My dinky little credit union has all the technology most people would need. Admittedly it took them awhile to get their app working well, but they got there lol.
Also, ask if the credit union participates in the shared branching network. Basically, you have your money in your credit union and you can stop at Any other credit union that participates in the shared branching network and use them as if they were your credit union.
I've been with a federal credit union the last 3 years and I adore them. Also, my credit union mobile banking blows bank of America out of the water. No comparison. Easily transfer money between personal, seconary, and my business account with ease and quickness. The moment I swipe my card its on my mobile banking in the pending section. Also, the day before my paycheck hits it shows me the amount and allows me to spend 50% of it. If you can, go with a credit union.
@@int_proA few decades ago, a lot of credit unions were insured by state governments or private insurance in case the union collapsed. Credit unions that were insured by the federal government's NCUA agency (counterpart to the FDIC) .used "federal" in their name to designate they were insured by the federal government. Nowadays it doesn't mean much, as just about every credit union is insured by the NCUA
Indeed! I prefer credit union. The customer service is way better and services are a lot cheaper or even free such as getting cashier check, doing wire transfer, getting HELO, lower interest rate, etc.
All three of my credit unions offer digital banking. Also there is a nationwide credit union partnership/co-op that offers no-fee ATMs and services (transfers, deposits, etc.). However, none of my credit unions offer photos of checks in my statements.
@@jmgonzales7701 in comparison with a bank? Its a little more humane in how management treats employees and how employees treat their customers. Sales quotas are less harsh and consequential.
If you have more than one loan at a credit union and miss a payment they can repossess everything you have a loan on. Another thing, if your name is on someone’s account like I was on my mom’s for emergency purposes (like if she went into the hospital) well I overdrew my personal checking account and they took money out of her account to cover it.
Regarding repossession, big banks will reposes as well. You have to miss several payments for them to reposes. If the credit union standing policy is to reposes after a single missed payment they would be out of business. The over draft thing will happen with any linked account. It’s the risk of having a joint account.
You can use ‘shared’ credit unions to get your money. They are nation wide. Try going to a bank that you don’t have money in and ask for your money, but if you go to a shared credit union branch they will give you money!
With my credit union I get an annual dividend. Since my deposit on my savings accounts is my shareholders fee. So I own part of the financial institution. And if I decide to cancel I get my deposit back. My deposit for an account or a membership is a one time five dollar deposit.
I don’t know about other credit unions, but at least with mine they also offer reimbursements on incurred fees from using ATMs anywhere in the country. It’s small but a nice benefit that I don’t have to think about when withdrawing money.
Credit Unions use co-collateralisation. That means if you have a credit card and a signture loan and there is a problem with the credit card to the point of bringing in legal they can and will attach the two accounts together. So you may have no problem with the signiture loan but they will attach it to the credit card and take you to court over an account that there is no problem with. This becomes problematic when credit cards get hacked and you have to dispute charges. This is what happened to me 10 yrs ago. It was a major hassle and ended up costing me big bucks in legal fees. I paid off the signature loan when they tried to take me to court over that( I always paid more than the minimum payment on that account and always an extra payment too) but had to fight about the credit card so I wouldn't have to pay for debt I didn't make. Also, before that my FICO score was 800 but because of all the legal action it effected my FICO score negatively in a big way. Took years to get it good again.
FYI, banks also have a competitive advantage in the business/commercial banking sector. They often offer cash management and treasury services that credit unions don't because credit unions are focused more on accounts and loans for individuals (and you need economies of scale/high volume to make offering these services make sense). Credit unions also may take an additional day to settle ACH/direct deposit payments because they are often not the hub but a node at the end that is sending their payments to larger banks that then batch them together and send them into the ACH payment processing network. Since they often have an additional layer of middlemen they have slower payments, which probably doesn't matter to individuals but might matter to some larger businesses and corporations. You also may have higher fees for wires at credit unions (because you essentially have to pay the credit union fee and then the bank acting as an intermediary will also charge their fee). That said, smaller banks also have to use larger banks as intermediaries so this is more of a small institution vs large institution difference, and probably isn't significant enough that you should be making banking decisions based on it (unless you're a business doing a lot of wires).
