Are credit unions better than big banks?
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- เผยแพร่เมื่อ 28 มิ.ย. 2024
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Only 27% of Americans have confidence in banks, but what are your other options? Check out the pros and cons of keeping your money with your big bank.
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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
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Sources:
money.cnn.com/2018/04/24/news/...
blog.wallstreetsurvivor.com/20...
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ilsr.org/top-5-reasons-choose...
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I left Bank of America in 2006 when they charged me a $37 fee on a 7¢ overdraft. I went to a credit union and haven't looked back since.
I’m with Bank of America now and looking to leave I’ve been charged so many overdraft fees due to not properly charging in timely manner
Should be more responsible with your money buddy
Idiot CU has also overdraft fees.
Mosthated King Granted i dont agree with overdraft fees or any fee for that matter but maybe just maybe...you suck at managing your money?
The question should be..why are you so broke that you don't even have 7 cents?!!
The banking situation is a reminder that Fed hikes are having an effect, even if the economy has held up so far,” It’s precisely at times like these that investors need to be on guard against the next certainty. First SVB, then signature bank and now first republic bank, these are all the signs of yet another 2008 market crash 2.0
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust. Sincerely it's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
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I switched from a bank to a credit union after the bank decided that they would charge a fee for any account that contained less than $300. I was struggling at the time being under employed so that was definitely not possible for me. my credit union requires that you live, work or worship in the county they're based in but offers interest on my checking account and only requires I maintain a $5 balance in the combined savings account. I get access to far more atms with no fees than before and the app easily allows me to transfer funds between my accounts 24/7.
I just switched to a credit union! Chase was robbing me blind
Samantha Nichole same With my boyfriend he switched from chase when he had over 20,000 grand saved up in chase accounts and then wouldn't give him a credit card. Withdrew everything and went it a credit union that day
@@katherinewalker4196 yeah i went from chase to BECU. up here in WA state. i also happen to work for Boeing. i should have did this a long time ago. 6% APY on a savings account?! yeah chase aint giving even 1/10 of that LOL as a matter of fact they charge if your balance is too low...assholes
mrhazel how is BECU cuz I live in the same area I thinking bout opening s bank with them until I saw Seattle credit union
I was wit chase forever i been wit Capital one for like 4 years now
Chase was robbing you blind in what way?
Man I wish school would teach us this stuff
@Hello Mate lol I mean I didnt actually laugh out loud but lol
I learned this in a finance course in college
They would, but schools try to teach you things that are true.
@@jasondowney2973 how is ot not true
More misleading than untrue. The CRA and redlining laws regulate how banks reinvest in areas. Not all credit unions are insured, and when they are it still is not as good as FDIC. Less locations at smaller regionals and CUs means more foreign ATM fees. CUs don't always have the same borrowing power leading to weaker lending power. This led to the market share of mortgages after 2008 to swing to banks instead of CUs.
The video also depicts three levels of banking. Big banks, small regional and CUs. This is an over generalization. No bank is in every state. Although the video mentions online banks, they are becoming serious contenders. Not all CUs and Regional banks are equal.
I feel like in a 5 minute video they could have said more pros of major banks than traveling and investment in mobile banking.
Thanks! I took your two cents and put them in a credit union.
Perfect, at least those cents will get a little more interest!
Within a day?
Two Cents That really makes cents.
@marius What about credit? What about gaining interest on money kept in a savings account? What if a business doesn't accept cash or you're trying to buy something online? With the amount of money you invest in that safe would the money not be better off at least in a savings account? What if you get pickpocketed or mugged carrying all that cash around? What if someone cracks your safe and steals everything you have to your name? At least if a bank or any similar institution gets robbed you're protected.
marius sitting on money will cause you to lose out on purchase power in the end. You're not even attempting to negate inflation? That's a waste
I've been a member of a credit union since I was 16. It has cost me all of $5 to open my account and I've enjoyed extremely low fees with moderate interest of .1% on my checking and savings account, great service, online banking, and a 1% cost to internal ATM use. I had a single checking account with Bank Of America which I closed when they changed their account policy and stated they were going to charge me $25 dollars a year just to keep open.
