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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.
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.
I love my credit union. I will continue to bank with them when I relocate. I was able to get a personal loan at a low rate and paid my debt off in two years. I hate banks. I switched to Chase for three weeks and it was a nightmare.
I adore my credit union. I've been a member for 15 years. I would never switch. I've used them for CDs, car loan, personal loan...their online banking system is super...customer service is excellent... I get up to $4/month reimbursed if I get an ATM fee (which I seldom do anyway), checks are free, my savings account has a $5 minimum balance and my checking account has $0 minimum balance, I just don't seem to ever have the problems other people complain about. I would never leave them.
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.
Depends on how the business is run, functionally is appears similar, but the difference is credit unions are not for profit. What I notice is my credit union has older ATM's than the bank, but again, that's because they don't spend money as freely, though I like the features of the newer bank ATM. So, I would expect my credit union to be more stable than similar sized bank. Nearly all things are free, I just need a $50 minimum balance.
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.
Credit unions do everything a bank does, only without the grief, ridiculous fees, etc. Go for it!
I don't use ATMs however, so I don't know about that aspect of it. I actually don't understand why ATMs are so hot....just about everywhere takes plastic....so we don't have much need for cash. I do hide $10K in our "special drawer" at home for the whole family's use. When it gets low, I refill the drawer....but because we mostly use plastic, our cash stash usually lasts 6-8 months or so...
I've always thought that using ATMs was asking to get robbed!
Credit unions do everything a bank does, only without the grief, ridiculous fees, etc. Go for it!
I don't use ATMs however, so I don't know about that aspect of it. I actually don't understand why ATMs are so hot....just about everywhere takes plastic....
I've always thought that using ATMs was asking to get robbed!
Yes, perhaps, you always have to be careful. What I like is the BofA ATM's let you deposit checks, and even cash, without special envelopes, it just pulls them in. Makes it quick and easy. It prints a receipt and will show a scanned picture of the check too.
I actually don't understand why ATMs are so hot....just about everywhere takes plastic.
They are "hot" because believe it or not, people still do use cash. Are you the type who pays for a pack of gum at the convenience store with a debit card?
Quote:
Originally Posted by car54
I do hide $10K in our "special drawer" at home for the whole family's use. When it gets low, I refill the drawer....but because we mostly use plastic, our cash stash usually lasts 6-8 months or so...
I've always thought that using ATMs was asking to get robbed
So you're afraid of being robbed at an ATM but you keep $10,000 laying around in a drawer in your house. That makes a ton of sense.
If you believe what you already stated about not needing cash, why on earth would you have that kind of cash laying around your house anyway? Do you not believe in putting money in the bank and letting it safely earn interest?
Yes, perhaps, you always have to be careful. What I like is the BofA ATM's let you deposit checks, and even cash, without special envelopes, it just pulls them in. Makes it quick and easy. It prints a receipt and will show a scanned picture of the check too.
Sheesh, BofA is the worst of the worst!
I had a checking account and a credit card with them. For years, I mailed payment (in full) on that credit card the very day I received the statement, or at the latest, the next day. Then a few months ago, they claimed they didn't receive my payment. Of course, I couldn't prove I mailed payment, so I ate a $39 late fee, a $30 stop payment fee on the original check, and another $40 in interest (I never pay interest!)....as well as took a ding on my credit report. I figured it was a fluke and did nothing until the same thing happened again a few months later! Needless to say, I severed all dealings with BofA at that point.
And you stick CASH in one of their ATMs??? You got to be crazy!
They are "hot" because believe it or not, people still do use cash. Are you the type who pays for a pack of gum at the convenience store with a debit card?
So you're afraid of being robbed at an ATM but you keep $10,000 laying around in a drawer in your house. That makes a ton of sense.
If you believe what you already stated about not needing cash, why on earth would you have that kind of cash laying around your house anyway? Do you not believe in putting money in the bank and letting it safely earn interest?
No, dude, I never said we don't use cash. We just don't run to an ATM every day to get 20 bucks. Our ATM is the special drawer....the wife or kids need cash, they grab what they need.
If our stash is ever stolen in a burglury....no big deal...for us, the convenience far outweighs the miniscule risk...
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