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credit unions

tazzertazzer Member Posts: 16,837
edited May 2009 in General Discussion
why are they better then banks
we have onewe can use though my work but I never checked into using them.
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Comments

  • JohnFromCAJohnFromCA Member Posts: 22 ✭✭
    edited November -1
    I used to have both checkings and savings with them for 10 years. I had 3 car loans (between the wife and I) over the years that I paid off entirely. Never had an issue with them.
    6 months ago, I called them for a used car small loan and they said no. That was a $6K loan! I told them if that's how they treat a 10 years customer, they can kiss my *. I closed all my accounts and bought the car using my refund.

    I don't think they're any different than banks.
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  • legearlegear Member Posts: 6,716
    edited November -1
    you are more likely to get turned down for a loan with a credit union, but they will not need your BAILOUT money to cover bad loans.
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  • tazzertazzer Member Posts: 16,837
    edited November -1
    quote:Originally posted by legear
    you are more likely to get turned down for a loan with a credit union, but they will not need your BAILOUT money to cover bad loans.

    I thought they were easy to get if your employer was a group member?
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  • The Ultimate InfidelThe Ultimate Infidel Member Posts: 2,327 ✭✭✭✭✭
    edited November -1
    Space Coast Credit Union is about the hardest to work with that I have run across. Other credit unions I have dealt with have actual customer service, and in branch reps to assist you. Check out your local Credit Union to make sure they are not a call center only type of customer service organization. Very little one bank or CU can do for it customers that another can not. Customer Service is what sets one apart from the rest.
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  • JamesRKJamesRK Member Posts: 25,670 ✭✭✭
    edited November -1
    Like anything else it depends on the credit union. Generally speaking credit unions are "better" than banks from the customer point of view. Banks are there to skin you for every nickel they can squeeze out of your hide. Credit unions are owned by the members.

    I've never had a financial problem or complaint with any credit union, but I did quit Amphibious Base Federal Credit Union twenty years ago because they wouldn't let me use their head after I drove two hundred eighty miles to make a deposit.

    I meant a deposit into my draft account. I only had to pee.
    The road to hell is paved with COMPROMISE.
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  • jimdeerejimdeere Member, Moderator Posts: 26,019 ******
    edited November -1
    Our credit union started in the Main gate house of our plant, serving people employed there. It has expanded to a really nice building on their own site and branched out to anyone who lives or works in this county. I financed my farm, many vehicles, campers, motorcycles, etc. there. I know everyone there. I coached the president when he played Little League. I can go get $10,000 cash with 5 minutes and a signature and they will deduct payments from my check. They have online banking, debit cards, ATM, all without charge. I've paid $20/yr for a safe deposit box for over 25 years. They do not report to the credit bureaus unless you default on a loan.
    Needless to say, I haven't set foot in a real bank in 30 years.
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  • thesupermonkeythesupermonkey Member Posts: 3,905 ✭✭
    edited November -1
    I've been a member of several banks but so far the most pleasant experience I've had is with USAA. They're very friendly, always courteous and go the extra distance when you need help. I highly recommend them if you qualify:

    Active-duty officers and enlisted personnel.
    Children whose eligible parents have or had a USAA auto or property insurance product.
    National Guard and Selected Reserve officers and enlisted personnel.
    Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
    Former military personnel:

    Retired officers and enlisted personnel.
    Former officers and enlisted personnel who separated from the military on or after Jan. 1, 1996.
    Former USAA members who had USAA auto or property insurance.

    www.USAA.com
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  • JamesRKJamesRK Member Posts: 25,670 ✭✭✭
    edited November -1
    thesupermonkey, I agree with you about USAA. USAA is a bank, but they almost operate like a credit union. For banking and insurance they are hard to beat.

    Navy Federal is the best credit union in my opinion. Not as good as they used to be, but still the best.
    The road to hell is paved with COMPROMISE.
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  • tneff1969tneff1969 Member Posts: 6,682 ✭✭
    edited November -1
    Have been with my credit union for over 15 years, the service they offer is well above what a typical bank will even consider. I have my personal and business accounts with them, can't recall the time I paid a service charge or fee for anything. If I have an issue, one phone call and it is done IF they didn't catch it and contact me first. We receive wire transfers weekly, they call when they arrive and have been deposited. They also offer discounts tickets etc for amusements and other activities, and they give away several scholarships annually for local high school kids who otherwise would not have a chance at a better education.
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  • ripley16ripley16 Member Posts: 4,834 ✭
    edited November -1
    quote:Originally posted by tazzer
    why are they better then banks
    we have onewe can use though my work but I never checked into using them.



    They may not be better, just specialized to a certain clientele. I bank at Marine Federal. They offer many perks to active duty families and extra "bonus" account rewards.

    Their bookkeeping has caused a couple problems, but the employees have for the most part been courteous, professional and helpful. Not being a huge conglomerate megabank, they are more free to adapt and change to the needs of the shareholder.

    The small credit union may not be found everywhere, but I can't think of a time when not having a nearby branch has caused me problems. They seem to pay better returns on savings too. I can get now between 3 and 5% on savings or a CD. My dad, at Bank of America is only getting .4 to 1.7%.
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  • cce1302cce1302 Member Posts: 9,555 ✭✭✭
    edited November -1
    quote:Originally posted by JamesRK

    Navy Federal is the best credit union in my opinion. Not as good as they used to be, but still the best.

