Credit Unions?

[d1sneyf4n]

What can you tell me about them? Good/Bad

 

[jdb in AZ]

Not sure what you want to know here.

Often an employees' credit unions will do a payroll-deduction for a car loan so they can offer a cheaper interest rate than on a conventional bank loan, especially for people who have an iffy credit rating.

One drawback would be that crediti unions don't have ATM's everywhere.

 

[d1sneyf4n]

Not sure what you want to know here.

Often an employees' credit unions will do a payroll-deduction for a car loan so they can offer a cheaper interest rate than on a conventional bank loan, especially for people who have an iffy credit rating.

One drawback would be that crediti unions don't have ATM's everywhere.

Do you have to have ur checking account with them or can you just have their credit card?

 

[FireDancer]

I like them. What I would look for is a credit union with a good home banking product, one that is part of an ATM network so you don't have to rely on just the credit union branches for free ATMs, and if it is available in your area find one that is part of the Shared Branching network.

Shared branching is basically a network where member credit unions can do monetary transactions for other credit unions in the network. If you belong to ABC credit union and they are part of shared branching you can go to any other shared branching credit union in the country and do many transactions just as though you are in the lobby of ABC credit union.

If you go with the correct credit union there is very little they can't offer you that a bank can but usually you are keeping your money in the community.

 

[golfgal]

I agree, having limited access to their ATM's would be the biggest "negative". A lot of credit unions don't charge fees on their side to use other ATM's and often refund fees paid-you just have to turn in your ATM receipt so slightly more work for you.

 

[Pixie Dust for Me!]

We belong to 2 credit unions and love them both! Why 2? Because I got membership in one when I was working at a specific place and my husband was a member in one as a child. We bank at both and both have good products to offer. My husband's has great rates on home mortgages and is close by. Mine has great rates on consumer loans (cars, personal loans, etc), and very friendly ATM policies (no limit on transactions, no fee per transaction). Both are members of the Shared Branch program so, even though my credit union is about 1,000 miles away from where I live, I can still bank there easily...and my husbands, which is about 2 miles away, is also easy to access from a variety of locations.

When we were first married, we had our main checking account at a bank...but the steep fees and ATM policies were not very customer friendly. For the past 20 years, we've used Credit Unions exclusively for banking needs.

Hope this helps.

 

[d1sneyf4n]

Thank you much for the replies. I am going to do some research for the Credit Unions here in NJ.

 

[Coconut36]

Love credit unions. I am a member of 4 different ones (one has our auto loan, 2 we actively keep and use money at (one was DHs account prior to us getting married the other we opened together and the last one is where I keep the money I get from things like mystery shopping..a small little account of "mad money"..since I refuse to go to a bank I went to a small local credit union to give them some business) and I haven't used a bank in forever. Hate banks but love the credit union experience. Credit unions are "owned" by the members and are focused on the members in a way banks aren't. I feel I get the best rates and service with a credit union.

Most of them are part of a co operative network around here and some do co operative banking as well..so I can go into one credit union and deposit money, pay a loan..etc for another credit unions account and with the network I can utilize any other credit unions ATM. In all the years I have been credit union only I have never had an issue with limited availability for ATMs..they have been easy to find and conveniently located.

 

[d1sneyf4n]

Love credit unions. I am a member of 4 different ones (one has our auto loan, 2 we actively keep and use money at (one was DHs account prior to us getting married the other we opened together and the last one is where I keep the money I get from things like mystery shopping..a small little account of "mad money"..since I refuse to go to a bank I went to a small local credit union to give them some business) and I haven't used a bank in forever. Hate banks but love the credit union experience. Credit unions are "owned" by the members and are focused on the members in a way banks aren't. I feel I get the best rates and service with a credit union.

Most of them are part of a co operative network around here and some do co operative banking as well..so I can go into one credit union and deposit money, pay a loan..etc for another credit unions account and with the network I can utilize any other credit unions ATM. In all the years I have been credit union only I have never had an issue with limited availability for ATMs..they have been easy to find and conveniently located.[/QUOTE


If there and annual fee to belong to the credit union? Also how easy is it to get a personal loan once you belong to one?

 

[manning]

Not sure what you want to know here.

