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I have belonged to the same CU for 31 years. We also had their first home loan mortgage.
In addition, we belong to my husband's large corporate employer related CU. They give incredible personal service. They gave us a tailored mortgage to assist with a move.
They have good CD rates and a wide range of services both online and personal.
Credit Union all the way. I absolutely love mine and adore the ladies who work there. In fact I was really ill last year and one of the ladies would pick up my check from my job, deposit it for me and even bring me some money if I needed it. Lovely people, great rates and terrific service. You couldn't pay me to go back to a traditional bank.
To solve the location problem several people have brought up, just find a credit union who participates in shared branching (a network of CU's where you can go and access your account at another CU). Numerically, they have more locations than any big box bank.
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, considering that it came about recently that something like 40% of banks were on the gubmint's watch list and there's only about $10 bil in the stash to cover losses due to failures (yes, taht amount is shrinking as time goes on) and knowing how on-the-ball the gubmint is (ask C4C dealers how that works), I probably would dig a nice spot under the floor for a safe IF I was dealing with a bank myself...but, I being a man of convenince do not do so.
Location: Huntersville/Charlotte, NC and Washington, DC
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I just went from a big national bank job to a credit union job and from early observations credit union customers seem more overall satisfied with their banking. The CU24 and shared branch are great ideas to keep you with your current credit union.
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.
BOA lets me deposit my check in the ATM as well (but I have direct deposit but before I had it) and it's available immediately!
I also love my Hello Kitty debit card I get free of charge. How many credit unions offer that?
I'm looking at a change of jobs (and cities) in the near future. In the town where I'll be working, a credit union looks like the most convienient financial establishment as far as location, hours, etc.
Not having any experience with this type institution, does it have any advantages/disadvantages versus a typical bank? I'll probably be direct depositing my pay.
Essentially, the difference between a bank and credit union is how their financed.
A Credit Union is, essentially a cooperative, and is funded by its members.
Other than that, the same rules and regulations apply to both.
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