topic Re: Convince me to switch to a CU. in General Credit Topics

Convince me to switch to a CU.

Anonymous — Tue, 05 Aug 2014 02:24:24 GMT

I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?

Re: Convince me to switch to a CU.

ExplicitElicit — Tue, 05 Aug 2014 03:08:24 GMT

Hello!!

Well, I have bank accounts at 4 different banks, one being a credit union. No I don't have any double lives but I do have several savings account for different reasons and a few checking to pay for certain bills linked to certain accounts.

I have accounts with a credit union and they do have a location but I don't ever use them, I just take care of what I need online. I also bank with State Farm bank which is known for only being an "online bank" and have no physical locations. I don't think you ever need a physical location as long as you have direct deposit for your checks, or your bank offers to deposit them from you phone like most do these days.

It's all in personal preference I guess, do what you think is best for you.

Re: Convince me to switch to a CU.

mongstradamus — Tue, 05 Aug 2014 03:30:38 GMT

@ExplicitElicit wrote:
Hello!!

Well, I have bank accounts at 4 different banks, one being a credit union. No I don't have any double lives but I do have several savings account for different reasons and a few checking to pay for certain bills linked to certain accounts.

I have accounts with a credit union and they do have a location but I don't ever use them, I just take care of what I need online. I also bank with State Farm bank which is known for only being an "online bank" and have no physical locations. I don't think you ever need a physical location as long as you have direct deposit for your checks, or your bank offers to deposit them from you phone like most do these days.

It's all in personal preference I guess, do what you think is best for you.

For me its about rates,lack of fees, and access to almost any ATM. My current has interest checking,which none of brick and mortars offer. I use ally for savings which give me 20x+ better rates for savings accounts

that's basically it its not for everybody but it satisfies my requirements from a bank

Edit: forgot to mention cu gives you access to some good auto and mortgage rates also

Re: Convince me to switch to a CU.

youdontkillmoney — Tue, 05 Aug 2014 03:28:56 GMT

Open one to have has a credit union backup for better rates. Jut maintain the min. balance.

Re: Convince me to switch to a CU.

Anonymous — Tue, 05 Aug 2014 04:05:39 GMT

@Anonymous wrote:
I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?

I wouldn't worry about a branch so much. I am part of a 1 branch credit union, about 10 mins from work and 45 mins from home. I almost never go in person. I don't even have direct deposit, I just mail my checks endorsed For Deposit Only to Checking acct#, and the next day it's in my account. They've given me a code to use over the phone to call in if I ever need a wire transfer or cashier's check mailed out. Exceptional service when I do go in. Good internet access/options. What I realized after being stuck in chexsystems for years and using only a safe as a bank is that I don't use most of the features that a bank advertises since I don't have $250k+ in a savings account/investments. Look at how many services BOA and Citi offer that you really use and compare that to what DCU offers vs. how much you'll make on their better rates.

Re: Convince me to switch to a CU.

Glkslngr — Tue, 05 Aug 2014 04:22:49 GMT

Fewer fees. For me, better availability of telephone customer serivce. Better starting limit on CC. Better APR on CC. I& I feel more valued as a customer because of overall relationship with CU.

Re: Convince me to switch to a CU.

mongstradamus — Tue, 05 Aug 2014 04:25:13 GMT

@Anonymous wrote:
@Anonymous wrote:
I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?
I wouldn't worry about a branch so much. I am part of a 1 branch credit union, about 10 mins from work and 45 mins from home. I almost never go in person. I don't even have direct deposit, I just mail my checks endorsed For Deposit Only to Checking acct#, and the next day it's in my account. They've given me a code to use over the phone to call in if I ever need a wire transfer or cashier's check mailed out. Exceptional service when I do go in. Good internet access/options. What I realized after being stuck in chexsystems for years and using only a safe as a bank is that I don't use most of the features that a bank advertises since I don't have $250k+ in a savings account/investments. Look at how many services BOA and Citi offer that you really use and compare that to what DCU offers vs. how much you'll make on their better rates.

