Why use a bank???

[rdking647]

why use a bank when credit unions are so much cheaper...
i used to use a bank.. a large bank.. the last straw for me was when the wanted to charge me for running coins through their coin counter FOR DEPOSIT.. I told the teller than since they were going to charge me instead I would just close my accounts (I had a lot of money in the bank at the time). the manager came out to tell me that as a "courtesy" they wouldnt charge me this time.. So i deposited all the money and a week later closed all my accounts and moved to a credit union...


I really cant think of one good reason to use a bank over a CU. a CU has lower fees and better service. frankly If you continue using a bank you deserve to get nickled and dimed.. Its your own fault

[FSogol]

1. I agree. Move your banking to a Federally insured Credit Union. n/t

[RoccoR5955]

2. The only reason I use a big bank,

is because they have ATMs all over the place. When I drove from NY to Florida this summer, the ATMs were quite handy. I also have a CU account, which I keep the bulk of my money in, but the bank is there if I need to get money someplace where I don't know what network the ATMs are on

[dtexdem]

15. It's cheaper to pay an occasional user fee than to constantly be robbed by one's bank.

And one can generally get some cash through supermarket transactions, and so on, without having to pay a fee.

[Freddie Stubbs]

19. Here in FL I can use an ATM at any Publix supermarket without paying a fee

And Publix is everywhere in FL.

[sfpcjock]

3. Time to look into your local credit unions, BAers getting the new $5 debit card monthly fee

Many allow general membership and you could get big bucks back at year end and better loan rates on cars, etc., as mentioned here on DU.

If it works for BofA, you know your bank, if you still have one, won't be far behind.

[Walk away]

4. The next time I have 2 cents to my name I'll put it in a CU! nt

[mdmc]

17. 1

[Liberal_in_LA]

5. Credit unions cater to certain groups - public employers & such. what if you don't belong to an

included group?

[rdking647]

7. ive never lived in a place where i wasnt able to join a CU.

here in austin I was able to join the university credit union despite never having had a thing to do with UT.. In the past few years the requirements to join have greatly relaxed.

[Liberal_in_LA]

12. great! glad more people can join

[TacoD]

8. Try a Community Credit Union

AFAIK, any credit union with "Community Credit Union" in its name is open to all members of the local community.

[Liberal_in_LA]

13. good to know n/t

[Freddie Stubbs]

21. Many credit unions now offer membership to people who live and work in a certain area

[gateley]

29. I don't belong to a bank OR credit union, but I know one of our

better CUs will accept everyone. I don't think that was always the case, though, so you should check.

[Pab Sungenis]

32. Ask at one. You'd be surprised.

The credit union I work with is across the street from where I had my business. I signed up my company with them at the request of three of my employees back in 2001, although I never moved the business accounts there.

Earlier this year when I'd had it with TD Bank (who bought out the big regional that bought out the medium regional that bought out the local bank I'd been with since 1995) I went to see if I met the criteria to join. They said I was eligible because my company (which hadn't even been in business for four years) was one of the "member employers."

Now I'm working to get them to offer membership to members of the community theater I'm on the board of. There are so many eligible classes that it's actually hard NOT to qualify for at least one credit union near you nowadays.

[RevStPatrick]

6. For me it's ATM fees...

There's a Chase a block away in one direction, and another 3 blocks away in the other direction. Everywhere I go there are Chase branches. I keep enough between savings and checking never to pay any fees, and I get a few bucks in interest every year. My company banks at the same branch I do, so when I deposit a check, and it's available immediately.

The nearest Credit Union is about 3 miles away, nowhere near my closest subway, so I would have to walk there or pay for a car service if I needed to get there. If I mailed my checks, how long would it be before the money was available? Then, I would pay 2 or 3 bucks every time I wanted to take out cash from an ATM, which is usually 2 or 3 times a week.

In my case, it's sheer convenience, and a money saving thing. They never get any fees from me. It's like having the money under the mattress, but a block away...

