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Credit Union vs. Bank ?

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OK, forgive me here, but I have never belonged to a credit union.

 

What are the advantages,if any, of banking through a credit union compared to a traditional bank?

I never belonged to a CU until I came to CB..now I belong to Patelco,PenFed and Navy....I still keep a bricks and mortar bank acct but the main advantage is that CU's (if they like you) fall over you to get your biz..so far I have refinanced with them, and HELOC'd, competive rates on - downside, ACH's seem to be slow,accessabilty can be an issue(but I do everything electronically)....not sure if Federal insured funds limitation might be an issue

 

 

I am not in the military, nor is any of my relatives. What is the easiest way for me to join the NAVY and PENFED credit unions (ie. which free or low-cost membership-organization should I subscribe to, to be eligible for the NAVY and PENFED credit unions) ?

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I still hang on to a long time credit union relationship. Remember, credit unions

borrow their money at a less expensive rate than brick and mortar banks.

Their biggest advantage is with installment loans, which as a rule will crush

a brick and mortar. Additionally, many credit unions will use their local

cu board for loan consideration, as opposed to a national scoring system that

lacks any personal consideration.

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I like the shared CU system. I have a couple of accounts with DCU in Massachusets, I live in Illinois. Real easy to go to a local CU and deposit into my DCU accounts. I think a shared network is important.

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OK, forgive me here, but I have never belonged to a credit union.

 

What are the advantages,if any, of banking through a credit union compared to a traditional bank?

$20,000+ CAPITAL ONE

 

$100,000+ AMEX

 

$60,000+ BofA

 

$30,000+ MBNA

 

$15,000 PENFED

WHAT ADVANTAGE WITH A CU????

3 or 4 WEEKS FOR PENFED TO APPROVE!!!

WHAT ADVANTAGE WITH A CU???

GEORGE- you are comparing apples to oranges. You cannot compare credit card banks to conventional credit unions or even regional banks. When was the last time you walked into Amex's Centurion bank and cashed a check?

Edited by blazzzer

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Ditto.

I love my CU- they treat me like a human being. When I was looking for a car, for example, I called them and told them I've had issues with my credit- my FICO at that point was appx 550 EQ- I explained the scenario in a letter- and was approved for $20k.

 

They've always been very helpful and told me what I needed to do to qualify for a home loan with them, in terms of scores, and things like that. I still have a business account at BofA- and they simply dont come close to the high standards of the CU.

 

Because I had been a member for appx 13 years (and my parents before that)... that carried more weight with them than it would have at any other bank.

 

Basically, they valued me and saw me as human.

 

That's priceless.

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