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.
Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.
Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have 260k I want to transfer into an s&p but its hard to bite the bullet and do it.
You need a Financial Advisor my friend so you don't get ripped off in the market. They provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.
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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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The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
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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.
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
@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.
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.
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
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.
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.
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😊
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!
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 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
@@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.
@@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.
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 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.
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
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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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.
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.
Best thing my parents ever did for me was set me up an account at our local teacher's credit union at age 5. I moved away for 7 years and continued to use them the whole time through their app. I'll never set foot in a bank if I don't absolutely have to. You can't trust banks, but you can trust credit unions.
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.
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?
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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.
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.
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
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.
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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 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.
I've been dealing with credit unions for 22 years bought my house two cars thru a credit union paid off both cars and house early. My checking and savings accounts are with a credit union
Same here. I open up a credit union bank and I love it! It's got things that big banks can't offer like funds availability the next day. No monthly fee and free ATM. 😁
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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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.
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.
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 opened an account with bbva compass when i heard positive things about credit unions then after a while i withdrew most of my funds and left only 50$ in the account. I left it alone for a few months but they kept charging me to have the account open until those 50$ turned to 0$ then negative and the account kept over drafting as the own bank kept charging me to have the account open untill it reached -500$ of overdraft fees. after i spoke with a banker i was told the fees still had to be paid even though i myself didnt spend the amount.
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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
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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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.
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.
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I love credit unions but one huge hindrance is they are local. When I move to a different state this summer I'll have to close my account and open a new one in my new location... although they have sister CU I don't know if I can still do everything I need from a different state.
I am with Navy Federal Credit Union. Thanks for sharing and from personal experience, my credit union has the best customer care that I never received from any regular or national bank
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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.
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Love my local credit union! When I turned 18 I wanted to get a credit card to build my credit but they suggested I get a credit builder loan, which is a loan you pay first then receive. They really care about their members and do anything possible to keep them happy and well informed
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I have both a big bank, and a credit union, my loans and credit card are at the credit union because I am guaranteed a fair good interest rate - the savings deposit rates way better than big ones; I have an account at a big bank BECAUSE I travel outside of the country once a year even just to Canada which makes it easier to use an atm, get cash, added security - they're only good if you travel domestic and foreign a lot or have at least 25k in savings and investments (they do offer fee discounts based on where you work sometimes but only for large employers)
As a dual citizen (who therefore needs international banking to work well), I found a good solution for banking with a mutual bank (apparently most credit unions in Australia change their names to mutual banks). Keep a secondary account in a big bank, and do whatever you can to minimise the fees in that account, since it is basically only used as an international entry or exit point for money.
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.
Credit unions are awesome. I've used them most of my adult life and had almost entirely good experiences. None of the hidden fees and other bs that seems to come standard with the big banks.
That's why before the woke revolution, the public education system's main objective was to turn kids into employees and prepare them to run in the rat race.
Switch to Navy Federal Credit Union. I have been with them for some time now, and I don't see any difference between Navy Federal and my last bank, Wells Fargo in terms on products, services and online capabilities.
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Actually, the idea of cooperative banking/credit unions was added to the list of intangible cultural heritage. And in some places like Germany for example local banks like the Sparkassen and the credit unions of Volks- und Raiffeisenbanken making up more than 80% of all banking customer/members.
It always amazes me that people think credit unions are "not for profit" and think they're not making huge profits or have bad business practices or are lining the pockets of one person/family. Also, if you bank with a big bank, you can become a shareholder and get those profits.
My credit union shut down a lot of atms near me with no explanation. I had an atm I was able to use, literally five minutes away from me. I now have a 45 minute drive if I want to use an atm and not be charged for it. Because of that, I’m slowly closing down a lot of my accounts there and just keeping the bare minimum in there!
