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This is branching off from a joke, but I'd be interested to know what the differences would be. Why do more people lean towards credit unions rather than banks? :dunno:
 

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Credit Unions are owned by the members and they usually offer much better interest rates along with easier loan approval. I am a member at one bank and two credit unions. The two CUs do usually have better rates.
 

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The mission statement of a commercial bank is to ass rape you and squeeze as much money out of you as possible. That means the loan rates are as high as possible, the investment rates are as low as possible, and they fee the shit out of you.

Credit unions are owned by the members. So it wouldn't make much sense to screw the customers to pay the shareholders since they're the same people. That means the interest rates are better, much less fees, and an overall better attitude. Its more about serving the customer/member than getting your money and getting you out the door.
 

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mdaniel said:
The mission statement of a commercial bank is to ass rape you and squeeze as much money out of you as possible. That means the loan rates are as high as possible, the investment rates are as low as possible, and they fee the shit out of you.

Credit unions are owned by the members. So it wouldn't make much sense to screw the customers to pay the shareholders since they're the same people. That means the interest rates are better, much less fees, and an overall better attitude. Its more about serving the customer/member than getting your money and getting you out the door.
I would have to agree. I left my bank almost 5 years ago for a credit union because at the time, they required me to keep $1500 in my acct at all times in order to avoid fees. The credit union requires me to keep only $50 with them. Things have changed and I know some of the banks here are finally wising up and offering free checking and no fees. But now I have no reason to leave my credit union so fuck 'em. They should have never fucked up in the first place as far as I'm concerned. :D

The only disadvantage for a credit unions that I can think of is sometimes the branch locations aren't convenient. My credit union happens to be based in Tucson with one tiny branch in a bad part of Phoenix. I've never even been there. I actually opened my acct through the mail. Since I can get cash back from my debit card I haven't had a need to go to an ATM or branch in years so this disadvantage means nothing to me.

I also agree that the rates are lower. People I know who have recently purchased cars have all gone through credit unions because the rates have been significantly lower.
 

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I'm lucky that my credit union is based here and is pretty big. They have at least 10 branches in the county, including one about 10 minutes from my house. They also have a ton of their own atms plus there's no fee for using another credit union's atm. Sweet deal.
 

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baby polar bear
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I am part of 1 bank and 1 cu.

I have my checking account in the bank, b/c it wouldn't earn any interest at either place anyways, and the atm's for my bank (ahh what the hell, Bank of America) are everywhere, so very convenient for me.

On the other hand, I have a savings account at my cu, and that is where I have my car loan at. They gave me the best rate 2 years ago. My house loan, however, they fucked up on and ended up not being my lender ;) So they are good, but not that good! :) Plus having a branch in the building I work in helps.
 

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Driven said:
So, how do I find one for me? Do I just go to one and sign up?
pretty much, i know for me i got offered a bunch of perks if i signed up with my credit union, b/c it is only for pepsico employees ;) ie. pepsi/frito/trop/quaker/gatorade employees :)
 

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Driven said:
So, how do I find one for me? Do I just go to one and sign up?
A lot of times you have to "qualify" for membership at a CU. I was able to get in one because of where I work, and the other is where I got my car loan via the dealer.
 

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I have a bank account (BofA) and a credit union account (Partners FCU)

I haven't really taken out any loans yet so I can't really say which is better, worse, etc.

My FCU is part of a credit union alliance though, so I can use my ATM card at a lot of FCU loctaions w/out being charged...

All Disney employees and their immediate families are eligible for Partners FCU...
 

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You need to find an "in" to a credit union. For example, my mom worked for a school district in the office part time for a couple of years A LONG time ago. When she was there, she opened a savings account. But once she was in, all immediate family could get it. And once you're in, you're in. They don't kick you out if you change jobs.
 
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