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gravenewworld
- 1,132
- 26
I'm sick of the greed that comes w/ having my money in a big bank. Anyone have their money in a credit union? Is convenience a problem?
At a very basic level, credit unions are "not for profit banks". All of it's profits go back to its customers. When you open up an account at a credit union, you are really buy "shares" of the business. Credit unions usually are much more customer friendly for loan terms and interest rates since they are not for profit, however, they usually have higher standards which must be met when they give out a loan.The Dagda said:What is a credit union?
Banks are now officially evil according to everyone.
Evo said:I've used both, my Credit Union was great, but I now use a small bank that knows me and my daughter personally. When I call in, I don't even have to give them my accout number. Mary answers, I say hey, it's Evo, would you transfer $200 into the Evo Child's account? She says ok, done.
gravenewworld said:At a very basic level, credit unions are "not for profit banks". All of it's profits go back to its customers. When you open up an account at a credit union, you are really buy "shares" of the business. Credit unions usually are much more customer friendly for loan terms and interest rates since they are not for profit, however, they usually have higher standards which must be met when they give out a loan.
The credit union near my work sounds awesome. I can make a deposit online and they will immediately put that amount of money in my account. Then all I have to do is mail in the check to them.
Vanadium 50 said:My credit union refused to give me a first mortgage, despite having a FICO score so high that "we double checked it to make sure it wasn't a mistake". It turns out that they simply don't make first mortgages, even though they say they do, as the market is - or at least was - more lucrative in the second mortgage business. So I wouldn't jump to the conclusion that Bank = Evil and Credit Union = Good quite so fast.
edward said:At least a person can go into their credit union and talk to a manager face to face. Talking to a branch manager of one of the big banks is futile.
If a person overdraws on a checking account go in and talk to them. If you have been a good customer tell them that you want to set up an over draft protection program and they will usually wave the fees.
cristo said:Over here, I can still talk to my bank manager, and I'm with one of the big banks (there aren't really any small banks in the UK). I never really understand why people here complain about banking charges so much. I've never had to pay one, mainly because I've called up, or gone into my branch whenever I've gone beyond my overdraft, apologise and transfer money from elsewhere into the account. They always waive the charges.. I dunno, perhaps I'm just lucky!
gravenewworld said:Maybe lucky. My bank charges $2.00 for every ATM transaction that you do at an ATM machine not at their bank. On top of that, the ATM that you use, usually charges $2.00 to $3.00 for each transaction, so before you can even get your money out you already have to pay $5.00. That means in order to make an ATM withdraw worth it, you need to take out at least $100 or more.
cristo said:Over here, I can still talk to my bank manager, and I'm with one of the big banks (there aren't really any small banks in the UK). I never really understand why people here complain about banking charges so much. I've never had to pay one, mainly because I've called up, or gone into my branch whenever I've gone beyond my overdraft, apologise and transfer money from elsewhere into the account. They always waive the charges.. I dunno, perhaps I'm just lucky!
There are several reasons why people choose to switch from a traditional bank to a credit union. Credit unions are not-for-profit organizations, so they typically offer lower fees and better interest rates on savings and loans. Additionally, credit unions are owned by their members, so they tend to have a more customer-focused approach to banking.
Yes, you will still have full access to your money if you switch to a credit union. Credit unions are insured by the National Credit Union Administration (NCUA), which provides the same level of protection as the Federal Deposit Insurance Corporation (FDIC) for banks. This means your deposits are safe and you can still use ATMs and make transactions just as you would at a traditional bank.
The process of switching from a bank to a credit union is relatively simple. You will need to open an account at the credit union of your choice and transfer your funds from your bank account. You may also need to switch over any direct deposits or automatic payments to your new credit union account. It's important to make sure all of your bills and payments are transferred to avoid any missed payments.
No, credit unions are open to anyone who meets their membership requirements. These requirements can vary, but often include living or working in a certain geographic area, belonging to a specific organization, or having a family member who is a member of the credit union. There are also some credit unions that are open to anyone regardless of their eligibility criteria.
While there are many benefits to switching to a credit union, there are a few potential downsides to consider. Credit unions may have fewer physical locations and ATMs compared to large banks, so you may need to plan your banking accordingly. Additionally, credit unions may have stricter requirements for loans and credit cards, so it's important to research their products and services before making the switch.