Banks (Roanoke: credit, loan, pricing)

[blueflame10]

We are banking with Chase out here in California. I don't see one close to Roanoke. What is a good bank to go with there?

[roanoker 4]

SunTrust Bank is my favorite. Plenty of locations, more personable employees,
accurate account information & easy to understand. Just my favorite. http://www.suntrust.com

[headnsouth]

Go with a local credit union. Freedom First and Member One are the main ones around here, they both offer the same things the big banks offer, and they're both (Freedom First especially) tightly connected with the local community. I opened a Suntrust account before I moved here, but once I had a local address I switched to a local institution. I can't imagine going with a big bank anymore these days.

[crazynip]

Anyone who uses a BANK is a fool. Credit union is the way to go...

[pjxii]

Originally Posted by crazynip

Anyone who uses a BANK is a fool. Credit union is the way to go...

I've never used a credit union before, can you explain what you mean by this? What exactly is the difference/advantage?

[headnsouth]

Credit unions are not-for-profit, local financial institutions. They are sometimes linked with an employer, so you'll see Navy Federal Credit Union or IBM Employees Credit Union or things like that, but more often these days they are linked with location. So for example, Freedom First here in Roanoke is open to anyone in the Roanoke and New River Valleys.

Credit unions are required by their charters to reinvest in the community. They offer everything banks offer, but instead of your $$ going to their execs and HQ off in some other state, your $$ gets reinvested in the local community. Because they don't pay their execs millions, they can charge lower loan rates or look more closely at an application & customize their underwriting, etc.

They also have agreements with places like Enterprise to give credit union members special pricing or interest or whatever on used cars. Credit unions are the way to go, for sure.

If you wanted to go with a bank though, there are local banks around too, like Hometown Bank and Bank of Botetourt. Not sure what they do in the community but at least you know your money stays local.

[blueflame10]

Thanks for the information. I didn't really know what a credit union was so that was very helpful and we will for sure be going with a local credit union.