Credit Union Vs. Bank
 

Which one do you prefer?

I have an account with a credit union, love it.

I have both. The interest rates at credit unions are way lower than the bank, so I use it to get my car and other home loans. But my bank..my mom can slip some $$ all the way from CA:o :p

I'm with two credit unions and love them both. The second one gave me a low interest rate on my car loan.

I am currently with a bank. In high school,I had an account with a credit union. but I changed to bank so my folks can slip money into the good ole account and it is so much easier and cheaper to get money out of my account(s)... :D

Definitely credit union. I have accounts with two CU's. I just don't trust banks. To me, CU's are more "for the people," not just out to charge the hell out of you and make more money off you anyway they can.

Neither. I don't trust dem white folks and negroes with MY money.

So.....

you keep your money under your mattress? :rolleyes:

Funny, I could have sworn that Black people did own and run successful bank chains AND credit unions..


I have two bank accounts and plan on opening another account with my County's FCU. I'm looking to get a car loan in a few years.

I love my credit union. When I first started hearing commercials for "free checking" I was completely confused. I could not imagine anyone paying for checking. I was really surprised when I found out that banks don't give interest on checking accounts. Also, I was shocked when I heard that most banks minimum balance was several hundreds of dollars. My minimum balance is $5.00.

I temporarily had an account with the credit union at work. I learned not all credit unions were created equally. They debited my account for not having any transactions for three months!

I have a credit union account. I agree with the service and the lower interest rates. When in undergrad, I did have a bank account so that my parents could put money in it, but after I didn't need them to anymore, I closed the account. For now I'll stick with the CU, especially when it's time to buy my house.

Yeah, ANNNNNND?

I do NOT think that I'm too good to hide money under mattresses (and table mats). :confused:

I used to have an account with Wells Fargo, B of A and then Great Western but they got bought out by Washington Mutual. Every bank I've ever had my money in had nickle and dimed me to death. I joined my ex-jobs credit union in 92 and have been there ever since. I joined another CU last year and love it. I'm done with banks.

I have NO comment to that... lol....

Ummm hmmmm, I THOUGHT so!

:p

*smh*
Education is essential....

NIKKI COME HERE! *Yanking Nikki out by her ear*

I KNOW you ain't talking about ME! My pops educated me fine and well about finances. Number one, he told me not to trust fools at them banks. One shady nicca or whitey, can gain access to my account and clean it out. If you hide yo money under matresses, jewelry boxes, and mats, ain't nobody gonna get it. Burglars look for money in piggy banks and safes. So I dare you to tell HIM that education is essential.

I used to work at a bank and loved it. It is a great bank (Frost bank in Texas only). Customer service was a top priority for us. Some accounts are/were free and some charge, some accrue interest.

Don't like the credit unions, even before i worked for a bank. I never got the impression they were there for me. the CU always seemed sterile, quite and unfriendly. Good interest rates on some stuff, tho. But, that all changed after 9-11, so i closed my accounts there a few years ago.

Talked to a friend who worked at a CU and she didn't like them either. She said they were not too careful with their money and paperwork (deposit slips and such) and it wasn't uncommon for stuff to get lost and tellers to be off balance at the end of the day.

Frost is not really convenient for me anymore location wise and I haven't worked there for over 6 years, but i still have an account there b/c i think they are so awesome.

Yeah, please. ShamikaT does not like it when peeps try to front and act all hard on the internets.

Wow, that's interesting. I've always had the best interactions with people who work at Credit Unions.

Same here.

I'm in both a bank and a credit union, but I have a question: What are the benefits of a credit union over a bank? Is it just the low interest rates or other things?

I have both and I enjoy both. I guess it's up to your individual situations.

There aren't as many fees associated with credit unions as there are with banks. And you are a member of a credit union. Like there are some with stipulations as to who can "join". Mine is associated with the university.

^^Thanks. :)

I enjoy the convenience of my bank for checking (i use online services and LOVE that they have branches across the nation), but i keep my savings at our church credit union. The hours are TERRIBLE (Saturdays only) so i'm not able to make withdrawals... this forces me to actually keep my hands off my savings.

I'm starting a new job with the county so i'll be eligible to join the employee's CU in about a month. I plan on using their resources to get my car loan next year and do some other things (home improvement) in the upcoming years.

So i guess i like both
:)

I have an account with a bank and accounts with my credit union.
As many have stated, I enjoy the low interest rate and great customer service offered by my credit union.

I would caution those who have an account at a credit union to make sure it is FDIC insured. This protects your money in the instance that your banking institution fails. You should see the "FDIC" displayed prominently. :)

Just some clarification. I work at a credit union and some of the main differences is that a credit union is for the people. Most are not for profit so they are not out to make tons of money off the membership. Just what is needed to operate. Also, the members all have one vote in how the credit union is ran. No matter how much money you do or don't have. Also, most credit unions are insured with NCUA not FDIC. They kind of mirror each other as far as the insurance goes. Personally, I love credit unions and what they stand for. Since we are not for profit this allows us to pass those savings on to the membership in the form of lower loans rates and higher deposit account rates.:)

You too? Cool
 

NP, I had experiences with banks similar to yours and I am SO glad I belong to a credit union (I have belonged to my credit union 16 years--joined 1/25/90 with $255 to deposit) :cool:

My first experience with a bank was when I was 12 years old, back in 1985. My mother wanted to teach me about banking, so when I got $15 for my birthday, I asked if I could put it in a bank account, so we went to BancOhio (now NationalCity), and I got my own bank account and bankbook, I felt like a businessman. One month later, they took out $5 as a "service charge". We immediately closed that account. Lesson learned: Banks will even fleece little kids, after all, it's all about the bank fattening its wallets for profit.

About 10-11 years later, I opened up a 2nd account with Fifth Third. More of the same BS charges nonsense. I closed that account about 4 months later. I will stick with credit unions for my financial needs and loans. Banks can kiss my tail; with regard to personal accounts, IMHO they're for sukkas.

Both.....but I utilize my credit union accounts.