the option of using PenFed credit union. I love it and their customer service and online banking and mobile deposits.

My only issue is when I need a branch, they are not convenient in location or hours.

I have one more check that I will have to do an in person deposit and then that won't be an issue anymore.

Re: Credit unions

Financialgrl — Sun, 19 May 2019 15:50:30 GMT

@Eileen in Virginia wrote:
When we moved to the DC area, my first job was with a large credit union whose customer base were members of the military. Prior to that, I’d worked in a mid-sized commercial bank in North Jersey. One of the first things that hit me was the difference in the way they considered their customers. Where the commercial bank treated their customers like they were an unfortunate but necessary part of doing business, the credit union called them members and cared about meeting their needs.

Because I worked there, we were eligible to join the credit union, which we did. We have share (savings) accounts there, as well as our mortgage, home equity loan, credit cards and investment accounts. The interest rates are very competitive and their hours are very accommodating. We still have our main checking account at a commercial bank, but we’ll always keep most of our money in the credit union.

@Eileen in Virginia I agree with everything you wrote. I was a civilian working in one of the naval commands in Crystal City and joined the Navy Federal Credit Union in the Crystal City Underground. All my accounts were there until I retired. At that time, I opened a small checking account at one of the national local banks (for emergencies) bc most of the NFCU branches were a 1/2 hour drive up to Arlington or Alexandria.

Eventually NFCU began opening branches everywhere - but I still keep a small checking account at the bank - just in case!

Re: Credit unions

Elom — Sun, 19 May 2019 15:54:13 GMT

Thank you all for your input. I will go with the local credit union as there are so many branches. Right now the local state bank I am with was bought out by another bank and still very few branches. The credit union here is vyStar and always busy.

Re: Credit unions

Drythe — Sun, 19 May 2019 17:59:10 GMT

One of the perks of our Credit Union is free purchase of foreign currency, and it arrives more quickly then from the bank.

Re: Credit unions

chrystaltree — Sun, 19 May 2019 20:40:30 GMT

Both hubby and I bank with a credit and we have for the past 30 years. Different ones because but we are both happy and satisfied with them. Unlike the big bank we also do business with. It has changed hands at least 4 times in the past 20 years. To be fair, I have no problem with that bank but when they change hands, we get new debit cards and we have to order new checks. There's a problem things lie Easy Pays and automated payments. It's a pain when they change and morph into some other bank. The credit unions we bank with have been solid and dependable for considerably longer than we have had accounts with them.

Re: Credit unions

tarsmom — Sun, 19 May 2019 23:48:40 GMT

I am happy to read the responses on this topic. I have worked my entire career in credit unions. They truly have a heart and care about their members. In the 'old' days, credit unions had limited services, mainly savings and car loans. Now, there's very few services that they don't offer. The only one I can think of offhand is savings bonds.

You can always check out credit unions in your state by searching the state's name and credit union league.