Credit Union Vs. Bank

[ShamikaT]

Originally posted by nikki1920
*smh*
Education is essential....

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.

[gpb1874]

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.

[ShamikaT]

Originally posted by Intense1920
NIKKI COME HERE! *Yanking Nikki out by her ear*

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

[Intense1920]

Originally posted by gpb1874
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.

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

[NinjaPoodle]

Originally posted by Intense1920
Wow, that's interesting. I've always had the best interactions with people who work at Credit Unions.

Same here.

[mulattogyrl]

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?

[Mz Destiny]

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

[TheEpitome1920]

Originally posted by mulattogyrl
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?

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.

[mulattogyrl]

^^Thanks.

[BLUTANG]

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

[ladylike]

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.

[CRIMSON_DIVA]

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.

[Rain Man]

Originally posted by NinjaPoodle
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.

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)

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.

[The ChoZen 1]

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