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

Adding fees to owning an account/credit card is a suicide really. The one who decided to do that needs to be shot for being really stupid. Greed + stupidity is when all your customers leave.

[QUOTE=OogalaBoogal;33038048]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.[/QUOTE] How do Credit Unions make money? Is it through loans or investing?

Going to go ahead and close out my 10k investment CD at wells fargo and transfer it to a credit union.

[QUOTE=Capitulazyguy;33039470]How do Credit Unions make money? Is it through loans or investing?[/QUOTE]The same way banks do I assume. It's just that because they're nonprofit they don't need nearly as much money.

[QUOTE=Mon;33035488]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[/QUOTE] Aren't most unions indirectly owned by banks though?

Yea, I just left suntrust. I absolutely love my new credit union. 2.05% annual interest rate. Ohmygod that is so sexy.

credit union master race [QUOTE=wraithcat;33039736]Aren't most unions indirectly owned by banks though?[/QUOTE] [url=https://www.becu.org/who-is/becu-is-you.aspx]According to BECU, no.[/url]

$5 monthly? Sheesh, are you guys all tight assed as fuck?

[QUOTE=Bryanrocks0;33036850]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.[/QUOTE] do you know what you're talking about? all banks are FDIC insured.

The day after I was born my dad opened me an account at our local credit union. I shall do the same for my son/daughter. [editline]30th October 2011[/editline] [QUOTE=ViralHatred;33040228]$5 monthly? Sheesh, are you guys all tight assed as fuck?[/QUOTE] Why spend money on something stupid like that when you don't have to? Besides, a lot of banks charge a lot more than that. There's also banks that charge low balance fees of like $20 per month. Some also limit the amount of uses you get off that $5 Debit fee. If you go over that limit it's usually $1 per usage, and that counts for physical and online uses.

[QUOTE=ViralHatred;33040228]$5 monthly? Sheesh, are you guys all tight assed as fuck?[/QUOTE] I'm so frugal I only buy food that was made in a battery farm or factory. Along with wearing clothes to the point they actually fall to pieces.

[QUOTE=ViralHatred;33040228]$5 monthly? Sheesh, are you guys all tight assed as fuck?[/QUOTE] It's not 5$ a month, it's over 100$. You still have to pay for your xbox live, for you internet, your bills, your other subscriptions and all other junk. 5$ alone isn't a lot but it stacks up. 5 from there, 5 from here and you end up with 50. Why pay 5$ more for something that is supposed to be free?

I'm going to Navy Fed., they give me and my referrer each $25 here. I'm tired of Wells Fargo fucking me around. Back in like April I set it up so that every Friday when my direct deposit went through it would automatically transfer $50.00 to my Savings account, come to find out after reviewing my history the bank charged me a $20.00 transfer fee that shouldn't have been there. It wasn't in any of the print before starting that recurring transfer and it's always been free to transfer money manually.

I got navy federal in boot camp, they are awesome. [editline]30th October 2011[/editline] [QUOTE=Bredirish123;33043023]I'm going to Navy Fed., they give me and my referrer each $25 here. I'm tired of Wells Fargo fucking me around. Back in like April I set it up so that every Friday when my direct deposit went through it would automatically transfer $50.00 to my Savings account, come to find out after reviewing my history the bank charged me a $20.00 transfer fee that shouldn't have been there. It wasn't in any of the print before starting that recurring transfer and it's always been free to transfer money manually.[/QUOTE] Yeah, a few guys in my division made a shitload of money off that.

[QUOTE=ViralHatred;33040228]$5 monthly? Sheesh, are you guys all tight assed as fuck?[/QUOTE] Considering these banks just got billion dollar bailouts paid for by us and are making tons of money, no. [editline]30th October 2011[/editline] It's a slap in the face to their customers. If you're in the business of gambling with 74 trillion dollars, I think you can hold off on a $5 fee, on top of all the other ridiculous fees.

In my experience the employees at the credit union always seem nicer to me, I go to both when riding around with my friends and the credit union people always ask how we are doing and seem to actually care. The local bank however is snappy and does not even look up when talking to us.