I can't recommend Credit Unions enough!
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I switched from wells Fargo (lying and corrupt bank) to a local credit union in 2018 and its been one of the best financial moves so far. they have a great app, online banking, big ATM network with no fee, offer many loans, and every month they give me a dividend on my deposits
If your bank has a stock symbol, you are not their customer, you are their product.
@Your Mums HITACHI You're welcome!
@Your Mums HITACHI I'm telling justin
Or if you buy their stock, you are part owner....
My bank trades on NASDAQ, but they are highly customer- and community-centered. It is a regional bank, though, and not one of the huge national banks. It only has branches in 2 states.
@@MoonLiteNite you're not part owner..hardly. only in social ownership are you a owner. you only own stock because if you owned the company youd be able to vote on who gets to be the boss.
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Scam..
Banks use you. You should also use them.
Whenever you can get a sign up bonus, take it! Whenever you can pay off credit at a cheaper rate, take it!
Then ditch those suckers and put your money back into a credit union, where you are rewarded for being there and own a piece of the pie.
Rinse and repeat.
Greg Reuel That’s exactly what I’m doing, I only use big banks for their credit cards sign up bonuses and cash back rewards, I don’t even have a bank account with a big bank, I cash in all my cash back rewards to my credit unions. I also own a few shares of stocks with the big banks which pay me quarterly dividends.
Best ive heard all day!
Exactly
This man's a genius
Employees attitudes alone is reason enough for me to stick with credit union.
I work for chase bank and my husband and I still choose a local bank to get our mortgage, auto, and credit cards with. Even the employee benefits couldn’t be matched with our local bank.
Credit union member since I was 19. At 40 it's my longest and healthiest relationship. Opened an account for my 8 year old, which she says she will use to buy a home😊
That's cute haha
Actually Credit Unions have access to the same Online and Mobile banking platforms that the big banks have. Sometimes our offerings are better than the big banks.
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I left Bank of America in 2015 because they were charging me $12/mo because I didn’t have a certain amount in my account. I went with a credit union that has no checking fees and gives a great return on savings accounts. I love my credit union and I’m never going back!
My parents had setup an account for me with Wells Fargo and we were all hit by the fraudulent accounts scandal (which I'm still waiting for my refund!). Their "overdraft protection" fees were $25 a pop. I went to my university credit union, and one time I forgot about my car insurance and had an overdraft. They kicked in from my savings to cover it directly so I wouldn't be late and charged me $4. But my card got declined while I was eating out and realized that it was empty. As soon as I made a manual transfer, they had refunded me the $4 overdraft transfer fee. Absolutely amazing. No requirements for minimum balances or using my card 10x a month. And also when I was finally done with WF and switched over my direct deposit, I got it on Thursdays instead of the usual Fridays. All around better I can't recommend using one more.
I moved to Colorado from Indiana 2 years ago, and I've still been able to keep my local Indiana credit union checking because of the credit union Co-Op, and the great online banking system they have. I also opened up an online credit union account with Allliant. They have pretty fantastic interest rates and allow you to join with a one-time donation to a foster care charity :) And they have the best simple 2.5% cashback Visa card I've been able to find anywhere.
I didn't even know that online and local banks were a thing! It is so amazing how much new information you can learn in 5 minutes! I love all of these videos and I hope your channel spreads this cool and necessary info for a long time to come!
local banks are common in small towns. I'm old enough that when I started working summer jobs the local bank was my only option for depositing money. Internet banking wasn't a thing back then. Heck the internet was barely a thing back then
That's always our hope Ruby - that you can learn about a thing you didn't even know to ask about! When I was your age, I had a Wells Fargo account my parents opened for me. I kept it for 17 years til an uncle told me about CU's and I never looked back.
Also, we subscribed to your channel. Keep up the good work!
I've used online banks for savings accounts for years. Haven't made the transition for checking/credit cards though. Hmm...