Often an employees' credit unions will do a payroll-deduction for a car loan so they can offer a cheaper interest rate than on a conventional bank loan, especially for people who have an iffy credit rating.

One drawback would be that crediti unions don't have ATM's everywhere.

Ours does.

 

[SC Minnie]

If there and annual fee to belong to the credit union? Also how easy is it to get a personal loan once you belong to one?

No fees. It is not hard to get a loan through them if you have good credit. I have gotten a 'signature' loan in the past for a couple thousand $$. Took all of 15 minutes.

We belong to 2 CU's. One of the I have been a member for almost 30 years. They have a lot of branches in our area. The other we just joined last year. They had lower interest rates on car loans so we moved our loans to them. We only have a savings account at the 2nd one and I have a CC with a low interest rate. You don't have to have a checking account to have a CC but I believe you do have to have a savings account (no minimum).

The 1st credit union is actually giving out a huge dividend at the end of this month. I love getting 'found' money!

 

[The Mystery Machine]

What can you tell me about them? Good/Bad

Nicer than big banks and they can have perks like getting a loan when a BIG bank would laugh you out of there.

Our mortgage is through our credit union and we got better rates there.

 

[Coconut36]

Love credit unions. I am a member of 4 different ones (one has our auto loan, 2 we actively keep and use money at (one was DHs account prior to us getting married the other we opened together and the last one is where I keep the money I get from things like mystery shopping..a small little account of "mad money"..since I refuse to go to a bank I went to a small local credit union to give them some business) and I haven't used a bank in forever. Hate banks but love the credit union experience. Credit unions are "owned" by the members and are focused on the members in a way banks aren't. I feel I get the best rates and service with a credit union.

Most of them are part of a co operative network around here and some do co operative banking as well..so I can go into one credit union and deposit money, pay a loan..etc for another credit unions account and with the network I can utilize any other credit unions ATM. In all the years I have been credit union only I have never had an issue with limited availability for ATMs..they have been easy to find and conveniently located.

If there and annual fee to belong to the credit union? Also how easy is it to get a personal loan once you belong to one?

Out of the 4 I am a member of not a single one has ever charged me a joining fee or any other fees to be a member.

Personal loans, auto loans, mortgages..etc are all based on credit worthiness like anywhere else so if you meet the credit criteria you can get a loan. I find interest rates to be best at the credit unions and it is why I generally do my auto loans with them (and I refied my mortgage to my credit union for a great rate years ago).

 

[tvguy]

Out of the 4 I am a member of not a single one has ever charged me a joining fee or any other fees to be a member.

Both I belong to charged a $25 fee to become a member, and require a $100 minimum balance.
I use both.
I use the Credit Union for auto loans.
My bank offers a bundle of services, credit card, free travelers checks and free safe deposit box, and brokerage. Bundling gets a lower rate on my credit card than my credit union offers.

 

[LindaG4458]

DH and I are in two credit unions.

Our primary banking is at my credit union, joined when I worked for a now-defunct national computer company 26 years ago. We have checking, CDs, and our primary credit card there. We have to maintain a $5 balance in one savings account to remain a member.

We have access at ATMs and are reimbursed for 4 associated fees per month if they are "foreign" terminals. We can make deposits by scanning checks into online software -- no mail delays! Loan rates are reasonable. We love this CU!

DH's credit union, on the other hand, is a disaster. They held our mortgage that we refinanced with them last year. It would take too long and too much space to tell you about that disaster. Suffice it to say that, if it would not cost us several thousands of dollars, we would refinance with my CU and leave this one entirely. It is small and local.

In summary, investigate the CU thoroughly before you join. If you do, you will probably be very happy with your decision.

 

[Cannot_Wait_4Disney]

Do you have to have ur checking account with them or can you just have their credit card?

Most require a minimum balance in a savings account (usually 20-25 dollars but some can be higher) as a requirement of membership. Most do not have checking account requirements. Although if you want a debit card, you're going to need a checking account and maintain enough money in it so as not to be overdrawn. Some credit unions do not issue credit cards. Check with the particular credit union.

If there and annual fee to belong to the credit union? Also how easy is it to get a personal loan once you belong to one?

The vast majority of credit unions do not charge membership fees. Most do have a small balance requirement. Check with the credit union. Credit unions set their own terms for loans so check with the credit union.