topic Re: Credit Unions in General Credit Topics

Credit Unions

Untitled — Wed, 02 Apr 2014 15:53:16 GMT

Just curious about opening a checking and savings account with a Credit Union like Pen Fed, or something similiar. Would opening an account with Penfed now, and using it as my main bank (As in direct depositing my work checks with them) make it easier to get better rates later for a Auto Loan or Home loan later (as in 3 - 5 years)? Would Penfed be the best credit union to build a relationship in terms of future loans? Does having a checking account with them influence decisions? or is it strictly credit score?

Re: Credit Unions

Anonymous — Wed, 02 Apr 2014 16:06:48 GMT

This approach might work with some local CUs, but I don't think I'd try it with Penfed.

They are extremely conservative, and I expect they'd be unmoved by the fact that you have checking and savings with them.

Also, the Penfed checking account requires that you maintain a $500 balance or have direct deposit to avoid a $10/month fee. I don't think they're on any national ATM network, so you might have trouble using your debit card to get cash if you're not in the vicinity of a Penfed ATM.

If you want a good online checking account, I'd go with Alliant Credit Union or one of Fidelity, Schwab, or USAA.

Re: Credit Unions

Untitled — Wed, 02 Apr 2014 18:52:49 GMT

I checked the PenFed atm map, and I don't see any by me. So that means a regular atm wouldn't work with the debit card?

Re: Credit Unions

Anonymous — Wed, 02 Apr 2014 19:44:14 GMT

It's an issue of fees -- both the fee charged by the debit card issuer, and the fee charged by the ATM owner. Here is some information from the fee schedule:

Network Withdrawal* ................................................. 1.50
Network Balance Inquiry* ........................................... 1.00
Non-PenFed Card Surcharge at PenFed ATM :
On military installations and
select government buildings................................. 1.50
All other locations ................................................ 3.00
International Transaction Fee ...............up to 2 % of Transaction

It looks like Penfed charges $1.50 for a basic ATM withdrawal, and this is waived with the high-end checking account.

I think Penfed used to be on the Allpoint network, but is no longer, and so there would be an ATM surcharge that typically runs around $2-3.

Fidelity and Schwab and USAA don't charge their own fees, and rebate the ATM surchages.

You can get cash for free at supermarkets by tacking an amount like $60 onto your purchase with a debit card.

Re: Credit Unions

mongstradamus — Wed, 02 Apr 2014 19:46:42 GMT

@Untitled wrote:
I checked the PenFed atm map, and I don't see any by me. So that means a regular atm wouldn't work with the debit card?

They are an member of all point like most credit unions I believe . So look up all point ATM,and see if any are near you.

Oh guess I was mistakened

Re: Credit Unions

AeroKrix — Thu, 03 Apr 2014 09:25:59 GMT

I would go with Digital Credit Union (DCU). They are rather lenient with credit and terms and they value relationship. Anyone can join, albeit a $10 donation to a charity that's deducted (one-time) from your opening deposit. They are known sticklers for ID verification (DL, SS) and income (pay stub, w2), but that's the minor inconvenience that's overshadowed by great service. Plus, they give you a free EQ FICO every month, if you have checking, e-statement, and a cc/loan with them...your typical banking relationship with any bank.

they are part of the Co-Op network of atm's, and you get 150 free checks/yr if you do direct deposit with them, plus they give you discounted rates on loan products if you do direct deposit. I don't deposit cash through the Co-Op network, since they take forever to post (5-7 business days, sometimes longer), but I just give my family member the cash, and they write me a check, and I do mobile deposit. Sounds cumbersome, but it works.

One other alternative I would highly recommend, if you're able to, is join Navy Federal!! Hands down, best CU!

Re: Credit Unions

takeshi74 — Thu, 03 Apr 2014 12:17:33 GMT

Not necessarily but it really just depends on the specific CU. I had PenFed membership for 4 years and it didn't affect my approvals with them. It wasn't until my credit improved that they approved me for a card.

@Untitled wrote:
JWould Penfed be the best credit union to build a relationship in terms of future loans?

Define best. Just as with any topic, no one CU will be best for everyone. Have you shopped around to see what the different CU's that you'd qualify for are offering?

Re: Credit Unions

Untitled — Thu, 03 Apr 2014 17:21:59 GMT

@takeshi74 wrote:
Not necessarily but it really just depends on the specific CU. I had PenFed membership for 4 years and it didn't affect my approvals with them. It wasn't until my credit improved that they approved me for a card.

@Untitled wrote:
JWould Penfed be the best credit union to build a relationship in terms of future loans?
Define best. Just as with any topic, no one CU will be best for everyone. Have you shopped around to see what the different CU's that you'd qualify for are offering?

The best rates I suppose? I have no interest in a Car loan or Home Loan right now, at all. I just want to set myself up now, so when I do want those things, to put myself in a posistion that I would get the best repayment/interest plans that I can get. My train of thought was basicly, if I build a relationship bank/credit union/whatever now, they'll be more than likely to give me those great repayment plans later when I need them.

EDIT: My Grandpa was in the Navy, could I become a member of NFCU off that? I don't know if he's a member of NFCU though.

Re: Credit Unions

darkfrosty — Thu, 03 Apr 2014 18:38:40 GMT

I have a question about anyone that has a USAA bank account .. you can only deposit checks through either a UPS store or the app correct? Also can you deposit cash? Like through an ATM or something like that ? I am a USAA full member even though I currently dont have anything with them. I bank with Chase but would like to open a second free checking account and was thinking of finally establishing a relationship with USAA.

Edit

NVM just saw that USAA has preferred ATMS where you can deposit up to 30 bills. Seems like there is two somewhat local to me

Re: Credit Unions

Anonymous — Thu, 03 Apr 2014 20:06:45 GMT

You can deposit checks by mail.

Re: Credit Unions

AeroKrix — Fri, 04 Apr 2014 00:54:43 GMT

@Untitled wrote:

EDIT: My Grandpa was in the Navy, could I become a member of NFCU off that? I don't know if he's a member of NFCU though.

Your grandpa would have to join, then you would use him as your sponsor. But I think he would have to be receiving some type of benefits from the navy in order to qualify for membership. Not 100% sure though...