Credit Union Recommendations? (Denver, Westminster, Boulder: loans, estate, insurance)

[kimmer]

Does anyone have any recommendations on which credit union in the Denver area would be a good one to join? Maybe one that has a fairly broad field of membership (people who are allowed to become members)?
Physical location of the branch doesn't matter too much.

I searched previous threads and only found info on banks.

Thanks!

[livecontent]

Originally Posted by kimmer

Does anyone have any recommendations on which credit union in the Denver area would be a good one to join? Maybe one that has a fairly broad field of membership (people who are allowed to become members)?
Physical location of the branch doesn't matter too much.

I searched previous threads and only found info on banks.

Thanks!

The Largest Credit Union in Denver is Bellco https://www.bellco.org/index.asp?. It is the largest in terms of Assets, Members, and Branches.


The Credit Union Association of Colorado is Credit Union Association of Colorado. It will allow you to search for a credit union in this state.

The Credit Union Service Network, located in Colorado is Credit Union Service Network : Home. It provides shared services for credit unions and you can also search for a credit union in Colorado.

Livecontent

[kimmer]

livecontent,
Thanks, those are great links. Very helpful. I've found a few that'll work.

Thanks for all your help!

[DanBev]

Bellco without a doubt have now lived in Florida 20 years,use Publix ATM free.Been with them now over 35 years.Very friendly to work with,had one fraud committed,settled very quickly.Site available 24/7.Never ever an error.Mail a personal check for deposit,funds available immediately.Deposited a bank check here from a realestate closing,they said $100 available tommorrow,$3000 in 15 days and balance 23 days.Enough said,Mercantile Bank.This is why I deal with them.

[Mike78613]

Hi all,

I did not want to change the subject on Credit Unions, but how about banks? Which one's out in the N. Denver area are popular? I will be heading up in the upcoming weeks and need to start looking for a bank. One that we can use both in Texas/Austin to Westminster/Boulder.

I don't want to join a big corporate bank like CHASE or WELLS FARGO (been there, never again). Maybe a mid-size bank w/ employees that care about their customers?
Any recommendations?

Thanks,

[kimmer]

Bellco sounds great, thanks DanBev.

The great thing about credit unions is they are non-profit. This means they can offer lower loan rates and higher interest rates on savings/checking. They generally don't have monthly fees on savings/checking accounts. They offer most of the same products that banks do.

With all the ATM's available now, there's not a problem getting cash or making deposits. I'll never go back to a bank. I'll take the non-profits. Thanks.

[livecontent]

Originally Posted by kimmer

Bellco sounds great, thanks DanBev.

The great thing about credit unions is they are non-profit. This means they can offer lower loan rates and higher interest rates on savings/checking. They generally don't have monthly fees on savings/checking accounts. They offer most of the same products that banks do.

With all the ATM's available now, there's not a problem getting cash or making deposits. I'll never go back to a bank. I'll take the non-profits. Thanks.

I have used Credit Unions for years but there are deficiencies. I have found they have less services than commercial banks, especially when you are dealing extensive assets and investments. In addition, because they are not at these levels, they tend to have employees that are not as well trained or knowledgeable because they are not needed.

Also, keep in mind that many services of credit unions are run through a commercial respondent bank to handle many transactions. I believe that credit unions are poor in credit card handling because they contract with many different companies to handle the transactions vs. a large bank which has the capabilities to handle these transactions in house.

Some of the services of credit unions are through shared resource services for credit unions, so that a deposit or withdrawal can be made at member banks counters--I think this lacks the security and compliance with rules that would be common among banks branches of a major bank.

Also, realize because credit unions can have different charters; they are state regulated or federally regulated. Bellco, for example, did change, a few years ago, from a Federal Credit Union to a State Regulated Credit Union; I think this was done because it allow them not to be under the more restricted rules of federal regulation. So if you have a problem, you main area of complaint is through the State of Colorado vs. Federal authorities. I do not believe the State of Colorado is a strong regulator or has the expertise as the Federal Government or a larger state such as New York.
These goes for all the State of Colorado Departments.

The not for profit may sound good but some credit unions overcompensate their executives as many private banks and some provide dismal saving rates that do not compare well with banks or other credit unions. So, what I am saying, just to say that a credit union is superior is not correct. As far as financial stability and governance--there have been many problems at credit unions as well as private banks.

Livecontent

[kimmer]

I definitely leave my retirement assets and investments to the pros. I wouldn't trust my credit union and/or it's affiliate to manage that kind of money.

Deposit insurance is much stronger and better-backed with credit unions. The NCUA's (National credit union association) financial backing is stronger than banks' deposit-backer, FDIC. With credit unions, depending on how you structure your accounts & move your money, you can get broader coverage for more money.
The FDIC can't provide the same level of coverage.

Having worked as an operations officer for a medium size credit union in CA, I know I could give my members better, more personal service. If they had a fraud problem, they could talk to me personally, and I could call the right people who could immediately help.

When I was with a bigger bank, they couldn't even remember who I was from week to week when I deposited my paycheck. They'd still I.D. me after 5 years of regular visits. As an operations officer, I knew most of my members' account numbers by heart. I could lobby on their behalf if they were turned down for a loan. We had very loyal customers who would drive miles out of their way to come in and visit, even when direct deposit was readily available. We had one guy who was illiterate. We kept his check book register at one of the teller stations, and we'd balance it for him when he came in each week. This was a bit unusual, but we did it.

I think it comes down to the level of service needed. I don't need a lot of hand holding. For me, my financial institution is just for easy access to cash and bill-paying. Everything else, I'll leave to investment pros!

[jkcoop]

We have two car loans with Bellco.
Other than that, all of our accounts - business and personal are with Wells Fargo. I think a lot depends on location. We live in Longmont and use the branch by our house. Very small, extremely personal service. We love it. Every time I go in to make deposits, our banker that we set our accounts up with and go and see whenever we have questions, etc., comes over and says hi and likes to chat for awhile.
I think a lot of that is just branch dependent as to the experience. I have gone into the Chase bank here to make deposits for my employer and do not feel comfortable in there at all.

[dennismpat]

Originally Posted by Mike78613

Hi all,

I did not want to change the subject on Credit Unions, but how about banks? Which one's out in the N. Denver area are popular? I will be heading up in the upcoming weeks and need to start looking for a bank. One that we can use both in Texas/Austin to Westminster/Boulder.

I don't want to join a big corporate bank like CHASE or WELLS FARGO (been there, never again). Maybe a mid-size bank w/ employees that care about their customers?
Any recommendations?

Thanks,

I don't live in Colorado, but know for a fact that Bank of the West has many branches in the Denver Metro area.

Also, U.S. Bank and Wachovia (formerly World Savings Bank) have a large presence in the state.

So have you decided on a bank yet? I just noticed you said you were going to look for one sometime in December.