RANT: What I like and dislike about Credit Unions

[Karsten]

I'll never go back. Everything is easier and cheaper.
Next up will be my morgage through my Credit union. Only 10% down for no PMI. How can you beat that.

If you are on the fence about joing or not DO IT. You won't regret it!

 

[RossMAN]

vi_edit - I noticed the used car and savings/CD rates Credit Unions offer put to shame the corporate banks.

kranky - I think CU's are starting to relax their membership requirements, here are some prime examples:
The Oregonian Federal Credit Union says it's only criteria to qualify for membership is to work in downtown Portland, that easily qualifies several thousand Portlanders. I think originally membership was only granted to current and former Oregonian newspaper employees and immediate family members.

My wife's CU (#1) is down the road from the company she is temping at. Since the company resides in Multnomah county (which is serviced by the CU) then she is eligible for membership and I am eligible for membership because of family (my wife).

I am eligible for my CU (#2) since I am a former Portland Public Schools employee, although I only worked there for 3 weeks doing some temp data entry work way back around 1995-1996. I have wanted to join this CU so badly because it's one THE BEST rated in it's category but never could because of their membership requirements. A friend of mine who recommended them to me even offered to sponsor me and I guess they wouldn't go for that unless I was from his family (which I'm not). Then I noticed their literature said current and former employees of about 100 private companies and government agencies.

I think the Portland Teachers Credit Union has also relaxed it's membership requirements, it's no longer just for school employees but anyone (or close to that).

So it's worth checking with your local CU to see what their current requirements for membership eligibility are. I'm glad that I took a closer look and was able to find two great CU's which are more concerned about providing service than charging us fees and giving us sh!tty rates.

Stark - If I didn't already have close to 8 years of time vested in my current bank I'd love to jump ship and work for CU #2, it's something I may consider in the future if the pay is alright. It's certainly closer to home, not in the downtown area so there's no outrageous $11/day parking and it's probably a lot closer tight knit friendly work environment than where I currently work.

bunker - I'm pleased to hear that I'm not the only one who has those two gripes. As I said before I can't wait to get my checks and test out their system to see how fast, accurate and clear the checks appear online. Getting 5 copies a month for free is great, I rarely write over 5 checks a month. CU #2 is also offering FREE BILLPAY (with no funny requirements) throughout 2002 after that there may be a modest fee. It would be nice to have a larger ATM network but that's what POS terminals at Safeway, Albertsons, Walmart, CostCo, etc. are for, cash back is a beautiful thing esp with NO ATM FEES!

Parrotheader - 4%? Wow, the closest I can find is 3% with ING Direct, it sounds like you've got it made.

 

[nord1899]

My CU (one of the largest in the area, with over 20 branches, including one at my office building) provides photocopies of all checks available on their banking website. The copies are very clear and easy to read.

About the only complaint with CU's is the ATM situation. Basically, you have to find another CU to get money out. Since its likely your CU doesn't charge for out-of-network ATM's (mine has no fee for the first 6 out-of-networks uses per month) and most CU's don't charge anyone to use their ATM, you would end up paying no fees. Its the corporate banks and ATM-only companies that charge like crazy.
And their online banking may not compare to corporate banks.

But the advantages of a CU over a corporate bank are so numerous. Almost or completely no fees. Actually getting interest on a savings account no matter how much you have in there (I get interest on the required $5). Rates are generally better than corp's too.

 

[RossMAN]

Originally posted by: nord1899
But the advantages of a CU over a corporate bank are so numerous.

That about sums it up. The advantages of a CU vs corporate bank definitely outweigh the minimal disadvantages.

In most cases you're also supporting your local economy vs some NY bank.

 

[phatcow]

microfish cancelled cheques? YOU ACTUALLY WRITE CHEQUES?

 

[DaveH]

Interesting read, nice to hear people's experiences.

I love the Spokane Teacher's CU, where we have an account. I see CUs as a great compliment to the best online banks, like first internet bank of indiana, pcbanker.com and umbrella bank.

This board is worth a look to compare the features of these banks.

 

[denali]

I've belonged to my credit union for about 10 years and I'm generally happy with it. They have Internet banking now, before you could use and 800 number via phone or computer. However I do have a few things that I don't like.

No saftey deposit boxes, had to get one at a bank.

Unable to keep all my money in a saving account earning intrest and having it automaticaly tranfered to checking to cover a check.

No refunds for ATM charges like my Internet bank.

 

[RossMAN]

Originally posted by: DaveH
This board is worth a look to compare the features of these banks.

Thanks for the link.