Credit Unions?
#2
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I've been a member of "Member's Choice Credit Union" since I was born.
Easy to get car loans, open a CD etc., always have good rates. I can go to any Credit Union and access my account, it has always been easy to withdraw or deposit money no matter what city/state I am in. Doesn't have to be a "Member's Choice".
Mine is part of the "Allpoint" network of ATMs so there are no fees and the machines are EVERYWHERE.
No monthly fee involved for any of my accounts.
Easy to get car loans, open a CD etc., always have good rates. I can go to any Credit Union and access my account, it has always been easy to withdraw or deposit money no matter what city/state I am in. Doesn't have to be a "Member's Choice".
Mine is part of the "Allpoint" network of ATMs so there are no fees and the machines are EVERYWHERE.
No monthly fee involved for any of my accounts.
#3
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I used to have a credit union account when i lived in VA. Same perks as mentioned above, some are not on the nationwide thing, so just see what they have to offer. I have Chase now and having a mortgage through them gets me the same perks as the old credit union.
#6
im have had accounts at boa and chase in the past and when i made the change to becoming a member at eecu im finally banking at a place i like, its a more personal experience and they treat me like a person instead of a number
my wife has worked with several banks in the past and i have interviewed with chase for a financial rep. and when i learnt how they operate thats when and why i made the change
the teller you talk to in the "corporate banks" line has a certain amount of people they have to send to a financial rep per day, if they dont meet their criteria they get written up
they send customers to the financial reps. so they can try and sell them on services they dont need so the bank can make more money and the rep can make commission....... its like a freaking car dealership when you understand how it works
and every time i called one of the big banks, im on hold for half an hour, dont get my questions answered and get disrespected...... they dont care, you're talking to someone in a call center in freaking afghanistan and you're just another dumb customer
when i call my credit union i talk to the people that i deal with on a daily basis, and it is a huge difference in customer loyalty and customer service
for example: its friday afternoon and i wanna go buy another motorcycle, i go to the dealership, find the motorcycle i want, call my rep. from my cell and tell them what i want and the fax number to send the drafting instructions to....... the dealership gets the fax for the funds and i drive off in 30mins.
i dont have to be at the bank to sign my part til monday...... with one simple phone call and in less time that the big bank would have put me on hold i can get **** done and drive off on my new toy
as opposed to a "big bank" i would be on hold for half an hour talking to someone who i cant understand or pronounce their name from half way around the world, just to find out they cant do anything for me and i need to schedule an appointment with a financial rep on the following business day...... then when im trying to finance the motorcycle they try and sell me on 1,000 different things that im not interested in and according to the "corporate policy" the customer has to tell you no 3 times before they can accept no for an answer then move on and try to sell them on another service they dont want...... bitch if i said no the first time then we argue and i say no again a second time do you really need me to say it a third time? im a grown *** man if i say no and you keep pushing it on me, i like every other customer will feel like you didnt listen to me, therefore i feel disrespected and having to say no 2 more additional times all that does is **** me off....... why **** off a customer you're doing business with???
so far i am 1000% happy with moving to a credit union from a huge corporate greedy blood sucking vampire bank that just tries to squeeze out every penny from every customer while treating every customer like a number on a piece of paper
/rant
.
my wife has worked with several banks in the past and i have interviewed with chase for a financial rep. and when i learnt how they operate thats when and why i made the change
the teller you talk to in the "corporate banks" line has a certain amount of people they have to send to a financial rep per day, if they dont meet their criteria they get written up
they send customers to the financial reps. so they can try and sell them on services they dont need so the bank can make more money and the rep can make commission....... its like a freaking car dealership when you understand how it works
and every time i called one of the big banks, im on hold for half an hour, dont get my questions answered and get disrespected...... they dont care, you're talking to someone in a call center in freaking afghanistan and you're just another dumb customer
when i call my credit union i talk to the people that i deal with on a daily basis, and it is a huge difference in customer loyalty and customer service
for example: its friday afternoon and i wanna go buy another motorcycle, i go to the dealership, find the motorcycle i want, call my rep. from my cell and tell them what i want and the fax number to send the drafting instructions to....... the dealership gets the fax for the funds and i drive off in 30mins.
