Bye-Bye, Banks: 9 Tips Before You Switch to a Credit Union - Polidicks

Bye-Bye, Banks: 9 Tips Before You Switch to a Credit Union by MATT GUTMAN (@mattgutmanABC) and ENJOLI FRANCIS Oct. 24, 2011 [release]The more than 7,000 credit unions across the country are seeing an explosion in new members since Bank of America announced its monthly $5 debit fee in September. In Miami, Karen Jackson transferred her money from a Chase account to the Miami-Dade Credit Union. She said the continuous adding on of fees had disgusted her. "We couldn't take it anymore," she said. Recent numbers show there are thousands like her. The Navy Federal Credit Union, the world's largest credit union with $46 billion in assets and 3.8 million members, says it welcomed thousands of new customers last week -- a threefold spike in new checking accounts since this time last year. "In our experience, this is new," Karen Tyson, the National Association of Federal Credit Unions' senior vice president for marketing and communications, told ABC News. "This is a different phenomenon. There seems to be quite a bit of distrust, quite a bit of apprehension, quite a bit of frustration among the average Americans out there with the larger institutions and the Wall Street institutions." Scott Arney, the chief executive officer of the Chicago Patrolmen's Federal Credit Union, said deposits had been pouring in. "In October, we're on pace to go about 40 percent above that in new checking account and debit card activity," Arney said. But before you go out and transfer your money to a credit union, here are nine tips from the Credit Union National Association: Find a credit union you're eligible to join. Credit unions serve people according to where they work, where they live or worship, or other associations they might belong to. Joe Vitti/The Indianapolis Star/AP Photo District Retail Sales Manger Bridgetta... View Full Size Switch to Credit Union, Avoid Bank Fees Watch Video How to Avoid Rising Bank Fees Watch Video Bank Fees Out of Control Watch Video Use these tools to find a credit union. These sites -- [url]www.aSmarterChoice.org[/url] and [url]www.CULookup.com[/url] -- help you find out what you need to know. Compare credit union rates and fees to those of banks. The Credit Union National Association estimates that consumers annually save more than $6 billion in better rates and lower fees by using a credit unions rather than banks. Ask about free checking and debit. About 80 percent of credit unions still offer free checking, and more than 70 percent have debit card programs, typically with no fees, according to the Credit Union National Association. Check if the credit union has all the products you're looking for. These days many credit unions offer most of the same services and products you'd find at a bank -- mortgages, credit cards, IRAs, home equity lines, even small business loans. Consider the convenience factor. Credit unions have fewer branches, but today thousands of credit unions share their branch facilities, so that members of one credit union can use the shared branch networks of other credit unions. And today many credit unions are part of nationwide ATM networks. Ask about deposit insurance. Nearly all of the 7,500 credit unions in the U.S. are federally insured, meaning their deposits are insured up to $250,000 by a federal deposit insurance fund administered by the National Credit Union Administration, just as the FDIC does for banks. What about electronic services? Credit unions pioneered the concept of direct payroll deposit. But today many credit unions offer a range of electronic banking services. Ask for a "switch kit": Many credit unions have switch kits, a compilation of all of the forms, rules and suggestions you may need to make your switch as seamless as possible. Just ask the credit union you want to join for its switch kit. The National Association of Federal Credit Unions' Tyson said the main myth she hoped to dispel was that it was hard to move from banks to credit unions. "It's not hard to change," she said. "It's a quick process. You can do it online. Find one that works for you. ... It's a piece of cake."[/release] [url]http://abcnews.go.com/Business/ConsumerFinance/helpful-tips-switching-banks-credit-unions/story?id=14804344[/url] I'm doing this soon. theres also a good video on the page, can't media tag it though.

I'm doing this soon as well. My girlfriend is on the process of transferring out of Chase. This is ridiculous

I'm leaving chase as well, I can't take it anymore.

nice to see that things are going full circle with the banks they should have seen this coming, what with the way they've been screwing their customers

I've always been with a credit union since I got my inheritance, doubt i'll be changing out any time soon.

My mom has been with a credit union as long as I can remember, and I joined one before I went off to college. I'm not really experienced enough to know everything about the two, but I don't think we had to bail out any credit unions. Unless I'm incredibly mistaken, and please correct me if I am.

My family has been with a Credit Union since before I was born and I've had an account at one for more than 20 years now. It has never given me any issues what so ever. The only problem is that mine is pretty local and only has maybe 12 branches total, so if I'm out of state and need some cash I gotta use an ATM and worry about fees. Luckily, I don't let that happen.

Hurry and switch before they lock you in their bank and get you arrested

I have BoA.. Have yet to have a debit fee. Living large!!

