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Bigwhite5154
louisiana
Member since Nov 2015
69 posts

Pros and Cons of banking with a Credit Union
I am a recent graduate and have started working full time. I currently have my savings and checking through one bank is there any advice on moving savings to a credit union and keeping a checking account for bills/spending money or would this be a waste of time. Thanks in advance!


RATeamWannabe
Kansas Fan
Baton Rouge
Member since Sep 2009
22523 posts

re: 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.


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castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
50287 posts
 Online 

re: Pros and Cons of banking with a Credit Union
Only con in my experience, has been branch location. So if it's a local one, then that should not be an issue.


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The Spleen
Alabama Fan
Member since Dec 2010
22162 posts

re: Pros and Cons of banking with a Credit Union
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.


Bigwhite5154
louisiana
Member since Nov 2015
69 posts

re: Pros and Cons of banking with a Credit Union
awesome thanks for the replies! Branch location is not an issue I would pass it everyday on my way home from work. Sounds like I will be stopping in today to set it up.


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10
Cousin
LSU Fan
The Bayou
Member since Feb 2012
5151 posts

re: Pros and Cons of banking with a Credit Union
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.


S1C EM
Georgia Fan
Athens, GA
Member since Nov 2007
6919 posts

re: Pros and Cons of banking with a Credit Union
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.


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10
gpburdell
Georgia Tech Fan
ATL
Member since Jun 2015
402 posts

re: Pros and Cons of banking with a Credit Union
Pros: Better rates, lower fees, better customer service

Cons: Fewer branches/ATMs, technology (apps, website) may not be as advanced or kept up to date, slower process (opening accounts, etc), may not be as stable (less capital to weather bad times)


LSU6262
LSU Fan
Member since Jun 2008
4299 posts

re: Pros and Cons of banking with a Credit Union
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


S1C EM
Georgia Fan
Athens, GA
Member since Nov 2007
6919 posts

re: Pros and Cons of banking with a Credit Union
quote:

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.


I guess it all depends on each bank. I've had a couple of instances of people using my debit card fraudulently and I was refunded the same day.


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KillTheGophers
Texas Fan
Nawtheastlouisiana
Member since Jan 2016
2749 posts

re: Pros and Cons of banking with a Credit Union
Fraud


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



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