Is there any reason NOT to just bank with a Credit Union? - PeachParts Mercedes-Benz Forum

benhogan · #1 09-13-2010, 04:02 PM

I think about 90% of people will at least qualify to join a credit union. You can be a brother of a sister of a cousin sometimes and join.

Other than the classic reason 'I've always dealt with a bank", why do you still deal with a bank?

I suppose ATM locations will have something to do with it.

Skid Row Joe · #2 09-13-2010, 04:05 PM

Quote:

Originally Posted by benhogan

I think about 90% of people will at least qualify to join a credit union. You can be a brother of a sister of a cousin sometimes and join.

Other than the classic reason 'I've always dealt with a bank", why do you still deal with a bank?

I suppose ATM locations will have something to do with it.

No.......as long as you don't get enticed to take out credit loans from them........because they have; "credit" in their names........

aklim · #3 09-13-2010, 04:08 PM

I've had good relationships with Wells Fargo. Other banks have made mistakes, CUs have made mistakes. CUs cannot deal with certain transactions easily sometimes. WF have made the web programs very easy. I have all my transactions with them since I switched from other banks and CUs to them.

G-Benz · #4 09-13-2010, 04:10 PM

One nice thing about credit unions is that they will extend loans for seemingly small amounts that banks don't want to deal with.

I got some loans that way in my younger days...all paid off in a few months (instead of years), and was a great way to build a credit history.

pj67coll · #5 09-13-2010, 04:26 PM

I used to belong to both a CU and a Bank. I recently dumped the CU. Just too much hassle. Inconvenient locations, no real use for such things as loans. I tried getting a car loan thru them some years ago. Couldn't get one for something older than 10 years ( so basically no decent Mercedes that I was eyeing ). Online stuff wasnt' as efficient as the bank. And then to top it all they decided to actively persue illegals which was the last straw for me. Now I only use the bank. Far more convenient in every way and I dont ever have to leave my couch unless I want some face to face with them for some reason. Such as when I recently had to purchase forex for my trip to England.

- Peter.

aklim · #6 09-13-2010, 04:39 PM

Quote:

Originally Posted by pj67coll

Couldn't get one for something older than 10 years ( so basically no decent Mercedes that I was eyeing ).

Online stuff wasnt' as efficient as the bank.

And then to top it all they decided to actively persue illegals

Guess that like me, they rather stick with the newer stuff in case of a default.

While the are getting better, I noticed that they are not quite there yet.

How? Banks are not LEOs AFAIK. As a MSB you are required to do certain things but I don't think chasing illegals is one of them.

Skid Row Joe · #7 09-13-2010, 04:39 PM

Quote:

Originally Posted by pj67coll

I used to belong to both a CU and a Bank. I recently dumped the CU. Just too much hassle. Inconvenient locations, no real use for such things as loans. I tried getting a car loan thru them some years ago. Couldn't get one for something older than 10 years ( so basically no decent Mercedes that I was eyeing ). Online stuff wasnt' as efficient as the bank. And then to top it all they decided to actively persue illegals which was the last straw for me. Now I only use the bank. Far more convenient in every way and I dont ever have to leave my couch unless I want some face to face with them for some reason. Such as when I recently had to purchase forex for my trip to England.

- Peter.

That's why you should have done a SIGNATURE LOAN with them. What do they care what the money's for anyway?

aklim · #8 09-13-2010, 04:45 PM

Quote:

Originally Posted by Skid Row Joe

That's why you should have done a SIGNATURE LOAN with them. What do they care what the money's for anyway?

Why is that though? Isn't that an unsecured loan? Aren't interest rates higher with unsecured than say a home equity loan?

pj67coll · #9 09-13-2010, 04:45 PM

Quote:

Originally Posted by aklim

Guess that like me, they rather stick with the newer stuff in case of a default.

While the are getting better, I noticed that they are not quite there yet.

How? Banks are not LEOs AFAIK. As a MSB you are required to do certain things but I don't think chasing illegals is one of them.

I meant persue them as customers.

- Peter.

pj67coll · #10 09-13-2010, 04:46 PM

Quote:

Originally Posted by Skid Row Joe

That's why you should have done a SIGNATURE LOAN with them. What do they care what the money's for anyway?

Wasnt able to. As I said they were essentially useless for my needs so in the end I just dumped them.

- Peter.

tbomachines · #11 09-13-2010, 04:58 PM

Quote:

Originally Posted by aklim

I've had good relationships with Wells Fargo. Other banks have made mistakes, CUs have made mistakes. CUs cannot deal with certain transactions easily sometimes. WF have made the web programs very easy. I have all my transactions with them since I switched from other banks and CUs to them.

Have to agree with this - since Wachovia merged with WellsFargo the services have gotten better. I can't complain about my accounts - they are extremely cheap (100% free checking under "student" plan), and the savings accounts have reasonable returns. To echo the OP, I simply don't have a reason to change to a CU because I'm set up in a big bank but I'm okay with that.

aklim · #12 09-13-2010, 05:00 PM

Quote:

Originally Posted by tbomachines

Have to agree with this - since Wachovia merged with WellsFargo the services have gotten better. I can't complain about my accounts - they are extremely cheap (100% free checking under "student" plan), and the savings accounts have reasonable returns. To echo the OP, I simply don't have a reason to change to a CU because I'm set up in a big bank but I'm okay with that.

I'd switch in a heartbeat if the CUs could make it worth my while but since I merged all my business ac****s and home mortgage, etc, etc, and I am happy, I'm not sure why I would switch until they made me an offer I simply cannot refuse.

davestlouis · #13 09-13-2010, 10:26 PM

I dealt with a CU for nearly 25 years, but I noticed over time that they started behaving more and more like a bank...less personalized service, higher fees, etc.

The lack of branches put me over the edge...they have "shared branch" locations where you could walk into any local CU and do transations just like it was your own CU. About a year ago, they changed the way they handled transactions in the shared branches, where deposits didn't get credited for 2-3 days, and it became very difficult to deal with them. That finished it off for me...I deal with a local bank that has branches in almost every location of my favorite supermarket, I know where I see a Dierbergs store, there will be a First Bank inside.

Hatterasguy · #14 09-13-2010, 10:43 PM

I deal with both a CU and a local bank, my business is all through the local bank. Both have their advantages and disadvantages. The CU has a fantastic Visa card which is the only card I will have, when you have an issue you call an American in the next town over no Indian tech support!

It helps to establish a relationship with a good bank and stick with it. Being able to call the VP if I need help with something is nice...I'm not a big enough fish to be able to do that with BoA.

aklim · #15 09-14-2010, 12:53 AM

Quote:

Originally Posted by davestlouis

I dealt with a CU for nearly 25 years, but I noticed over time that they started behaving more and more like a bank...less personalized service, higher fees, etc.

The lack of branches put me over the edge...they have "shared branch" locations where you could walk into any local CU and do transations just like it was your own CU. About a year ago, they changed the way they handled transactions in the shared branches, where deposits didn't get credited for 2-3 days, and it became very difficult to deal with them. That finished it off for me...I deal with a local bank that has branches in almost every location of my favorite supermarket, I know where I see a Dierbergs store, there will be a First Bank inside.

Besides withdrawing large sums of cash, how often do you have to deal with the bank? I hardly go into my bank except for business purposes. On the personal side, I can either do it online or if I must, call someone.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode