Credit unions, are they worth it? | TigerDroppings.com
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LordSnow
LSU Fan
Round Rock (Finally)
Member since May 2011
3467 posts

Credit unions, are they worth it?

Since I work on a army base I can join Navy Federal credit union. Are there really any advantages to credit unions today vs typical banks?


anc
Member since Nov 2012
3548 posts
Online

re: Credit unions, are they worth it?
I love credit union banking.

If you need a car loan, personal loan, etc., its much easier and literally no hassle. Mortgages aren't any better in my experience, but that has to do with federal requirements.

You get a little less shittier savings rate, too.


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wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7990 posts

re: Credit unions, are they worth it?
In general I've found Credit Unions to be better. Less hidden fees and restrictions plus better service.


mglsu21
LSU Fan
Prairieville
Member since Jun 2012
882 posts

re: Credit unions, are they worth it?
I love my credit union. I got a personal loan with no hassle within a day. Most institutions have eliminated personal unsecured loans.

My checking rate is 3% as long as I have direct deposit or ACH, 10 POS debits/month, and use online banking.

It also has the small town feel to it instead of the big bank where nobody knows your name.

I did not get my mortgage through them. They were 0.50-0.75% higher than my mortgage company. I will finance vehicles with them from here on out.


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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
10132 posts

re: Credit unions, are they worth it?
yes they are better, but not as much as they'd like you to believe

also, depends on what you use a financial institution for ...


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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
33935 posts

re: Credit unions, are they worth it?
Love my credit union. I also sleep better at night knowing the bank of americas and wells fargos don't see my money.

Keep it local


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40 Rouge
LSU Fan
Red Stick
Member since Feb 2009
1857 posts
Online

re: Credit unions, are they worth it?
Navy Federal is a great credit union. Services are with the times and they have fantastic loan rates.

I've always said: use a big bank for checking and card services and use a credit union for savings and loans


Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
10132 posts

re: Credit unions, are they worth it?
quote:

Navy Federal is a great credit union.


one of the best no doubt ...

quote:

keep it local


enough of a reason right there... a lot of CU employees are local lifetime employees...good people...nice to support them too...


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Crompdaddy8
Tennessee Fan
Jimmy Rustler
Member since Nov 2009
10569 posts

re: Credit unions, are they worth it?
I use Penfed and they tend to have lower rates than banks


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LSURussian
LSU Fan
Member since Feb 2005
85147 posts

re: Credit unions, are they worth it?
quote:

Credit unions, are they worth it?

Hell, no! Credit unions are the embodiment of the Anti-Christ! Anyone who uses a credit union is morally deficient and intellectually challenged.

Signed,
A Former Commercial Banker






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SpartyGator
Florida Fan
Texas
Member since Oct 2011
37290 posts

re: Credit unions, are they worth it?
quote:

In general I've found Credit Unions to be better. Less hidden fees and restrictions plus better service.





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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
76433 posts
Online

re: Credit unions, are they worth it?
I haven't found a bank that will even consider matching PenFed's rates


BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
42932 posts

re: Credit unions, are they worth it?
quote:

In general I've found Credit Unions to be better.


THIS!


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LSURussian
LSU Fan
Member since Feb 2005
85147 posts

re: Credit unions, are they worth it?
quote:

I haven't found a bank that will even consider matching PenFed's rates

Banks pay corporate income taxes. Credit unions don't.

That is my only complaint about credit unions. They should pay taxes just like banks do.

Or, banks should not have to pay taxes. That would work, too....


Cousin
LSU Fan
The Bayou
Member since Feb 2012
4860 posts

re: Credit unions, are they worth it?
I love Campus Federal Credit Union. I have been with them since 2002 and I will never switch. I do all my business through them with the exception of my mortgage.


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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
10132 posts

re: Credit unions, are they worth it?
quote:

Banks pay corporate income taxes. Credit unions don't.

That is my only complaint about credit unions. They should pay taxes just like banks do.


why? they are not for profit. The profits are sort of like they are taxed since they are returned to the members in the form of lower rates and higher dividends.
This post was edited on 7/18 at 8:35 pm


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
76433 posts
Online

re: Credit unions, are they worth it?
They pay tax of their profit


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LSURussian
LSU Fan
Member since Feb 2005
85147 posts

re: Credit unions, are they worth it?
quote:

why? they are not for profit. .

They make plenty of profit and none of it is taxed.

quote:

The profits are sort of like they are taxed since they are returned to the members in the form of lower rates and higher dividends.
This makes no sense. Neither of those is a tax.


Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
10132 posts

re: Credit unions, are they worth it?
I mean if a tax is money meant to go back to the community, that's the same idea...profits are returned to the members.


statman34
New Orleans Saints Fan
Member since Feb 2011
230 posts

re: Credit unions, are they worth it?
I made more interest banking in one month at Neighbors than I did in 20 years at Sunburst/Union Planters/Regions. And don't get me started on how much money I had to pay them in that time. That should be enough incentive right there. And it is in a checking account even.


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