Ranger Ruby yeah check out Ally bank, they’re pretty cool and offer reimbursement for atm fees and so on.
The banking system in the US is incredible backwards compared to other places. Here in Norway I switched to an internet-only bank in year 2000...
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When you stop learning , you get left behind . Never stop educating yourself
When’s the last time your bank raised your card limit with a phone call or have you 500 dollars worth of credit free because you were stranded? Never
Credit Unions are lit
Bank of America raised my credit card limit without telling me and I get rewards all year round
I've belonged to a credit union for over twenty years and love it for all the reasons Philip and Julia mentioned. They sort of talked around one of the biggest wrinkles, though. Each credit union has a "field of membership", which limits who can apply to be a member. It's broader than it used to be; for example my credit union used to be available only to employees of Kodak but has since broadened to include anyone who lives or works in Rochester, NY or a few other categories. So you have to do a little research to find credit unions who can accept you. But, in my experience, it is definitely worth the effort!
Great point Matthew. Our CU requires the memberships to live in Austin or have been an Alum of UT. But the good news is that there's a CU for almost everybody (often multiple options)! - Philip
So, are you saying you have to be accepted into a credit union?
@@davidnievesjr.9478 Not in the sense of being accepted into a country club. It's more like being accepted onto a roller coaster if you're taller than 48 inches.
Just for fun, I Googled my CU and looked through the small print to find their eligibility requirements. One of them is that you can get it if you're a member of the George Eastman Museum. Then at the bottom of the form, they say that if you don't meet any of the requirements and want to join anyway, THEY will pay for you to become a member of the George Eastman Museum. I hope that gives you a sense that it's not about being exclusionary, just following the letter of the law about being a community-centered financial organization. (P.S. Please don't take advantage of my CU just to get a free membership in the George Eastman Museum. That money would come out of my annual dividend!)
@@MatthewDaly Thanks for the information. I really have been thinking about moving to a credit union. I tend to prioritize procrastination. There are many in my area. It's time to start researching.
@@davidnievesjr.9478 These days they mostly just want you to be a resident of whatever town they're located in.
Depending on the policy of your national bank, your local branch can have quite some autonomy, and be to some extent a 'local' bank, so don't write them off completely, also, although regional banks tend to invest more in local businesses, if they are tempted to get involved into 'big bank games', they tend to get bankrolled more easily, exactly because they aren't as familiar with the many scams possible. You should also check if their financial reserve is good enough to survive a blow or two. One reasonably big customer who goes belly up won't hurt BoA or Chase, but it might hurt your local bank... And big banks have big loads of cash with which they can buy local banks, it wouldn't be the first local bank who gets bought by one of the bigger ones, so so much for trying to avoid them...
Still, with those two cents, I fully agree that choosing a bank shouldn't just be a matter of taking the first on your way to school, or just go with the one your parents were. Do some research, and generally, local banks and credit unions are just as good, if not better, for most customers.
One of the best pieces of advise my mother gave me was to avoid banks and to put my money into a credit union.
I love my credit union. Just got approved for a 2.34% auto loan yesterday
You don’t have to put all your eggs in one basket. If you think you might need the international scope of a megabank, keep some money there. But put most of it in a community bank or credit union.
I switched to a credit union completely and closed my bank of america account. Best decision EVER
You should be careful. Many megabanks have fees that apply if you don't have a high balance or a direct deposit set up. Not to mention the fact that they love fees in general and so it becomes another thing that you absolutely have to check regularly.
That's what I do. I have a decent sum of my savins in Chase but most of my Money is in my Credit and Local Bank just because I dont trust mega corps with all my money
I'm thinking of changing over from chase to a credit union. Only thing stopping me is I have a few automatic payments coming directly out of my bank account so I would have to switch over where the money comes from and I don't know where to go to do that for some of the services, might just wait until some of these things are paid off
Wouldn’t megabanks be more solvent in a collapse than small credit unions or am I missing something? The large banks seem to be the ones who get bailed out.
