Banks vs Credit Unions

You know, whatever

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Postby Keldoclock » Wed Nov 02, 2011 10:31 am

Security, one would presume. Money in the bank is insured for up to $250,000 by Uncle Sam. (may be true for credit unions as well)

Possibly ease of access and big loans as well- I couldn't imagine going into a credit union and asking for a few million dollars to start up a buisness.

Also Paypal. Being 15, thats my sole means of doing transactions over the internet.

@ Stubby

Supposing I work in Wall Street?
Last edited by Keldoclock on Wed Nov 02, 2011 10:34 am, edited 1 time in total.
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Postby Scarapis » Wed Nov 02, 2011 10:33 am

Natalya wrote:
Pwnerade wrote:
Natalya wrote:This sounds like it will be awesome. Why do banks even exist then?
Because bankers still like making money.
I meant more like, why does anyone use a bank ever?


We use our Bank to get direct deposits, pay bills online and fund our PayPal account. and thats it really.
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Postby Natalya » Wed Nov 02, 2011 11:04 am

Scarapis wrote:
Natalya wrote:
Pwnerade wrote:
Natalya wrote:This sounds like it will be awesome. Why do banks even exist then?
Because bankers still like making money.
I meant more like, why does anyone use a bank ever?


We use our Bank to get direct deposits, pay bills online and fund our PayPal account. and thats it really.

Yeah cuz like the one I just signed up for has all of those things.
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Postby stubby » Wed Nov 02, 2011 1:04 pm

Scarapis wrote:
Natalya wrote:We use our Bank to get direct deposits, pay bills online and fund our PayPal account. and thats it really.

Yeah cuz like the one I just signed up for has all of those things.

Yep. Direct deposit, online bill pay, PayPal, car loan, mortgage, and most importantly (for me): international money transfers, all without fees. Not all credit unions are created equal of course, but they couldn't abuse you as badly as the corporate megabanks do even if they wanted to.

Keldoclock wrote:Security, one would presume. Money in the bank is insured for up to $250,000 by Uncle Sam. (may be true for credit unions as well)

Possibly ease of access and big loans as well- I couldn't imagine going into a credit union and asking for a few million dollars to start up a buisness.

Credit unions are also FDIC insured, and not only do they do small business loans, since they're (usually) locally-focused they have a better idea of what kinds of small businesses will and won't thrive in their area.

Keldoclock wrote:Supposing I work in Wall Street?

Then hopefully you're smart enough to know how the game is rigged and won't pay a bank to confiscate your money and give you back a tiny percentage. You let them give you percentages of other people's money.

The reason a lot of people object to credit unions is because, like any other kind of union, they're fundamentally socialist. People hate anything with even a hint of socialism, because they mix it up with communism.
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Postby OneEye589 » Wed Nov 02, 2011 1:13 pm

More people are familiar with banks than credit unions. That's why.
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Postby 501stCadians » Wed Nov 02, 2011 2:14 pm

stubby wrote: most importantly (for me): international money transfers, all without fees.


Still smuggling Cocaine, i see.
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Postby Keldoclock » Wed Nov 02, 2011 3:40 pm

Well, Stubbinator, you've convinced me, I'll sign up with a credit union three years from now as I enter the workforce.

(that last comment was more for teh lulz than anything else. Just waiting for Silver to go explode into an anti-capitalist rage)
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Postby stubby » Wed Nov 02, 2011 3:45 pm

501stCadians wrote:
stubby wrote: most importantly (for me): international money transfers, all without fees.

Still smuggling Cocaine, I see.

The ABS version anyway. Lego's based in Denmark.

Pwnerade wrote:I switched a few months ago for similar reasons. So far, my credit union has been better than Bank of America in every way. Also, all of the credit unions cooperate, so if you are a credit union member, you can withdraw from any CU's ATM surcharge-free.

That's not a high bar to clear. Your credit union, every other credit union, and even every other bank are better than BofA. Wells Fargo is the only one that even comes close in terms of sheer rottenness, at least for consumer banking accounts.
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Postby Silverdream » Wed Nov 02, 2011 4:33 pm

Keldoclock wrote:Well, Stubbinator, you've convinced me, I'll sign up with a credit union three years from now as I enter the workforce.

