I currently have an account with a pretty popular bank and I am very dissappointed with their service. I am a full time college student and I am considering closing my account with the bank and opening one up with a credit union. What exactly are the advantages of a credit union? Would it be a good option for college student, especially if I may have to take out loans within the next few years??
2006-10-04 11:13:32 · 6 answers · asked by SassyB314 1 in Business & Finance ➔ Personal Finance
As a lifelong CU member and off-and-on bank customer, I have found the service at the CUs to be better. You also have the availability to utilize CU service centers across the nation to take care of basic banking needs (deposits, withdrawals, transfers). The only way to conduct business from a bank is at a branch or ATM from that very bank (or pay a premium to use another banks ATM).
One of the advantages of being a CU member is that the CU is member-owned. Which is why most CUs call their accounts 'Share Accounts.' Being member-owned also means that the board of directors is not paid and is a panel of other CU members, like yourself. Their interests are in making the CU run smoothly and not about making money for themselves.
Because of my credit score, I had to go before a review board to get a loan from my CU. It happened to consist of three members of the board of directors and two other members. It was nice to see that these people were dressed like me and some were still wearing their badges from where they work.
I used to be a customer of Bank of America, but their service was not good, and I was met with a cold feeling any time I really needed help.
2006-10-04 11:28:23 · answer #1 · answered by Kerry W 2 · 1⤊ 0⤋
When it comes to where to do your banking, personal service and great rates should help you decide. Looking to a credit union is a great choice. Since credit unions are not-for-profit, that means they have their members (accountholders) in mind, not some profit seeking stockholders like a bank has. Credit unions are vying for your business and will help you reach your goals. They may not have as many "brick and mortar" offices, but you can use lots of ATMs at no cost and many have shared branching with other credit unions. Hey, the best thing to do is online banking, so you don't even have to bother with branches. To find a credit union near you, check out this link: http://www.creditunion.coop/cu_locator/index.html
Happy "banking" at your new credit union!
2006-10-06 14:21:56 · answer #2 · answered by intensefirejr 3 · 0⤊ 0⤋
Credit unions. I've worked at both credit unions and banks, and had accounts at both, and credit unions are definitely a better option. Because credit unions are non-for-profit institutions they are more concerned with their customer (members). Loan rates are usually lower then banks, interest on your savings account is higher than banks. You still get all the same account options (checking, savings, etc) but in a much friendlier environment.
2006-10-04 13:12:29 · answer #3 · answered by Anonymous · 0⤊ 0⤋
when I see the rates listed at banks... they are always horrible!! I personally like mortgage brokers because they work with many lenders and can get you the best deal for your situation. The last time I refi-ed they actually refi-ed with a credit union. But I'm not a credit union kind of girl, so I for me, it would not make sense to contact the credit union directly. I like access to my money globally. Credit unions are local or regional at best. As for selling the mortgage MOST lenders will sell your mortgage. I don't know the stats today but it was in the 99% that the loan would be sold. But selling the loan is seamless to you... I've had loans sold many times, all it means is that you send the check to a new place.
2016-03-27 05:07:28 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I actually have a bank account, and a credit union account.
The bank because it's national, and no matter where I go, there's a branch (helpful if you have family out of state).
The credit union for my loans because they offer much better rates.
2006-10-04 11:34:38 · answer #5 · answered by daisyk 6 · 0⤊ 0⤋
Credit unions, being much smaller, generally give much better service. Depending on where you live, there might be differences in how much you would be covered by insurance if the credit union goes bankrupt. Other than that, credit unions generally are far superior to banks.
2006-10-04 11:21:51 · answer #6 · answered by stevewbcanada 6 · 0⤊ 0⤋