@@cherylT321 And the big banks have been shutting down branches, to the point that two of the big three have no more than three branches in our town and the other has none. That's right, there are no Citi bank branches in our city of 300k people, only ATMs in 7-Elevens, and even some of those have closed due to crime. The first shutdowns happened during covid and continued. Chase , who I bank with , has closed more branches than they have now. BoA not only closed branches, two of the three they didn't shut down were closed for months at different times. That's no exaggeration! That's why I'm checking to see if I'm eligible to join the Navy Federal Credit Union.
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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hello, What is the terminology for the following description: Let's say you have 6 bank account from different bank institutions. But, instead of seeing 6 different bank statements each month. You only see only ONE simple Statement which summarizes everything into one cleanly. I think it's called a CHARD or CARD..i forgot. Please help!!
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.
The question is credit unions vs. traditional community banks. Big banks do not have relationships with their smaller customers……so I do not suggest that route. But I much prefer smaller traditional community banks to a credit union. They do have deep relationships with their customers. They also have much more experienced and knowledgeable employees and officers than credit unions typically , to help their customers with a broader array of products and technology. Plus , it bothers me that credit unions do not pay corporate income taxes., nor do they participate in their local communities as fully as the tax paying community bank. If your city has a locally owned bank, try that bank and see if you agree.
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.
Ive worked a credit union for 5 years and I can tell you for certain, that they DO want profit. They, just like banks, are trying to find ways to cut costs by having their clients go digital and not have to hire additional employees. The only difference is that they do NOT pay Federal taxes because they are "not for profit." Banks do. So in the end, in my opinion, go with whoever gives you the most benefits. Both charge fees if you overdraw your account, but if you do, thats on you, not them.
I have an IRA in a local credit union. This year they couldn't figure out how to issue me a 1099-R so I had to use the IRS replacement form and report them. I am hoping I can transfer my funds to another institution before the end of the year.
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?!!
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.
Wow, that's awesome😮
Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.
Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have 260k I want to transfer into an s&p but its hard to bite the bullet and do it.
You need a Financial Advisor my friend so you don't get ripped off in the market. They provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.
I know I've wanted to start investing for a few months, but just haven't had the courage to start because the market has been down for most of this year. Please how can I reckon with such skills and what are his services like?
Rebecca Nassar Dunne is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
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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Thanks for that testimony of yours👍🙏
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
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“Rebecca Nopblett Roberts” is a leading asset-manager in the industry. You should take a closer look on her page.
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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.
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
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
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
Credit union for me then, banks in the trash
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?
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.
The real question is: Are bigger mustaches better than smaller ones?
Loved your name, so I subscribed.
I prefer wall-to-wall carpet.
Obviously smaller, like my favorite dictator
(joke)
No mustaches are better.
yes just like the penises
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.
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
Employees attitudes alone is reason enough for me to stick with credit union.
Favorite couple on TH-cam.
@@flippingdigits5322 😯 I didn't know lol
@@royaljester9918 They aren't siblings. He's just trolling you.
Cousins*
@@josemigueljr pretty sure they aren't given that they are expecting a baby together....
@@SuchiththaW shh
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!
Credit union here I come 😂
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...
One of the best pieces of advise my mother gave me was to avoid banks and to put my money into a credit union.
Im currently a member for Navy Federal Credit Union. A military and family only union, they have a moble app and can do anything a big bank can.
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.
You two are the best thing to happen to TH-cam ❤️
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.
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 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.
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 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
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.
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.
Best thing my parents ever did for me was set me up an account at our local teacher's credit union at age 5. I moved away for 7 years and continued to use them the whole time through their app. I'll never set foot in a bank if I don't absolutely have to. You can't trust banks, but you can trust credit unions.
RAUL I AM SO GRATEFUL, MY SCORE JUST MOVED TO 820 FROM 450
Scam..
I switched to a credit union after the great recession. I'm happy I did.
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 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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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 love my credit union. Just got approved for a 2.34% auto loan yesterday
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
Credit unions do have Apps and you can go online as well. 🤦♂️
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 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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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.
