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05-19-2019 08:06 AM
@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
05-19-2019 08:46 AM
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.
05-19-2019 09:25 AM
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.
05-19-2019 09:32 AM
@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.
05-19-2019 09:42 AM
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.
05-19-2019 11:50 AM
@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!
05-19-2019 11:54 AM
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.
05-19-2019 01:59 PM
One of the perks of our Credit Union is free purchase of foreign currency, and it arrives more quickly then from the bank.
05-19-2019 04:40 PM
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.
05-19-2019 07:48 PM
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.
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