Credit Union vs. Bank for Your PC Business: Pros and Cons

[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.