[QUOTE=ViralHatred;33040228]$5 monthly? Sheesh, are you guys all tight assed as fuck?[/QUOTE] ViralHatred, you don't understand, it's the principle of the entire matter. Banks take the money that you put into the account you have with them and use it to invest in projects that will earn them money over time. Think of it this way: In ANY other situation where you're giving money to someone to invest in something that is surefire going to make a profit, you ALWAYS get something back for it. What do we get? A pathetic 0.01% interest that's compounded quarterly or even LESS than that, AND we have to pay $5 a month. And for some of us, every freaking penny counts. No offense, but you are obviously not someone who has had to go through college wishing they had a dollar more so they could actually do their laundry.

Ok, I added up the amount of wrongful fees I've been charged and it came up to $175.00! That's literally one week's paycheck that I desperately needed at that time. Literally a week prior my store had closed and I was transferred to another store but had to take massive hour cuts, sometimes only making $80.00 a paycheck to cover gas, car insurance, school fees and books, cell phone, and other necessities. To know that $175.00 was just taken from me is sickening, I contacted the bank and I'm awaiting an email, maybe they'll reimburse me.

Chase is a piece of shit and I guarantee they will fold up. Seriously, I see new chase banks being opened every other month in my area.

[QUOTE=Bredirish123;33043023]I'm going to Navy Fed., they give me and my referrer each $25 here. I'm tired of Wells Fargo fucking me around. Back in like April I set it up so that every Friday when my direct deposit went through it would automatically transfer $50.00 to my Savings account, come to find out after reviewing my history the bank charged me a $20.00 transfer fee that shouldn't have been there. It wasn't in any of the print before starting that recurring transfer and it's always been free to transfer money manually.[/QUOTE] It says you're in Greece? Or have you been deployed there? [editline]30th October 2011[/editline] [QUOTE=imptastick;33043351]In my experience the employees at the credit union always seem nicer to me, I go to both when riding around with my friends and the credit union people always ask how we are doing and seem to actually care. The local bank however is snappy and does not even look up when talking to us.[/QUOTE] Oh yeah, all banks send their employees to a "being-an-unhelpful-prick" seminar when they start.

[QUOTE=Capitulazyguy;33044492]It says you're in Greece? Or have you been deployed there? [editline]30th October 2011[/editline] Oh yeah, all banks send their employees to a "being-an-unhelpful-prick" seminar when they start.[/QUOTE] My family moved to Greece because my dad was offered a job. Since I wasn't making enough on my own I didn't have much of a choice but to come along. Which I don't mind :v: My dad is a Fed. Firefighter at the Naval station here.

I'm currently searching for a credit union nearby. There's one that directly helps local schools and communities as well as retired teachers

Well to be honest there is an issue with this that most seem not to think about. If your money is sitting there and isn't making as much interest to keep up with the rate of inflation, then you're actually losing money. Investment banks maybe corrupt and stupid and a gamble and all that but there is a point to them.

We don't have "credit unions" in Finland, what is the difference compared to a bank?

Credit unions are non-profit. Less motivation to fuck over your customers.

I have an account with a local bank. It's actually owned by my friend's dad. If I didn't I would probably switch to a credit union. Banks have far too much power these days.

Bank of America backed out of its' debit card fee. So did Chase. I don't see what the problem is.

[QUOTE=Orkel;33293929]We don't have "credit unions" in Finland, what is the difference compared to a bank?[/QUOTE] From what I understand CU work more as a cooperative company with every person with an account having a stake in the union. Though not entirely sure how that works legally as in most nations you usually need a certain amount of cash in order to join in, but there might be some more flexible form. They're also apparently not for profit, though considering you as a partaker get percentages as opposed to only covering their running cost and whatever mission they have, is not exactly a correct statement. As a last bit, considering those relatively high percentages they put out (2+% annually on free accounts) makes me think that they must do some pretty heavy investing as well. So in a number of senses you have the same risks with them as you have with banks. A bankrun will probably put them down just as easily. Overall, I'd say it's more of a philosophical difference than anything else.

[QUOTE=Ven Kaeo;33295323]Bank of America backed out of its' debit card fee. So did Chase. I don't see what the problem is.[/QUOTE] There was more legal fucking and fees than just the one debit card fee.

[QUOTE=Ven Kaeo;33295323]Bank of America backed out of its' debit card fee. So did Chase. I don't see what the problem is.[/QUOTE] The only reason they backed out is because people were flipping their shit and closing their accounts. The problem is the greedy fucks that run these banks.