i dont have to be at the bank to sign my part til monday...... with one simple phone call and in less time that the big bank would have put me on hold i can get **** done and drive off on my new toy
as opposed to a "big bank" i would be on hold for half an hour talking to someone who i cant understand or pronounce their name from half way around the world, just to find out they cant do anything for me and i need to schedule an appointment with a financial rep on the following business day...... then when im trying to finance the motorcycle they try and sell me on 1,000 different things that im not interested in and according to the "corporate policy" the customer has to tell you no 3 times before they can accept no for an answer then move on and try to sell them on another service they dont want...... bitch if i said no the first time then we argue and i say no again a second time do you really need me to say it a third time? im a grown *** man if i say no and you keep pushing it on me, i like every other customer will feel like you didnt listen to me, therefore i feel disrespected and having to say no 2 more additional times all that does is **** me off....... why **** off a customer you're doing business with???
so far i am 1000% happy with moving to a credit union from a huge corporate greedy blood sucking vampire bank that just tries to squeeze out every penny from every customer while treating every customer like a number on a piece of paper
/rant
.
Last edited by Ruthless Robbie; 06-23-2010 at 11:20 PM.
#7
I appreciate the comments so far, it's strengthening my decision to switch.
I'll be looking further into the CU's that have been mentioned. I'm currently with Chase (since they bought Washington Mutual) and looking at their savings plans seems lackluster compared to offerings from competing banks.
I'll be looking further into the CU's that have been mentioned. I'm currently with Chase (since they bought Washington Mutual) and looking at their savings plans seems lackluster compared to offerings from competing banks.
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#10
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currently bank with a CU and wells fargo.. i like the CU for the simple fact like people said, better rates and it doesnt seem like they are trying to pull a fast one on you or anything. i think the only downside might be that the CU you bank with might not be all over like the bigger named banks.
#11
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currently bank with a CU and wells fargo.. i like the CU for the simple fact like people said, better rates and it doesnt seem like they are trying to pull a fast one on you or anything. i think the only downside might be that the CU you bank with might not be all over like the bigger named banks.
http://www.thecommunitybanker.com/cu_links/
#12
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I do all my banking through a credit union.. I will never go back to the big banks if I can help it.. Always got screwed with them..
I have been with my current CU for about 4 years now, and NEVER have had a problem with any of the banking with them..
The CU is more personalized, like what was said before.. your a person to them not a number...
I have been with my current CU for about 4 years now, and NEVER have had a problem with any of the banking with them..
The CU is more personalized, like what was said before.. your a person to them not a number...
#13
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I opened a couple CD's just after the first of the year. I checked with a few banks and looked at alot of advertisements and ended up back at my credit union. I got almost 3% for 3 years and a little over 3% for 5 years. I can "bump" them once if the rates go up. Some of the "deals" I found had alot of small print and restrictions.
Last edited by 99zee; 06-24-2010 at 08:40 AM.
#14
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I have worked for CU's for the last 8 years. I can also say in the bank bailouts not one CU was involved.
Credit Union over a Bank
Why use a credit union instead of a bank? This is a common question that we are asked. To best answer this question, it is helpful to explain what both of these organizations are and are not. Credit unions and banks are both financial institutions but this is where the similarities end. Let’s first briefly explore what banks are and then move on to credit unions.
Banks are for profit, generally shareholder owned companies delivering a wide array of financial services to the public at large. Banks are regulated by either the federal government or state regulators, depending on their charter. They are federally insured through the Federal Deposit Insurance Corporation (FDIC). As a for profit organization, their overriding concern is to use their resources as efficiently as possible to maximize earnings. This means that consumers are a means to that end. It does not mean that they do not care about their customers, but it does mean that the first question they must ask is how much income can we extract from our customers without driving those that are profitable to another financial institution. Banks have become so efficient at this process that the banking industry has repeatedly set record profits year over year for the better part of the past decade.
Credit Unions are not-for-profit organizations offering a wide array of financial services and they are owned by their membership. If you have an account with a credit union, you are a member and an owner. Membership is limited and you must be eligible in order to join. These requirements vary from credit union to credit union. As a member/owner, you have the right to both vote and run for the Board of Directors. You get only one vote regardless of how much money you have at the credit union and all of our directors are volunteers and receive no compensation for their service. This process guarantees that your credit union is looking out for your financial interests and not that of a small group of stockholders. Credit Unions are also regulated by the government, either Federal or State depending on their charter. Credit Unions are also federally insured (with the exception of a very small number of privately insured institutions). The federal insurance program for credit unions is the National Credit Union Share Insurance Fund (NCUSIF). This fund is arguably stronger than the banks insurance fund.