[rdking647]

9. having enough money so you dont pay fees is one thing

what if you dont have the 15k or so you need for fee free banking?

plus chase is just plain evil.. they tried to screw me over once years ago and since then i wont have anything to do with them. the level of incompetence they should was mind boggling.

[RevStPatrick]

25. It's $3K for the no-fee stuff.

That's the amount I keep in savings, and then the checking account is for all expenses.
And yes, Chase is evil.
Luckily, my banking needs are quite simple, so they never have a reason to take advantage of me.

[oldhippie]

43. I have a free checking account at my bank ......

I only have to keep a $100 minimum balance, which I would always do anyway. If I dip below $100 there is a $3 fee for that month. I wasn't aware these accounts were so hard to find.

Gold Plus Checking Account
Features

Interest rate is subject to change daily
Interest accrues daily and pays at monthly statement cycle
Provides a method of payment
Minimum opening deposit of $1.00
No monthly charge for deposits
Monthly statement detailing all transactions
No charge for special Gold Plus checks
Free ATM/Debit Card with unlimited withdrawals at The National locations
Free Travelers Checks
Free notary service
Free cashiers checks and money orders
Wire Transfer - 50% discount within the United States
Additional Features: 50% off safe deposit box rental and Premium CD interest rate upon initial opening
Courtesy Overdraft available
Free Online Banking
Free E-Statements
Optional Premier Benefit Overlay - Protection & Insurance Advantages
Funds are insured by FDIC to $250,000 per account owner

Benefits

Your funds earn competitive, current interest rates
Your interest earned is available monthly for additional income
Saves time and effort - it eliminates the need to carry large amounts of cash and the fear of cash being stolen
Convenient - you may open the account with a small amount and add more later
Unlimited deposit transactions without worry of per deposit service charges
Saves time and effort - personal financial record keeping is simplified and enhanced
Saves money - no charge for special Gold Plus checks
Convenience - you may access your account through ATM?s and Debit Card transactions for convenience any time of day
24-hour convenience transfers - balances and information on checks and deposits
Allows freedom to travel with Travelers Checks at no cost

Details

The service charge is $3.00 only if the balance drops below $100 during any day of the statement cycle.

[DocMac]

11. I posted this earlier.

E-Trade is free. You still get checks and a debit card and they pay ALL atm fees, no matter what atm you use.

[rdking647]

18. so is schwab bank

[DocMac]

23. Not sure about Schwab.

I used to use BofA too until I decided I wanted to be a day trader lol. That was about 5 years ago and -10K dollars.

I don't trade stocks anymore but never had a problem with banking. Doesn't Schwab mention it on their site?

I mean you have to keep money in there anyhow if you buying and selling stocks. Google Schwab banking and see what comes up...just make sure it's free and they don't charge for ANY atm fees.

[DocMac]

26. This link might help

http://www.schwabbank.com/checking.do;jsessionid=ABCB643EB1982C2077B83A70221E3154

[rdking647]

30. i still trade stocks

I dont use schwab bank for checking because i get a fair amount of checks in the mail that would be to hard to deposit into schwab.

[DocMac]

36. In that case you don't want online banking.

You would have to mail those checks in. I've done it with e-trade and it takes about 10 days to post to your account.

But you can use it for the atm card only and transfer the money from your other bank account...like a credit card if you will...with no fees.

[Rabblevox]

10. I'll also say that some small community banks are quite good...

I've got accounts at both a CU and a small local bank. And while I am a huge fan of CU's on general principle, it's the local bank that is mega-committed to community re-investment and supporting local non-profits.

Their fees are slightly higher than at my CU, but not anywhere close to what the majors would charge, and they have also been very willing to work with me the few times I've done an "oopsie".

And they were greeting me by name by my 3rd or 4th visit. That's impressive.