    This.
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  • grumpygygrumpygy Member Posts: 48,464 ✭✭✭
    edited November -1
    I would get out of Marine Federal fast. Go to Navy Federal. Been with them over 20 years. They get my Retired check also Financed My HD.

    Also so I have one near me SELCO Credit union.

    Was with Marine Federal 5 years. Tried to get a loan and was shut down. That was when My credit was still very good.
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  • ripley16ripley16 Member Posts: 4,834 ✭
    edited November -1
    quote:Originally posted by dnelson457
    I would get out of Marine Federal fast. Go to Navy Federal. Been with them over 20 years. They get my Retired check also Financed My HD.

    Was with Marine Federal 5 years. Tried to get a loan and was shut down. That was when My credit was still very good.


    Thanks for the heads up...I'll check out NFCU, there's a branch about a block away from MFCU. I doubt I'll ever be in the market for a loan again though, at least I hope not.
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  • NighthawkNighthawk Member Posts: 12,022 ✭✭✭
    edited November -1
    We moved all of our accounts from our Credit Union back to the bank. Due to their arrogant attitudes. They acted like it killed them to have to speak to you.
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  • lkanneslkannes Member Posts: 2,272 ✭✭✭
    edited November -1
    I was elected as chairman of the board at our local credit union. I served for four years. Our goal was customer service first, profits second. In my opinion, this is the main differance between banks and credit unions. The shareholders were the members, so the goal was to provide good rates on cd's and savings accounts while at the same time being able to offer great rates on car loans, mortgages, and personal loans. Worked out well for all involved.
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  • cce1302cce1302 Member Posts: 9,555 ✭✭✭
    edited November -1
    quote:Originally posted by ripley16
    quote:Originally posted by dnelson457
    I would get out of Marine Federal fast. Go to Navy Federal. Been with them over 20 years. They get my Retired check also Financed My HD.

    Was with Marine Federal 5 years. Tried to get a loan and was shut down. That was when My credit was still very good.


    Thanks for the heads up...I'll check out NFCU, there's a branch about a block away from MFCU. I doubt I'll ever be in the market for a loan again though, at least I hope not.

    Oh, one other advantage with Navy Fed if your not stationed near one (I have been stationed away from Navy Fed for 2 years now) is that Key Bank ATMs are in the same network, so you can make withdrawals from them without paying any fees from either Key or NFCU.
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  • Sav99Sav99 Member Posts: 16,037 ✭✭✭
    edited November -1
    Credit Unions around here buy alot deeper than do the banks.
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  • ripley16ripley16 Member Posts: 4,834 ✭
    edited November -1
    quote:Originally posted by cce1302
    quote:Originally posted by ripley16
    quote:Originally posted by dnelson457
    I would get out of Marine Federal fast. Go to Navy Federal. Been with them over 20 years. They get my Retired check also Financed My HD.

    Was with Marine Federal 5 years. Tried to get a loan and was shut down. That was when My credit was still very good.


    Thanks for the heads up...I'll check out NFCU, there's a branch about a block away from MFCU. I doubt I'll ever be in the market for a loan again though, at least I hope not.

    Oh, one other advantage with Navy Fed if your not stationed near one (I have been stationed away from Navy Fed for 2 years now) is that Key Bank ATMs are in the same network, so you can make withdrawals from them without paying any fees from either Key or NFCU.


    MFCU also has several alliances with other networks. They are currently paying as high as 5% on the checking account. That's tough to walk away from.
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  • JamesRKJamesRK Member Posts: 25,670 ✭✭✭
    edited November -1
    quote:Originally posted by cce1302
    Oh, one other advantage with Navy Fed if your not stationed near one (I have been stationed away from Navy Fed for 2 years now) is that Key Bank ATMs are in the same network, so you can make withdrawals from them without paying any fees from either Key or NFCU.

    Navy Federal also has full service online "banking". I pay all my bills with my NFCU credit card and then do a transfer from my NFCU checking for the credit card bill. Saves a lot of trips to the Post Office.
    The road to hell is paved with COMPROMISE.
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  • SG_NinerSG_Niner Member Posts: 2,463 ✭✭✭✭✭
    edited November -1
    I use two credit unions,one is set up so I have no checks or atm/visa
    cards thru them and keep my savings in there. The second is the one I pay bills and buy stuff from, it has an atm/visa and checking with a limited amount of money in there.I can transfer money 24/7 365 with one phone call.This way if anybody gets my cards or checks they cant clean me out!
    Bonus most credit unions don't charge atm fee's between them so you can go to any credit union atm.
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  • armilitearmilite Member Posts: 35,488 ✭✭✭
    edited November -1
    My daughter bought an over priced over engineered 2001 Audi A4 last year. One of the local credit unions was the only place in town that would give her a five year loan on a car that old. She really loved the car and had to have it. She is 23 and had no credit history what so ever except for a recently opened checking account. Our bank where my wife and I each have checking & savings accounts, and my daughter has a checking account would not do anything for her. So in this case it worked out for her.
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  • tomahawktomahawk Member Posts: 11,826
    edited November -1
    i use local farmers bank and[;)][:(!] mason jars
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