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Old Nov 30, 2012, 11:36 AM   #1
Huntn
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Bank or Credit Union?

What is your preference and why?

I've been with a Credit Union for 30 years. I now live in another area, am staying with my Credit Union but would like a local bank for when the rare occasion arises where I need a brick and mortar establishment. I had a free local checking account with Wells Fargo until to my surprise they added a monthly fee because of new federal regulations that took place in August and I no longer qualified. I don't feel like keeping $3000 in my checking account just to have free checking. (They claim I was notified in one of my statements.) So I am back to looking for another bank.

I discovered that Bank of America has a free eAccount. As long as I use the ATM for deposits and withdrawals, no monthly charge, but I know several people who hate BOA. The requirements for free checking seem to have gone up a lot for most FDIC insured banks. Looks like I'll be going with a local Credit Union.
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Last edited by Huntn; Nov 30, 2012 at 11:49 AM.
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Old Nov 30, 2012, 11:47 AM   #2
eric/
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Yeah don't use big box banks, and don't pay to have your money in their bank. That's ********.
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Old Nov 30, 2012, 11:56 AM   #3
yg17
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I've been with a local credit union since March and love it, after being with BoA then PNC. There are no fees, no minimum balances, no BS.

Can you find another CU that's local to you? Paying a bank to have your money there is ridiculous. Although, with a CU, you don't really need to be near their location. Since opening my account, thanks to the co-op ATM network, shared branches and mobile deposit, the only reason I needed to go back to my CU was to obtain an auto loan.
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Old Nov 30, 2012, 03:13 PM   #4
stonyc
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http://www.ncua.gov/Legal/GuidesEtc/...Directory.aspx

That should help you get started. They have an ASCII text version of the directory too... the PDF loaded a little slowly for me, but could just be my machine getting a little long in the tooth.

Love our credit union.
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Old Nov 30, 2012, 03:17 PM   #5
peeaanuut
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CU all the way.
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Old Nov 30, 2012, 03:17 PM   #6
dukebound85
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Have been with a CU since 2000 when I was 15

Love it

Only time I also added a bank (in addition to my CU) was to get a free promo (buy 1 get 1 free ski season pass)
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Old Nov 30, 2012, 03:25 PM   #7
bradl
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I just recently had problems with my bank and their practices, so I was able to not only move into a CU, but have multiple accounts at that CU, as well as set up one for my children. The only requirements my CU really had was that I have to be a resident in a given set of counties in my state (defined by the CU), and have a job, or a verifiable source of income. Only qualifications needed.

Like the others, the bank I was with started to charge fees just to have the account open, regardless of how much money was in the account, and length of time with that bank (read: loyalty) didn't matter (I was with that bank for 15 years). I have one last monthly transaction to do with them for December, then I'm out completely.

The thing to note is that with banks, they are in business for the interests of their shareholders. That's who they make their money for. With Credit Unions, they are in business for the interests of the members who comprise the union. I would rather have a CU that pays me back from being a member than one that feeds down their profits and dividends to their shareholders, despite the fact that it's my money going into their accounts that their shareholders get. Anyone at a bank is basically paying someone else (the shareholder) to park their money at that bank.

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Old Nov 30, 2012, 05:18 PM   #8
Huntn
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Thanks for the advice! The closest CU is 5 miles away. I am considering BOA which as an eAccount with no charges as long as you use the ATM for deposits and withdrawals. It includes other full service options at no extra cost. I am considering it because it is 1 mile away. I live in a very congested area and this makes a big difference to me. This account will be used infrequently so another reason why I am considering BOA. I'll let you all know my decision. I still have a CU as my primary banking facility. It's just not local.
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Old Nov 30, 2012, 06:27 PM   #9
bradl
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Quote:
Originally Posted by Huntn View Post
Thanks for the advice! The closest CU is 5 miles away. I am considering BOA which as an eAccount with no charges as long as you use the ATM for deposits and withdrawals. It includes other full service options at no extra cost. I am considering it because it is 1 mile away. I live in a very congested area and this makes a big difference to me. This account will be used infrequently so another reason why I am considering BOA. I'll let you all know my decision. I still have a CU as my primary banking facility. It's just not local.
Full disclosure here. the bank I was getting away from is BoA.

BL.
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Old Nov 30, 2012, 07:17 PM   #10
Apple Hobo
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I recently dumped Chase in favor of a local credit union. When I got canned from my last job, Chase decided to help me by charging me $12/month since I no longer had direct deposits coming in. The alternative was to keep some crazy amount of cash in my account. My CU has lower fees across the board, and I can maintain free checking & savings accounts. Before I switched, Chase also slashed my credit card limit to $500 because they said I didn't use the card enough. AMEX, on the other hand, slashed my limit to something like $200 above my balance even though I've never missed a single payment in the years that I've had the card. You can't win with these scumbags. As soon as I pay down the balance on the Chase and AMEX cards, into the sock drawer they go!
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Old Nov 30, 2012, 08:57 PM   #11
malman89
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Until just recently I was still rocking a student checking account from Chase although I have been out of college for a while - they never check/care. Unfortunately the last time I had to go in to get something done, I got suckered into talking a guy and he 'upgraded' my accounts to regular checking.

I don't care since I have direct deposit, so I don't get fees, but if something were to happen, I would be pretty mad.

I keep my rainy day savings fun with ING Direct though, since at least they have some sort of interest rate. Not much compared to the past, but something.
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