(Closed) Credit Unions

posted 7 years ago in Money
Post # 3
Member
2522 posts
Sugar bee
  • Wedding: November 2013

Bascially my credit union is set up for everyone to join but it’s affiliated sort of with the University I work for and attended.  It’s backed by the National Credit Union Administration and the FDIC, make sure of that!  Bascially they work with other credit unions so if I travel I can use other credit unions/atms.  Also, I paid $5 to “join” but when I want to leave I get my $5 back.

Credit unions are supported by the members of it, those who hold accounts there.

Post # 4
Member
949 posts
Busy bee
  • Wedding: August 2012

I think there are good benefits. I’m with the state credit union here, which one can only get into by being an employee of the state or their family. What’s great about it to me is that basically it’s a non-profit organization, so they don’t get you with all kinds of crazy fees, I think the only fee I’ve ever seen on my statement is $1 a month. (I’m always seeing allt hese Bank of America ads for “free checking as a student” and I’m like… yeah, and?) Frankly, I’ve been with a credit union since middle school, so I have no real idea of what non-credit union banking is like, but my experience has been that it’s just really sane and doesn’t do anything crazy. On the other hand, I never bounce checks or do anything like that, so I don’t know what it’s like to be on their “bad side”.

Post # 5
Member
375 posts
Helper bee
  • Wedding: October 2011

Credit unions are essentially not-for-profit banks – they are “owned” by the account holders (members), and they can have better perks, lower fees or interest rates because they are not concerned with making a return for external investors.

I personally love credit unions – I have pretty much everything through them (several), including an auto loan and a mortgage. They vary in benefits and fees like banks do, so just because it’s a credit union doesn’t mean it will necessarily be better than any bank. 

If you or your husband is or has been military, or if either or your parents is a member, look into USAA – there are the military membership requirements (a lot of them have some sort of requirement like employment within a certain trade/union or geographical proximity), but USAA has been nothing but amazing in all my experiences with them. They don’t charge any fees, and actually reimburse me if an external ATM charges me! Lots of other pluses, but I don’t want to sound like I am advertising for them or anything.

Post # 7
Member
1221 posts
Bumble bee

im with a teachers credit union, im not a teacher. The car loans and other loans are really great with low apr rates. I dont have the best credit and i got my car loan with really low rates.

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