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If you travel frequently and want a greater availability of ATMs and services throughout the US and the world, with better online banking, then a larger commercial bank is probably a better bet. Of course it depends on the credit union, but they are typically less sophisticated and more geographically specific.
Perty much.
I was considering joining one of the credit unions in my area and they want people to call and tell them when they're going out of town so their debit card won't get shut off. No thanks.
I have enough to worry about when I'm trying to plan a trip without having to worry about calling the bank and making sure my card will work.
Plus they have a lot of stupid little fees and such that I don't have to worry about now.
I am with Bank of America and I like that whenever I lose my card (which has happened a lot this year), I can go to their location and get a temporary one. My girlfriend banks with another bank (not a credit union) and they don't even offer their customers a temporary debit card. She was without her debit card for about 3 days.
I like that they have a lot of convenient locations and I'm pretty secure in knowing I can go to one of their ATMs when I'm out of state.
I wouldn't mind working for a credit union but I wouldn't want to bank with one.
I would definitely go with a credit union if you qualify for membership. One thing about credit unions that I absolutely LOVE is that you can use another credit union's ATMs in the country surcharge free if they're members of the Co-Op Network. That's over 28,000 ATMs, which is more than Bank of America, Wells Fargo, Chase, etc. Credit unions really focus on member service. Unlike a commercial bank, the credit union is owned by its members, not some stockholders who count on the bank making a profit for them.
After my HORRIBLE experiences with Washington Mutual (now Chase), I will NEVER do my banking at a commercial bank again. My credit union will accept ATM deposits and make the funds available immediately, instead of putting a 2-day hold on it. I will never leave them.
I have a stash of cash as well. Made it a bit bigger than normal though over the past 2 years given the state of the economy. I have also moved to keeping smaller denominations as well...just in case.
Sorry, folks but I just don't get this kind of thinking. I usually have about $50 in my wallet, and my wife probably has about the same, and we use checks, debit, or credit cards for anything else. If I need more cash, that's why ATMs and bank branches exist.
Why on earth would you feel the need to keep large sums of cash at your house, inviting theft or loss and losing interest? Are you afraid your bank will go belly up and you won't have access to your money? Or is it some other apocalyptic scenario where you'll need thousands in cash instantly? I truly don't intend to be a smart ass, but I cannot think of any scenario where I would need $5K to $10K in cash.
Sorry, folks but I just don't get this kind of thinking. I usually have about $50 in my wallet, and my wife probably has about the same, and we use checks, debit, or credit cards for anything else. If I need more cash, that's why ATMs and bank branches exist.
Why on earth would you feel the need to keep large sums of cash at your house, inviting theft or loss and losing interest? Are you afraid your bank will go belly up and you won't have access to your money? Or is it some other apocalyptic scenario where you'll need thousands in cash instantly? I truly don't intend to be a smart ass, but I cannot think of any scenario where I would need $5K to $10K in cash.
I don't understand the rationale behind keeping such large sums of cash in your possession where it isn't earning any interest. I would be so terribly afraid that I'll get robbed!
I would be so terribly afraid that I'll get robbed!
Right, not to mention the only scenario that comes to mind for having that much cash at home involves dealing drugs or some other need for illicit cash....not that I'm saying any of the posters is involved in anything illegal.
Sorry, folks but I just don't get this kind of thinking. I usually have about $50 in my wallet, and my wife probably has about the same, and we use checks, debit, or credit cards for anything else. If I need more cash, that's why ATMs and bank branches exist.
Why on earth would you feel the need to keep large sums of cash at your house, inviting theft or loss and losing interest? Are you afraid your bank will go belly up and you won't have access to your money? Or is it some other apocalyptic scenario where you'll need thousands in cash instantly? I truly don't intend to be a smart ass, but I cannot think of any scenario where I would need $5K to $10K in cash.
Well, not to brag, but I just don't consider 10 grand to be a large sum of money. Interest? Have you checked interest rates lately?
My wife is big into antiques and she has acquired some great pieces by having the cash on hand. You'd be amazed the effect seeing cold cash has on some sellers. While other interested buyers are driving around town hitting multiple ATM machines (there are $ limits on ATMs, aren't there?)...my wife is loading the piece into the truck. I buy a car once in a while if I can turn a buck on it. I could give you many more examples, but you get the idea. It's just the convenience factor of having the cash instantly, rather than running around town.