Credit Unions can and do make excess earnings (profit), however this money belongs to you the members, not stockholders or management. This money is used to fund required reserves to ensure a safe and sound financial institution. These reserves provide credit unions the ability to safely survive economic downturns, loan losses and periods of slower income growth. It is the goal of credit unions not to accumulate more reserves than their Board feels is necessary for their long term viability. In fact, most earnings are returned to the members in the form of lower loan rates, higher share deposit rates, fewer fees and better service. Some Credit Unions like INOVA FCU, also return excess earnings to the members in the form of bonus checks during those periods when earnings have out- paced reserve requirements.
In short, if you are looking for a financial institution where you are more than a dollar sign, a credit union is a great choice. Because you are the owner, your voice is always heard, it is your interests that comes first, not big profits. This may be the reason that Credit Unions have always outperformed Banks in their industry’s own survey of customer satisfaction among financial institutions. Studies have also indicated that the existence of credit unions has contributed to keeping the cost of financial services provided at banks lower due to the competitive pressure exerted by the credit union industry. Recently, a banking executive stated that their record profits would have been even higher if it had not been for the existence of credit unions. The best answer to “Why use a credit union instead of a bank?” is that your financial well being is always first with a credit union.
Credit Union over a Bank
Why use a credit union instead of a bank? This is a common question that we are asked. To best answer this question, it is helpful to explain what both of these organizations are and are not. Credit unions and banks are both financial institutions but this is where the similarities end. Let’s first briefly explore what banks are and then move on to credit unions.
Banks are for profit, generally shareholder owned companies delivering a wide array of financial services to the public at large. Banks are regulated by either the federal government or state regulators, depending on their charter. They are federally insured through the Federal Deposit Insurance Corporation (FDIC). As a for profit organization, their overriding concern is to use their resources as efficiently as possible to maximize earnings. This means that consumers are a means to that end. It does not mean that they do not care about their customers, but it does mean that the first question they must ask is how much income can we extract from our customers without driving those that are profitable to another financial institution. Banks have become so efficient at this process that the banking industry has repeatedly set record profits year over year for the better part of the past decade.
Credit Unions are not-for-profit organizations offering a wide array of financial services and they are owned by their membership. If you have an account with a credit union, you are a member and an owner. Membership is limited and you must be eligible in order to join. These requirements vary from credit union to credit union. As a member/owner, you have the right to both vote and run for the Board of Directors. You get only one vote regardless of how much money you have at the credit union and all of our directors are volunteers and receive no compensation for their service. This process guarantees that your credit union is looking out for your financial interests and not that of a small group of stockholders. Credit Unions are also regulated by the government, either Federal or State depending on their charter. Credit Unions are also federally insured (with the exception of a very small number of privately insured institutions). The federal insurance program for credit unions is the National Credit Union Share Insurance Fund (NCUSIF). This fund is arguably stronger than the banks insurance fund.
Credit Unions can and do make excess earnings (profit), however this money belongs to you the members, not stockholders or management. This money is used to fund required reserves to ensure a safe and sound financial institution. These reserves provide credit unions the ability to safely survive economic downturns, loan losses and periods of slower income growth. It is the goal of credit unions not to accumulate more reserves than their Board feels is necessary for their long term viability. In fact, most earnings are returned to the members in the form of lower loan rates, higher share deposit rates, fewer fees and better service. Some Credit Unions like INOVA FCU, also return excess earnings to the members in the form of bonus checks during those periods when earnings have out- paced reserve requirements.
In short, if you are looking for a financial institution where you are more than a dollar sign, a credit union is a great choice. Because you are the owner, your voice is always heard, it is your interests that comes first, not big profits. This may be the reason that Credit Unions have always outperformed Banks in their industry’s own survey of customer satisfaction among financial institutions. Studies have also indicated that the existence of credit unions has contributed to keeping the cost of financial services provided at banks lower due to the competitive pressure exerted by the credit union industry. Recently, a banking executive stated that their record profits would have been even higher if it had not been for the existence of credit unions. The best answer to “Why use a credit union instead of a bank?” is that your financial well being is always first with a credit union.