(that last comment was more for teh lulz than anything else. Just waiting for Silver to go explode into an anti-capitalist rage)


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Postby Zupponn » Wed Nov 02, 2011 5:58 pm

I'm pretty sure that I get better interest rates by going to my bank than if I went to the nearest credit union around where I live. Also, location is a big thing for me as the nearest credit union is 2 to 3 times as far of a drive as my current bank. 10-15 minutes vs 30-45 minutes.
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Postby morganm » Wed Nov 02, 2011 6:27 pm

I use both a big, evil, bank and credit union but the only reason I've not moved everything over to the credit union is only because I haven't taken the time to do so. It wouldn't be a huge gain for me but it wouldn't be bad either. I've not experience all these fees and crap with US Bank... I don't use an ATM, I don't use a debit card, I do direct deposits into checking, I never over-draft accounts, and do other things to avoid any fees.

Right now I have an account and small loan through a local credit union. Financed my last two cars with them. I chose them because they offered the lowest % on the loan. Paid off my last car and financed the next one at a great rate. They liked doing business with me because my credit is fucking amazing and I'm not a looser so I'm low risk.... this is reflected in the badass rates they give me.

While shopping around I did notice we didn't qualify for every credit union. That's one reason why some ppl don't use them; but it's a lazy reason... you just have to find ones you qualify for. For example some of them have exclusive membership. Such as one exclusive to military and government workers' unions... being as I'm not a member of either I could not do business with them.

Obscurity is another reason... I didn't even know about a credit union until about 8 years ago when I was shopping around for a loan and someone said "have you tried a credit union?"
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Postby morganm » Wed Nov 02, 2011 6:34 pm

Zupponn wrote:I'm pretty sure that I get better interest rates by going to my bank than if I went to the nearest credit union around where I live. Also, location is a big thing for me as the nearest credit union is 2 to 3 times as far of a drive as my current bank. 10-15 minutes vs 30-45 minutes.


I think a lot of these old truths are being overturned. People told me the same thing... I wouldn't get a good rate at a CU... yet they offered the best rate I could find for my last small loan. That's after checking with 12 banks!

With internet banking, direct deposits, and other technological advances the location of a bank is becoming less and less important. I rarely have to go to a branch office anymore.

Everyone told me for years now that FHA home loans were the best deal! Here I am financing a conventional because its a lower APR, lower PMI, and lower down payment than an FHA loan.
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Postby Nitewatchman » Wed Nov 02, 2011 7:50 pm

Natalya wrote:
Pwnerade wrote:
Natalya wrote:This sounds like it will be awesome. Why do banks even exist then?
Because bankers still like making money.
I meant more like, why does anyone use a bank ever?


...To store money.
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Postby stubby » Thu Nov 03, 2011 12:07 am

morganm wrote:I've not experience all these fees and crap with US Bank...

That's true, I was with US Bank for a little over twenty years and I liked them a lot. I might have stuck with them if they were in all the states I was living in over the past decade.

I've had something like a dozen addresses over the past five years (I try to always have a place in at least three cities), and all of them but one had a credit union closer than the nearest bank. (My place in south central L.A. was the sole holdout - it had a Citibank right in front of the credit union, so it was only closer by about 100 feet. Otherwise it'd be a 100% success rate.)
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Postby Zupponn » Thu Nov 03, 2011 12:09 am

morganm wrote:I think a lot of these old truths are being overturned. People told me the same thing... I wouldn't get a good rate at a CU... yet they offered the best rate I could find for my last small loan. That's after checking with 12 banks!

When I said interest rate, I wasn't talking about loans. I was talking about the interest my savings could earn, which was higher at the nearest bank than the nearest credit union. The big thing is that you need to look everywhere and not limit your options.

morganm wrote:With internet banking, direct deposits, and other technological advances the location of a bank is becoming less and less important. I rarely have to go to a branch office anymore.

Technological advances are good and all, but a lot of people don't fully trust them, making location a big factor still. The small lawn mowing business I worked for this summer didn't have the ability to use direct deposit, so I was very thankful that I wasn't at the credit union.
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