Are small banks at large risk with depressions or are they more solvent?
I have been with my credit union since my first job and they have been the only stable banking institution that hasn't fined me into account closure.
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As someone who uses a credit union... If someone steals your information via a skimmer at a gas pump. You don't get your money back and they tell you that you don't have a valid fraud claim. Then 2 days later when you buy gas and your shit gets stolen again and you know how they'll tell you again it's not a valid reason and that's that.
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Credit unions are the best way to go in my opinion. Local community banks are a great option as well. Either way you go, choose a local institution where your money will help the local economy.
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Agreed lol. I don't need these advice but it's fun and enjoyable to watch anyway.
Korkzor that is the sign of successful education
Korkzor why don’t u need them? R u one of the few unicorns in the US that’s completely financially independent and responsible? Whaaaaa?
@@leilanidru7506 he's probably still rather young.
@@leilanidru7506 I am Danish and have always been financially independant and currently enough savings to last about two years without salary. Most of these advice are US aimed only anyway :). For the record I am 32.. dunno if that counts young. Only loan is on the house with a 20 % downpayment and 1.5 % interest.. paid cash for a used, stable car etc. So pretty set.
As someone who has used credit unions for over 30 years, I agree with the statements in this video. I love the fact that our CU invests in our community. I do disagree about the website issue though. Most established CU have strong, secure websites because they are cheaper to build than they were in past years. I am able to use my website at the local CU with my budgeting software. Do your due diligence though! Love your videos.
I think this is a mileage may vary sort of thing. The credit union I used back at home before I left for college had terrible web/app but the one I use at college actually has a great app I use all the time.
I've found it depends on the cu. I have an account with 1 thats awesome and was doing some web fearures 4 years before my acct with the big bank. And another cu account i have still isn't 2 years after the big bank did and hasnt updated their online features in several years.
So their can be a bit of a spread. Imo sign up for a fee free debit account to scope out the digital services they offer before going all in.
Dominic Castelli I’m pretty sure they meant it as a broad term, good for you tho. Not being sarcastic better than having Wells Fargo charge you for something you dint do.
It depends on the software. My CU works with mint, but not YNAB or Nerdwallet. Mint just added my CU a year or 2 ago.
BECU gave me a pretty reasonable loan on my car given that i was high risk at the time. theyve also worked with me in rough spots. Ive got nothing bad to say about them
Navy Federal Credit Union is my favorite bank. One of the best out there in my opinion.
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Just found out about credit unions. Opened my account at my local one, I am in love with it so far!
I work for a top ten US bank (not one that was mentioned) and I'm proud to work there. They take care of both their employees and their customers and they didn't need any bailouts. Love this channel and agree with supporting local companies, including banks, but just wanted to say that not every big company or bank is bad.
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I switched to a credit union after the great recession. I'm happy I did.
Fed up with for profit banks I decided to look at switching to a credit union. At first I was hesitant because of the limited number of branches but then I discovered that you can use the ATM of any NCUA branch. I've been able to make withdrawals and deposits all over the country at local credit unions I've never heard of. Also I don't have to deal with all the random fees that banks impose for just about everything.
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I moved from Wells Fargo to a credit union, and it's been one of the best financial choices I've made. Also, my credit union's online and app presence is great.
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Thinking of ditching WF & find a credit union
Why isn't this stuff taught in school?
Why would it be? How else can you explain the consumerist culture
I learned this in a finance course in college
Because this country isn't designed for you to succeed anymore. They need you to fail and loose all your money in fees, fines and taxes.
