Finding the right credit union?

[k3n]

deleted

 

[UglyCasanova]

Any reason it has to be a credit union?

 

[k3n]

deleted

 

[dabuddha]

Not a fan of Wall Street. CU aren't there to maximize profits to the best of my knowledge, or cater to shareholders, but instead to customers and the local community.

For my needs, I've never seen any advantage to having an account with a credit union. You do realize that CUs are there to make money, not "do good for the neighborhood."

 

[Jimzz]

For my needs, I've never seen any advantage to having an account with a credit union. You do realize that CUs are there to make money, not "do good for the neighborhood."

Yea except better customer service, better loan rates, better interest on your account, etc... yep no reason to use a CU over a bank.

Also you do know CU's are owned by the members, those that have accounts, they are a not-for-profit company. So yes they help the community they are in as they are owned by that same community.

 

[kranky]

Credit unions are not-for-profit and owned by account holders so they are not out to make money. Not every credit union is great but there are many that serve customers better than megabanks.

Credit unions that participate in Shared Branching make it possible to make deposits/withdrawals at over a 4,000 different credit union branches. My main CU is 8 miles from home but there's a different one I pass on my daily commute - and I use that one more than my own via Shared Branching. Best of both worlds - I get all the services I need from my main CU and have my accounts there, but I have the convenience of using a different one right near home.

Many CUs are part of national ATM networks as well.

So the criteria I would use is

Go to http://www.asmarterchoice.org/ to search for CUs near you.

Verify eligibility. Many CUs are opening their membership to people who live, work, or worship in a particular geographical area and some like Alliant take anyone no matter what. Traditionally CUs had pretty limited eligibility but that is changing.

Make sure you find one that participates in Shared Branching if you want to access your accounts in person in different cities.

If you're a big ATM user, find one that participates in a national ATM network so you can avoid fees.

Check the hours they are open to see if it's a good fit for you.

Of course, you'll make sure they have an account type and fees that are a good fit also.

All that being said, I would not worry too much about choosing one based on the fact that you might move somewhere else someday. I wouldn't sacrifice other things just for that reason.

 

[dabuddha]

Yea except better customer service, better loan rates, better interest on your account, etc... yep no reason to use a CU over a bank.

Also you do know CU's are owned by the members, those that have accounts, they are a not-for-profit company. So yes they help the community they are in as they are owned by that same community.

Who uses a checking account to earn interest? And I haven't found a better interest rate at a credit union on my savings account than what I get at ING direct (capital one 360 or whatever they're called now lol). I can't comment on CSR since I never go into my bank branches nor have I ever needed to call them. I can't comment on loan rates either. The only loans I've ever taken were my mortgages and I ended up using lendingtree to get them (better rates than the credit unions offered around here too).

I dunno, I tend to think that people like CUs because it lets them feel like they're sticking it to the man.

 

[Zee]

penfed.

/end of thread

 

[mpo]

Join a credit union that is a member of the Co-Op Shared Branch service.
http://www.co-opsharedbranch.org/

You can use the tellers at the service centers for a small fee, Coop ATMs fee-free.

 

[Sattern]

If you plan to save money you can get a lot more with mutual funds or speaking to a financial adviser.

I'd rather withdraws all my money than give it to some crook who loans it out and pays you pennies on the dollar.

 

[kranky]

Join a credit union that is a member of the Co-Op Shared Branch service.
http://www.co-opsharedbranch.org/

You can use the tellers at the service centers for a small fee, Coop ATMs fee-free.

I've never been charged a fee to do deposits/withdrawals at a Shared Branching CU. Is that something new?

 

[Carson Dyle]

I'm a resident of Maryland. I'd prefer a credit union with a national reach; in the event I were to relocate, especially for a job. Therefore I don't want to have to cancel a CU and go to a brand new CU, if possible.

Wait. You're going to take a new job, pack up all your belongings, move to another state, find a new place, unpack and move in.

And you're worried about the hassle of changing banks?

 

[Carson Dyle]

It used to be (in Colorado, anyway) that you had to qualify in some manner to be a member of a given credit union. Usually through your workplace, which was affiliated with exactly one credit union. You could join that CU, but no others.

Is it no longer like this? I've been a member of the same credit union for 27 years.

 

[Jimzz]

It used to be (in Colorado, anyway) that you had to qualify in some manner to be a member of a given credit union. Usually through your workplace, which was affiliated with exactly one credit union. You could join that CU, but no others.

Is it no longer like this? I've been a member of the same credit union for 27 years.

You have to meet some item to join but you can donate like $20 to a charity and join penfed. I got in due to working for DHS, but if not for that it would have need a easy $20 to part with to join.

Most others are not to hard to join if you really want to.

 

[QueBert]

For my needs, I've never seen any advantage to having an account with a credit union. You do realize that CUs are there to make money, not "do good for the neighborhood."

My CU charges me no monthly fee, and I don't have to have a minimum. They also give me ATM fees back when I use non shared branch ATMs. I understand in the end they're a business and making money is the goal. But when I had BofA they charged me to cash a check in the branch. Also my CU sponsors local sports team and does stuff for the community. Where Chase and the rest don't do shit.

 

[sciencewhiz]

Also my CU sponsors local sports team and does stuff for the community. Where Chase and the rest don't do shit.

Chase donated 210 million to nonprofits in 2013. Your CU donated a few hundred dollars to a sports team. There are many valid reasons to choose a CU over a large bank, but that shouldn't be one of them.

 

[Imp]

Wall Street is dirty shit, but they have branches every few blocks around the company and are too big to fail -- I'm not sure if that last one is good or bad.

 

[Fayd]

i use Navy FCU. I recommend it. it's awesome.

 

[kranky]

It used to be (in Colorado, anyway) that you had to qualify in some manner to be a member of a given credit union. Usually through your workplace, which was affiliated with exactly one credit union. You could join that CU, but no others.

Is it no longer like this? I've been a member of the same credit union for 27 years.

Many CUs are now "community" credit unions - to qualify you must live, work or worship in a particular geographical area. Not tied to a particular employer. And with others like PenFed, you can join because you are a member of some organization - and you can join that organization for a few dollars (with no need to renew once you join the CU).

 

[kranky]

i use Navy FCU. I recommend it. it's awesome.

Very tough to qualify to join Navy FCU. No easy ways in.

 

[Fayd]

Very tough to qualify to join Navy FCU. No easy ways in.

well, the OP's in maryland, i don't know where but he might be close enough to join one of the other FCU's. I know treasury FCU serves treasury dept and people who live near DC, for instance.

 

[mpo]

I've never been charged a fee to do deposits/withdrawals at a Shared Branching CU. Is that something new?

Certain teller transactions would result in a fee. They started charging me $3 for cashing checks, but no fee for depositing or withdrawing funds from a teller.

I think a cashier's check cost us $5 last year. The fees are not listed on my CU's web site.

Not my CU, but another local one:

For shared branching locations identified as Credit Union Family Service Centers, a $5 per visit fee applies to the following centers: Ann Arbor, Canton, Garden City, Livonia, Novi, Madison Heights, and Riverview.