Comments on: A Case for Local Banks and Credit Unions http://www.moneyunder30.com/case-local-banks-and-credit-unions Personal Finance for the Young and Ambitious Sun, 21 Mar 2010 19:06:46 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: sofia http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3934 sofia Thu, 17 Dec 2009 05:54:26 +0000 http://www.moneyunder30.com/?p=3708#comment-3934 I just closed all my accounts with BOA (savings, checking and credit cards). It's such a huge weight off my shoulders- and now I only deal with credit unions. They do offer much better loan rates for my car and debt consolidation. I can honestly say I am happier without BOA in my life. I just closed all my accounts with BOA (savings, checking and credit cards). It’s such a huge weight off my shoulders- and now I only deal with credit unions. They do offer much better loan rates for my car and debt consolidation. I can honestly say I am happier without BOA in my life.

]]> By: mklauber http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3872 mklauber Sun, 13 Dec 2009 19:13:56 +0000 http://www.moneyunder30.com/?p=3708#comment-3872 One thing I've learned to do as a college student which makes using small banks easier, is to a) get a debit card and b) use the cash back feature of Walmart. especially in the midwest where I'm located, there may or may not be an ATM, but there is a walmart, and I can get $100 cash back from there anytime I shop. Makes keeping some cash in the pocket easier, an means I only need to go to a bank or ATM to cash a check. One thing I’ve learned to do as a college student which makes using small banks easier, is to a) get a debit card and b) use the cash back feature of Walmart. especially in the midwest where I’m located, there may or may not be an ATM, but there is a walmart, and I can get $100 cash back from there anytime I shop. Makes keeping some cash in the pocket easier, an means I only need to go to a bank or ATM to cash a check.

]]> By: Z http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3623 Z Fri, 20 Nov 2009 12:54:29 +0000 http://www.moneyunder30.com/?p=3708#comment-3623 I did a bunch of research recently, and I would highly recommend checking out Schwab's checking and savings account. Their checking has a .75 APY (which is extremely high for a checking account), unlimited bill pay, unlimited ATM reimbursement, outstanding customer service, no minimum balance required, free checks... it's really sweet. Plus they have the Schwab Visa card, which gives 2% cash back on everything. Everything! That's also good stuff. Check it out and compare it to your current bank... I did and I immediately switched to Schwab. I did a bunch of research recently, and I would highly recommend checking out Schwab’s checking and savings account. Their checking has a .75 APY (which is extremely high for a checking account), unlimited bill pay, unlimited ATM reimbursement, outstanding customer service, no minimum balance required, free checks… it’s really sweet.

Plus they have the Schwab Visa card, which gives 2% cash back on everything. Everything! That’s also good stuff.

Check it out and compare it to your current bank… I did and I immediately switched to Schwab.

]]> By: Ariel S http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3602 Ariel S Thu, 19 Nov 2009 03:20:57 +0000 http://www.moneyunder30.com/?p=3708#comment-3602 To piggy bank on this, I work at a local credit union in colorado, here are the links to the Credit Union Service Center network locations: http://www.cuservicecenter.com/ and the Surcharge Free CO-OP ATM network for credit union members nationwide (at costco, 7-11's and tons of Credit Unions) http://www.co-opfs.org/public/locators/atmlocator/index.cfm If you ask me, free transactions at ATMs is reason enough of a reason to use a credit union. To piggy bank on this, I work at a local credit union in colorado, here are the links to

the Credit Union Service Center network locations: http://www.cuservicecenter.com/ and

the Surcharge Free CO-OP ATM network for credit union members nationwide (at costco, 7-11’s and tons of Credit Unions)

http://www.co-opfs.org/public/locators/atmlocator/index.cfm

If you ask me, free transactions at ATMs is reason enough of a reason to use a credit union.

]]> By: Evolution Of Wealth http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3597 Evolution Of Wealth Wed, 18 Nov 2009 16:56:11 +0000 http://www.moneyunder30.com/?p=3708#comment-3597 I'm a huge proponent of local credit unions. However, I've been a 7 year member of what is now one of the largest credit unions in the country and watched them change drastically. Lately it seems as though the bad experiences with them seem to be piling up and I will probably be switching to a smaller more localized cu. I stay away from big banks and enjoy the personalized services and competitive rates of the credit unions. I’m a huge proponent of local credit unions. However, I’ve been a 7 year member of what is now one of the largest credit unions in the country and watched them change drastically. Lately it seems as though the bad experiences with them seem to be piling up and I will probably be switching to a smaller more localized cu. I stay away from big banks and enjoy the personalized services and competitive rates of the credit unions.

