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Which Credit Union (CU) would you close?!

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TheFIGuy
Established Contributor

Re: Which Credit Union (CU) would you close?!

My only issue with BECU is they do not allow external financial institutions to pay the BECU CC or Auto Loans. Has this changed?
Message 11 of 20
Jnbmom
Credit Mentor

Re: Which Credit Union (CU) would you close?!


@TheFIGuy wrote:
My only issue with BECU is they do not allow external financial institutions to pay the BECU CC or Auto Loans. Has this changed?

 

 

Nope it hasn't changed.


 

EXP 780 EQ 791TU 795
Message 12 of 20
VPExecutive
Frequent Contributor

Re: Which Credit Union (CU) would you close?!


@TheFIGuy wrote:

myFICO Familia,

 

We're approaching a new year and I'm looking at downsizing some of my current CU's to hopefully two SOLID choices. I'm in the near 3-6 years buying a house and I also would like to continue growing my relationship with two, maybe three of the below CU's. Which would you choose as your TOP two?

 

1. NFCU

2. PenFed

3. BECU

4. SchoolsFinancial -> SchoolsFirst —(SchoolsFinancial is merging with SchoolsFirst)

5. EECU Fresno, CA


Penfed would be the first one. Don't know a whole lot about #4 and #5. 

 

When it takes a week and a half to close a CD after I sent out the notarized letter instructing them to close the account, and then ANOTHER six business days to make the funds available even though they're simply transferring it to a Penfed savings account, there's an issue. In my opinion, a very overrated credit union. I've also never seen any credit union besides Penfed that doesn't offer a 100% truly free checking account.  Also, why does Penfed not reimburse ATM fees? The credit union is way too slow and old fashioned for my liking. This is simply a case of high fees and little in the way of perks. 

 

Navy Federal would be the last one I'd close. Stellar customer service, good credit cards, free checking, ATM reimbursements on the accounts with a direct deposit, high CD interest rate payouts, and how many years in a row have they been rated the best credit union? 

Message 13 of 20
Revelate
Moderator Emeritus

Re: Which Credit Union (CU) would you close?!

I think you'd be insane to close School's First.

 

That's a highly restrictive and useful one to be in if you're in California.

 

Just because it isn't well known on the forum, probably because we don't have a whole lot of California public school teachers for various reasons, doesn't mean it's not worthwhile.  I admittedly don't understand the reason to close any of them frankly unless one of them does something offensive (like Logix did to me).  I still have open membership at quite a few CU's even if I "only" have or have had products with 4 of them.




        
Message 14 of 20
joltdude
Senior Contributor

Re: Which Credit Union (CU) would you close?!

I know two CUs that arent on your list that im starting to find offensive... both for different reasons.. but they haven't directly offended me YET.. just other members that I know of...

 

-J

Message 15 of 20
babbles
Established Contributor

Re: Which Credit Union (CU) would you close?!

NFCU is the largest Cu in the world!  I have NFCU and USAA tatoos!  Just kidding!  Smiley Wink

Message 16 of 20
Green456
Established Contributor

Re: Which Credit Union (CU) would you close?!


@TheFIGuy wrote:

myFICO Familia,

 

We're approaching a new year and I'm looking at downsizing some of my current CU's to hopefully two SOLID choices. I'm in the near 3-6 years buying a house and I also would like to continue growing my relationship with two, maybe three of the below CU's. Which would you choose as your TOP two?

 

1. NFCU

2. PenFed

3. BECU

4. SchoolsFinancial -> SchoolsFirst —(SchoolsFinancial is merging with SchoolsFirst)

5. EECU Fresno, CA


It depends what you need out of your credit unions. You could make a list of what you like to have and see which credit unions offer the least and terminate those.

Personally I like BECU because they don't charge a lot of fees. PenFed is a little bit more Fee happy. I don't know much about NFCU but I heard nothing but great things about it here.

 

Myself. I keep BECU because I like their completely free checking account and savings account without any requirements and no dormant account fee. I keep PenFed for their HYS but I may terminate my membership with them soon as this is the only reason why I keep them and my joint account with my wife in Ally also has HYS. I have PSECU account and Fort Knox FCU. Both of them have nothing to offer to me. Fort Knox is about to be closed this weekend. PSECU I may keep for awhile and see if their mobile app improves. 

I pretty much consolidate all of my banking solution into 3 accounts. Chase and Ally for joint banking and Bank of America for personal. BECU as a back up for personal banking and will probably obtain their credit card later this year to diversify my credit products. Bank of America and Merrill Edge is where I keep portion of my money invest conservatively and into treasury bills. Ally for joint savings and Chase for branch access and their credit card perks. At some point in the future we actually might close Ally Bank and use Treasury Direct I-bonds instead of CDs. And keep short term savings in Chase Youinvest money market funds or treasury bills for state tax free growth.

 

Really I think people tend to over complicate their life with too many accounts. You can always open one if you need it. 

Message 17 of 20
PullingMeSoftly
Valued Contributor

Re: Which Credit Union (CU) would you close?!

Why not keep the minimum required funds in the accounts you're not inclined to use and just keep the open memberships?






Message 18 of 20
M_Smart007
Legendary Contributor

Re: Which Credit Union (CU) would you close?!


@PullingMeSoftly wrote:

Why not keep the minimum required funds in the accounts you're not inclined to use and just keep the open memberships?


This^^^^^   is exactly what I do.

Might have need down the road, I like options.

Message 19 of 20
Green456
Established Contributor

Re: Which Credit Union (CU) would you close?!


@PullingMeSoftly wrote:

Why not keep the minimum required funds in the accounts you're not inclined to use and just keep the open memberships?


You have to do more than that. You actually have to schedule re occurring transfers to keep the accounts active. Some credit unions such as LMCU will apply inactivity fee after 6 months. Another issue is security. You need to make sure that none of the security questions are reused between financial institutions. So there is a little bit more work involved. For me personally it is just easier to close the account and re open if I need it. 

Message 20 of 20
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