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Credit Union Memberships Are on the Rise - But Why?


hegemony
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I love my local CU. Totally free checking and bill pay, dividend on savings,

 

VISA card at 8.9% with an 11,000 CL. No rewards though.

 

Completely different feeling than when you walk into a big bank.

 

.9% car loan, .20 savings rate. That sucks but a lot of other places have worse rates.

 

I never travel as all family is local so I don't need a bank with branches all over .

 

Never had a problem with them

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I love my local CU. Totally free checking and bill pay, dividend on savings,

 

VISA card at 8.9% with an 11,000 CL. No rewards though.

 

Completely different feeling than when you walk into a big bank.

 

.9% car loan, .20 savings rate. That sucks but a lot of other places have worse rates.

 

I never travel as all family is local so I don't need a bank with branches all over .

 

Never had a problem with them

U got lucky as CV will tell u there are a ton of amateur credit unions.

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I love my local CU. Totally free checking and bill pay, dividend on savings,

 

VISA card at 8.9% with an 11,000 CL. No rewards though.

 

Completely different feeling than when you walk into a big bank.

 

.9% car loan, .20 savings rate. That sucks but a lot of other places have worse rates.

 

I never travel as all family is local so I don't need a bank with branches all over .

 

Never had a problem with them

 

That isn't much to love.

 

I have free checking with Chase, Wells Fargo, Bank of America, Merrill Lynch, Huntington and Fidelity. I've never paid for a checking account anywhere. Ever.

 

I have an $80,000+ credit card with Citi, $70,000 with Chase and well over $100,000 across my Amices. Among many others. I have no idea what the APRs are because it doesn't matter if you aren't carrying balances, which I would never do.

 

Most of my cards have no foreign transaction fees, and my better cards (the ones I do not regret opening) pay competitive rewards that virtually no credit union can match. I'm not even sure the word "virtually" is necessary but I tossed it in just in case.

 

My liquid savings is earning 1.15% at Barclays, which is 575% of the interest you would earn on the same balance at your CU.

 

I have no car loan, but for now I have mortgages on both of our homes with rates that no credit union could touch. I shopped.

 

Over the past 6 or 7 years I have started the mortgage process with at least four CUs of all sizes, and none of them could figure out how to manage to a deadline and get the loan closed on time.

 

So I've never closed a mortgage with a credit union, I've only started the process. Each time I had to abandon them and go elsewhere. One of them took over two weeks to get my application - which I filled out on their web site - into their loan origination system. Another one couldn't get a HARP refi (that didn't even require an appraisal) closed in almost two months. So I went elsewhere and I was done in 13 calendar days, and ended up with a better rate and lower fees.

 

I am not able to get the best of anything from a credit union. Credit unions are fine if you are content with mediocrity or less. I am not.

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I guess

 

 

I love my local CU. Totally free checking and bill pay, dividend on savings,

 

VISA card at 8.9% with an 11,000 CL. No rewards though.

 

Completely different feeling than when you walk into a big bank.

 

.9% car loan, .20 savings rate. That sucks but a lot of other places have worse rates.

 

I never travel as all family is local so I don't need a bank with branches all over .

 

Never had a problem with them

 

That isn't much to love.

 

I have free checking with Chase, Wells Fargo, Bank of America, Merrill Lynch, Huntington and Fidelity. I've never paid for a checking account anywhere. Ever.

 

I have an $80,000+ credit card with Citi, $70,000 with Chase and well over $100,000 across my Amices. Among many others. I have no idea what the APRs are because it doesn't matter if you aren't carrying balances, which I would never do.

 

Most of my cards have no foreign transaction fees, and my better cards (the ones I do not regret opening) pay competitive rewards that virtually no credit union can match. I'm not even sure the word "virtually" is necessary but I tossed it in just in case.

 

My liquid savings is earning 1.15% at Barclays, which is 575% of the interest you would earn on the same balance at your CU.

 

I have no car loan, but for now I have mortgages on both of our homes with rates that no credit union could touch. I shopped.

 

Over the past 6 or 7 years I have started the mortgage process with at least four CUs of all sizes, and none of them could figure out how to manage to a deadline and get the loan closed on time.