On the point of lacking branch most CU's, including DCU, allow you to do the deposit your check thru your smart phone, if you decide to not to DD option. Unless you need to talk to an actual banker for whatever reason having an actual bank is uneccesary imo.

Re: Convince me to switch to a CU.

Anonymous — Tue, 05 Aug 2014 11:51:48 GMT

I bank at a CU and the closest branch I have is like 40 mins away. I don't ever have need to go in. Everthing I need I can take care of online. Whenever I need cash I just go to the ATM in 7-11 accross the street and withdraw with no fees!

Re: Convince me to switch to a CU.

SunriseEarth — Tue, 05 Aug 2014 21:57:19 GMT

@Anonymous wrote:
I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?

How often do you actually go in a branch? I'm not sure how DCU is in particular, but CUs often have partner branches if you really need to go in a location where they don't have their own branch. If you really only need ATM access, you can do fee-free transactions at any CO-OP ATM. Every 7-11 in the country has one of those, as does every CU. It's extremely convenient to find a CU ATM.

Re: Convince me to switch to a CU.

mongstradamus — Tue, 05 Aug 2014 22:39:20 GMT

@SunriseEarth wrote:
@Anonymous wrote:
I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?
How often do you actually go in a branch? I'm not sure how DCU is in particular, but CUs often have partner branches if you really need to go in a location where they don't have their own branch. If you really only need ATM access, you can do fee-free transactions at any CO-OP ATM. Every 7-11 in the country has one of those, as does every CU. It's extremely convenient to find a CU ATM.

every drugstore around here too has those coop-atms i believe also. Here every CVS and walgreens has those atms. They are popping up everywhere, we have like 8 cvs here in my little town. Craziness.

Re: Convince me to switch to a CU.

SunriseEarth — Tue, 05 Aug 2014 22:57:18 GMT

@mongstradamus wrote:
@SunriseEarth wrote:
@Anonymous wrote:
I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?
How often do you actually go in a branch? I'm not sure how DCU is in particular, but CUs often have partner branches if you really need to go in a location where they don't have their own branch. If you really only need ATM access, you can do fee-free transactions at any CO-OP ATM. Every 7-11 in the country has one of those, as does every CU. It's extremely convenient to find a CU ATM.
every drugstore around here too has those coop-atms i believe also. Here every CVS and walgreens has those atms. They are popping up everywhere, we have like 8 cvs here in my little town. Craziness.

That's interesting. The CVS stores in my area typically have Chase ATMs, but there's a lot of Chase ATMs and branches here in general. You'll often see the COOPs at grocery stores here.

Re: Convince me to switch to a CU.

mongstradamus — Tue, 05 Aug 2014 23:16:46 GMT

@SunriseEarth wrote:
@mongstradamus wrote:
@SunriseEarth wrote:
@Anonymous wrote:
I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?
How often do you actually go in a branch? I'm not sure how DCU is in particular, but CUs often have partner branches if you really need to go in a location where they don't have their own branch. If you really only need ATM access, you can do fee-free transactions at any CO-OP ATM. Every 7-11 in the country has one of those, as does every CU. It's extremely convenient to find a CU ATM.
every drugstore around here too has those coop-atms i believe also. Here every CVS and walgreens has those atms. They are popping up everywhere, we have like 8 cvs here in my little town. Craziness.
That's interesting. The CVS stores in my area typically have Chase ATMs, but there's a lot of Chase ATMs and branches here in general. You'll often see the COOPs at grocery stores here.

I only know they have them because they are closest things to me if i need to use atm which i hardly ever use :-) they are my goto atms for both my ally and alliant CU. I think theres something like 50k atm you can use in the US, not too shabby!!!

Re: Convince me to switch to a CU.

