anyone care to explain the pros and cons of banking through a credit union and a bank like bofa, wells or wamu? i know in a credit union u have better cheances of getting loans (i think) and lower interest rates. but how else does it work. all help is appreciated, my bank ripped me off at the begining of the month and just got the money back yesterday, so im looking into switching.



ryan

 

Credit unions generally charge less fees and are more pleasent to deal with. I just left BoA to go back to a credit union.

 

friends dont let friends use banks! ive used a credit union my whole life and have never had a bad experience with it. no charge for checking accounts and no monthly fees or charges for taking money out. my friend uses wachovia or some other big bank chain and he can only have a certain number of transactions a month, which sucks. i would change if i was you, you will probably have a much better experience with a credit union

 

yeah, I took a personal finance course, and I still can't understand why anyone would want to use a bank.



Credit Unions used to have the downside of having to qualify as a member by belonging in a certain group, but that's pretty much irrelevant now. For instance, for mine, I had to live in the North Florida area.



No fees for anything, they pay interest on checking if I have over $1000, I found the cheapest loan rates at a credit union, I can access a manage my accounts online for free, I've used nothing but a debit card for the last couple years (never had a credit card), I've never had a problem with it. The only charge I can think of is when I run out of money in checking, they automatically transfer from savings so my payment doesn't bounce. Then they charge me for the auto transfer. But how often do you run negative, you know?

 

oohh.. Who will win this one?

 

credit union vs bank

 

the only thing I have to say.. is if your in the military(I know most of you are not.. but for those that are).. get USAA. Its the best choice I ever made... they're not really a bank.. or a credit union... not sure what they are.. They offer banking sevices, insurance and investments. They have free checking, I earn interest on it. I have a check card..and I get paid to use it. I also recive all fees from other banks ATMs back. I dont get charged for useing an ATM, free online banking.. transfers are free.. wait this sounds like a Credit Union.. Go with a credit union..



For anyone in/or are veterans of the military, parents belong to USAA or if your married to a military member. you are eligiabe to be a member.. PM me if you have any questions.

 

hey! they don't pay me to use my card! that, and I pay fees for other banks' atm's, but I never use cash anyway

 

thanks for bringing this threas up,ive never though about using a credit union till now....well im going later today to switch

 

Baldy... after looking at your link.. I figured out that what I use is a Credit Union.. just without the name..



Luckly they also have Insurance.. I'm only paying around $400 for 6 months.. I am married and 25 though... but I still think thats pretty cheap..