Pros and cons of using a credit union?

[dcfromva]

We have used a credit union for 32 years.
We pay no fees. We can use any ATM for 8 times a month and we receive a rebate on the transaction fees. We receive a small amount of interest on the checking and savings and they usually offer competitive interest rates. Now I even have an AP to make check deposits as soon as I receive them (it used to be by mail).

The down side is my credit union (not locally located) can't offer some of the services you would find at a commercial bank such as a safe deposit box or notary services.

 

[girli565]

I LOVE my credit Union. If I'm traveling getting to an ATM is a problem but even the fees to use an out of network ATM are low compared to other banks. And they work with ATM networks so many other bank ATMs are considered "in network" for me to use.

I get lucky that Publix ATMs are our CU's preferred ATMs, so even when I'm out of town in orlando visiting the mouse or even in GA and NC I can just go to a Publix and get cash there.

I pay no fees for my account, I do have to keep $5 in my savings account at all times. it used to be $100 but they lowered it a few years ago. My husband and I have our car loans with them, I don't have to make payments in the summer (it's a teacher's CU so they know we don't get paid in the summer) on any loans (car or credit cards).

And best of all we get an annual Shared Earnings dividend paid to all members who have accounts and loans with the CU. It's based on how much you save and borrow from the CU. I take that dividend and pay it to my car loans. It's like an extra payment from free money (kind of ).

I've been with my CU since I was 15 and got my first job at the school system as a secretary. I'm now a teacher with the same school system.

 

[WeLuvDCL]

OP - we live in FL too. I'm not sure if there is a branch close to you but we've banked at Space Coast Credit Union for over 15 years. We've had all our home and auto loans through them. They are excellent. No fees and interest on checking (you do have to keep a minimum balance). I've never been charged a fee for anything. They have member levels and if you are at the highest level you can even get free safety deposit box and other perks. I don't us ATMs but I believe you can go to any credit unions' ATM or any ATM that has a CU logo and it's free.