ExplicitElicit — Tue, 05 Aug 2014 23:19:27 GMT

@SunriseEarth wrote:
@mongstradamus wrote:
@SunriseEarth wrote:
@Anonymous wrote:
I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?
How often do you actually go in a branch? I'm not sure how DCU is in particular, but CUs often have partner branches if you really need to go in a location where they don't have their own branch. If you really only need ATM access, you can do fee-free transactions at any CO-OP ATM. Every 7-11 in the country has one of those, as does every CU. It's extremely convenient to find a CU ATM.
every drugstore around here too has those coop-atms i believe also. Here every CVS and walgreens has those atms. They are popping up everywhere, we have like 8 cvs here in my little town. Craziness.
That's interesting. The CVS stores in my area typically have Chase ATMs, but there's a lot of Chase ATMs and branches here in general. You'll often see the COOPs at grocery stores here.

Chase is what you would find here in Dallas at Walgreens and CVS.. Funny though more and more of them are starting to let you get money in the increments of $5 now which I think is pretty cool.

Re: Convince me to switch to a CU.

Revelate — Wed, 06 Aug 2014 00:48:13 GMT

Cash, what sort of forum are y'all on anyway? So last millenium!

Business accounts, that I can clearly see the need for being local especially when we're talking cash deposits, but with remote check deposits, is there much need to visit a branch now that I'm not seeing?

Re: Convince me to switch to a CU.

gwizdak24 — Wed, 06 Aug 2014 01:30:21 GMT

Personally I bank with Chase and BOA, I will be closing BOA off and keeping Chase open because I have a safe deposit box with them. I also bank with a CU where there is no branches accessible to me. As a matter of fact I have never been inside of a branch. I do get direct deposit, but the occasions that I do get a check I just take a picture of it and by the next day all the funds are available. I love the relationship with the CU, it seems so simple, checking, savings, mm, c.d. line of credit, and now a credit card. Far more generous and personal than any bank.

Re: Convince me to switch to a CU.

Anonymous — Wed, 06 Aug 2014 15:52:25 GMT

I'm very upset with DCU.

They sent me an email stating to scan and fax copies of my Drivers License. I did them one better and faxed copies of m DL, social security card, and a copy of my phone bill in case they needed it.

They emailed me and said the doccuments were accepted, and to give them 48 hours.

I did, and called them back today. The rep said I was declined because they could not identify me. I told them "How could you not ID me? I send you my DL, SS Card, and my phone bill".

The rep got rude and said "Well that's all they told us, you will get a letter in the mail", and then hung up on me.

Re: Convince me to switch to a CU.

mongstradamus — Wed, 06 Aug 2014 15:57:40 GMT

@Anonymous wrote:
I'm very upset with DCU.

They sent me an email stating to scan and fax copies of my Drivers License. I did them one better and faxed copies of m DL, social security card, and a copy of my phone bill in case they needed it.

They emailed me and said the doccuments were accepted, and to give them 48 hours.

I did, and called them back today. The rep said I was declined because they could not identify me. I told them "How could you not ID me? I send you my DL, SS Card, and my phone bill".

The rep got rude and said "Well that's all they told us, you will get a letter in the mail", and then hung up on me.

really thats odd when i had to send in my docs for alliant , i never had any issues like that. Were you applying for cc or just regular checking or savings account? I had no issues at all.

Re: Convince me to switch to a CU.

Anonymous — Wed, 06 Aug 2014 16:02:45 GMT

I'm still waiting on Alliant and Lake Michigan Credit Union.

I was just applying for a checking account and new membership.

I have a fraud alert on my CR, which is probably the reason they needed to see these doccuments.

I have no clue as to why, but Credit Unions take a very long time to process membership, whereas when I opened my Bank of America and Chase (no longer use them) accounts within minutes.

Re: Convince me to switch to a CU.

Revelate — Wed, 06 Aug 2014 16:13:56 GMT

Hrm correct me if I'm wrong but I thought phone bills were explicitly excluded from this type of identity verification by many if not all lenders as they're not tied to a residence anymore?

Re: Convince me to switch to a CU.

Anonymous — Wed, 06 Aug 2014 16:17:36 GMT

Like I said, they only asked for my ID, but I send the other stuff incase they needed it.