Bank or Credit Union?

Discussion in 'Community Discussion' started by Huntn, Nov 30, 2012.

  1. Huntn, Nov 30, 2012
    Last edited: Nov 30, 2012

    Huntn macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #1
    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.
     
  2. eric/ Guest

    eric/

    Joined:
    Sep 19, 2011
    Location:
    Ohio, United States
    #2
    Yeah don't use big box banks, and don't pay to have your money in their bank. That's ********.
     
  3. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #3
    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.
     
  4. stonyc macrumors 65816

    stonyc

    Joined:
    Feb 15, 2005
    Location:
    Michigan
    #4
  5. peeaanuut macrumors 65816

    Joined:
    Sep 10, 2007
    Location:
    Southern California
  6. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #6
    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)
     
  7. bradl macrumors 68040

    bradl

    Joined:
    Jun 16, 2008
    #7
    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.

    BL.
     
  8. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #8
    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. :)
     
  9. bradl macrumors 68040

    bradl

    Joined:
    Jun 16, 2008
    #9
    Full disclosure here. the bank I was getting away from is BoA.

    BL.
     
  10. Apple Hobo macrumors 6502a

    Apple Hobo

    Joined:
    Mar 19, 2004
    Location:
    A series of tubes
    #10
    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!
     
  11. malman89 macrumors 68000

    Joined:
    May 29, 2011
    Location:
    Michigan
    #11
    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.
     
  12. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #12
    I’ve been informed that the terms of Bank of America’s free checking is going from a $75 minimum direct deposit a month to $250 a month in January 2017, which would be fine if I was working and had payroll deposit to that bank, but I don’t. I’ll be switching to Amegy bank as my local bank, who has a free checking program for retirees and military. Still have my primary banking with my credit union which is out of state.
     
  13. Apple fanboy macrumors Penryn

    Apple fanboy

    Joined:
    Feb 21, 2012
    Location:
    Behind the Lens, UK
    #13
    Can't you just transfer money in and out by direct debit each month.
    We have an account where you have to make £500 deposit per month to earn some decent interest. So on the first day of the month £500 goes in, same £500 goes out.
     
  14. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #14
    Yes, you are right. It was mostly a principle thing. ;)
    I have a standard transfer set up from my credit union to the bank to meet the $75 monthly requirement. Then for the $250 a month, I’d most likely set up a secondary monthly transfer from BOA back to my credit union or just let it pile up until I need it for a reason. I’ll talk to BOA this week and verify there are no restrictions on how long the money has to sit there.
     
  15. AlliFlowers Contributor

    AlliFlowers

    Joined:
    Jan 1, 2011
    Location:
    L.A. (Lower Alabama)
    #15
    I have never had a local bank. I use USAA for all my banking needs. I can deposit checks with the mobile app (they were the first Bank to do this), and I can withdraw from any ATM at no charge.

    I think there are several Banks that are doing this now, but I don't know which ones.
     
  16. jeyf, Dec 24, 2017
    Last edited: Dec 24, 2017

    jeyf macrumors 6502a

    Joined:
    Jan 20, 2009
    #16
    i would really like an internet banking situation
     
  17. puma1552 macrumors 603

    Joined:
    Nov 20, 2008
    #17
    huh?
     
  18. lowendlinux Contributor

    lowendlinux

    Joined:
    Sep 24, 2014
    Location:
    North Country (way upstate NY)
    #18
    My main is a credit union but I use USAA quite a bit.
     
  19. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #19
    I like having a local bank for check deposits and ready cash available other than an ATM, although my credit union does do remote deposits, it still requires me (unless it changed and I did not notice) to mail the check in (postage paid envelope from bank). That route, I’m waiting for a check not to make it to the bank.
     
  20. Apple fanboy macrumors Penryn

    Apple fanboy

    Joined:
    Feb 21, 2012
    Location:
    Behind the Lens, UK
    #20
    How often do you receive a check these days though? I do t think I've had one (for me anyway) in years.
     
  21. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #21
    Infrequently, but often enough, usually credits for different things or refunds.
     
  22. lowendlinux Contributor

    lowendlinux

    Joined:
    Sep 24, 2014
    Location:
    North Country (way upstate NY)
    #22
    The credit union is in just about ever army base overseas and makes it easy to pay euro bills etc. USAA is good for insurance, investments etc.
     
  23. bradl macrumors 68040

    bradl

    Joined:
    Jun 16, 2008
    #23
    Every AFB I've been on as well, including those that are but "aren't" AFBs (yes, I'm looking at you, Los Angeles AFB).

    BL.
     
  24. Apple fanboy macrumors Penryn

    Apple fanboy

    Joined:
    Feb 21, 2012
    Location:
    Behind the Lens, UK
    #24
    I'm confused! I don't live in Los Angeles! ;)
     
  25. lowendlinux Contributor

    lowendlinux

    Joined:
    Sep 24, 2014
    Location:
    North Country (way upstate NY)
    #25
    There are a couple military specific credit unions like Pentagon Federal Credit Union, Navy Federal Credit Union, and a couple others I can't remember off the top of my head. My credit union is called Service Credit Union military folks and their hangers on have needs that normal Americans don't like paying bills to Europeans, insuring our American cars in Europe, European debit cards like giro card and such. I use my credit union to deal with Al my European stuff and USAA to deal with all my American stuff to include insurance.
     

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