Why you should join the local Credit Union

[BigV]

There are lots of reasons to join your local credit union. I'm a member of the credit union here in Seattle, and I've *NEVER* been disappointed with my decision. To be clear I have lots of banking options here, all the major banking firms have numerous branches here, there are plenty of small local banks too. The rules in Washington for credit union membership are very liberal. Time was, you had to be a member of this union, or that trade group, or affiliated with this set of employers. No more. If you're a resident of the State of Washington, you're eligible for membership in any credit union chartered in the state.

So join up!

Why?

There are lots of reasons, we'll discuss them as we go, but mostly because you won't have to deal with shit like this from banks. Like: I have to say poor Bank of America just... doesn't seem to get it. They may have a great product/service, but it doesn't suit me. Recently they tried to charge their customers $5 for using a BofA branded debit card. This backfired badly since folks strenuously objected to being charged to use their own money, and justifiably so. This new story is just more of the same.

Imagine having some cash money and taking it to the bank, say... BofA to deposit. But they *charge you a fee to deposit the cash*. Yeah, you can't make this shit up. They're charging you money to accept your money.

The "management costs" of such activities are belied by the modest fees involved. Chase needs to charge an extra 40 cents for every $1,000 deposited beyond a certain level? How could that possibly make a difference?

What's more likely is that, as with so many other bank fees, these institutions are relying on the charges being so small that most customers won't gripe. But multiplied over thousands or even millions of customers, such fees can add up to some serious money.

You know what this reminds me of? Ticks. Parasites. "Hey, this big boy won't notice this little pinprick. He'll never miss just a sip. Emphasis on prick. Fuck you. Find another place to harvest your crop/shareholder value.

Banks don't say how much they make from cash-deposit fees. However, non-interest income, which includes fees, now accounts for about a third of total bank earnings, according to consulting firm Market Rates Insight.

"They would have us believe that federal bank regulations are putting extra costs on them," said Toccoli at the California Small Business Assn. "It looks more like they're just trying to increase their income, even if it puts some customers out of business."

There are a lot of bank fees that seem beyond the pale. A fee for giving a bank money is just plain absurd.

[jimhelm]

well duh

[BigV]

Originally Posted by jimhelm

well duh

AND YET!

BofA has millions of customers.

"duh" and millions of customers. If they're so stupid, where are they getting their money?

[monster]

Well, fees are waived for people with enough balance/direct deposit etc. And lines move faster, they're open on holidays and they're faster and easier to deal with. And their online statement work better. But if you don't have a decent balance and direct deposit, or the nouse to use those to get fees waived, then yes, you need a credit union. Online is really the way to go, though.

[monster]

(I regularly bank with three big name banks, three credit unions and one online bank fwiw, and one of the credit unions is notably better than the other two. But still lacking behind the banks in speed of service -and national availabily)

[monster]

And the credit unions charge more for checks, so you end up using a non-local check printing service.

[BigV]

Originally Posted by monster

(I regularly bank with three big name banks, three credit unions and one online bank fwiw, and one of the credit unions is notably better than the other two. But still lacking behind the banks in speed of service -and national availabily)

National availability is definitely a point in favor of big banks, *if* that's something you need. I don't travel so far that my credit union can't do what I need to do for me. I don't travel across the country, I don't have a need to visit a branch across the country. So, while I agree that BofA's geographical footprint far surpasses that of my local credit union, that represents useless excess for me. I won't use it, I don't need it and I certainly don't want to pay for it.

[jimhelm]

I've been with Citadel FCU for EVER

love them

free everything as long as I move my paychecks through there. I have online bill payer, and all that shit.

[Griff]

Yep. We only use our credit union.

[BigV]

I just added a poll. Go crazy.

[Clodfobble]

Originally Posted by BigV

National availability is definitely a point in favor of big banks, *if* that's something you need.

Many credit unions also participate in a National Shared Branch program. 4,433 locations nationwide. There are, for example, two credit unions in Ann Arbor that I could do business with if I happened to travel there, because they have an agreement with my local credit union.

[monster]

Oh, I use a local bank too. I forgot about them. They have huge plusses and huge minuses. Not much in the middle. They were able to make accomodations for our specific needs, but their charges -when they apply- are large. And their online services are still teething.....

[classicman]

I was with a local bank for about 10 years then joined the CU when I got a new job which gave me that option. After I got divorced I went with Commerce which was bought by TD Bank. I'm still there, but will be going with a CU very soon.

[footfootfoot]

Dishier tellers at my CU

[glatt]

We use a regional bank, but I checked off national in the poll, since they are in numerous states. Used to be a local bank, but they got bought out.

We don't pay any fees. Although I think we had to pay a little to get the checks printed last time.

If we used another bank's atm, there might be a fee for that, but they are big enough that we never have to.