 

So I've never closed a mortgage with a credit union, I've only started the process. Each time I had to abandon them and go elsewhere. One of them took over two weeks to get my application - which I filled out on their web site - into their loan origination system. Another one couldn't get a HARP refi (that didn't even require an appraisal) closed in almost two months. So I went elsewhere and I was done in 13 calendar days, and ended up with a better rate and lower fees.

 

I am not able to get the best of anything from a credit union. Credit unions are fine if you are content with mediocrity or less. I am not.

 

I guess you and I just are content with different things. I don't need credit cards with $70 - $80,000 (or more) credit limits.

 

I don't carry balances on my cards either. I have a couple rewards cards, so I don't use my CU credit card. It's for emergencies.

 

I don't need six checking accounts (free or not) at six different banks. I guess I am afraid of the inconvenience of online banks,

 

plus the fact that I have a very 70s oriented wife. Had a mortgage from hell with WF and Ocwen, but those are paid off.

 

Foreign transaction fees don't concern me as I don't travel.

 

I don't need a big bank with a national footprint as I don't travel.

 

I guess what I am trying to say is that what you have works for you, and that's fine.

 

What I have works for me, and that is fine, too.

Edited by whoozyerrdaddy
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I guess

 

 

I love my local CU. Totally free checking and bill pay, dividend on savings,

 

VISA card at 8.9% with an 11,000 CL. No rewards though.

 

Completely different feeling than when you walk into a big bank.

 

.9% car loan, .20 savings rate. That sucks but a lot of other places have worse rates.

 

I never travel as all family is local so I don't need a bank with branches all over .

 

Never had a problem with them

 

That isn't much to love.

 

I have free checking with Chase, Wells Fargo, Bank of America, Merrill Lynch, Huntington and Fidelity. I've never paid for a checking account anywhere. Ever.

 

I have an $80,000+ credit card with Citi, $70,000 with Chase and well over $100,000 across my Amices. Among many others. I have no idea what the APRs are because it doesn't matter if you aren't carrying balances, which I would never do.

 

Most of my cards have no foreign transaction fees, and my better cards (the ones I do not regret opening) pay competitive rewards that virtually no credit union can match. I'm not even sure the word "virtually" is necessary but I tossed it in just in case.

 

My liquid savings is earning 1.15% at Barclays, which is 575% of the interest you would earn on the same balance at your CU.

 

I have no car loan, but for now I have mortgages on both of our homes with rates that no credit union could touch. I shopped.

 

Over the past 6 or 7 years I have started the mortgage process with at least four CUs of all sizes, and none of them could figure out how to manage to a deadline and get the loan closed on time.

 

So I've never closed a mortgage with a credit union, I've only started the process. Each time I had to abandon them and go elsewhere. One of them took over two weeks to get my application - which I filled out on their web site - into their loan origination system. Another one couldn't get a HARP refi (that didn't even require an appraisal) closed in almost two months. So I went elsewhere and I was done in 13 calendar days, and ended up with a better rate and lower fees.

 

I am not able to get the best of anything from a credit union. Credit unions are fine if you are content with mediocrity or less. I am not.

 

I guess you and I just are content with different things. I don't need credit cards with $70 - $80,000 (or more) credit limits.

 

I don't carry balances on my cards either. I have a couple rewards cards, so I don't use my CU credit card. It's for emergencies.

 

I don't need six checking accounts (free or not) at six different banks. I guess I am afraid of the inconvenience of online banks,

 

plus the fact that I have a very 70s oriented wife. Had a mortgage from hell with WF and Ocwen, but those are paid off.

 

Foreign transaction fees don't concern me as I don't travel.

 

I don't need a big bank with a national footprint as I don't travel.

 

I guess what I am trying to say is that what you have works for you, and that's fine.

 

What I have works for me, and that is fine, too.

 

We are saying the same thing. I have more requirements and higher expectations.

 

At least consider getting a decent rewards card and putting your savings somewhere that pays more interest. You're leaving money on the table with every purchase and every day that passes.

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