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Old 09-01-2017, 05:24 PM
 
15,806 posts, read 9,942,241 times
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Quote:
Originally Posted by jayguy01 View Post
I earn $40-50 a month in cash back, none of it from banks. You are way, way behind the curve. Bless you.
It's really hard to make that statement unless your spending is similar. Without context it's pointless
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Old 09-01-2017, 05:31 PM
 
Location: Raleigh NC
4,698 posts, read 3,727,775 times
Reputation: 11625
Quote:
Originally Posted by moneymkt View Post
The money i will get back every 1st of the month, should i apply that to debt or put it in my savings?
The cash back rewards I get from my bank are swept into a savings account. I use that to pay my daughter's allowance.
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Old 09-01-2017, 10:06 PM
 
Location: Southern New Hampshire
6,214 posts, read 10,451,154 times
Reputation: 16823
Quote:
Originally Posted by moneymkt View Post
Just received an email letting me know that I received $8.00 cash back for all the check card purchases I made in August and another $9.95 which is a reimbursement for all the atm fees in August. Never experienced anything like this before and now glad I made the decision to join a credit union for my banking. The bank that I was with before 7/31 has not given me $17.95 at all during the whole year of 2017. I'm mad at myself for not joining the credit union a lot sooner.

Has anyone ever heard of this with any other credit union?
OP, this thread got me very curious.

I never use an ATM that's not my own bank's so I never have ATM charges. (Actually I carry very little cash so rarely need ANY ATM.) So, alas, I would not "earn" $9.95 back (which sounds like just a REIMBURSEMENT for fees you paid, not really "extra" money? or am I misunderstanding?).

I AM wondering about the cash back from check card purchases, though. (I assume by "check card" you mean a debit card attached to your checking account?) Is that basically just like getting cash back for using a particular credit card? EG I use one credit card (Capital One Visa) for almost all my purchases, even routine purchases like groceries or gas, simply because I get cash back. I pay my credit card balance in full every month so never pay any interest charges, so it really IS "free money" for me.

It's great that you are doing better than you did pre-credit union, but it sounds like many of us would not see the same benefits, simply because we don't have ATM fees or we already get cash back from credit cards. Shoot!
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Old 09-01-2017, 10:38 PM
 
1,928 posts, read 470,070 times
Reputation: 733
Quote:
Originally Posted by karen_in_nh_2012 View Post
OP, this thread got me very curious.

I never use an ATM that's not my own bank's so I never have ATM charges. (Actually I carry very little cash so rarely need ANY ATM.) So, alas, I would not "earn" $9.95 back (which sounds like just a REIMBURSEMENT for fees you paid, not really "extra" money? or am I misunderstanding?).

I AM wondering about the cash back from check card purchases, though. (I assume by "check card" you mean a debit card attached to your checking account?) Is that basically just like getting cash back for using a particular credit card? EG I use one credit card (Capital One Visa) for almost all my purchases, even routine purchases like groceries or gas, simply because I get cash back. I pay my credit card balance in full every month so never pay any interest charges, so it really IS "free money" for me.

It's great that you are doing better than you did pre-credit union, but it sounds like many of us would not see the same benefits, simply because we don't have ATM fees or we already get cash back from credit cards. Shoot!

I recently went on vacation and used a lot of atm's not connected to the credit union. And yes the cash back comes from all purchases made with credit instead of debit during the 30 day cycle.
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Old 09-02-2017, 07:41 AM
 
Location: HoCo, MD
3,614 posts, read 6,918,462 times
Reputation: 3685
Quote:
Originally Posted by moneymkt View Post
Just received an email letting me know that I received $8.00 cash back for all the check card purchases I made in August and another $9.95 which is a reimbursement for all the atm fees in August. Never experienced anything like this before and now glad I made the decision to join a credit union for my banking. The bank that I was with before 7/31 has not given me $17.95 at all during the whole year of 2017. I'm mad at myself for not joining the credit union a lot sooner.

Has anyone ever heard of this with any other credit union?
I've worked in the credit union space and still do a lot of consulting/advisory for CU's and community banks.

Fee reimbursements and cash back rewards are fairly common with CUs and even community banks. Some larger banks will do the same, but not as common since they are in it to make a profit. CU's are non-profits and they tend to give back a lot of what they make (outside of what is needed to remain solvent). Especially since you actually own a piece of the institution.

You'll also find that you may be getting some money back at the end of the year via profit-sharing, loyalty program payouts, and other incentives (e.g. certain fees waived).

If you haven't sat down with them, ask if they have any loyalty programs where you get discounts on loans and services by joining. And you join the programs by simply using some of their services like having a credit card along with signing up for paperless statements and direct deposit. Member retention is normally a strategic goal for many credit unions, and these programs are often setup to keep you there.
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Old 09-02-2017, 08:10 PM
 
2,385 posts, read 1,233,002 times
Reputation: 5356
I have had credit unions since I started"banking", starting as a member as a family member at my father's employee credit union.

I DO have a bank account at a bank just around the corner ,but only for convenience. There are a few Services the bank provides but minimal.

Otherwise credit unions are the way to go.

Best you found out now!
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Old 09-02-2017, 09:51 PM
 
292 posts, read 95,635 times
Reputation: 445
Quote:
Originally Posted by moneymkt View Post
Well $18.00 is a month is a big boost from $0 lol
Can't argue that, I'd rather someone hand me $18 instead of a high-five
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Old 09-02-2017, 09:52 PM
 
292 posts, read 95,635 times
Reputation: 445
Quote:
Originally Posted by Lowexpectations View Post
It's really hard to make that statement unless your spending is similar. Without context it's pointless
I spend less than $2000 a month.
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