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Valued Contributor
Posts: 559
Registered: ‎06-15-2010

Credit unions

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?

Honored Contributor
Posts: 16,860
Registered: ‎07-03-2013

Re: Credit unions

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

Respected Contributor
Posts: 3,216
Registered: ‎03-10-2010

Re: Credit unions

I prefer a credit union.  

Regular Contributor
Posts: 234
Registered: ‎05-02-2017

Re: Credit unions

 

 

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

 

I do like that my bank has many convenient branches.

Honored Contributor
Posts: 11,407
Registered: ‎03-11-2010

Re: Credit unions

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.

Honored Contributor
Posts: 11,407
Registered: ‎03-11-2010

Re: Credit unions


@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.

Esteemed Contributor
Posts: 7,033
Registered: ‎03-14-2010

Re: Credit unions

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.
Respected Contributor
Posts: 2,952
Registered: ‎05-19-2010

Re: Credit unions

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.
Trusted Contributor
Posts: 1,429
Registered: ‎10-07-2013

Re: Credit unions

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.

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Esteemed Contributor
Posts: 5,844
Registered: ‎03-20-2010

Re: Credit unions

@EvOm  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.