So here's a shout-out to Albina Community Bank in Portland, OR. You folk rock.

http://www.albinabank.com/

[Luciferous]

14. We don't have a credit union in my town, so I use a small local bank instead.

[Pab Sungenis]

38. Similar in nature.

The only differences are that a small local bank still has to make a profit for investors (Credit Unions are non-profits) and a larger bank literally can't buy up a credit union.

[silverweb]

16. Absolutely agree!

I've been with my credit union for over 25 years and love them. There's no need to deal with commercial banks at all.

[prairierose]

20. I will never deal with banksters again...I belong ...

to my community credit union which has several branches in this town and branches in almost very small town in the area. We encompass several counties now. I was afraid that if I moved out of town, I would have to change but that is no longer the case.

[Proud Public Servant]

22. Sadly, my CU drove me to use BoA

I love CU's but the one associated with my federal agency has the worst customer service I've ever experienced anywhere outside a cable or phone company. Just god-awful. But with BoA imposing a fee, looks like I'll we doing all my banking with USAA (I have a USAA account now, but keep a no-fee BoA account as well because I like the option of going to a brick-and-mortar bank sometimes). Oh well, at least USAA completely rocks.

[oldhippie]

44. +1 for USAA ......

I've been with them now for over 41 years. Started with just car insurance and now they handle almost all of my financial needs. Between USAA and my local bank I'm good to go.

[TacoD]

45. I loved my online-only bank, until it failed

Anyone remember Netbank?

[Lugnut]

24. Hear, hear for credit unions!

I made the switch several years ago and have never looked back.

[gateley]

27. I can't think of one single reason, except if maybe you own

stock in it. :shrug:

[rdking647]

28. even if I owned stock in it i wouldnt use it as my bank

[gateley]

31. Yeah, my dad did real well with Merck but wouldn't

let his patients pay for the drugs -- he'd keep getting samples in for them.

Same thing, I guess.

[napoleon_in_rags]

33. The worst financial screwing I ever received from a CU.

I got $200 in overdraft fees from a $3 overdraft. I purchased about 7 items from Amazon through Amazon affiliates. The single $205 dollar charge from the total caused my account to overdraw $3, but when the overdraft fees were applied, they were for each individual purchase from each affiliate, amounting in a total of $200 in fees.

Titles like "for profit bank" and "credit union" don't matter. The issue is greed, and it comes in many forms.

[blkmusclmachine]

34. The Big Banks will "nickle and dime" you to death:

See Bank of America and their brand new Monthly Debit Card Fee for using their debit cards. I'm OUT!

[Proud Public Servant]

40. In fairness

I'm a BoA customer, and I don't pay a dime for my checking or savings account (because I direct-deposit my paycheck); morever, my Visa card with them has an astonishingly low APR (something like 6.2% right now). I will give them up if this debit fee applies to me, but they've actually been one of the better banks I've ever used, speaking strictly from a customer-service perspective.

[RockaFowler]

35. Local Banks are good too

I know I mentioned this in the other BofA thread, but I love my bank. The more local the better. Plus they actually know me when I walk in the door. I actually don't miss the deposit into the ATM either. I just use the Night Deposit. Just as good and it's there first thing in the morning.

[Proud Public Servant]

42. Fidelity Savings - Pittsburgh, PA

Best bank I've ever banked with, hand's down. Folks at the Bloomfield Ave branch treated us like family. Man, I miss them.

[oldhippie]

37. Wire transfers are one reason ...

Credit Unions typically can't do wire transfers without going through a large correspondent (real) bank, which adds time, fees, and complexity. I occasionally have to wire moderate amounts of funds to foreign banks and large US banks. Much easier and cheaper to do from a real bank.

I'm not talking about ACH transactions here, but real wire transfers.

[Pab Sungenis]

41. That was one reason I never moved my business' accounts there.

I had to make an average of two wire transfers a week to movie studios, which the Credit Union couldn't do. But for personal banking I'm very happy where I am.

[DrunkenBoat]

39. especially since they're not even paying enough in interest to keep up with inflation.

if you include their fees you're paying them.

you may as well hold it under the mattress.