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Conflicted with CU

Valued Contributor

Re: Conflicted with CU

In my local area I know of at least two credit unions i consider as bad or worse than banks

Metro CU

Riverworks CU

and MIT FCU is becoming that way

 

 

Super Contributor

Re: Conflicted with CU


CO_NATIVE wrote:

 

 

Its pathetic when a CU starts acting like a bank. 


Sad situation. Read elsewhere that your present CU has lost its luster. There are some good ones out their and have been mentioned in this thread. Time to think about changing! Remember CUs are member owned and they receive a very nice Federal Tax break which is the bases for many of their very competitve offerings.

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Current Score: 821
Goal Score: 850


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Moderator

Re: Conflicted with CU


Matt4200 wrote:
Joe - It's Logix Federally Credit Union

It makes no sense at all to have a required minimum balance for a Savings or credit card. I understand a checking account because you can use it heavily with a debit card, checks etc.

It's basically just the minimum and credit card.

The $1,000 even at 1% which is rare that's $10 per year.

Also you do know that a share Secured loan really requires no money tied up...if you hand them $1,000 to open it they will open it and return your $1,000. Smiley Wink

I just don't want to lose that available credit because it lowers my overall UT.

Maybe it's an error in their system? But I emailed them and they claim it's legit Smiley Sad it makes no sense to charge a low balance fee for a share savings, one they require you to get to get a credit card with them.

Hah, I was just about to post that a different CU had done that back in December with my share account and upped the min to $750... I got hit with a fee, (I had $500 in there at the time) couldn't get it waived even though they never notified me as it wasn't on their electronic statements and I was paperless, and closed the account.  F That, and I don't miss them.  I disliked BOFA checking accounts for their every changing fee structure, but when it wasn't my fault (cause they didn't tell me or didn't close the account when I asked them to after transferring the balance out to another BOFA account), they waived the fee at least. 

 

It was Logix; I was only keeping them around for a possible jumbo loan in the future though they were kinda disorganized on the mortgage front in my experience.

 

BOFA checking > Logix share.  Only saying which comes to mind that's fitting - mic drop.

 

You're better off paying whatever credit card debt you have with the $1K anyway than tying it up there if you're worried about utilization; it's not hard to establish limits and if you're worried about that move the Disco app up to right now before you close the Logix account if your scores support it.  FWIW it's the socially responsible thing to do as well, no entity should be rewarded for bad behavior, and this is definitely bad behavior.

 

If you're really dead set on keeping it though see if it'll get waived for a direct deposit once a month; that's how all the major banks are waiving fees on their accounts these days, if Logix isn't even willing to do that, just walk.  

 

 

 

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Valued Contributor

Re: Conflicted with CU

Well I pulled the trigger and asked Logix to close my accounts solely for the low balance fee. I named 5 Major Banks whose savings accounts have a $300 or less minimum balance compared to their $1,000 minimum.

I let them know that it seems they've become more like a bank than a credit union. So now I'm done with them. Smiley Happy
Established Contributor

Re: Conflicted with CU


Matt4200 wrote:
Well I pulled the trigger and asked Logix to close my accounts solely for the low balance fee. I named 5 Major Banks whose savings accounts have a $300 or less minimum balance compared to their $1,000 minimum.

I let them know that it seems they've become more like a bank than a credit union. So now I'm done with them. Smiley Happy

Good on you. $500 is really absurd. Bank of America doesn't even charge a fee on Core Checking now as long as you make at least $250 per month in deposits.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Established Contributor

Re: Conflicted with CU

I think it has to do with the size of the lender. BIgger is always better. Generally credit unions are smallers than banks thus they have lower quality service. Small local credit unions are diseased by clueless representatives, broken websites, predatory deals, abysml rewards, etc. They can't afford decent customer service because of their small size. Larger creditunions like Alliant seem reasonable minus them trying to sneak in an insurance plan in my SSL. Their size advantage over smaller credit unions is the only reason why I haven't blacklisted them from my potential financial relationships. The best are big banks like Discover, American Express, JP Morgan Chase, and CitiGroup. They have amazing apps, websites, customer service, high technology, online chat, etc. My experience with big banks have been phenomenal.


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Established Contributor

Re: Conflicted with CU

 

Thanks!!!!!

 


Subexistence wrote:

I think it has to do with the size of the lender. BIgger is always better. Generally credit unions are smallers than banks thus they have lower quality service. Small local credit unions are diseased by clueless representatives, broken websites, predatory deals, abysml rewards, etc. They can't afford decent customer service because of their small size. Larger creditunions like Alliant seem reasonable minus them trying to sneak in an insurance plan in my SSL. Their size advantage over smaller credit unions is the only reason why I haven't blacklisted them from my potential financial relationships. The best are big banks like Discover, American Express, JP Morgan Chase, and CitiGroup. They have amazing apps, websites, customer service, high technology, online chat, etc. My experience with big banks have been phenomenal.