They can't, they want everyone to be democraps
the country hasn't cared about actually helping its population since about the 90s I would say at most
Credit unions do have Apps and you can go online as well. 🤦♂️
It could have been clear you’re talking about University Federal credit Union in Austin. I have UFCU as well! Been a member for five years
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Legit... my first bank was gonna be Bank of America; they wanted an initial deposit of $200 and if I dipped beneath it, I’d be fined. And MAYBE there was a monthly minimum deposit, can’t remember. My local credit union, Virginia Credit Union, just had me sign some papers and “okay sweet here’s your debit card”
habboier check again there's likely a minimum balance to avoid a monthly fee. It's too compensate the institution for things like running your transactions etc in either being paid directly in fees or by guaranteeing a certain amount of money stays within the institution that they can lend out. I Bank with a Canadian credit union and they all do that. Mine is one step below the unlimited account and the minimum is only 3000. So just keep your emergency fund in the Chequing account and you'll avoid fees all the way, never paid a bank in my entire life and i laugh at people paying 20 30 or more a month. If you go to the ATM at 7-11, pay $3 to take out cash and then buy something there you deserve to get fleeced
habboier I actually use a community bank that doesn't require a minimum balance to avoid the monthly fee ($5.99-$6.95 a month). Just add a total of $500 each month or use the debit card provided once a month. A good deal compared to the high fees of the mega banks.
I really appreciate how short your videos are. It’s easy to get the basic information to begin considering decisions without a hefty time commitment
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I like a combo of all three.
Local or regional banks OR credit unions.
Big international banks, so I have access wherever I am.
And online banks, so I avoid as many fees and get better APYs every chance I can.
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Hi, I'm from Canada, but most of your 2 cents also apply here. Personally, I said SAYONARA to my big bank around 4 yrs ago in favor of an online bank (owned by the same big bank, what an irony). Saved hundreds of dollars on checking acc fees + got more than a thousand as a cashback. Never go back to big banks again! Cheers!
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I'm really glad I have Navy federal. I will stay with them for life.
I just joined NFCU a few months ago i
agree 5 star customer service I'm a lifer.
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I left BoA for our local credit union. Never been happier. 👍
"And that's our two cents" = "And that's the tea"
I think it used to be, a few years ago, that credit unions and smaller wouldn’t be as digitally user friendly as big banks, but now they’re catching up. My credit union got a major mobile app makeover, which I love. I still have to wait for a complete site redesign but I bet they’re planning to update to make the user experience harmonious between the two!
My credit union app is actually more user friendly and reliable than the one from the bank. Bank one is going offline every now and then.
This comment is 3 years old. Credit union apps are even better now. At least mine is
Problem is, the credit unions ive contacted dont have international transaction ability. You cant send or receive money from foreign accounts which are so common these days. I thought this would have evolved by now but no. Some dont even offer checking accounts, just ATM. And of course they are not open to the public, you have to be a member of something already or be referred by an existing customer or something. They have their place but are definitely not for everyone.
We switched to credit union a decade ago and never looked back. Tech is way up to speed now. No overdraft fees (draws from credit account) no atms and never a problem traveling abroad.
I have always been with a credit union. Bank's fee after fee after fee makes no since to me why anybody would subject themselves to that.
Great video!
Credit Unions for the WIN! I switched over to a Credit Union 9 years ago when out of the blue Wells Fargo decided that just because I only had a checking and Savings (and no 3rd account) they started charging me $25/month. I promptly closed the account (also was charged a account closing fee) and moved on to a Credit Union.
Like they said in the video, Credit Unions have their drawbacks, but for the most part (99% of the most part) I find the small disadvantages are nothing and can be easily dealt with.
I like the smaller scale of most credit union operation. When inside, there's hardly ever a line. Been using credit unions since 1980. Regarding size, and way off-topic, but I don't use US Post Office. I quit renting US Postal boxes in 1985. I use a private mail box service, and I love it!! A "Ma and Pa" type owned, not one of the franchise chain mail businesses. Doesn't cost hardly much more than having a conventional rented US postal box. But the private service accommodates UPS, FedEx and any other shipping/delivery services. as well as send/receive faxes. My mail, communications and all parcels are totally safe until I pick 'em up!! And everybody (all four employees) knows me there!! And there's nice copy machines I can use for cheap.
Great video, I enjoyed filming my credit union vs banks video!
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Another benefit of credit unions (or at least mine) is that they return their profits to the members via a dividend. This on top of the lower rates is a reason that I prefer them to the big banks. I use a credit union for borrowing and every day banking, and then an online bank for savings due to the higher rates.
