Anybody use a credit union ?

[stevej37]

^^^ good decision....you will be happy with it.

[Evans, Marv]

I think you will be happy. The way you describe your bank sounds like it was decades ago when I changed over to a CU.

[stevej37]

The CU I belong to required a five dollar deposit to keep the membership open.
I deposited that and opened a second account for checking and savings forty years ago.

40 years later, I still have one account with just $5 in it...lol (they don't pay interest on the $5 membership)
The other accounts that I opened with them have seen lots of use.

[Zeke]

Originally Posted by fastfredracing

I don't particularly love my local bank. I just bought a guys truck this week. I had to go in to the credit union he belonged to, to pay off his loan .
Made me think about joining. Looks like they have programs for small businesses just like me .
Loan rates are better, account minimums are smaller, seems like a win , win.
Only real drawback, I will have to travel 8 miles to make deposits, instead of 2.

Hell no on the traveling. Scan your checks with their app in your office and it's 'in the bank'. Yes to CU's!

[masraum]

Yes.

I'm 50 and have belonged to a credit union since I was 15 (the same one since the beginning). My daily use accounts and all of our loans (house and cars) are through the CU. My wife and kids also have accounts at the same credit union (dependents are allowed).

I also have a bank account because it's free (I work for the bank), but don't really use it.

The credit union that I belong to has only had branches near me in the last year or so. Prior to this, the nearest branch was 200 miles away. (but then I also don't have a business where I have to worry about lots customer payments).

But yes, I deposit checks via their app. It's quick and easy.

[aigel]

Only CU for me as well. Need more than one bank? Add a CU.

My experience with for profit banks is extremely poor. My CU is like family. You do want to pick one that has some barrier of entry that keeps the customer base relatively affluent. I.e. a credit union associated with a university (this looks like what you are doing!), a technical field, big laboratory etc. They usually let "others" in as well, i.e. if you live in the town or have a buisiness etc.

G

[jcommin]

I used a credit Union thru work for over 10 years. Much better service and better Credit Card options. Me company severed ties with the Credit Union and was bought by another Credit Union in Michigan. I switched to a bank only because the service centers became very limited where I live. I did have a very good experience and would not hesitate using one again.

[JackDidley]

Another +1 for the credit union. Around 30 years. The service is very good. I am not wealthy but they always treat me like a king. They accomidate my every need and thank me. My old bank was the opposite.

[Superman]

I have no idea why anyone would use a bank for anything but commercial business. Credit unions give WAY better customer service and charge MUCH lower fees.

[GH85Carrera]

Yep, for personal financial stuff, a credit union Is the only way to go.

The only reason to you a bank is for a business and commercial services. And the bank sucks.

[jyl]

What is the advantage of a bank over a credit union for a business account?

[GH85Carrera]

Originally Posted by jyl

What is the advantage of a bank over a credit union for a business account?

Federal law.

Gotta use a bank. Credit unions are for individuals only and non business.

No advantage at all except to keep the IRS happy.

[stevej37]

When I first became a member...they couldn't do any home loans...only mobile homes.
About five years later, they changed the rules for CU and it was ok then.

[jyl]

Originally Posted by GH85Carrera

Federal law.

Gotta use a bank. Credit unions are for individuals only and non business.

No advantage at all except to keep the IRS happy.

I thought OP was looking at a CU for his small biz though.

[fastfredracing]

We absolutely talked about my business account . Up to 500 transactions a month , and it is free checking.

[GH85Carrera]

Originally Posted by jyl

I thought OP was looking at a CU for his small biz though.

Maybe it is just Oklahoma law. I hated the idea of using a bank. My CPA told me to find a bank.

That said, the credit union I use just bought a bank. The now have a commercial division but they use the banks name for it. If you call the number they answer the name of the credit union.

[cassisrot]

I think fdic Has different rules for credit unions and industrial banks. With Biden might be worth checking out.

[peppy]

My bank vs my wife's credit union refinancing the house, 10K for my bank less than 2K for the credit union!

[Laneco]

I've got a business account at a credit union and our bestie also has a business account at a CU for his automotive repair. Real account - employees, etc.

Once you are with a credit union, you are probably going to hate dealing with a bank ever again. Much better service. An example that a occurred with us about a month ago; We needed to add Steve to one of my accounts and me to one of his. I have a CU. Walked in, walked out in 5 minutes with it done. For his bank we had to make an appointment and it took some 45 minutes to nearly an hour. Plus, they screwed it up and didn't give me online access to the correct account.

Nothing like making an appointment for piss poor customer service. Guess it must be important to spread incompetence in an even layer throughout the day.

angela

[KFC911]

I'm still waiting for one of our PPOT bankers to tell us how crappy CUs are .

Banks .... if they're not Outer ... they just suck