I’m pro credit union and my boyfriend is pro bank. I’ve learned that they both have their pros and cons. Credit Unions are friendlier, but when we travel it’s nice seeing a Bank of America at every corner, it’s also cool that you can access ATM’s with apple pay. This video really summed the differences up well.
Maybe not a problem in the US but in my country Credit Unions have more risk of bankruptcy so while they pay you more interest they are riskier than banks
Really important though, you can save big on specific types of loans by going through large banks. We didn't have to worry about mortgage insurance on our loan at all when we didn't know what price range we wanted to buy a house because the bank was large enough they insure their own loans. Also, CUs can still be shitty so do your research on the one you're interested in before buying! Check local branch reviews and app reviews before selecting a bank to see if the infrastructure is there to support your needs!
PRO TIP: Check whether your credit union is part of the Co-op Shared Branch Network, which means you can bank MORE places nationwide than most big banks anyway.
I have accounts with both. Bank for checking account, many ATMS where I travel, and much easier online experience. I use credit union for savings account and car loans.
Also some banks can have better services if you do a lot of international travel or banking. However, check out credit unions that have national and even international ATM networks that are cooperative with credit unions in other locations.
My CU is constantly upgrading the equipment and services they provide, and I have moved out their geographical region. They have been expanding closer my my area, but I’ve been using effortlessly through their internet services for over 15 years.
I have two accounts .. I have one with a credit union and one with a traditional bank . When I comes to getting a car loan or buying a house a credit union is where it’s at !! But I do like have access to more ATM with my other bank . I’m happy having both
Thank you! Credit Unions do take a little research to find the right one for your situation BUT once you are in they are best for a lifetime of personal money management.
Love my credit union!! Especially when it came to getting my car loan and having a low fixed rate. They will also alert the second any purchases look suspicious.
Ps a lot of small credit unions have a shared branch network with other small credit unions. I’ve traveled all over the us and never been more than 10-15 min away from a branch (my OG credit union is based in hawaii) Easy access all over so cal, michigan, oregon, iowa its awesome
I’m so glad my mom had me open an account at the credit union when I was a teen. Compares to chase, it’s heaven. Insanely low rates for literally any loan, super super friendly, wave application fees, and are generally a delight to interact with. (Schools First Credit Union). Their app is really good compared to B of A (entire digital ecosystem is garbage)
Credit unions don't pay income taxes therefore they aren't supporting the local government. They do not usually support their local communities with charitable donations and community involvement.
Had a problem with Wells Fargo and lost story short I can’t bank with them anymore. Like at all. Barely 18 and because of 1 mistake, because I didn’t follow up on them for this 1 incident even though I was told they would handle everything and that I didn’t need to do ANYTHING, 12 years are down the drain. Chase was gonna be my next option but my dad kept sayin “what the f*ck” every time there was a fee said in the video explaining what chase offers😂 all this was yesterday and it was emotionally draining…. Add the fact that yesterday was the first day I was actually gonna change myself and then this hit me like a truck. Now I switched to credit Union so I hope things are better since I don’t know much about it. Thank u!
Banks also can "make money" just by messing with numbers (it's a lot more complicated and regulated but you get the point) and credit unions can only use the assets they have so your money or mortgage is their asset to lend out
Do not EVER put your money in a credit union. They are not FDIC insured and if they go belly up you will lose part or all of your money. This happened to me in Rhode Island about 30 years ago. They supposedly were insured by a state chartered insurance company but the CEO of the insurer absconded with the majority of the insurance fund and all the credit unions closed for several weeks. Most remained closed for several more months and a handful, including mine, never reopened and I lost thousands, basically my entire live savings. Banks must be federally insured while credit unions don't have to be and in many states there are no state protections either. Basically it's like loaning your money to a stranger who promises to keep it safe but you have no way of knowing until your checks start bouncing and the police come to take you to jail because your rent check bounced and your landlord has a zero tolerance policy.
