Is this typical of a credit union?

Anonymous · ‎10-04-2015

I have been with my bank for years, but I hear credit unions have better rates if you ever want to open a loan or CC with them. The one I visited last week was very different from the banks I'm used to. First, they did not have a teller station, but round tables here and there with computers and cash registers. You actually stand right beside the teller as you make a deposit / withdrawal / whatever! Then, both their loan and CC applications require references and take days to process. I thought at least a CC application would give you an instant decision, but not with them. I suppose decisions are made in-house by the branch manager?

I only checked out the one CU but I'm thinking about visiting another this week to see how they operate. Also, to open an account with a CU, do they typicaly pull your credit? I'm gardening right now so if they do, I'll have to wait to open a new account.

Anonymous · ‎10-04-2015

I had a simiiar experience when I joined a small local credit union. I finally closed that account and after being in the forum joined PenFed. They are awesome! I have been so happy with them! Perhaps being such a large credit union makes a difference. I just know I am looking forward to a long relationship with them. Good luck to you!

Anonymous · ‎10-04-2015

@Anonymous wrote:
I had a simiiar experience when I joined a small local credit union. I finally closed that account and after being in the forum joined PenFed. They are awesome! I have been so happy with them! Perhaps being such a large credit union makes a difference. I just know I am looking forward to a long relationship with them. Good luck to you!

So larger CUs are better than smaller ones? What differences have you noticed?

Anonymous · ‎10-04-2015

@Anonymous wrote:
@Anonymous wrote:
I had a simiiar experience when I joined a small local credit union. I finally closed that account and after being in the forum joined PenFed. They are awesome! I have been so happy with them! Perhaps being such a large credit union makes a difference. I just know I am looking forward to a long relationship with them. Good luck to you!
So larger CUs are better than smaller ones? What differences have you noticed?

Just my opinion based on limited experience. I was able to join PenFed and get two of their credit cards for 10k each and cli on one for an increase of 2k. In a year I plan on opening a personal line of credit. APR on those cards are 8% and 9.9% respectively.

There are other excellent credit unions talked about here on the boards. Others can recommend them and I am sure they will. I am considering joining a second one when I come out of the garden. Hope this helps.

UncleB · ‎10-04-2015

My only experience with a credit union back in the 90s was similar... I remember them having "stations" scattered around for you to make deposits at instead of the traditional counter. Honestly, the whole experience was quite bizarre to me.

I was only with them for a few months because at that time while I had excellent credit, I was over-extended, and they wouldn't budge on a loan - not even a small secured one to help me establish history with them. It was a small credit union having only a few branches, so since they couldn't help me I had little reason to stay with them.

It appears not all credit unions are created equal when it comes to how easy they are to work with.

Anonymous · ‎10-04-2015

I just joined a cu last week (connex- a CT local cu) and it was like a normal bank as far as tellers, etc..

But it was a hp on tu, which i knew going in, and i walked out with a 20k auto loan approval (3.8 or 4.10apr) a 5k personal loan/consolidation approval (7.99) and an interest earning checking and savings acct. 👍🏼

I haven't actually accepted the two above loans yet, but i will take the auto loan as soon as i find a car. They were very friendly and offered me awesome rates! I was shocked because my scores are still borderline.

I always heard myfico peeps recommending credit unions, and i never thought I'd be so fortunate. But so far so good!

Anonymous · ‎10-04-2015

I switched from BIG BIG Bank where I was charged $6-12 a month IF my direct deposit was under $1000 per month to 2 CU where I've earned INTEREST, albeit small, in 3 months alone.

BIG CU's mind you.

ddemari · ‎10-05-2015

OP- interesting, I have never stepped foot in a credt union but I am a member of several online CU's, just never been to any of their branch loacations since most of them are not in my state.

But, I can see that as being a norm for a small, local credit union. Have you researched larger credit unions where the process is more simple?

Anonymous · ‎10-06-2015

@ddemari wrote:
OP- interesting, I have never stepped foot in a credt union but I am a member of several online CU's, just never been to any of their branch loacations since most of them are not in my state.

But, I can see that as being a norm for a small, local credit union. Have you researched larger credit unions where the process is more simple?

I have tried researching a lot. The larger credit unions seem to act like banks, lots of automated telephone prompts and not very personal. When I went to the small credit union that has only four branches, all in my city, I saw them calling members by their name like they knew them. They answer the phone (a person) every time you call, I love that personal touch. That is kind of making me lean toward going with them. I feel like if I needed to get a loan, I could talk directly to the lady who approves them and get her input as to what she thinks my credit is looking like before we even run a hard pull.

Anonymous · ‎10-06-2015

@Anonymous wrote:
I just joined a cu last week (connex- a CT local cu) and it was like a normal bank as far as tellers, etc..

But it was a hp on tu, which i knew going in, and i walked out with a 20k auto loan approval (3.8 or 4.10apr) a 5k personal loan/consolidation approval (7.99) and an interest earning checking and savings acct. 👍🏼

I haven't actually accepted the two above loans yet, but i will take the auto loan as soon as i find a car. They were very friendly and offered me awesome rates! I was shocked because my scores are still borderline.

I always heard myfico peeps recommending credit unions, and i never thought I'd be so fortunate. But so far so good!

Other than the better loan rates, do you think the approval process was easier with a CU than it would have been with a bank?