Navy Federal Credit Union is my favorite bank. One of the best out there in my opinion.
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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 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.
Just found out about credit unions. Opened my account at my local one, I am in love with it so far!
I've been dealing with credit unions for 22 years bought my house two cars thru a credit union paid off both cars and house early. My checking and savings accounts are with a credit union
Same here. I open up a credit union bank and I love it! It's got things that big banks can't offer like funds availability the next day. No monthly fee and free ATM. 😁
"And that's our two cents" = "And that's the tea"
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.
No difference between the two. Both use fractional reserve lending and are connected to the federal reserve system.
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
Joshua Carter *been depressed and almost lost my car due to my credit card debts and loans until I connected with ruma_telecom11 on !nstagram, he helped fund my account and no upfront fee, I'm so glad*
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.
Between you guys and the Dave Ramsey team, I feel incredibly more informed every day.
Dave Ramsey saved my financial life before it began. Saw a great video of him before i started out on my own, im doing great financially with his simple guidance.
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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
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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.
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.
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.
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 left BoA for our local credit union. Never been happier. 👍
I opened an account with bbva compass when i heard positive things about credit unions then after a while i withdrew most of my funds and left only 50$ in the account. I left it alone for a few months but they kept charging me to have the account open until those 50$ turned to 0$ then negative and the account kept over drafting as the own bank kept charging me to have the account open untill it reached -500$ of overdraft fees. after i spoke with a banker i was told the fees still had to be paid even though i myself didnt spend the amount.
That's insane. I think they all do this. I had same issue. $300.
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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
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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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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.
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.
I've had Chime for years and I love it. They saved me while I was traveling abroad and my main debit card - through a big bank - was canceled due to suspicious activity (disclaimer: I told them a month prior where and when I was traveling, after I arrived and used my card I received an automated call asking me to confirm the transaction, and then I received a phone call from an actual teller after the second transaction. After confirming all three times that I was using my card overseas, they canceled it and said the only way to get it fixed was to go to my local bank in New Jersey and get a replacement. I had no cash and was in Scotland for one more week for work, but I had saved some money in my Chime account and it worked wonders). Everyone should get one. No fees - at all, for anything ever. No international fees, transaction fees, or ATM fees. Can't recommend them enough.
Chine has out of network ATM fees. Also they have currency exchange fees.
Investing in cryptocurrency now is really cool, especially with current rise in the market for now.
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I love credit unions but one huge hindrance is they are local. When I move to a different state this summer I'll have to close my account and open a new one in my new location... although they have sister CU I don't know if I can still do everything I need from a different state.
I am with Navy Federal Credit Union. Thanks for sharing and from personal experience, my credit union has the best customer care that I never received from any regular or national bank
Richard Williams what’s is like can I open a checking and saving account with a credit union?
Jeff 20131 yes you can all things are possible with a credit union a little lol.
Richard Williams will I have any fees?is it just like a bank I’m thinking about moving from bank to credit union but I’m not sure yet!!
@@Jeff-xv6gk just call and talk to them Navy Federal has 24hr customer service care
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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.
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Love my local credit union! When I turned 18 I wanted to get a credit card to build my credit but they suggested I get a credit builder loan, which is a loan you pay first then receive. They really care about their members and do anything possible to keep them happy and well informed
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I have both a big bank, and a credit union, my loans and credit card are at the credit union because I am guaranteed a fair good interest rate - the savings deposit rates way better than big ones; I have an account at a big bank BECAUSE I travel outside of the country once a year even just to Canada which makes it easier to use an atm, get cash, added security - they're only good if you travel domestic and foreign a lot or have at least 25k in savings and investments (they do offer fee discounts based on where you work sometimes but only for large employers)
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"
As a dual citizen (who therefore needs international banking to work well), I found a good solution for banking with a mutual bank (apparently most credit unions in Australia change their names to mutual banks). Keep a secondary account in a big bank, and do whatever you can to minimise the fees in that account, since it is basically only used as an international entry or exit point for money.
