Credit Union vs. Bank

[Karen]

I just signed a new consultant yesterday who is considering opening her PC account at her credit union instead of her regular bank. I'm just wondering if anybody uses a credit union for their PC business instead of a bank and what the pros/cons of this would be. Thanks in advance for any feed back!

[kathijenkins]

I use my credit union for all my banking...PC included. It's basically the same as a regular bank...I can't tell a difference. And if that's where you do all your banking, it's easier to manage that account along with the other ones & not deal with a different bank. The only thing I did (by choice) was open a 2nd checking/savings in just my name that isn't tied to our joint account so there aren't any mess ups. HTH

[Karen]

Thanks Kathi. I will pass that information on to her. I didn't think there was any difference, but I just wanted to make sure. Thanks again!:)

[Joanna]

I use a credit union for all of my banking. I was with a regular bank and there is a difference. They are much more polite and your banking is made easier at the credit union.

[christy_c]

I just had to respond since I was in banking for 5 years until my current job....and I've "banked" with a credit union since I was 13. :)

Typically, the only time you'll really notice a difference between the two is when it comes to deposit & loan rates. Rates are typically better at a credit union, but that's because they are considered non-profit & don't have to pay taxes like banks do. If you're talking just checking accounts, most banks & credit unions these days offer a free checking account with no monthly fee (although you have to be aware of any added fees for excessive transactions, etc.) So if your consultant is only interested in a checking account, tell her either would probably work for her.

[stacywhitlow]

I also only have a credit union for all my banking. My only problem is that I have to drive at least 45 minutes to get to an ATM or a "local" branch. Just one of the perks of living in the middle of nowhere.

[ljeffries]

I also only have a credit union for all my banking. My only problem is that I have to drive at least 45 minutes to get to an ATM or a "local" branch. Just one of the perks of living in the middle of nowhere.
What Stacy said...

It is a convenience issue most times with a credit union. If there is one convenient to you, then that is fine. However, the upside of a bank is (especially with a larger bank) that you can typically find a branch anywhere you are.

[bsaxman]

Credit Union is what I use. I like that people dont try to sell me on things when I go in to do transactions. Also, you can bank at Credit Union Service Centers and use other non-fee atms. You can usually do a search of all the non-fee ATMs in your area by going to your CU's website

[jwpamp]

Yep, I use a Credit Union, too. It's a much friendlier environment....they always know your name (like the "Cheers" song!).

Lots of perks on the rates, too. All of your deposits are still FDIC insured, so there really isn't a difference.

[Kitchen Diva]

I've been banking at a Credit Union since I was 12 years old, and I worked for a MAJOR bank/cortgage chain! I could not believe how badly the bankers were treated and threatened to push products on people that they didn't need.

I love my credit union, and love that they are there to help me, not push products on me to increase their profits, and make my life more stressful! :)

Credit unions are the way to go in my opinion! :)

[janetupnorth]

I beat you Kacey - I've used a Credit Union since I was 4! :)

I still have my main account at the same one 30 some years later.

My PC account is at one locally. I don't have a problem with convenience.

LOVE only having to keep $5 in my account and many other things.

My one credit union gives bonuses in each account at the end of the year for good years because they are non-profit and also interest rates are ALWAYS better.