Poll: Should I bank at the local Credit Union or Washington Mutual?

[Keego]

Credit Union Pros:
Can use any credit union atm on the participating network nationwide (lots)

Cons:
Weird service charge fees/monthly fees


Washington Mutual Pros:
uhh? I don't know? Good reputation

Cons:
Service charges to use any other ATM


What's your opinion? My current bank, a credit union has become very un-customer friendly with their service fees.

 

[Aceshigh]

I think you should definitely go with the credit union. Credit unions generally offer better service and rates/fees across the board. Washington Mutual used to be known as a "Thrift Bank", meaning it had a small customer orientated base and was very much like a credit union. But I have heard many many stories about how their service has degraded as they have grown and expanded.

 

[Pepsi90919]

keep a box in the closet.

 

[McPhreak]

Originally posted by: Keego
Credit Union Pros:
Can use any credit union atm on the participating network nationwide (lots)

Cons:
Weird service charge fees/monthly fees


Washington Mutual Pros:
uhh? I don't know? Good reputation

Cons:
Service charges to use any other ATM


What's your opinion? My current bank, a credit union has become very un-customer friendly with their service fees.

I used to use Washington Mutual when I was in college (in fact, I still have an account with them with a little bit of money in there). I think it really depends on where you live and how easy it is to access Washington Mutual for you to decide to use them or not. I have had no real problems at all with them. They have no account fees I can think of, they have an easy to use online banking system, and I've had no real problems with their service. Plus, they seem to be expanding at a pretty good rate. I'm seeing more and more WaMus in NYC over the past year or so.

 

[RossMAN]

Compare your local credit union's savings & loan rates vs. Washington Mutual, they should kick butt.

Most CU's have their rates online.

 

[nord1899]

I use a credit union. What weird fees and such does yours have? Mine has far less than any bank I ever used (First Union, NationsBank, Bank of America, Crestar, etc...)

 

[anxi80]

i currently have both, but ive had the credit union account longer and im happy with it. reasonable fee's, wamu had me dump $300 into my savings to open and keep my savings account opposed to the CU's $50 savings limit. but wamu is good if you travel. credit union is also good in that you can use any CU teller and not get hit with charges.
any more questions, feel free to ask. also, CU has great loan terms in case you need 1 or go that route.

 

[NogginBoink]

If you're going to be doing online backing, WaMu really works for that. I really like it.

Stay away from WaMu home loans, however. (They are a separate company from the bank.)

 

[Queasy]

Get a credit union for savings and for car loans and home loans.

Get a bank for checking/ATM/debit cards.

 

[LordUnum]

Originally posted by: NogginBoink
If you're going to be doing online backing, WaMu really works for that. I really like it.

Stay away from WaMu home loans, however. (They are a separate company from the bank.)

Any particular reason why? Our mortgage was through Home Savings (good bank, one of tons gobbled up by WaMu), but our experience with WaMu since the change-over has been a pretty good one. Naturally, we were thinking of refinancing our home through them after realizing that every other (smaller) bank around here basically just acts as a front/intermediary for Fannie Mae, in addition to getting a peak at the points we would pay for getting the same rate as through WaMu. No thanks bank, I'd rather keep that $1000. Thank you.

 

[Sketcher]

Definitely Credit Unions. Usually - Better rates, better service, more services.

 

[NogginBoink]

Originally posted by: LordUnum

Originally posted by: NogginBoink
If you're going to be doing online backing, WaMu really works for that. I really like it.

Stay away from WaMu home loans, however. (They are a separate company from the bank.)

Any particular reason why? Our mortgage was through Home Savings (good bank, one of tons gobbled up by WaMu), but our experience with WaMu since the change-over has been a pretty good one. Naturally, we were thinking of refinancing our home through them after realizing that every other (smaller) bank around here basically just acts as a front/intermediary for Fannie Mae, in addition to getting a peak at the points we would pay for getting the same rate as through WaMu. No thanks bank, I'd rather keep that $1000. Thank you.

I happened to get a downright incompetent loan officer for my refi, AND after four months they still weren't ready to close. Four months is somewhere between ridiculous and utterly asinine. I told 'em to take a walk and that I'd evangelize against them to total strangers. So here I am keeping my word.

 

[LordUnum]

Originally posted by: NogginBoink
I happened to get a downright incompetent loan officer for my refi, AND after four months they still weren't ready to close. Four months is somewhere between ridiculous and utterly asinine. I told 'em to take a walk and that I'd evangelize against them to total strangers. So here I am keeping my word.

Thanks for relating the experience. Can't say that loan officer sounds much different than the one we butted heads with at our local branch. He didn't know (or didn't want us to know) that WaMu does indeed have "streamlining" for current customers and that paying points wasn't required for a 90-day app. We found both these things out at another branch w/friendlier home loan personnel. If we do refinance--if at all at this point--through WaMu, guess which branch (and loan officer) is getting our business?

BTW, we've heard the same thing (about the refi wait) from many folks we've spoken to. 90-day wait... and no guarantee of any sort on the rate we'd get if the app takes longer. And of course, even a quarter-point change in the rate results in a $50 or so difference in our mo. payment--a possible $18000 rip over the life of a 30-yr. fixed loan--just because Loan Officer Bob has "too much work" on his hands with all the apps. Riiight. BS!

This makes us cautious to say the least before going through with anything of this sort. Can never let your guard down around thieves...

 

[MrsHoneybee]

I would go with a Credit Union. I'm happy with mine.

 

[glenn1]

Credit Union for the bulk of your money, and depending on your location, something like CommerceBank with some money for convenience.