Community Chat

[Elom]

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?

[GCR18]

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

[Sunshine Kate]

I prefer a credit union.  

[FancyPhillyshopper]

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

I do like that my bank has many convenient branches.

[Nightowlz]

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.

[Nightowlz]

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@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.

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@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.

[lovesrecess]

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.

[lmt]

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.

[Cats3000]

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.

[Pook]

@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.