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Believe me, I'm just waiting for Wells Fargo to try something with any of my accounts. I warned them the last time that if they ever charged my account with another bs fee, they would be losing a customer and I would be closing all of my accounts.
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I was floored to learn of this practice among banks and credit unions. I experienced this with a credit union. Of course the only way to know whether any check will bounce is to try to cash it. I tried to deposit a check from a third party which bounced and the credit union assessed my account a $25 fee. They could not explain this policy. If anyone can explain this policy I'd be interested.
Pretty much a policy shared by a lot of places, not just banks and CUs. Cashing a check from a third party is usually a little risky because if it bounces, it falls back on you if it's you trying to cash it.
With the credit unions that are part of the Co-op network, you can also use 7-11 ATMs for free.
That's one thing about credit unions that I love over banks. With the Co-Op Network, I can use any credit union's ATMs surcharge FREE and there are over 25,000 of them all over the country. Many of them also accept deposits. The caveat to this, however, is that if you make an ATM deposit into a Co-Op ATM that does not belong to your credit union, you may have a 5-day hold placed on the deposit--except for the first $100--depending on the funds availability policy of your home credit union. I absolutely love that my particular credit union makes ATM deposits available immediately, even at a Co-Op ATM! How cool and convenient is that?
I agree that being able to use the 7-11 ATMs without being charged is great.
We dumped the credit union thing because they are not under the control or regulated by the "Banking Department" in our State. No regulations on the clearing of deposits. We could deposit $600.00 and it would clear the next day. We could deposit $2000.00 and it would take 11 days to clear. We would never know. Problems ? Go to the attorney gerneral.
I've been with my credit union for over 15 years now and I love it.
- I do all my banking online...free.
- Overdraft protection tied to my savings...free.
- I get 2.5% interest on my checking, plus ATM fees returned, and no minimum balance - just use debit card, and direct deposit.
- I've gotten two loans over the phone and one online...no application fees. They send me the paperwork to review, sign, and return. Simple, easy and quick.
I opened a Christmas Club online. They sent me the form to sign and return. I had forgotten to mail it back. They gave me a call with a friendly reminder.
When you call them, there is no computer, it is a PERSON answering. Their staff is friendly, helpful, knowledgeable and professional. They get back to me in a timely manner with accurate and proper information.
I cannot for the life of me think of one instance where I can complain about them. They treat me like a person, not a number.
Their motto is "Enjoy Life's Journey". They fully live up to that motto helping ME enjoy life's journey!
I'm not a businessman, nor do I have huge amounts of money in their institution, this is how they treat EVERYONE!
^^^^ Wow that sounds just like my Credit Union ... On the odd chance that they dont pickup when i call (or after hours). They return the voice mail message quickly.
i have noticed on a couple of the websites for CU's the disclosure that they are backed by the fed.....thought that was one of the beautiful things about a CU, that they were not backed by the feds??
Because if your credit union fails it is good to know your money is safe. If they weren't backed by the government, you would be SOL.
So, again, why would it be good for credit unions not to be backed by the government?
Some people have chosen CU's over big banks because they were not tied to the Feds. The feds come in over night and close a bank and sell it off, don't see how they can do that if it is "customer owned"?
Being backed by the fed really means nothing but trouble.
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How cool and convenient is that? 
