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Why doesn't everyone join a Credit Union?

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littleroc02us
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Why doesn't everyone join a Credit Union?  Reply with quote  

So I was looking at my Credit Unions membership qualifications and it states that all you have to do to join is Live, work, worship, volunteer or go to school in the city where the credit union is. My bank is www.rbcu.org. So my question is why doesn't everyone belong to one of these fine banks? First of all your a member of the bank and you own one share and receive a lifetime dividend. Secondly you get a vote for who is elected on the non paid board position. Thirdly the fees, loans and account options are amazing. I did a comparison between RBCU and Wells Fargo a popular bank in Minnesota.

My bank:
Checking account-No minimum balance, free checks, interest rate .05%.
Savings account-No minimum balance, .05% interest rate.
Mortgages, car loans, secure and unsecure loans with the lowest rates and used card service help.

fees: $25 overdraft (But if you connect your savings to your checking then they will cover whatever you overdraft in your checking)
non-sufficient funds: $25.

ATM's=So as long as you use an RBCU machine or Well's FArgo atm there is no charge.
Insured: Insured to $250,000 by the NCUA


Wells Fargo:

They have something called the Custom management package which includes both a checking and savings account.

If you have a direct deposit put into the account then they waive the $10 monthly fee.
Checks: This is the funny part, I couldn't get the rep to give me an actual number for the charge, all she could tell me was that they were competitively priced, whatever that means. So somewhere between $1 and 1$ million apparently. LOL!!!!!!!!
I couldn't seem to find an interest rate for the checking account so maybe there isn't one.
Overdraft protection=If you enroll then each transfer will be $12.50.
Insured: Insured by the FDIC to the tune of $250,000

* Personally I cannot bank with a company who is profit driven, got a bailout from the Gov't and could care less about the customer. [/b]

Ronald Reagan once noted the basic difference between Democrats and Republicans. “Republicans believe every day is the Fourth of July,” he said. “Democrats believe every day is April 15th.”
Post Fri Feb 24, 2012 3:45 pm
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2StepsFwd1StepBack
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littlroc,

Did you guys get the snow storm, yesterday, that we here in MI got overnight?

A few years ago, a friend of mine worked for the NCUA (?) whom I think insures credit unions (like the FDIC insures banks). I remember her telling me that many people shied away from CUs because the NCUA was not as strong as the FDIC, or something like that. But, she believed that to not be true, and now, we all know what happened to the Big Banks, eh? Rolling Eyes

I have a membership with a CU and a global bank, as well. The latter charges $35 for every overdraft item...every single item...no limit! The CU charges $9 per item and no more than once a day ($9 max per business day).

I've always been amused by the different "flavors" of CUs available....used to be they were tied to an employer, but now they have Your City CU, or Your Religion CU, etc. I think I'm going to open up a "Coffee Lovers Credit Union"! Cool

Edit: Forgot to mention that the only slight issue I still have with CUs is availability/convenience of ATMs. But, almost all CUs are getting better in this respect.
Post Fri Feb 24, 2012 4:41 pm
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coaster
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Don't kid yourself. Credit unions are profit-driven. The difference is that the profits are shared with the members (through dividends as well as lower fees), and as shareholders, members have a say in the management of the bank, making it a pretty good idea for the management to listen to what they have to say, else they can find themselves out on the street at the next shareholders meeting. But they're definitely in business to make a profit .... Smile

~Tim~
Post Fri Feb 24, 2012 4:44 pm
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littleroc02us
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No snow here, this winter is a brown as a mule's behind. Smile Atm's are quite convenient where I live because there are 3 locations for CU's and 2 Well's Fargo's that take my card for free. I've been a member for over 25 years.

Ronald Reagan once noted the basic difference between Democrats and Republicans. “Republicans believe every day is the Fourth of July,” he said. “Democrats believe every day is April 15th.”
Post Fri Feb 24, 2012 4:47 pm
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littleroc02us
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I forgot to mention, twice a year they throw parties to thank the members. Last summer they rented a huge tent across the street at the local city park and had a band, free games with cash prizes and fake tatoos for the kids. Then they had a grillout with hamburgers, hotdogs, potato salad and drinks all free for members.

During the winter they have a pizza party with pop.

The other part that was cool was the President came over to our table to say hi and asked us if we had any questions.

I'll bet Well's doesn't have anything that closely related.

Ronald Reagan once noted the basic difference between Democrats and Republicans. “Republicans believe every day is the Fourth of July,” he said. “Democrats believe every day is April 15th.”
Post Fri Feb 24, 2012 4:51 pm
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