#15
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I told a friend of mine I was looking to buy a new car and she mentioned she was in the loan department at Smart Financial Credit Union, and that I should come talk to them. I was a little nervous, since I hadn't dealt with a CU before, but I went in anyway. I didn't get any special treatment because I knew her, I got their standard rates and treatment...which were both VERY good.
I'm happy with the loan I got, and the whole process was very painless.
I financed my Corvette through Smart CU and got a rate of 5.49% for five years. The rates were (and still are) lower for a new car. They were, and continue to be, very easy to deal with.
-Mike
I'm happy with the loan I got, and the whole process was very painless.
I financed my Corvette through Smart CU and got a rate of 5.49% for five years. The rates were (and still are) lower for a new car. They were, and continue to be, very easy to deal with.
-Mike
#16
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I have worked for CU's for the last 8 years. I can also say in the bank bailouts not one CU was involved.
Credit Union over a Bank
Why use a credit union instead of a bank? This is a common question that we are asked. To best answer this question, it is helpful to explain what both of these organizations are and are not. Credit unions and banks are both financial institutions but this is where the similarities end. Let’s first briefly explore what banks are and then move on to credit unions.
Banks are for profit, generally shareholder owned companies delivering a wide array of financial services to the public at large. Banks are regulated by either the federal government or state regulators, depending on their charter. They are federally insured through the Federal Deposit Insurance Corporation (FDIC). As a for profit organization, their overriding concern is to use their resources as efficiently as possible to maximize earnings. This means that consumers are a means to that end. It does not mean that they do not care about their customers, but it does mean that the first question they must ask is how much income can we extract from our customers without driving those that are profitable to another financial institution. Banks have become so efficient at this process that the banking industry has repeatedly set record profits year over year for the better part of the past decade.
Credit Unions are not-for-profit organizations offering a wide array of financial services and they are owned by their membership. If you have an account with a credit union, you are a member and an owner. Membership is limited and you must be eligible in order to join. These requirements vary from credit union to credit union. As a member/owner, you have the right to both vote and run for the Board of Directors. You get only one vote regardless of how much money you have at the credit union and all of our directors are volunteers and receive no compensation for their service. This process guarantees that your credit union is looking out for your financial interests and not that of a small group of stockholders. Credit Unions are also regulated by the government, either Federal or State depending on their charter. Credit Unions are also federally insured (with the exception of a very small number of privately insured institutions). The federal insurance program for credit unions is the National Credit Union Share Insurance Fund (NCUSIF). This fund is arguably stronger than the banks insurance fund.
Credit Unions can and do make excess earnings (profit), however this money belongs to you the members, not stockholders or management. This money is used to fund required reserves to ensure a safe and sound financial institution. These reserves provide credit unions the ability to safely survive economic downturns, loan losses and periods of slower income growth. It is the goal of credit unions not to accumulate more reserves than their Board feels is necessary for their long term viability. In fact, most earnings are returned to the members in the form of lower loan rates, higher share deposit rates, fewer fees and better service. Some Credit Unions like INOVA FCU, also return excess earnings to the members in the form of bonus checks during those periods when earnings have out- paced reserve requirements.
In short, if you are looking for a financial institution where you are more than a dollar sign, a credit union is a great choice. Because you are the owner, your voice is always heard, it is your interests that comes first, not big profits. This may be the reason that Credit Unions have always outperformed Banks in their industry’s own survey of customer satisfaction among financial institutions. Studies have also indicated that the existence of credit unions has contributed to keeping the cost of financial services provided at banks lower due to the competitive pressure exerted by the credit union industry. Recently, a banking executive stated that their record profits would have been even higher if it had not been for the existence of credit unions. The best answer to “Why use a credit union instead of a bank?” is that your financial well being is always first with a credit union.
Credit Union over a Bank
Why use a credit union instead of a bank? This is a common question that we are asked. To best answer this question, it is helpful to explain what both of these organizations are and are not. Credit unions and banks are both financial institutions but this is where the similarities end. Let’s first briefly explore what banks are and then move on to credit unions.