Every credit union is required to insure its members' accounts for up to $250k with the NCUA, which is a federal agency. You're either not telling the truth, or you were storing more than $250k in the union
I love you 😂 I have been complaining so much about having a credit union (I tagged along with my dads bank when I moved back to live in my home town) because there are no atms. BUT now that I know all this I’m like oh yea I would have picked a credit union anyways… so I’m gonna shut up now and enjoy my savings 😎 plus they have an awesome app so 🎉👍
Where I live in NJ we have a credit union, Polish and Slovic CU that serves those ethic communities speaking their language and works with their cultures.
Navy federal credit Union has the best mobile banking and customer service ever. If anyone has ever joined. Stick with NavyFed. I have JP Morgan for investments and closed BofA when I turned 19 because they were trash then.
MUCH better online banking tools is all I need. We tried going credit union for a while but came slinking back to BoA because of the mobile conveniences.
Credit unions are the way to go. My CU is on the SUM network and I have lots of options nationwide when I need funds. My credit card interest is less than 10% and they provide members with services and resources to make informed financial decisions - they have my interest in mind. We open savings accounts for each newborn in our family.
I use both a bank and a credit union. I’ve had my B of A account since I was a kid (more than 30 years) but my credit union is where my paycheck gets deposited. My credit union gave me a better APR last year when I was buying a new car too.
Thanks each of you for sharing your knowledge and expertise and experiences! There is a great deal of information here👏🏾👏🏾🫶🏾wishing you all an abundance of fortune!🙏🏾
I recently moved from Virginia to Florida. have not changed credit unions. had to deposit funds and found out that certain credit unions are connected so if you have your member number you can deposit at a credit union that is different from yours but in the same branch.
i’ve used banks and credit unions. i’ve gotten screwed by both. the credit union would say my account was overdrafted even when it blatantly was not as in it was definitely still in the positive and not negative and charge me overdraft fees. it happened on multiple occasions, and i would have to make multiple calls to get those fees reversed.
Also, Credit Unions are Customer owned. My daughter bought a brand new vehicle from a dealership, then some weeks later she refinanced at the Credit Union that she had recently opened up a new account with - and received a much lower Apr. Our Credit Union is AWESOME! 💯
I use both, I’d say my c.u. has pretty good tech compared to the bank I’m at; however they don’t offer currency exchange, which is ultimately why I opened 😢bank account. I like to get a little foreign currency before a trip abroad for small tips.
People will work minimum wage jobs and splurge on the latest phone while getting robbed by their banks because they don't understand this fundamental difference, and act like saying they're a pawn for their brand name bank is a flex. Bb I've been with School's First since before banks dropped deposit slips. You used to have to fill out basically a check to deposit money!
The credit union that I know recently started charging hefty fees like some of the bigger banks. One of the major reasons for being a credit union member is no minimal balance, no maintenance fees, etc etc. Time to go elsewhere.
The region ur in is key to the tech available In ny the website is booming In tn it’s pretty much the same In ms it’s lame If u don’t want fees use a credit union No brainer
I use 3 kind of banks. A big bank, local credit union, and an online bank. Credit unions are good but not the best and it isn’t hard to avoid fees on some personal checking accounts from big banks. And big banks offer much larger credit lines for businesses. It is all preference. Just make sure you know how to avoid fees and which one is more convenient to you. My credit union is great as they have many branches in my area with no fees at all but the app is plain and basic. They offer great auto loans rates as well. And the credit cards from bigger banks are often much better like from the Chase trifecta. Name a credit union that could match that. My online bank is great as I can get cash anywhere and get atm fees refunded. That probably gave it away which one it is lol.
