Need help finding a credit union?

[AndySoCal]

I had posted this before but Depositaccounts.com moved the location where this tool is.

So here isthe updated  link

https://www.depositaccounts.com/credit-unions/search/ 

if you scroll down there is an interactive search which will give ones that are a little closer to where you live.

[ptatohed]

Thanks Andy.

Andy, I am genuinely curious, I don't mean this as a facetious question in any way.  Why the strong fascination with CUs?

For me, I'll play if they have something unique I really want (AOD 3% CB Visa, nusenda unique 5% CB rotator Visa, NF pays my annual Prime membership) but, honestly, I much prefer big banks or on-line banks.  I do not bank with my 3 CUs, I'm only in it for the unique CCs.  I find the websites a little clunky and I haven't found anything (outside of CCs) that they offer that I can't find better with a bank.

So, just curious........... Thank you.

[TrapLine]

It will depend on the credit unions. There are some that match the big banks and offer good deposit returns. Some have good loan rates that beat the big banks.

Will say for overall services, many big banks are hard to beat but, some of the unique or geo-fenced CUs do have some good offerings. I use both. Do not use FinTechs as they seem to come and go as the wind blows.

[AndySoCal]

@ptatohed  I like credit unions for several reasons. The first reason is the lack of fees that they charge. The lack of hoops you have to go through to avoid a fee. Most credit unions will tell you the deposit and loan rates use the link as an example click on rates Lfcu.org Yes some of the loan rates  may be lowest rate possible on a loan. Show me a bank that discloses that much on all their loans.  Finding and using an ATM is not limited to just my credit union. The CO OP branches are other credit unions ATM can use fee free some you can make deposits in all fee free plus other locations some are 7 11 CVS or Target are on my credit union ATM. I do not need a local branch to go to into to make deposits 98% of mine are all electronic.  Some people do that is fine. I also like the ownership structure of a credit union better than a bank.

Edited to add  I have seen posts  here and other places about US Bank website being clunkyAlly Bank's app does not have the features the web site does and the list goes on. I will put with clunky for less fees or no fees and higher rates.

To summarize my banking relationships

Banks -  credit card only

Credit Unions  - checking and savings

Vanguard - savings and brokerage 

[ptatohed]

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@AndySoCal wrote:

@ptatohed  I like credit unions for several reasons. The first reason is the lack of fees that they charge. The lack of hoops you have to go through to avoid a fee. Most credit unions will tell you the deposit and loan rates use the link as an example click on rates Lfcu.org Yes some of the loan rates  may be lowest rate possible on a loan. Show me a bank that discloses that much on all their loans.  Finding and using an ATM is not limited to just my credit union. The CO OP branches are other credit unions ATM can use fee free some you can make deposits in all fee free plus other locations some are 7 11 CVS or Target are on my credit union ATM. I do not need a local branch to go to into to make deposits 98% of mine are all electronic.  Some people do that is fine. I also like the ownership structure of a credit union better than a bank.

Edited to add  I have seen posts  here and other places about US Bank website being clunkyAlly Bank's app does not have the features the web site does and the list goes on. I will put with clunky for less fees or no fees and higher rates.

To summarize my banking relationships

Banks -  credit card only

Credit Unions  - checking and savings

Vanguard - savings and brokerage 

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Thanks for the response ASC.  Yes, I can definitely appreciate the transparency example you showed.   The main reasons you listed in favor of CUs, I don't believe I experience with my banks.  I pay absolutely no fees (Chase checking/savings, USB checking/savings, upgrade checking/savings, primis checking, Sallie Mae MMA, LendingClub HYSA, Popular Direct HYSA, etc., etc.)  I have free access to every single existing ATM (both Chase and primis will reimburse me if I incur an ATM charge).  As far as loan rates, I only finance cars and homes - last car purchase was my wife's 2022 Telluride, we just used Kia financing (whatever bank that is) at 1.99%, I don't think any CUs were doing better at the time.  For our home refinance (2021ish?), I find that Internet banks are the lowest - we used AimLoan.com and we have a 2.65% rate, I don't think any CUs (or local banks) were that low at the time.  Agree, the ownership structure of a CU is nice.  Anyway, I appreciate the response.  You keep on CUing, I'll keep on Banking.  LOL!      

[SouthJamaica]

I prefer credit unions because I generally find

(a) the service to be friendlier

(b) the interest rates to be better

(c) the fees to be less and

(d) their role in the community and in our country to be more socially conscious.

Kind of like the building and loan vs Mr. Potter's bank in "It's a Wonderful Life".

[heyryan]

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@AndySoCal wrote:

 The first reason is the lack of fees that they charge. 

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I would add that's true for many, but definitely not all, so be sure to take a look at the T&Cs of any you're looking at joining. I've seen some CUs charging $39 for an overdraft (= to or > some big banks). Recently I wasn't paying attention to my checking account at Greenstate CU and was getting charged a $8/mo "dormant account" fee. I've also noticed a trend with some CUs paying terrible interest rates on savings but not having any better loan rates to compensate :shrug: Generally most CUs are awesome, but keep an eye out for ones that don't have as consumer friendly rates, fees, policies, etc.

[AndySoCal]

@heyryan I am aware of overdraft fees quite frankly I don't care what they are. I have had a checking account at various banks for forty plus years never overdrafted my account.  Langley is$12.50 per item overdraft from savings to checking is $5.00 per transfer. The dormant account fee is easily prevented. I have 5 credit unions other than the one I banking with. Every six months or so I ACH a small deposit into the account to make sure there is activity on the account. You can transfer an amount from a savings account to a checking account or visa versa to create activity to keep it from going dormant. Usaully account is considered dormant with no activity on the account for around a year it varies by bank or credit union. Interest posted to the acccount if any is not considered activity.  Dormant account that remains dormant can ultimately be closed and balance in the returned to the state. I try to be proactive and not reactive.

Edited to add  There are banks that pay you two or three one hunrdreds of a percent or some such microscopic figure. There is also a minimum balance fee of $5.00 or something around that amount if your balance falls below a certain amount.  For the last four years I have banked with Discover and Ally so I forget all the little ding fees that banks  can charge.