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Old 11-07-2011, 03:30 PM
 
Location: Nassau/Queens border
1,481 posts, read 2,697,873 times
Reputation: 1129

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I've been with ING Direct for many years now. No problems, no issues, no fees - free free free!
I don't understan Credit Unions. Don't you have to belong to an organization or some such thing??
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Old 11-07-2011, 03:44 PM
 
Location: Long Island, NY
1,749 posts, read 3,034,709 times
Reputation: 1756
Quote:
Originally Posted by IlonaG View Post
I've been with ING Direct for many years now. No problems, no issues, no fees - free free free!
I don't understan Credit Unions. Don't you have to belong to an organization or some such thing??
Actually no, it depends on the specific CU. I used to think that way and thats why I opened a Citibank account in 2005. My mom is a member of 2 credit unions, one is for her employee union (AFL-CIO, etc) and another one for employees of a specific industry.

There are a few credit unions that restrict membership to people who reside locally, or are members of a specific union- ie. teachers, etc...I basically drove around my neighborhood and noticed the different CUs, local banks, and googled them when I got home...I narrowed down the list based on important criteria to me (ie branch locations, access to ATMs, branches, price of fees, debit card fees, online banking access, etc).

Also, a lot of CU's have been opening up membership and allowing more people to join...NEFCU for example, used to be restricted to teachers or lawyers who were members of the Nassau County Bar Association. Now they are open to anyone who lives and/or works in Nassau County.
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Old 11-07-2011, 03:51 PM
 
3,686 posts, read 7,353,092 times
Reputation: 1781
Quote:
Originally Posted by LegalDiva View Post
..I basically drove around my neighborhood and noticed the different CUs, local banks, and googled them when I got home.
Driving around just to make a bank transfer was not environmentally friendly and by using gasoline you put money into the evil oil company capitalist running dog companies.
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Old 11-07-2011, 04:19 PM
 
Location: Long Island, NY
1,749 posts, read 3,034,709 times
Reputation: 1756
Quote:
Originally Posted by Gpsma View Post
Driving around just to make a bank transfer was not environmentally friendly and by using gasoline you put money into the evil oil company capitalist running dog companies.
Uhm are you serious??? Are you always this curmudgeonly, or is that just a facade?

PS I drive all over Long Island as part of my job and put around 50 miles a day on my car per day just for work related trips..I tend to keep my eye open on what type of businesses I drive by...
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Old 11-08-2011, 10:38 AM
 
Location: Massapequa Park
36 posts, read 26,391 times
Reputation: 35
Quote:
Originally Posted by Fastrudy View Post
Anybody move their money from a "for profit" Bank to a "not for profit" Credit Union? If you saw a movie called The Inside Job, you would have.
No, I did not. I like my bank and have no problem with big banks.
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Old 11-21-2011, 11:09 AM
 
1,144 posts, read 2,180,576 times
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Quote:
Originally Posted by Gpsma View Post
and from the WSJ

Executives at large banks have shown few signs of worry that depositors might walk out the door. One reason: People who gravitate to credit unions tend to be unprofitable for giant banks because of the small balances they keep on deposit, low number of products they buy and the relatively high account-maintenance expenses at big financial firms


Little banks for the little folks...they can eat cake while they are in line with their buck and a quarter deposit.

These little folks tend to be a larger cash cow for the big banks (like BofA) A year or two back there was a report that much of a banks earnings come from fees (overdraft, etc)
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