Thinking of joining a Credit Union, Thoughts?

[Anonymous]

Did you ever join a credit union? I saw you mention Nordstrom and I was considering it myself.

[Anonymous]

My local credit union gives me a 2.78% APY on my average daily balance in my checking account if I use their debit card atleast 15 times in that month and spend a minimum of $250. That is better than all CDs, money market, IRAs and HSAs I have seen in my lifetime so far. 

Therefore, I am inclined to be a member.  However, they have low limits on daily spend and withdrawal limits on wire transfers, debit card purchases and cash withdrawals.  So, I also use Boa, which also has free bill pay unlike the credit union which charges $6 a month for that service.

[Appleman]

I am a fan of PenFed. If you get in with them and have scores they like you can often get multiple products with a single Equifax credit pull. 

[AverageJoesCredit]

Agree been a new member of Penfed for about a month and half and am quite happy. Got approved for a cc and a personal loan!. Amazing what you learn here on myfico! Never really understood credit unions until i found this place. As i am still rebuilding my credit after a bk7 i thought to get a personal loan would have had to get it through a big bank or other institution with higher interest rates. Months ago applied for one at a local bank,was told score at time was not bad but they like at least 700 credit score. This would have been for a $3000 loan. Shudder to think how much my interest would have been. Hope it helps . Cheers!

[Anonymous]

I am now a member of three CUs (DCU, Webster First, and Alliant). The main reason I like them is for their loan rates.

I direct deposit part of my paycheck into DCU to fund my car loans (1.74%!!). Webster First I financed my pellet stove (3.99%) via a personal loan promotion, and again just enough to do the monthly payment gets direct deposited there. Same will go for Alliant to make my monthly BT payments.

The rest goes into my BoA checking account. You will have to pry that from my cold, dead hands. I've banked with them or a bank acquired by them for 20+ years, my mortgage is with them, and so is my IRA. They have always been steller with customer service, but I won't do a HEL or a car loan with them, as the rates are way too high compared to any CU out there. To me, that's where CUs shine.