Comments on: A Case for Local Banks and Credit Unions

By: Carol

Carol — Mon, 01 Nov 2010 02:39:56 +0000

I will take a credit union any day of the week over a big bank. I have been with one for 5 years now and no complaints.
The large banks have shafted so many people, I figure sooner or later it will be my turn. There’s no honor among thieves!

By: Vnach

Vnach — Tue, 01 Jun 2010 19:39:08 +0000

BofA sucks!!

I travelled outside USA and I had to withdraw some money from international ATMs.

My daily withdrawel limit was just $600 and I finally ended up paying nearly $100 as Foreign transaction fees to BofA…There were some fees which still I m not aware of..

So I swithched my bank—- to CITI BANK !!!!!

Thanks for this article, let me check some small banks and credit unions..
Anyone has any recommendations? I live in Miami…

By: sofia

sofia — Thu, 17 Dec 2009 05:54:26 +0000

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

mklauber — Sun, 13 Dec 2009 19:13:56 +0000

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

Fri, 20 Nov 2009 12:54:29 +0000

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

Ariel S — Thu, 19 Nov 2009 03:20:57 +0000

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

Evolution Of Wealth — Wed, 18 Nov 2009 16:56:11 +0000

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

Wojciech — Wed, 18 Nov 2009 12:01:41 +0000

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

mike spielman — Tue, 17 Nov 2009 15:57:22 +0000

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

Johanna — Tue, 17 Nov 2009 13:37:49 +0000

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.