Would you move all your banking to a credit union?

[alm99]

I am not a member yet.

The local credit union has some decent rates. 5.75%/60 months for any auto loan where the car is 2005 or newer, the only catch to get that rate is that I have to have my entire paycheck deposited into an account with them, they call it the Premiere Checking account. They also have a regular checking account without all the options, but without the premier account the rate goes up to 6.75%/60 months.

I am not keen on the idea of moving my entire direct deposit over since I currently have every thing the way I want it with my current bank.

Is this a reasonable expectation of a credit union?

Specifics of the Premiere Checking account from their website:
Direct Deposit to the Credit Union and an average daily balance of $500. Look at all you get:

* Free checks
* Dividends on your average daily balance*
* .25% rate increase on new share certificates
* .25% rate discount on new fixed-rate loans** with auto pay
* Free Internet Banking with free Bill Pay
* Free debit card transactions
* Free travelers checks
* Free money orders
* Free teller checks?

If your average daily balance ever falls below $500 during any month, you pay a low $5 per month fee for that month.

 

[imported_Mike]

Why not? Unless you think you might run under the $500 avg daily?

 

[alm99]

I think its just the hassle. As with my current bank I have a credit card with them that its just easy using their online bill pay, transfering funds between accounts, etc.

 

[Capt Caveman]

All have a partial amount of your paycheck direct deposited to them. They have no means of determining it.

 

[alm99]

I specifically asked if I had the bulk of my paycheck deposited to them if that would suffice, they said no it had to be all. I was extremely putoff by the idea.

 

[Capt Caveman]

Originally posted by: alm99
I specifically asked if I had the bulk of my paycheck deposited to them if that would suffice, they said no it had to be all. I was extremely putoff by the idea.

They have no way of determining what amount of your paycheck is in the direct deposit to them. Just send a percentage of it to them.

 

[FoBoT]

when my credit union was my only/main bank , that was their deal as well, free checking with a direct deposit coming into the account

 

[kranky]

Originally posted by: Capt Caveman

Originally posted by: alm99
I specifically asked if I had the bulk of my paycheck deposited to them if that would suffice, they said no it had to be all. I was extremely putoff by the idea.

They have no way of determining what amount of your paycheck is in the direct deposit to them. Just send a percentage of it to them.

OK, the OP applies for a loan and documents his income to qualify for the loan. Wouldn't be hard for the CU to compare income to deposit and wonder where the rest of it is, even allowing for deductions.

If the loan wasn't in the picture, I agree that they could not know if it's the entire paycheck.

 

[ponyo]

You don't have to use that credit union. There are thousands of credit union out there you can join. I know Pentagon Federal Credit Union has 4.99% for 60 months on used car. Anyone can join if you pay $5.

penfed.org

I'm sure other credit unions have lower rates.

 

[Dacalo]

Local CU + Fidelity mySmartCash = win

 

[AlienCraft]

Originally posted by: alm99
I specifically asked if I had the bulk of my paycheck deposited to them if that would suffice, they said no it had to be all. I was extremely putoff by the idea.

WTF is so hard about having the check DD into the CU account and then have the Bill Payer function cut a check to the Bank Account?
Win = Win.
Banks count on people not wanting to "hassle" to save a few bucks. They will gladly take them off your hands.
Hey, if you don't want the fractional points of a dollar in the interest, I'll take 'em.

 

[thomsbrain]

My credit union has a similar rate with no restrictions. And the checking account pays interest regardless of balance, with no fees regardless of balance. I happen to use them as my primary bank for the above reasons, but even if I didn't, they wouldn't punish me with higher rates or fees.

 

[sandorski]

Someone has to pay for Fidel's retirement.


I've used Credit Unions before and they all had the same services as any Bank. Internet, CCs, etc. Check into their options before deciding. That said, you could go to your Bank and see if they are willing to match the Interest Rate the CU is offering if you are still unsure.

 

[summit]

go to the bank, if you have decent credit/house you should get a way better loan rate. btw acura has a 3 year loan at .9%