Credit Unions vs. Banks

We all love grandpa, the fine old man that he is, but I’m afraid you’ll have to break the news to him that it is no longer acceptable to stuff your money into empty coffee tins and bury them behind the old oak ‘round back. That goes for you too, Mr. or Mrs. Mattress-Stuffer. That may have been enough when you were being paid cash-in-hand, but if you’re trying to get out of the rat race you’ll have to reconsider your economic strategy. I’m afraid it’s time for everyone to consider your options among financial institutions

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Credit Unions vs Banks – Why Choose Credit Unions?

The debate over credit unions and banks is heating up ever since the financial crisis of 2008. After the bailout consumer attitude towards traditional banks took a nose-dive. I once held a national bank, one that didn’t do much sub-prime lending: US Bank, but the urge to move to a credit union was strong.
It seemed everybody I knew was moving to a credit union, disgusted by fees, upset by service and unhappy with their savings yields. In terms to sway you to choose a credit union I’ve contact views from those who recently switched from a traditional bank. Here is what they have to say:

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Converts sing praises of credit unions

“The notices started coming in October. First one credit card was raising its rate, then another. Looking for a way around a 19.99% interest rate, I contacted a large local credit union and was immediately offered a credit card at 6.99% interest.”

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Say Buh-Bye to Your Bank?
Why you might want to join a credit union

“If you’re thinking about giving your bank the old heave-ho, joining a credit union may be the right move for you. Last week, credit card holders sounded off on card issuers about unfair rate hikes and slashed lines of credit. With all that’s going on in the banking industry, credit unions are looking even more attractive.”

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Should you join a credit union? Here’s what you need to know

“In the world of personal banking, credit unions always seem to come off as the good guys and banks, well, I probably don’t need to tell you which role they’re typically assigned.”

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Credit Unions Boost Healthy Status

“BRADENTON — Credit unions in Manatee County and across Florida are reportedly in good financial shape despite the housing crisis that has rocked the banking industry.”

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I went to deposit a paycheck through the drive thru at a national bank and didn’t have anymore deposit slips so I sent the empty thingy up and pushed the call button and asked them to send down a deposit slip for me. They sent the thingy down still empty and said “No” and that “if I wasn’t prepared for the drive thru, then I can’t use it”. TRUE STORY LADIES AND GENTLEMEN.
-Kelly from St. Pete

Hi Kelly,
Thank you for your story. I’m sorry you were treated so terribly. Saying Goodbye to Your Bank and starting a new relationship with a credit union sounds like it was the perfect fit for you. Credit Unions, like floridacentral CU, are known for caring for their members and providing exceptional service. Good luck to you and feel free to contact floridacentral Credit Union for any financial need and we will be happy to serve you… with a smile!
Sincerely,
Annie

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Get a Credit Card Through Credit Unions and Small Banks to Save

“At Money they report:
Smaller issuers like credit unions and regional banks tend to have better policies, adds Curtis Arnold of CardRatings.com. That’s because such institutions typically don’t view credit cards as primary profit centers, he says.”

Read the entire article here: Get a Credit Card Through Credit Unions and Small Banks to Save

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Ditch your bank for a credit union

By Liz Pulliam Weston
A lot of you are really and truly sick of your banks.
You’re sick of getting socked with fees, or tripped by hidden penalties, or earning lousy interest rates. You’re tired of being treated like a nuisance rather than a customer. And yet you have little hope that the bank down the street is any better.
But who says you have to settle for a bank? Relief could be as close as the nearest credit union.
Because so many people are fuzzy about the differences between banks and credit unions, I’ll highlight the three most important distinctions:

*Credit unions are member-owned. If you have an account at a credit union, you’re a part owner in the enterprise. That may not entitle you to use the executive washroom — your CU probably doesn’t even have an executive washroom — but you’re likely to be seen as a person rather than as a “cost center.”
*Credit unions are not-for-profit. This status helps explain why interest rates tend to be significantly better, and fees fewer and smaller, at credit unions than at banks. Any profits credit unions do make are distributed as dividends to their members. Contrast that with banks, which continually invent new fees and policies to boost profits (and to pay those stunning executive salaries).
*Banks hate — hate — credit unions. President Franklin D. Roosevelt signed the Federal Credit Union Act into law in 1934 to “promote thrift and thwart usury,” and banks have been gunning for them pretty much ever since.

Because of their not-for-profit, cooperative structures, credit unions are exempted from most state and federal taxes. Banks have convinced themselves this is an unfair advantage and have spent a lot of effort, plus a fortune in lobbying fees, trying to legislate credit unions out of existence, or at least limit who can join. (I guess they thought the money was better spent there than on, say, improving their interest rates, reducing their fees or slashing their telephone hold times.)
Are you eligible? Almost certainly
Fortunately for you, banks have failed pretty miserably in their efforts to contain the competition. That’s why the Credit Union National Association, the CUs’ trade group, can brag that virtually everyone in the U.S. can belong to a credit union, thanks to where they live, where they work or the associations to which they belong.