[QUOTE=Frost 31;33035531]My family has been with a Credit Union since before I was born and I've had an account at one for more than 20 years now. It has never given me any issues what so ever. The only problem is that mine is pretty local and only has maybe 12 branches total, so if I'm out of state and need some cash I gotta use an ATM and worry about fees. Luckily, I don't let that happen.[/QUOTE] I know some credit unions belong to ATM networks that allow you to use quite a few, out of state/country ATM's without surcharges. You should check to see if yours belongs to one. Mine, for example belongs to The Exchange, i can use my debit card all across north america without charges.

Hey is anyone from Wells Fargo switching to a credit union? My brother and I are, and my dad just transferred his entire retirement fund over to a credit union CD.

[QUOTE=Frost 31;33035531]My family has been with a Credit Union since before I was born and I've had an account at one for more than 20 years now. It has never given me any issues what so ever. The only problem is that mine is pretty local and only has maybe 12 branches total, so if I'm out of state and need some cash I gotta use an ATM and worry about fees. Luckily, I don't let that happen.[/QUOTE] Yeah this is the problem for me too. I have to take a 40 minute trip to get to my credit union and I get charged at ATMs that aren't the major Australian bank.

Other than the ATM fee problem and the lack of branches, i dont see any reason to stay with a major bank.

sticking with bancorp south because I'm not a loser

[QUOTE=Mlisen14;33035815]Yeah this is the problem for me too. I have to take a 40 minute trip to get to my credit union and I get charged at ATMs that aren't the major Australian bank.[/QUOTE] PCCU, formerly ACSAL right?

Guys, keep in mind that, if you're a good customer with your credit union, you can ask to get your ATM fee's paid for or even waived completely.

I've been using a credit union my whole life. I guess that's why I found it so strange when people were telling me there were fees on their money and such. Credit unions are the way to go.

I personally can't understand what's the difference between CU and a bank. I googled and all I found is that they are essentially the same but CU is smaller. Can anyone please explain?

[QUOTE=ewitwins;33036565]Guys, keep in mind that, if you're a good customer with your credit union, you can ask to get your ATM fee's paid for or even waived completely.[/QUOTE] I know my plan that I have with my credit union let's me get my ATM fees waived 6 times in a year. I also overdrafted one time because my mother forgot her money for groceries one time and I didn't have enough in the bank but my bank paid for the purchase and then waived the overdraft fees because it was the only time I've overdrafted. [editline]30th October 2011[/editline] [QUOTE=AceOfDivine;33036759]I personally can't understand what's the difference between CU and a bank. I googled and all I found is that they are essentially the same but CU is smaller. Can anyone please explain?[/QUOTE] CU are less about making money and more about securing your money. They're more local so while they may still be corrupt like a bank, they're like a midget villain, not very threatening.

[QUOTE=Bryanrocks0;33036764] CU are less about making money and more about securing your money. They're more local so while they may still be corrupt like a bank, they're like a midget villain, not very threatening.[/QUOTE] So it's just an indie bank? What happens when it grows big?

[QUOTE=AceOfDivine;33036799]So it's just an indie bank? What happens when it grows big?[/QUOTE] Well the nice thing about CU is that your money is also insured up to $250,000. Unlike the big banks who you're basically giving permission to gamble with your money. Also, the nice thing about CU is that they are for the most part local.

Being local is a good and a bad thing. What if I travel a lot?

[QUOTE=AceOfDivine;33036926]Being local is a good and a bad thing. What if I travel a lot?[/QUOTE] Well then you use the ATM machines which can run you some fees. However, my CU for example gives me 6 uses of other ATMs with no fees. So if I'm taking a vacation somewhere else I think 6 times is more than enough.

[QUOTE=Bryanrocks0;33036953]Well then you use the ATM machines which can run you some fees. However, my CU for example gives me 6 uses of other ATMs with no fees. So if I'm taking a vacation somewhere else I think 6 times is more than enough.[/QUOTE] But don't the banks that own the ATM charge you for use as well?

Wow, I didn't even notice I've been using a credit union all my live, but apparently I am. The problem is that credit union translates to Genossenschaftsbank, but everyone just calls it Bank which is bank in English. :v:

Never been a part of a big bank, always been a military credit union. They're the best tbh, no frees, great service (all call centers are US) and on top of that they've been really awesome to me.

[QUOTE=AceOfDivine;33036759]I personally can't understand what's the difference between CU and a bank. I googled and all I found is that they are essentially the same but CU is smaller. Can anyone please explain?[/QUOTE] [QUOTE=the wikipeds]A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Many credit unions exist to further community development or sustainable international development on a local level.[/QUOTE] CU's are not-for-profit, meaning that they are not aiming for profit, and they will use most profit for expanding the union. Banks are for profit, and are not really that nice.

I've been part of a credit union for the past six years. Moment I began working at 16 was the moment I opened up my own account.

YES Now I worry that common customers may only be a small part of a bank's profits, but this is good anyways.

I'm still using US Bank because they are sensible and researched what would happen if they made credi card/debit card fees and they figured they lose a shitload of customers and they decided not to do it.