There was another UK-specific thread on them that was more a compare/contrast with something else there, so why not a larger thread for anywhere?
I've used a credit union set up for a long time for basic emergency/to-hand savings -- had one when I was in OC all those years, and with my Bay Area move I switched to a big regional powerhouse that's convenient for my work. Increasingly thinking about shifting all my banking to credit unions in general, splitting between said big one for my regular day to day stuff and smaller ones founded/located here in the city precisely because they are local -- type of thing where I can deposit something for future travel expenses and the like, and spread the wealth a bit among different levels given the whole philosophy of credit union lending and activity.
I've always had very good experiences all around and increasingly I'm very interested in how they work in the US, their activity and regulation and often how they serve underserved communities, and often have a local focus. Given that the really large ones are no different from the other major banks in terms of support, especially when travelling, and that things like the CO-OP ATM network provide no-charge access pretty easily in turn no matter what the size, seems a no-brainer to go that route. But it certainly helps that SF has plenty of points of access and that firms here are pretty on top of things when it comes to mobile banking -- might not always be the case in other areas.
Anyway, interested in people's thoughts, experiences, etc.
― Ned Raggett, Wednesday, 11 January 2017 20:04 (seven years ago) link
I've done all my banking with a local credit union for the last 12 years. From the customer's point of view there is zero difference between a CU and a bank. Don't know why anyone would need to use a bank.
― Guayaquil (eephus!), Wednesday, 11 January 2017 20:10 (seven years ago) link
I've only ever used a credit union. My gf gives me a hard time because their interest rates for savings accounts are terrible, but I feel good about it in every other respect.
― sam jax sax jam (Jordan), Wednesday, 11 January 2017 20:12 (seven years ago) link
tbh interest rates on all savings accounts kind of suck right now
― mh 😏, Wednesday, 11 January 2017 20:38 (seven years ago) link
does anyone have their mortgage through a CU? I'm looking at refinancing sometime in the very near term
― mh 😏, Wednesday, 11 January 2017 20:39 (seven years ago) link
I do, but I don't know much about these things.
― sam jax sax jam (Jordan), Wednesday, 11 January 2017 20:52 (seven years ago) link
I was going to say. Not just a credit union thing!
― Ned Raggett, Wednesday, 11 January 2017 21:00 (seven years ago) link
apparently they're better on her ING account but idk
― sam jax sax jam (Jordan), Wednesday, 11 January 2017 21:01 (seven years ago) link
xp yeah i had a great interest rate at my credit union a few years back until rates took a dive in general.
― new noise, Wednesday, 11 January 2017 21:03 (seven years ago) link
I could have sworn ING got rid of savings accounts in the US a number of years ago and maybe sold that arm of the business? They did have a HQ in town and then it folded.
― mh 😏, Wednesday, 11 January 2017 21:23 (seven years ago) link
it used to be Capitol One 360, which got taken over by ING i believe?
― sam jax sax jam (Jordan), Wednesday, 11 January 2017 21:32 (seven years ago) link
i just opened an account with a local CU. it's up the street from me. we still have bank of america accounts since we lived in MA but they don't even have locations in cleveland so that's why we opened up the CU account. i'd like to eventually move everything to the CU.
we're looking to buy a house so we've been working with BofA on the mortgage pre-approval process since before we moved to OH. we've been deep in it w/ them for a months and have a good relationship with the BofA mortgage guy so it seems easier to continue w/ them even though i might prefer to go w/ the CU. i just don't feel like starting that whole process w/ a new entity, but we'll see.
― marcos, Wednesday, 11 January 2017 21:38 (seven years ago) link
t used to be Capitol One 360, which got taken over by ING i believe?
― sam jax sax jam (Jordan), Wednesday, January 11, 2017 4:32 PM (five minutes ago) Bookmark Flag Post Permalink
other way around? we had an ING account too but now it is capitol one 360
yeah, I think ING got rid of their direct product and I ditched it when they sold to Capitol One
Credit unions are really popular here because enough people work for Wells Fargo. Apparently if you work there, you know better than to bank there.
― mh 😏, Wednesday, 11 January 2017 21:42 (seven years ago) link
Ok my bad. Like I said, I am bad at banks.
― sam jax sax jam (Jordan), Wednesday, 11 January 2017 21:43 (seven years ago) link
Would explain the thriving credit union ecosystem in SF, for darn sure.
― Ned Raggett, Wednesday, 11 January 2017 22:49 (seven years ago) link