High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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As having been in the CU yourself, or for anyone really, can anyone help explain the decision for a big bank? I mean, take for instance, BOA. I happen to be with them because they were the only bank...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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36 Replies
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Personally, I have my savings acct. with a credit union and checking with USAA. I never visit a branch. USAA can instantly take or send money from my CU savings. I can scan checks into my USAA acct....
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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right right, it's called TARP and due to mortgage CDS but you still haven't explain why it would be better than putting money into ur freezer.
Also, correct me if I am wrong, JP Morgan and Wells...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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1. because CU don't have over certain amount of deposit (i think it's over 5 billion or something) so they are under different regulation.
How do you know they have the same revenue stream? How...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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The giant, mega banks were deemed too big to fail - that's why a few years ago they received billions and billions and billions of taxpayer dollars (your and my money) to bail out their failing...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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I sure hope you're listening to what you're saying...cause you're actually beginning to make sense. :lol::P
Despite the fact that paper dollars will be worth less and eventually worthless, it's...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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The American Customer Satisfaction Index just came out with their most recent customer satisfaction survey among the financial sector. The American Customer Satisfaction Index is the most credible...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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How does join a damn CU transform to take matters into your own hands?
I know it's a lost cause when you basically wrote US will bankrupt itself and paper dollars will eventually become worthless....
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Funny, so that give you an incentive how? CU is owned and controlled by you and what do you actually get out of it as a customer?
btw...strong bias statistical usage on the link u posted on the...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Why lend to the TBTF when there are far better options? Like Brian said, you're better off with ziploc bags of cash in your freezer than loaning it to the zombies.
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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In HS I had an account with parent's CU. No fees or anything. Worked out great, only potential issue was access to my money at college...but...
The CU had reciprocity with a CU near my...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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You don't need to mail the checks, you can deposit then with your cell phone.
The biggest difference between a bank and a credit union is, as a member, you are an owner. You can vote on the...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Former Credit Union employee here:
I got this question all the time.
This is how I answered-
1. Do you qualify for any free checking/savings accounts at a bank?
1a. If yes, pick a bank....
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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I came here to post exaxtly what Brian1 said...
Aside from having a lot of branches, there are NO benefits to banking with a big bank. The main goal of all large banks these days seems to be...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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I would say try one or the other and see how you like it. You can always move and change banks pretty easily with no penalty. I personally bank with a small community bank that is similar to a...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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My only point is that you will pay higher rates & have more unreasonable fees forced upon you by big banks than by CUs. It's totally debatable about WHY those fees are there, but the bottom line is...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Actually i donno y...but wellsfargo gave me 2% APY on my saving for a yr for some reason.
But either way, i have better way to earn than putting money into saving, so i only have 1k in there for the...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Have you ever read the FDIC disclaimer on the placard at the bank? Go ahead and do that next time. Read the whole thing. Then realize they have maybe enough to backstop $1 trillion in a system that's...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Credit unions are owned and controlled by their members.
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Big banks tend to charge fees to people that do not have a certain amount of assets and they have some abysmal checking/saving rates but they do tend to have alot of ATM access and offer more...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Ally also has eDeposit. I would recommend them if you just want a CD or savings account.
They also reimburse ATM fees. free checks
...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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I want to start out by saying that I probably have no idea about banking or where to put my money. :/
My economics teacher recommended putting my savings and scholarships into credit unions, but I...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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How much savings do you have to deposit? $1,000? A few hundred bucks? And are you trying to put the money in the bank for safekeeping, or to try to make it grow?
I'm asking because if you want...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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I deal with big banks for one main reason: Convenience.
I can literally drive 3 minutes to my local Chase branch and deposit money into my savings account and pay my Amazon Chase credit card at...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Wow, the ignorance here is incredible....
First off, OP needs to understand the difference between a bank and a credit union. If your Econ teacher didn't point this out, he is a miserable...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Right right.....so if that, the collapse of FDIC, actually happens what do you think the money in ur freezer will worth? Maybe you should put change all cash into Gold then maybe that'll actually...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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u made it sound like FDIC don't do shit? If it's truly TBTF then why would it be better off putting it in freezer? :shake:
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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LOL, good lord. Yea, it's just some arbitrary, unjust hate. Guess who's devaluing the funny money you're lending them? The TBTF US banks "print" 65-90% of the money in circulation. They have this...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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If you show me the 10x, 30x, 300x times debt to asset ratio from their balance sheet then i might believe you. Oh wait, you probably can't read them.
Sorry brah, hard to take you seriously when you...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Bumping a dead thread, i know, but your question was why join a CU over a mega bank, and again from just eye-balling the amount of APR, CUs tend to win out. My question is what about these online...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Generally speaking, if good customer service with a personal touch, low interest rates on loans and other lines of credit (such as credit cards), and overall experience are important to you, your...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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^ You can only scan checks if you also have USAA insurance.
Apparently now you can deposit checks at UPS Stores of all places.
...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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I can quite literally drive 3 minutes to the nearest CU, which has reciprocity with my CU 1500 miles away, and deposit money into my account. And I can use online billpay or simply transfer funds to...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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...and the government stepped in to regulate the banks because they are gouging thier customers. Why do you think only big banks are doing it & not the credit unions? They both have the same...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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Credit Unions and Banks are under an entirely different levels of regulation. You can't compare the costs the Gov't is requiring of banks as compared to credit unions.
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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36 Replies
3,474 Views
higher interest rate for savings? Define "higher" because it seems like you are blowing things out of proportions. Going with a credit union you are only going to get a .5% difference in interest...
High school student: Banks or credit unions?
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Thread created 03-04-2012 by apletkaiver
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The main reason for the new fees is because the government regulated banks on what fees they could charge. You can't force a business out of a revenue stream that has been a part of their business...