Banks are for profit, generally shareholder owned companies delivering a wide array of financial services to the public at large. Banks are regulated by either the federal government or state regulators, depending on their charter. They are federally insured through the Federal Deposit Insurance Corporation (FDIC). As a for profit organization, their overriding concern is to use their resources as efficiently as possible to maximize earnings. This means that consumers are a means to that end. It does not mean that they do not care about their customers, but it does mean that the first question they must ask is how much income can we extract from our customers without driving those that are profitable to another financial institution. Banks have become so efficient at this process that the banking industry has repeatedly set record profits year over year for the better part of the past decade.
Credit Unions are not-for-profit organizations offering a wide array of financial services and they are owned by their membership. If you have an account with a credit union, you are a member and an owner. Membership is limited and you must be eligible in order to join. These requirements vary from credit union to credit union. As a member/owner, you have the right to both vote and run for the Board of Directors. You get only one vote regardless of how much money you have at the credit union and all of our directors are volunteers and receive no compensation for their service. This process guarantees that your credit union is looking out for your financial interests and not that of a small group of stockholders. Credit Unions are also regulated by the government, either Federal or State depending on their charter. Credit Unions are also federally insured (with the exception of a very small number of privately insured institutions). The federal insurance program for credit unions is the National Credit Union Share Insurance Fund (NCUSIF). This fund is arguably stronger than the banks insurance fund.
Credit Unions can and do make excess earnings (profit), however this money belongs to you the members, not stockholders or management. This money is used to fund required reserves to ensure a safe and sound financial institution. These reserves provide credit unions the ability to safely survive economic downturns, loan losses and periods of slower income growth. It is the goal of credit unions not to accumulate more reserves than their Board feels is necessary for their long term viability. In fact, most earnings are returned to the members in the form of lower loan rates, higher share deposit rates, fewer fees and better service. Some Credit Unions like INOVA FCU, also return excess earnings to the members in the form of bonus checks during those periods when earnings have out- paced reserve requirements.
In short, if you are looking for a financial institution where you are more than a dollar sign, a credit union is a great choice. Because you are the owner, your voice is always heard, it is your interests that comes first, not big profits. This may be the reason that Credit Unions have always outperformed Banks in their industry’s own survey of customer satisfaction among financial institutions. Studies have also indicated that the existence of credit unions has contributed to keeping the cost of financial services provided at banks lower due to the competitive pressure exerted by the credit union industry. Recently, a banking executive stated that their record profits would have been even higher if it had not been for the existence of credit unions. The best answer to “Why use a credit union instead of a bank?” is that your financial well being is always first with a credit union.
#17
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Use larger banks for my checking, investments, and 401k. I also do this b/c I travel alot and it is much easier to find a wells fargo atm than my credit unions. Credit unions for my loans, and savings. If I buy a car new, I would go for whom ever provides 0%.
Big thing is you have to become a Credit Union member before you can use them. I use UFCU and SFCU.
Big thing is you have to become a Credit Union member before you can use them. I use UFCU and SFCU.
#18
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I told a friend of mine I was looking to buy a new car and she mentioned she was in the loan department at Smart Financial Credit Union, and that I should come talk to them. I was a little nervous, since I hadn't dealt with a CU before, but I went in anyway. I didn't get any special treatment because I knew her, I got their standard rates and treatment...which were both VERY good.
I'm happy with the loan I got, and the whole process was very painless.
I financed my Corvette through Smart CU and got a rate of 5.49% for five years. The rates were (and still are) lower for a new car. They were, and continue to be, very easy to deal with.
-Mike
I'm happy with the loan I got, and the whole process was very painless.
I financed my Corvette through Smart CU and got a rate of 5.49% for five years. The rates were (and still are) lower for a new car. They were, and continue to be, very easy to deal with.
-Mike
3.99% at my CU for new/used.
Most new cars at dealerships have 0% option now though.
#19
I like the fact that funds are available immediately after depositing a check vs a bank where you have to wait for funds to clear. Although this can be dangerous if the check is from a questionable source. They will take the funds back from you if it bounces, but paychecks, and other reliable sources, my funds are immediately available. Its nice I get paid one day earlier than everyone else because of this fact.