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Credit Union

Posted by on Apr. 8, 2009 at 2:29 PM
  • 14 Replies

Is a credit Union really better than banking with a regular bank? What are the benefits?


  

Jennifer, Crunchy Student Midwife, Wife and mother to Hannah 12, Abby 8 and  BABY BOY  In June. Ask me about freebirthing?

by on Apr. 8, 2009 at 2:29 PM
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Replies (1-10):
Am17
by on Apr. 8, 2009 at 2:31 PM

i think it is. i dont have any monthly or yearly fees at mine or anything. and most are non profit so if they make money they have to split it between the member. i get a from a few dollars to a few cents every few months in my account

miralerk
by on Apr. 8, 2009 at 2:32 PM

it really depends on what you are looking for. I am a credit union memeber and we have banking on all holidays except christmas day and thanksgiving day. But they are not open on Saturdays. I also like the fact that everyone knows me and if there is ever a problem they just call and I can fix it over the phone.

luv_my_xiya
by on Apr. 8, 2009 at 2:35 PM

 im with a credit union and a regular bank...i like my credit union a lot better...i accidentally got like $160 in overdraft fees...they took $100 off eventhough it was my fault...the only thing i dont like is that you cant call after hours, like if you lose your card, you cant cancel it until the next business day during business hours


colken02
by on Apr. 8, 2009 at 2:35 PM

I work for a credit union, and yes, they are much better than banks! Whatever profit they do make, in turn goes right back to the members. We have lower interest rates on loans, and are easier to borrow from once you become a member. The highest interest rate we are allowed to charge is 18%. It sounds like alot, but there are banks who charge 29%.

UpSheRises
by on Apr. 8, 2009 at 2:35 PM

It really depends on the credit union...

Kawanis
by on Apr. 8, 2009 at 2:37 PM

I'm with NWFCU and Wachovia. My credit union is so much better. When you deposit money (cash or check) no matter what time of day, it's applied and available to your account immediately. With Wachovia, it won't post until the next business day. So if you deposit a check on Friday, you're screwed till Monday. 

aarkat
by on Apr. 8, 2009 at 2:51 PM

i prefer local credit unions because the profit stays in the community.  by doing my banking there i am helping out locally.

luv_my_xiya
by on Apr. 8, 2009 at 2:54 PM

thats exactly why i hate wachovia...i swear i think they take some of our money sometimes too lol...my mom put money in my account at the credit union and right after she did it, i was able to use my card

Quoting Kawanis:

I'm with NWFCU and Wachovia. My credit union is so much better. When you deposit money (cash or check) no matter what time of day, it's applied and available to your account immediately. With Wachovia, it won't post until the next business day. So if you deposit a check on Friday, you're screwed till Monday. 



Forget-me-not
by on Apr. 8, 2009 at 2:58 PM

Thanks ladies, I am wanting to open a second account with our local CU but dh does not think they are any better. So I am going to let him read the replies here


  

Jennifer, Crunchy Student Midwife, Wife and mother to Hannah 12, Abby 8 and  BABY BOY  In June. Ask me about freebirthing?

allsmiles01
by on Apr. 8, 2009 at 3:08 PM

I have used both. In my opinion I love our credit union!!! My credit union doesn't charge me any kind of fees whats so ever! Plus they pay us a dividend monthly, depending on how much we keep in the account. And their checks are cheaper to order than regular banks.

I had nothing but trouble with regular banks. Everytime I turned around there was a fee for something.  

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