Move my banking to a Credit Union?

[Anonymous]

Hi.

I am very new here but have been reading allot the last two days.

I have read about persons doing banking thru a credit union instead of a normal bank.

I had always thought that a Credit union had to be tied to the military or a school.. etc...

How does someone that is not affiliated with either, but has a very good FICO score go about finding a credit union?

Sorry I have searched and although I see some mentioned am not finding enough info.

Thank you!

[pattycake]

CUs are fast becoming the way to do business, and if you join specific organizations, you can qualify for a lot of them out there.  I joined PenFed by donating $20 or so to a military organization, and UFCU out of Austin, TX by paying a one time booster club fee of $5 or something like that.  So, for many CUs, there is a way in. 

I think a lot of the posters here have found that CUs have excellent CS, and they offer stable credit products that don't seem to be as finicky as the ones offered by banks.  Overall, CUs did not get caught up in the housing debacle in the way that Citi, Chase and HSBC did, so they are not cutting CLs and raising APRs the way banks are.  

Do a search here on the boards for CUs that may meet your needs.  I like UFCU and PenFed quite a bit, but am also happy with my local CU, which houses all of my savings.  txjohn has a HSA account at Alliant CU, which pays a nice dividend, and PenFed's cash rewards card offers 5% on gas, 2% on groceries and 1.5% on everything else.  

[Anonymous]

Wow..

Fantastic info.

Thanks.

I wonder, and please forgive this if it's an ignorant question, but how do you actually get cash from a CU if it is not in your area?

Can you withdraw from an ATM at some banks w/o fees?

Do they mail you a bank draft to cash maybe? 

[pattycake]

A lot of credit unions belong to a "family" of CUs, so they allow you to pay bills or get ATM cash through other CUs for free. 

I used to make car payments through Arizona Federal CU to University Federal in TX, even though I was not a member at AFCU.  

Also check out your local CUs.  Some allow you to join based on the county or state in which you live.  

[Anonymous]

Hi PattyCake.

This is interesting. 

I just remembered my husband is co-owner of an account with his ailing mother at the Arkansas Federal Credit Union.  From time to time he pays bills for her thru them.  AND he had an account them many years ago when he was in the Navy.

I wonder if the fact he is co-owner will allow him to actually just open another account for us.

Being his wife, I also wonder if I could have my business account (one that is in my name only) moved there as well.  We have 5 accounts with BOA and I sure would love to get into a credit union instead!

I would have never investigated this further w/o reading info here.  Learning so much here!

Thanks!

[Anonymous]

Although I live in NY, I have checking, savings & Visa credit card accounts at Alliant Credit Union in Chicago. At one time, this credit union was open only to United Airlines employees, but almost anyone can join it now. (The easiest way to qualify for membership is to join the national PTA.)

I like the high rates that Alliant pays on deposits: 1.75% on checking & 2.00% on savings. I'm a compulsive saver who's always looking for high-rate savings accounts, & this is among the best available. All deposits are insured by the NCUA, which is a Federal agency similar to the better-known FDIC.

If you have a scanner attached to your PC, you can deposit checks into your Alliant account simply by scanning them - no need to mail them in. You can also link your Alliant accounts to bank accounts & transfer funds electronically.

You can make fee-free ATM withdrawals from Alliant accounts at almost any 7-Eleven convenience store.

[pattycake]

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@Anonymous wrote:

Hi PattyCake.

This is interesting. 

I just remembered my husband is co-owner of an account with his ailing mother at the Arkansas Federal Credit Union.  From time to time he pays bills for her thru them.  AND he had an account them many years ago when he was in the Navy.

I wonder if the fact he is co-owner will allow him to actually just open another account for us.

Being his wife, I also wonder if I could have my business account (one that is in my name only) moved there as well.  We have 5 accounts with BOA and I sure would love to get into a credit union instead!

I would have never investigated this further w/o reading info here.  Learning so much here!

Thanks!

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There's an option right there!  Also check out the CUs that other posters are talking about - some offer really great credit cards and savings account options. I just referred my BFF to UFCU to apply for a car loan, since their rates are pretty low, and they also offer some very low interest rate CCs.  

Keep in mind that most do a hard pull on your CB for membership, although not all do.  

[rom828]

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AND he had an account them many years ago when he was in the Navy

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I would by all means check out Navy Federal Credit Union (NFCU) also.  DH & I just joined and are thrilled with the products and service!

There are lots of posts about NFCU on this forum that should help you!!  

Good luck!

Message Edited by rom828 on 09-10-2009 01:45 PM

[Shane1]

Some credit unions have a community-based charter, so they serve anyone in the community (residents/employees from a specific town or towns), regardless of any affiliation they may or may not have. You can find a local one at the National Credit Union Administration website: http://www.ncua.gov/DataServices/FindCU.aspx .

[marty56]

I will never do business with a commercial bank again.  CUs are the only way to go.