I was with a national bank for 10 years and switched to a credit union. That was over 10 years ago and I am SO GLAD I DID! I'll stick with a Credit Union!
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I use my credit union as my regular bank, and a good credit card for most purchases, and online banking for my savings accounts and another online bank account to transfer money easier between accounts. I still keep a wells fargo account open because it has easier access to ATMs but I'm about to close it.
I bank at an educators credit union. Once you've had an account with them in good standing for 10 years, they offer a $10,000 life insurance policy for $1 a month as one of the perks.
Are you guys spying on me?
I was literally just thinking about this not to long ago.
The channel has so many subs already 😆
google is
Google knows.
That's why I switched to Firefox
Wow yeah I thought they were like an og advice channel but it’s only been 4 months
Google does this
I use a credit union for my emergency fund and Chime for my debit / checking account and the cash envelope system for certain categories
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Have been dept for three years now until I came across this dude on TH-cam and I explain my predicament to him and he introduced me to his company that grant loans and after going through my documents i was given $25k and also a long time to payback and now I’m dept free I got his number you can text him if you interested 5409998138
Really like the format of this video, thank you for the information :)
Something I was taught by my math teacher in college is that I should take risk in investing while i'm still young and can afford it. I knew there were small community banks in my town but never really looked into it. Thankfully this video explained some pros and cons and even introduced credit unions to me.
What a great channel to come to for financial information!
Invest aggressively but save securely with a bank you trust
for 40 years I've been with nefcu.i always had a good experience with them .
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Making most needed topics.. As always.
I would like to appreciate both of you for producing videos even during pregnancy.
Thank you Yash! It was a challenge, not gonna lie! - P
My mom got me to switch to an online bank. It was started by the roofers' union in the Boston area. I get interest on my checking account and I pay no fees on ATM withdrawals.
No difference between the two. Both use fractional reserve lending and are connected to the federal reserve system.
Investing in cryptocurrency now is really cool, especially with current rise in the market for now.
You're right sir, thanks for introducing me to expert Bambi Alex of financial education
This was quite interesting to watch! I'll love to share how I've been able to understand the cryptocurrency market&I'm currently buying into the dips. If it hadn't been with the help of my broker Ms. Bambi Alex whom I got in touch with the help of a friend and must say it's been very smooth working with her so far..
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Bambi Alex
She helped me recover what I lost trying to trade for myself.
God bless you and your family for helping us out
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated
@@Alexedmartin Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Regina Louise Collaro) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance.She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I’ll advise you do get a good Investment advisor for yourself.
@@ugojazzy7812 That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@Alexedmartin look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where their located
@@ugojazzy7812 I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
Credit unions have atm fees that charge for out of network atm uses. While Wells Fargo has ATMs everywhere
Yep....that and if you move you're money doesn't move with you. They have sister credit unions but I don't have all the features I need...or at least i haven't figured out how to work it
Love the series! One thing I noticed is that you didn’t mention how the rating agencies rated MBSs AAA without batting an eye! But it’s a short video, that’s pretty deep in the weeds.
Imagine we learn this in school, we’d all be successful and the government would not like that at all 😴
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works
The zenith of investment platforms deals mainly with Bitcoin and forex trading.. investing wisely
@@jacetaylor9200 I agree with you
I Have been trading offshore, I’m yet to make my first 1,000USD... any recommendable expert to trade with?
@@megihoxha7637 get an expert to trade with, giving you the required mentorship for a successful profit outcome... piss of advice
But I learnt the hard way. Blowing over $5,000acct side trading with no mentor or expert
As someone who has always banked with a Credit Union with zero fees only a $5 deposit in a savings account for the first year.
I can say I find it hard to believe how “Big Banks” are so frustrating!!!
I easily was able to open an account when I was 16 and have had amazing deals and experience since.
My emergency fund and monthly Bill's are with the credit union. My commercial bank I pay my mortgage
It has worked out great so far.
