Pros and Cons of banking with a Credit Union

I loved Navy Federal, but when I needed to visit a branch, the closest one is on the west bank, almost two hours away. Thats the only reason I have another bank.

That's been my setup for years now - main savings at CU, main checking with traditional bank. I do have a checking account at the CU, but rarely use it.

I've never run into any problems with this setup. I rarely have to visit either branch, and rarely need an ATM anymore since I use a CC for most expenses.

I kind of fell into this setup when I applied for a car loan at the CU and they required a savings account for the loan.

I've been with Campus Federal since 2002 and love it. I haven't had any issues and have had multiple loans (car, home, LOC) with them since then. I also lived in Dallas for 9 years and was able to utilize the "sister network of credit unions" to make any deposits. This option is still available but they've made everything easier now with their online banking and phone app.

My checking and savings accounts are with one local bank and their app and online interface are easily better than anything else I've used from many of the larger banks. Interest rates are also better, though all of those are a joke. We have had multiple car loans and a home equity with a local CU and that has been a great experience, too. Locally-based decision-making is a huge benefit to both.

I would add that a con is fraud protection. If you ever have to file a fraud claim, it could take weeks to get money back. A big bank like Chase would give it back same day

Fraud


Almost every fraud related CPE starts with some credit union fraud that has happened.