topic Re: Survivor: Credit Union edition! in Personal Finance

Survivor: Credit Union edition!

TXcred — Tue, 01 Oct 2024 01:36:44 GMT

I am looking to simplify my financial accounts at credit unions a bit and am looking to crowdsource some comparative feedback. I am presently a member of PenFed, Navy Federal, First Tech FCU (who announced today they'll be merging with Digital CU) and InTouch Credit Union (a local Dallas-area CU). With the exception of PenFed, my relationships with these CUs are very simple at the moment: just membership savings and checking accounts at each. At PenFed, I also have a credit card and a personal loan.

I previously used the deposit accounts at each of these CUs during different stages of my life, but hardly use any of them since I have lately been using big banks for my small business for business credit purposes. (If there's a credit union that offers genuinely great low-doc business credit products, I'd be interested - but I haven't found any yet.)

On the horizon: Sometime in the next year, I plan to buy a midsize pickup truck (primarily for business use), and sometime in the next 1-3 years, my wife and I hope to buy our first home. Each of us has excellent (800+) personal credit. I am also interested in borrowing to buy homes for rent sometime in the next few years. I don't anticipate personal loans for any other purposes, and I don't foresee adding any new personal credit cards beyond the ones I already have.

Generally, what's the best way to compare credit unions? Is it more than just the rates they offer?

Specifically for my situation, which (if any) of my credit unions ought to be on the chopping block?

Re: Survivor: Credit Union edition!

AndySoCal — Tue, 01 Oct 2024 01:08:21 GMT

@TXcred There several factors in picking a credit union(s) at least for me.

Do you want a credi union that has a branch near where you live or is on line only will work?

In my case if you look at the credit unions I a member most them are on the east coast. I live in California 99 % of what I do is digital. This might not work for someone is getting paid with paper checks for whatever reason. Secondly, is rates both loan an deposit rates. I prefer a credit union that has decent rates both long and short term. Some banks and credit unions have one or two CD terms with a decent rates other rates are very non competitive.

A certain credit union may a product that appeals to you like a rewards credit card. Such was the case for me with State Department FCU and Redstone FCU. I have since expanded the relationship from credit card only. I hope this helps.

Re: Survivor: Credit Union edition!

SouthJamaica — Tue, 01 Oct 2024 04:06:37 GMT

@TXcred wrote:
I am looking to simplify my financial accounts at credit unions a bit and am looking to crowdsource some comparative feedback. I am presently a member of PenFed, Navy Federal, First Tech FCU (who announced today they'll be merging with Digital CU) and InTouch Credit Union (a local Dallas-area CU). With the exception of PenFed, my relationships with these CUs are very simple at the moment: just membership savings and checking accounts at each. At PenFed, I also have a credit card and a personal loan.

I previously used the deposit accounts at each of these CUs during different stages of my life, but hardly use any of them since I have lately been using big banks for my small business for business credit purposes. (If there's a credit union that offers genuinely great low-doc business credit products, I'd be interested - but I haven't found any yet.)

On the horizon: Sometime in the next year, I plan to buy a midsize pickup truck (primarily for business use), and sometime in the next 1-3 years, my wife and I hope to buy our first home. Each of us has excellent (800+) personal credit. I am also interested in borrowing to buy homes for rent sometime in the next few years. I don't anticipate personal loans for any other purposes, and I don't foresee adding any new personal credit cards beyond the ones I already have.

Generally, what's the best way to compare credit unions? Is it more than just the rates they offer?
Specifically for my situation, which (if any) of my credit unions ought to be on the chopping block?

I don't think any of them should be on the chopping block.

I don't recommend NFCU for business banking; their business side is a pain to deal with, not like their consumer side.