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Why anyone would use a bank instead of Credit Union is a mystery. I haven't used a bank in close to 30 years. In all my years with Credit Unions, I don't recall ever paying a single red cent. For anything. Obviously, if I took out a loan or bounced a check, there would be a fee, but there is no fee for just parking my money there as I use it throughout the month until my next deposit. I use Square for the occasional charged quilt I sell and Square skims a tiny bit off the top, but the Credit Union certainly doesn't charge. For anything.
Your experience with credit unions is no different than my experience with Chase. I do have secondary banking through my investment firm as a backup but I'd have that no matter who my primary was
Why anyone would use a bank instead of Credit Union is a mystery. I haven't used a bank in close to 30 years. In all my years with Credit Unions, I don't recall ever paying a single red cent. For anything. Obviously, if I took out a loan or bounced a check, there would be a fee, but there is no fee for just parking my money there as I use it throughout the month until my next deposit. I use Square for the occasional charged quilt I sell and Square skims a tiny bit off the top, but the Credit Union certainly doesn't charge. For anything.
I use both! There is a time and a place and a situation where one is better than the other.
1.) You own a business: You don't want to intermingle business and personal funds, your credit union will not issue you a second account for business use.
2.) If you have no business I can't imagine why you're in a wimpy credit union My CU debit and Visa card are good everywhere. I just opened a trading account. My CU charges $14.95, eTrade is about $7-$8. Yeah, I'm not a day trader. I bought a stock today (AMZN) and I plan to hold the stock for many years.
3.) Credit unions usually offer lower interest rates for loans, and higher interest rates for deposits.
4.) Verify the size and stability of your credit union before joining, including availability of branches. Mine has branches all over!
I'm looking foward to the day I can cancel all my biz accounts and just have the CE.
Note: You should carry at least two credit cards from different institutions to cover the possibility of single point failure.
I transferred my money to an online savings account when the "high-yield" account I had at my local bank, which was supposed to give you a decent interest rate for a brick-and-mortar if you also had your checking account there, basically became nothing. I'm saving for a d/p on wherever my next place would be, so I leave it in the online bank for now. I think it's 1.29% the last I checked.
Quote:
Originally Posted by wheelsup
I've found Amazon to be more expensive on a number of purchases lately over the past six months to year. Oftentimes the big box stores will beat them on price for just about everything. Even with their measly 5% cash back.
I always comparison shop and camelcamelcamel helps.
Quote:
Originally Posted by MyNameIsBellaMia
Why anyone would use a bank instead of Credit Union is a mystery. I haven't used a bank in close to 30 years. In all my years with Credit Unions, I don't recall ever paying a single red cent. For anything. Obviously, if I took out a loan or bounced a check, there would be a fee, but there is no fee for just parking my money there as I use it throughout the month until my next deposit. I use Square for the occasional charged quilt I sell and Square skims a tiny bit off the top, but the Credit Union certainly doesn't charge. For anything.
I've never paid a fee to a bank and I've never had an account at a credit union. I've never paid one to a CC either. I've made lots of money off of my CCs. The one CU in my area actually moved way out of the way and now my neighborhood doesn't have one.
Ally is a cloud bank. Exactly the same as any other bank except they got rid of the tellers, and as long as there weren't any tellers they got rid of the brick and mortar too.
Use ATMs to make deposits or get cash. Best idea is to use direct deposit your paycheck. Or not, whatever. Get the app for your cell. You can deposit checks with your cell app. (Quite amusing.) Use your debit card to buy stuff. Get a credit card if you want. Amazon Visa is the best credit card or so I say.
None of this costs any annual fee. Personally I think brick and mortar are over-rated. You don't need 'em. I picked US Bank on a whim, mainly because I was getting groceries and there they were, so I asked about free accounts and here I am now.
If you feel guilty about accepting a free checking account, just mail in some cash to their headquarters and tell them it's a donation.
You can easily find a bank out there with no fees! I'm with Chase and pay nothing, but we do have direct deposit. Many years ago I used to work for BofA, but when I quit my accounts went elsewhere!
You can easily find a bank out there with no fees! I'm with Chase and pay nothing, but we do have direct deposit. Many years ago I used to work for BofA, but when I quit my accounts went elsewhere!
With BoA you'd pay no fees with direct deposit either.
They are all pretty much the same. And the perks you get as a higher tiered client are a lot nicer at the bigger banks.
My point in starting this topic is that there are many banks that have FREE accounts with NO conditions, or very lenient conditions. I posted a link earlier in the topic.
US Bank gave me a free checking account because I'm a senior citizen. B of A could do that if the wanted, but they didn't. So fine they lost me as a customer and I'll bet a lot of other customers will be departing soon too!
This shows that banking is still competitive. Not an oligopoly like the airlines where if one adds fees (bag checking for example) the others follow suit. Take advantage.
Oh God, don't get me started on airlines and their a la carte pick your pockets new business practices!
Another point I wanted to make is that in a free market we are consumers and we should seek the best deals we can find. That is what consumerism is all about.
Don't let a bank sucker you. Walk. Find a bank with a better deal and take your business there. That teaches corporations/businesses that they have to remain competitive to retain your business.
Any time you are not happy with your deal, vote with your feet!
Remember that we consumers are human beings. Corporations are blood sucking monsters. I have absolutely no sympathy for corporations, particularly stupid corporations.
My point in starting this topic is that there are many banks that have FREE accounts with NO conditions, or very lenient conditions. I posted a link earlier in the topic.
US Bank gave me a free checking account because I'm a senior citizen. B of A could do that if the wanted, but they didn't. So fine they lost me as a customer and I'll bet a lot of other customers will be departing soon too!
Typcially a company say BofA would attempt to estimate the loss of client vs the possible revenue pickup and if they moved forward rightly or wrongly determined the move was in their best interest. Despite what you may feel you didn't get one over on them
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