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Credit unions, are they worth it?
Posted on 7/18/13 at 10:18 am
Posted on 7/18/13 at 10:18 am
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?
10
Posted on 7/18/13 at 10:21 am to LordSnow
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.
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.
Posted on 7/18/13 at 10:23 am to LordSnow
In general I've found Credit Unions to be better. Less hidden fees and restrictions plus better service.
Posted on 7/18/13 at 10:28 am to LordSnow
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.
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.
Posted on 7/18/13 at 10:33 am to LordSnow
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 ...
also, depends on what you use a financial institution for ...
Posted on 7/18/13 at 10:37 am to LordSnow
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
Keep it local
Posted on 7/18/13 at 10:37 am to LordSnow
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
I've always said: use a big bank for checking and card services and use a credit union for savings and loans
Posted on 7/18/13 at 10:45 am to 40 Rouge
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...
Posted on 7/18/13 at 11:53 am to LordSnow
I use Penfed and they tend to have lower rates than banks
Posted on 7/18/13 at 11:57 am to LordSnow
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
Posted on 7/18/13 at 12:00 pm to wiltznucs
quote:
In general I've found Credit Unions to be better. Less hidden fees and restrictions plus better service.
Posted on 7/18/13 at 12:19 pm to LordSnow
I haven't found a bank that will even consider matching PenFed's rates
Posted on 7/18/13 at 4:36 pm to wiltznucs
quote:
In general I've found Credit Unions to be better.
THIS!
Posted on 7/18/13 at 4:44 pm to yellowfin
quote:Banks pay corporate income taxes. Credit unions don't.
I haven't found a bank that will even consider matching PenFed's rates
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....
Posted on 7/18/13 at 5:17 pm to LordSnow
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.
Posted on 7/18/13 at 8:34 pm to LSURussian
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 7/18/13 at 8:35 pm
Posted on 7/18/13 at 8:38 pm to LSURussian
They pay tax of their profit
Posted on 7/18/13 at 8:45 pm to Zilla
quote:
why? they are not for profit. .
They make plenty of profit and none of it is taxed.
quote:This makes no sense. Neither of those is a tax.
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.
Posted on 7/18/13 at 10:49 pm to LSURussian
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.
Posted on 7/19/13 at 9:42 am to Zilla
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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