]]> By: Wojciech http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3596 Wojciech Wed, 18 Nov 2009 12:01:41 +0000 http://www.moneyunder30.com/?p=3708#comment-3596 My wife absolutely loves credit unions, and I think she (and you) both make great points on their benefits. However, there are still a few reasons why I continue to stick with a big-name bank: - Access to ATMs and branches (as you mention), but even on a local level. I like being able to find a branch nearby anywhere I happen to be in the city. - Access to a safe deposit box (the local credit union in our city doesn't have safe deposit boxes--strange) - I've never really had a problem, fee, or customer service issue with my bank. Granted, I have had these problems with other big-name banks, but finally found the one that seems to work just fine. 4 years and counting. - Online features. Yes, I do love the bells and whistles. Call me shallow, but there's something about a sleek bank website that just calls to me. The cooler the better. My wife absolutely loves credit unions, and I think she (and you) both make great points on their benefits. However, there are still a few reasons why I continue to stick with a big-name bank:

- Access to ATMs and branches (as you mention), but even on a local level. I like being able to find a branch nearby anywhere I happen to be in the city.
- Access to a safe deposit box (the local credit union in our city doesn’t have safe deposit boxes–strange)
- I’ve never really had a problem, fee, or customer service issue with my bank. Granted, I have had these problems with other big-name banks, but finally found the one that seems to work just fine. 4 years and counting.
- Online features. Yes, I do love the bells and whistles. Call me shallow, but there’s something about a sleek bank website that just calls to me. The cooler the better.

]]> By: mike spielman http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3588 mike spielman Tue, 17 Nov 2009 15:57:22 +0000 http://www.moneyunder30.com/?p=3708#comment-3588 Many credit unions offer shared branching and participate in a surcharge free ATM network. This allows them to have over 3,500 branch locations nationwide and more than 35,000 surcharge free ATMs. Both of those numbers are broader than most mega banks. So now you can have the best of both worlds with a credit union; great service, great rates AND great access. Many credit unions offer shared branching and participate in a surcharge free ATM network. This allows them to have over 3,500 branch locations nationwide and more than 35,000 surcharge free ATMs. Both of those numbers are broader than most mega banks.

So now you can have the best of both worlds with a credit union; great service, great rates AND great access.

]]> By: Johanna http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3587 Johanna Tue, 17 Nov 2009 13:37:49 +0000 http://www.moneyunder30.com/?p=3708#comment-3587 I have done all of my banking with a local credit union since I was 16, and I can't be more happy with them. The service is personal, I get a real human, they don't charge ATM fees (I don't think they refund either, since I stick to surcharge free ATMs at Wawa, a local convenience store chain), I get interest on my checking account as well as my savings, I have my primary credit card with them, I can do all my banking online. Other members of my family had tried to bank with small, local banks, but they kept getting eaten up by megabanks. So now we're all at the same credit union, and transferring money to each other (to pay back the person who picked up the whole tab at that restaurant, say) is easy, simple, fast and free. The only contact I have with a major bank is my secondary credit card, which I only use rarely. The bank it was with was big and got eaten by a megabank. Haven't been happy with them, but I have a high credit limit with them, so I'll keep it open. I have done all of my banking with a local credit union since I was 16, and I can’t be more happy with them. The service is personal, I get a real human, they don’t charge ATM fees (I don’t think they refund either, since I stick to surcharge free ATMs at Wawa, a local convenience store chain), I get interest on my checking account as well as my savings, I have my primary credit card with them, I can do all my banking online.

Other members of my family had tried to bank with small, local banks, but they kept getting eaten up by megabanks. So now we’re all at the same credit union, and transferring money to each other (to pay back the person who picked up the whole tab at that restaurant, say) is easy, simple, fast and free.

The only contact I have with a major bank is my secondary credit card, which I only use rarely. The bank it was with was big and got eaten by a megabank. Haven’t been happy with them, but I have a high credit limit with them, so I’ll keep it open.

]]> By: John Hunter http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3586 John Hunter Tue, 17 Nov 2009 11:21:45 +0000 http://www.moneyunder30.com/?p=3708#comment-3586 I strongly agree. I have used small banks and now credit unions at all times. The large banks treat you as someone to trick out of money. I do not want to have to watch my bank like it is some criminal trying to take my money. I want to work with people I trust. I don't understand how anyone could trust large banks. I strongly agree. I have used small banks and now credit unions at all times. The large banks treat you as someone to trick out of money. I do not want to have to watch my bank like it is some criminal trying to take my money. I want to work with people I trust. I don’t understand how anyone could trust large banks.

]]> By: Honey http://www.moneyunder30.com/case-local-banks-and-credit-unions/comment-page-1#comment-3582 Honey Mon, 16 Nov 2009 22:13:48 +0000 http://www.moneyunder30.com/?p=3708#comment-3582 Your online banking reasoning sounds the same as mine. And I will freely admit that I don't know anyone else who's had as positive an experience with BOA as I have - I seem to have some kind of gift for disarming bank employees :-) Your online banking reasoning sounds the same as mine. And I will freely admit that I don’t know anyone else who’s had as positive an experience with BOA as I have – I seem to have some kind of gift for disarming bank employees :-)

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