Yes Credit Unions are much better in every way.
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If someone reading my comment can u provide credit union bank link?i didn't find for my house loan
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.
Am i the only one who loves the opening theme music?
I like it too.
Credit unions are awesome. I've used them most of my adult life and had almost entirely good experiences. None of the hidden fees and other bs that seems to come standard with the big banks.
Imagine we learn this in school, we’d all be successful and the government would not like that at all 😴
That's why before the woke revolution, the public education system's main objective was to turn kids into employees and prepare them to run in the rat race.
Been a member of navy federal credit union for 10 years
Switch to Navy Federal Credit Union. I have been with them for some time now, and I don't see any difference between Navy Federal and my last bank, Wells Fargo in terms on products, services and online capabilities.
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Actually, the idea of cooperative banking/credit unions was added to the list of intangible cultural heritage. And in some places like Germany for example local banks like the Sparkassen and the credit unions of Volks- und Raiffeisenbanken making up more than 80% of all banking customer/members.
Usaa and Navy Federal Credit Union are the best 🙏🏾
did you come home from deployment and find your wife and daughter painting your daughter's bedroom Pink?
@@cds162 this made me giggle. Love that commercial!
It always amazes me that people think credit unions are "not for profit" and think they're not making huge profits or have bad business practices or are lining the pockets of one person/family.
Also, if you bank with a big bank, you can become a shareholder and get those profits.
Mhm…but isn’t the point of a credit union to be not for profit? 😅 the definition of a credit union is not for profit.
My credit union shut down a lot of atms near me with no explanation. I had an atm I was able to use, literally five minutes away from me. I now have a 45 minute drive if I want to use an atm and not be charged for it. Because of that, I’m slowly closing down a lot of my accounts there and just keeping the bare minimum in there!
@@cherylT321 And the big banks have been shutting down branches, to the point that two of the big three have no more than three branches in our town and the other has none. That's right, there are no Citi bank branches in our city of 300k people, only ATMs in 7-Elevens, and even some of those have closed due to crime. The first shutdowns happened during covid and continued. Chase , who I bank with , has closed more branches than they have now. BoA not only closed branches, two of the three they didn't shut down were closed for months at different times. That's no exaggeration! That's why I'm checking to see if I'm eligible to join the Navy Federal Credit Union.
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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hello,
What is the terminology for the following description:
Let's say you have 6 bank account from different bank institutions.
But, instead of seeing 6 different bank statements each month. You only see only ONE simple Statement which summarizes everything into one cleanly. I think it's called a CHARD or CARD..i forgot. Please help!!
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.
Navy Federal - a saint amongst Banks & Credit Unions
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
Switched from a big bank to UFCU here in Texas and have never looked back once!
The question is credit unions vs. traditional community banks. Big banks do not have relationships with their smaller customers……so I do not suggest that route. But I much prefer smaller traditional community banks to a credit union. They do have deep relationships with their customers. They also have much more experienced and knowledgeable employees and officers than credit unions typically , to help their customers with a broader array of products and technology. Plus , it bothers me that credit unions do not pay corporate income taxes., nor do they participate in their local communities as fully as the tax paying community bank. If your city has a locally owned bank, try that bank and see if you agree.
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.
What if that tiny pig in the commercial is the intro piggy bank's brother?
Ive worked a credit union for 5 years and I can tell you for certain, that they DO want profit. They, just like banks, are trying to find ways to cut costs by having their clients go digital and not have to hire additional employees. The only difference is that they do NOT pay Federal taxes because they are "not for profit." Banks do. So in the end, in my opinion, go with whoever gives you the most benefits. Both charge fees if you overdraw your account, but if you do, thats on you, not them.
My Credit Union has excellent online and app access.
I have an IRA in a local credit union. This year they couldn't figure out how to issue me a 1099-R so I had to use the IRS replacement form and report them. I am hoping I can transfer my funds to another institution before the end of the year.