To the poster concerned with illegal activity....I can prove where every cent I have came from.
Well, not to brag, but I just don't consider 10 grand to be a large sum of money. Interest? Have you checked interest rates lately?
My wife is big into antiques and she has acquired some great pieces by having the cash on hand. You'd be amazed the effect seeing cold cash has on some sellers. While other interested buyers are driving around town hitting multiple ATM machines (there are $ limits on ATMs, aren't there?)...my wife is loading the piece into the truck. I buy a car once in a while if I can turn a buck on it. I could give you many more examples, but you get the idea. It's just the convenience factor of having the cash instantly, rather than running around town.
To the poster concerned with illegal activity....I can prove where every cent I have came from.
Good point. I do use alot of cash to purchase items. I go to flea markets and easily negotiate prices down on items especially when i pay cash. Also, paying my yard guy. I pay cash for other things like eating at restaurants, shopping, getting gas, etc. I do use credit cards for the same transactions, but balance my spending with cash. I just don't see the need for ATMS or debit cards. Whenever i need cash, it is at my disposal, thus no need to drive out to get some. I have recently decided to keep no more than $5,000 cash as i am starting to get back into the stock market. Btw, no illegal stuff going on here.
Location: Chapel Hill, NC, formerly NoVA and Phila
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I love my credit union as well. We use it as our main bank - our mortgage is there, some CDs, savings for the kids, etc. But I do keep a separate checking account at a regular bank for the reason others have stated - there are many more ATMs for that bank around so I can use it without getting a fee. But if I had to pick one I would definitely pick the credit union - they don't nickel and dime you for every little thing; fees are low, rates are competitive, and they are generally easy to deal with.
Well, that's what everybody says...."Post Office did it"....but I'm suspicious.
After 35+ years of mailing checks, I've never even once had one get lost. Then two are lost within a year....to the same payee? Then you read of all the tricks credit card companies are pulling in advance of the new law going into effect. I'm a convenience user of credit cards, in that I always pay in full every month, something that to the bankers, is only slightly better than someone who doesn't pay at all. So, would BofA throw my payment in the trash in order to collect a late fee and some interest? I honestly don't know, but I would not bet my life that they wouldn't.
Well, my company sent a package DHL and the guy never got it. We sent the item a second time, and again the guy never got the package. I would assume someone in the area stole it, as DHL claimed it was lost both times. So it wouldn't be that surprising to me if mail to the same location might disappear.
Quote:
Originally Posted by car54
About online banking, I wouldn't ever try that again after the nightmares I went through when an account at another institution was compromised. I do a lot of direct debits, like utility bills, but on a few accounts that I may potentially need to contest charges, etc....I mail a check.
That's what I prefer about BofA online, it has a few levels of security that most others don't, and various details for online payments.
I seldom use ATMs either, maybe once every 3-4 months. I usually get cash back when I grocery shop. I don't often use cash...$40 will last me 2 weeks on average. But I don't often stop at convenience stores, fast food stores, etc. very often either.
Also, my credit union has an agreement with most other credit unions, that all members can use the ATMs from the other CUs and not be charged a fee. Since I so seldom use ATMs I haven't bothered to find out where the nearest ones are to me. I knew where they were in NJ, although usually WaWa convenience stores, with their no charge ATMs, were more convenient, when I lived in NJ.
As far as using services out of the geographic area, my credit union is located in PA and I live in MO! Back in the day if I had a check to deposit, I would have to go to an ATM that took deposits, or just mail it in and wait a few days before it got processed. But several years ago my credit union started letting people input their deposit information online, granting instant credit for the deposit, and having us mail the check in. They provide the envelope, I provide the stamp. I seldom had to use that function until I started working at my current employer's - they don't offer direct deposit of my paycheck unfortunately. I am paid monthly so once a month, I have to deposit that way.
Not to get off topic, but I wouldn't feel comfortable with $10k, or even $1k, in cash, sitting around the house. I can see how someone who frequents flea markets and purchases high-dollar items might find it beneficial though.
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My 
I would be so terribly afraid that I'll get robbed! 
