Don't forget small local Credit Unions

[Anonymous]

I just wanted to relay an awesome experience with a small local credit union.

My wife has been a member of this CU for years and has had 2 auto loans through them. Never really done too much other business other than a little in savings. My wife has always paid these loans in person by walking in the branch. She has always been treated great and everyone has been very friendly. She has frequently been helped by the branch manager. They always remember her and greet her by name.

In her last statement the newsletter mentioned about the great rates they were offering on credit cards so when she went in to make a payment on the auto loan. She asked if they truly offered the rate or was it just a teaser. It was the branch manager helping her and she asked if there was anything derogatory on her CR since she received her last auto loan. My wife answered no. The branch manager asked how large a limit she wanted and my wife answered she didn’t know since she was just getting info at the time. The manager offered her a $15000 starting line at 6.9%. My wife asked about pulling her CR etc. and was told it was a formality that she was a valued member in good standing and that she would have to pull a report but unless my wife was lying about the derogatory info she was approved on the spot  and she wasn't worried about her FICO score, Uti. etc. as long as no baddies she was approved no questions asked. She went to the back for a few minutes and came back with her card and a few papers to sign.

In less than 10 minutes(wish we had timed it) she paid her car note and walked out with a Gold CC in her hand with

No annual fee

No Balance transfer fee

No cash advance fee

No fee OD protection on checking

$15000 Starting line

6.9% Yes the rate is variable so will go up with the prime rate but it’s not an intro teaser.

It’s easy to get caught up in the PenFed, NFCU, or other large CUs but there are some real diamonds out there waiting to be found.

I will continue with NFCU, PenFed, Alliant etc. but the over the top customer service has made this small CU the home of most of our finances. In contrast we just closed our accounts at the largest CU in the state due to poor service.

Hope everyone finds a local diamond. Don’t be fooled by size.

I would post the CU but since it is so small my wife feels it’s a privacy issue. And it’s not an open membership CU.

[Anonymous]

That's great!  I have my primary checking with a local Los Angeles credit union, and they have been really good to me.  They are really good with calling me about potential fraud on my debit card (this has happened several times, including 3 times in one year!).  Earlier this year they sent me an email saying I was pre-approved for a personal installment loan of $10,000 at an insanely low rate.  I answered a couple of questions over the phone and I had the money in my checking account 30 minutes later.  I used it to pay off higher interest credit cards.  It's so great!  I can't praise small credit unions enough!

[Anonymous]

Credit unions are great for the community and banking industry in general. I wish more people would move from the big commercial banks to them, so the big banks can sweat a little. The faster we can get rid of Wall Street, the better. If I saw a Wall Street investor in person, I would spit in their face and tell them to get a real job that doesn't involve crippling the economy and screwing over the hard working, average American, and to get a real job. 

I was having an issue setting up my AmeriCU debit card with Apple Pay, since it's new. Visa card services told me to call the credit union, so I did. The very friendly lady on the other side (at the credit union) called card services on my behalf, and a few minutes later, Apple Pay was activated to me. I can be sure I'll get great customer service from someone who I can understand, which is a huge relief in comparison when I call Citi and get some moron on the other end of the line who can't even speak English or doesn't even know their own products. 

With that said, you really have to do your research on credit union credit cards. I think some credit unions are very conservative with their offerings in order to save money. Pick a credit union that has a decent rewards program on their card and a relatively low APR. Not all credit unions offer a decent rewards program, so you have to look at the vendor they go through too.  Around me, SECNY Federal Credit Union has a card with a 1.5 point per dollar rewards program, where you can redeem 2,500 points for a $25 gift card (basically 1.5% back) or 25,000 points for a $325 airfare credit (1.95% back). Some credit unions offer simply 1 point per dollar, and that to me simply isn't worth it unless the APR is stunningly low, like 6.25% or somewhere around there. 

[Anonymous]

I agree CU's are GREAT!

My 1st job in finance was at a big State Employee CU, while still college over 20 years ago

and I've loved them ever since........that being said.

The confusion over

what they are,

how they work,

who can join,

which are good/bad

conservative/generous

adds to the public NOT using them as much as they could.

I agree with the OP about the extra attention given towards Navy/Pen and other big or known CU's

but to be fair b/c of the earlier mentioned ?'s

Ppl on here share more info towards CU's that a larger, wider group of folks can actually use and FIND

(Ex: even the great CU your wife uses is lik a secret club...which adds to the reason why more ppl don't know about the 'gold' in the hills)

One of the biggest issues with CU's is in addition to the already confusing landscape  they vary SO MUCH that ppl get frustrated not

knowing how CU-A  vs CU-B works and what their offering are and just go with the big bank that's spending the adversting money and has ATM's on every other corner.

The same reason McDonald's sells a crap load of 'so-so' hamburgers and a great small place that 'may' make a much better burger struggles....

Ppl look for a 'lead', the 'hook-up', the 'nod'...if these place is 'ok' or not.....that's way USAA, PenFed and NFCU get so much love here...it's b/c

coast to coast many ppl can vouch for them and 'get' what they do.....

Again, there are great small, local CU's but also many that kinda sux, just like many big consertive, boring old school banks....so the not knowing the difference

and sharing data is so important, so that more ppl know and can support this MEMBERSHIP organizations..

[Anonymous]

Fantastic! Congratulations!

[Anonymous]

Congrats to the OP, couldn't agree more myself!  Not only do they have better rates on mortgages and credit cards, but they also offer free financial advising, give back to the community quite a bit, scholarships, etc etc.

Also you would be shocked at the number of small town banks and credit unions that have 2+% apy on a checking account.  That is just crazy.  And the fact that they have single digit interest rate credit cards with no BT fees that function as a line of credit is just awesome.

I will say though, I have witnessed on multiple occasions, where a credit union or small town bank will encourage a person to transfer their credit card balances which are unsecured, to a secured line like a home equity line of credit.  In some situations this would be helpful, but if a persons credit is not that bad it would be a lot better and safer to just do a balance trasnfer card, or debt shuffle, etc....

Still, LOVE credit unions.  And I laugh every time capital one sends me a thing about a CD rate of 1%.... laughable!

[Guyatthebeach]

That's great news!

I'm a fan of credit unions. I joined a small one after my bankruptcy, and Ive been there ever since. I have my hight credit limit there as well 10.9%, a personal line of credit, and all my savings there.

Guyatthebeach

[dragontears]

Sigh, I must live in the wrong part of the country, NONE of the local CUs offer checking/savings account with a rate higher than 0.1% (which does beat the big banks rate if 0.01%).
On a bright note a local CU gave me a card with 6.50%, no fees except FTF.

[RonM21]

I like CU's whether they are small and local or bigger. Overall, the experiences and rates are more favorable with them. There are many, and I was one of them, who never even give them a thought, or don't even realize the products and rates they offer.