What if that tiny pig in the commercial is the intro piggy bank's brother?
Credit Unions are not “non-profit”, they are “not-for-profit”. There is a big difference here guys.
Difference explained.
Non-profit means they do not make any profit like a shelter, they immediately give the money back.
But not-for-profit means that they can make money but for a non-profit reason. For example:
A charity receives money and buys food, but a credit union can get money place it somewhere that makes them money and spend it on non-profit reasons.
The difference is how they soend their money and not necessarily how they receive it.
Thank you so much for this 2 cents lol 🙂made me want to take more initiative with my finances.
I refinanced my car from a traditional bank to a credit union and went from a 13% interest rate to less than half that.
Am i the only one who loves the opening theme music?
I like it too.
Our local community banks kept getting bought out by the larger ones and the service level dropped drastically. We switched to a local credit union 15yrs ago and have been perfectly happy since.
Ur site is the reason why I pulled my money out of chase bank and opened a chime account and its been going great..'So Far"
Great video, clear information good graphics thank u 👍🏽👍🏽👍🏽👍🏽👍🏽👍🏽
My credit union has great digital offerings. They have banking apps, budgeting SW, online accounting tools plus more. I’ve never felt like they offered me less than banks can.
Hello Karen, let me help you out with an opportunity to make daily money, how would you like to learn how to make extra money daily, by buying and selling bitcoin
My girlfriend and I were actually talking about this topic awhile back. I use a credit union and she uses a national bank. I was trying to convince her to use the credit union I use but she wouldn't give it a thought. Maybe she will now with this video! Thank you. 😊
Some people are just set in their ways and stick with what feels comfortable.
Or maybe your credit union isn’t all that great, and a big bank services her better? Maybe YOU should ditch your credit union and give a national bank a shot?
I and my husband were in debts for three years until I came across this dude on TH-cam and I explained my predicament to him, he then introduced me to an hacker that grant loans and does bank hack, PayPal hack, ,credit score fix, bank account, phone hack(cheating husband or wife) western union hack, cash app top up, credit card top up hack, NFCU referral/sponsorship, loan approval, Instagram verification, Facebook and many more. After the hacker went through my information, my debt of $25k was cleared by him. Now I’m debt free. you can reach him on WhatsApp +14132827250 or on Instagram @hak_slav or email him via hak.slav007@gmail.com (he doesn't take upfront) he is very fast, reliable..
Switched from a big bank to UFCU here in Texas and have never looked back once!
Thanks
I absolutely love my credit union. They are so nice and they’ve helped me out when I was in a financial pinch.
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my parents left the big bank because they wanted to keep them in debt and they didn't have any interest in helping them get out of debt, but since joining local credit union they helped my parents get out of debt, and they helped reduce their interest of their debt, and they said they would cut their debt in half for them. + no fees for keeping your money with them if they joined.
my parents got out of debt in 5 years thanks to them. The TD Canada bank would've kept them struggling.
Having worked at both, I can honestly say that both have their flaws. I can also say that both have what are perceived as flaws but are actually legal requirements to make it easier to protect your money. Travel lots and need branch access? Go big bank. Travel little, or lots but are ok with ATM access? Credit Union should be fine. But for God’s sake, bank where you live and/or work. Don’t keep account in Alberta if you’ve lived BC for the last 40 years. It’s inconvenient for you AND your bank. No wonder you get shitty service, you’re a shitty customer.
You guys have amazing content. Subbed!
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Been a member of navy federal credit union for 10 years
Someone has been watching "The Big Short"
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She helped me recover what I lost trying to trade my self
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Wow!! Such useful information. THANK YOU
When I came to the USA, one of my roommates recommended Umich credit union. I never had any difficulties with them in these 6 years. I recommended them to others and will do so in future
Have been dept for three years now until I came across this dude on TH-cam and I explain my predicament to him and he introduced me to his company that grant loans and after going through my documents i was given $25k and also a long time to payback and now I’m dept free I got his number you can text him if you interested 5409998138
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