Thanks, for the info.

 

In the morning I am canceling my $14,000 card with Navy, my $7,500 & $4,000 cards at Pen Fed, and my $3,500 card with State Department.

 

Best Wishes!!!!

 .

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Moderator

Re: Conflicted with CU


Subexistence wrote:

I think it has to do with the size of the lender. BIgger is always better. Generally credit unions are smallers than banks thus they have lower quality service. Small local credit unions are diseased by clueless representatives, broken websites, predatory deals, abysml rewards, etc. They can't afford decent customer service because of their small size. Larger creditunions like Alliant seem reasonable minus them trying to sneak in an insurance plan in my SSL. Their size advantage over smaller credit unions is the only reason why I haven't blacklisted them from my potential financial relationships. The best are big banks like Discover, American Express, JP Morgan Chase, and CitiGroup. They have amazing apps, websites, customer service, high technology, online chat, etc. My experience with big banks have been phenomenal.


This is laughably false, and is damned close to be considered another trolling comment.  Public warning this time in hopes it forestalls some inevitable responses.

 

Attacks, including “Flaming” another user or entity in such a way as to incite or perpetuate an argument or conflict

 

Individual CU's have their failings, but as a whole, no.  

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Established Contributor

Re: Conflicted with CU

My understanding has always been the opposite; that smaller/regional banks and CU's, as well as CU's oriented toward a specific segment of the population (as, in fact, most CU's are) tend to have better customer service than the huge national banks. CU's, after all, are essentially cooperative organizations among their members.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
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Valued Contributor

Re: Conflicted with CU


Subexistence wrote:

I think it has to do with the size of the lender. BIgger is always better. Generally credit unions are smallers than banks thus they have lower quality service. Small local credit unions are diseased by clueless representatives, broken websites, predatory deals, abysml rewards, etc. They can't afford decent customer service because of their small size. Larger creditunions like Alliant seem reasonable minus them trying to sneak in an insurance plan in my SSL. Their size advantage over smaller credit unions is the only reason why I haven't blacklisted them from my potential financial relationships. The best are big banks like Discover, American Express, JP Morgan Chase, and CitiGroup. They have amazing apps, websites, customer service, high technology, online chat, etc. My experience with big banks have been phenomenal.


One of my favorite banking account is with a small local credit union with only 2 branches that has the most basic, rudimentary website, you can see your account balances and that's about it. But in 2015 they gave me a 60 month car loan on a used 2103 car from Hertz, at 1.99% - for that, I'm happy enough with their non-amazing website.

 

Between occasionally chasing new bank account bonuses & opening accounts for good credit offers I currently have accounts with 2 "big banks" and 3 credit unions. I opened checking & savings with Penfed earlier this month, to app for their 2% rewards CC and 4% home equity LOC; got the CC, HELOC is looking good. I opened a checking with Wells Fargo in January for the $250 new account bonus, I switched my part time job payroll direct deposit to them to avoid monthly fees. I've already sent the paperwork to switch my payroll direct deposit to Penfed (just to make it easier to pay the CC & HELOC), and will close WF when that is done, WF does nothing for me -thanks for the $250 to try you out, but I'm still not impressed. I'm semi retired, took the early retirement Social Security at age 62. I had it going to a small local community bank. When they announced they would close in Jan. 2016 I wanted to switch my SS to a bank that would be around for a long time as changing your SS direct deposit is a royal PITA. I chose Bank of America, a $250 new account bonus offer at the time was a nice extra.

 

The other CU is Vantage West, a southern AZ CU. They sent me a mailed CC offer with a low APR (11%), so I opened accounts with them to get the CC, I just have small amounts in the savings, no minimum requirement to avoid fees. The CC has lousy rewards so it just gets a small monthly bill to keep it active, I have it for the no fee, low interest BT & cash advances if I ever need a cash infusion. The only CU I've been unhappy with is ACCU, AZ Central CU. I opened the account in 2016 for a $200 new account bonus and closed it earlier this year. It was OK, just lousy credit products and did nothing for me. The most annoying thing about them was their constant trying to sell me life insurance, as in mailers 3-4 times a month. I never had kids, have no heirs, so I have zero interest in life insurance, and my attitude is that my having an account with you doesn't give the right to constantly try to sell me something I don't want. A minor annoyance compared to the OP's CU requiring $1k to avoid any fees, but sometimes the little things add up.


Fico 08: 720/721/719 TU/EX/EQ