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One thing the vast majority of credit union users are totally unaware of is cross collateralization. If you are a credit union user and do not know what this is you should take some time to read up on it and understand it. It can be a nasty surprise if you fall on hard times
What's so great about USAA? Their credit card and loan rates are higher than you can find at a bank/cu.
Nothing. Their insurance is now not competitive and their online banking and other financial services have always been subpar. I use a big bank and have for decades...they have much better resources and combined with linking accounts offer superior benefits.
I can see if you just have a few thousand in assets a CU might work for simpler stuff.
A nasty surprise with a large CU used for employees at my 120,000 headcount company is if you have any outstanding loans and are laid off they instantly become callable. Pretty messed up. There goes your house, your car, etc!
One thing the vast majority of credit union users are totally unaware of is cross collateralization. If you are a credit union user and do not know what this is you should take some time to read up on it and understand it. It can be a nasty surprise if you fall on hard times
This is a good point, and as someone who worked in a collections department of a credit union as my first CU job, I can attest that this comes as a surprise to people who take out loans where they have their primary checking account.
I personally never have my loans where I have my primary deposit accounts, and I never have multiple loans with one institution. It's not like there's a volume discount or anything...
One thing the vast majority of credit union users are totally unaware of is cross collateralization. If you are a credit union user and do not know what this is you should take some time to read up on it and understand it. It can be a nasty surprise if you fall on hard times
we use chase and are satisfied . banks have always been pretty transparent in our lives . we just have no issues that make one better than the other except for the perks they offer us.
divorce-illness-job loss are all part of life . some of us stand up to it better than others .always knowing the ramifications to things never hurts , like cross collateralization.
it may not even involve bankruptcy . it applies to anytime you have more than one loan at a credit union .
" If a person pays off the car loan and wants to sell the car, the bank may veto the deal because the car is still used to secure the home loan and other loans"
I think in the last 12 months I’ve been inside a bank once, maybe twice. Everything is direct deposit, mobile transfer, or ATM. So I couldn’t care less what my bank scores.
If your bank is of the glorified piggy kind, then you're right. Very few people can do without a bank account, but very few need more than a sort of uber-ATM.
But if you ever need service from your bank - something beyond transactions that can be done by an ATM or online portal - it will matter.
I just had a complicated mess with financing a car for one of my kids, and frankly, my (new with the relocation) bank fell flat on its face in the service department. They've been fine in all those remote/money/savings/transaction ways... but somewhere between incompetent and 'officious turd' when a little individual help was needed.
Which means I will be moving on, and I am glad I only had my daily accounts there - I was maybe a month from moving the big stuff over for convenience. Frankly, I am used to banks where people come out from behind the desks to say hello, and if I have a problem, one of them at the VP level gets on the phone and applies their weight to it. Not being treated like a Walmart employee cashing their paycheck.
that is why we like chase . i let them baby sit an etf i own and we get a chase private client account . lots of cool perks with it plus an assigned account executive to deal with any issues . . we have the same set up at fidelity where we are private access clients .
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Bank?
