Banks vs Credit Unions

[Jay]

So I decided to put my money in Credit Union. Non for Profit Organization.

And I was wondering if others were doing something similar and why? Is a Big Bank better to go with? Smaller Bank? Credit Union?

I hear that Credit Unions offer better rates on loans and stuff but I was wondering if there were any more advantage to them besides a higher interest rate on savings. Probably because there a not for profit organizations but I really don't know much about them other then those few things. I researched things and think I've made a wise choice but I would like to ask the rest of you guys out there about it.

Where do you guys put your money and why?

[Jay]

Come on! Nobody has ever used a credit union?! 

[BmoreAkuma]

Most credit unions are member based and only for government workers or in state college students. For example, here in maryland we have the State Employees Credit Union or SECU. Basically is the state bank for state employees. However, credit unions are a bit more strict when it comes to loans and the such since their memberships are much smaller. To add ATMs are small in number since one doesnt see as many.

[Jay]

Most credit unions are member based and only for government workers or in state college students. For example, here in maryland we have the State Employees Credit Union or SECU. Basically is the state bank for state employees. However, credit unions are a bit more strict when it comes to loans and the such since their memberships are much smaller. To add ATMs are small in number since one doesnt see as many.

Isn't that ANY small financial place to hold money? You know, you can have a big credit union like Navy Federal Credit Union which any member of the armed force can join. Or former members of the armed forces. That would make for a huge F'ing lot of people. 

[BmoreAkuma]

Most credit unions are member based and only for government workers or in state college students. For example, here in maryland we have the State Employees Credit Union or SECU. Basically is the state bank for state employees. However, credit unions are a bit more strict when it comes to loans and the such since their memberships are much smaller. To add ATMs are small in number since one doesnt see as many.

Isn't that ANY small financial place to hold money? You know, you can have a big credit union like Navy Federal Credit Union which any member of the armed force can join. Or former members of the armed forces. That would make for a huge F'ing lot of people. 

That is the thing, only a select few can join the local credit union. A non military member cannot join NFCU just like non state workers cant join SECU unless it is their spouse or dependent child.

[Jay]

Okay okay. I know that already.

What I'm really asking is for personalized experience for people who left banks and/or credit unions to join the other. Did you find it to have better service or what? That's the only piece of info I can't find is people's dealing between the two. Easier to get a loan at a smaller bank or a big bank? 

I've heard that small banks are more personal and friendly and they have less red tape which works in the consumers benefits.

I have also heard that a big bank it's easier to get a loan because they have more money and more people. So they are better then small banks.

I heard a lot of different things and now I just want to know point blank ... HAS anyone ever here switched and had a better experience or were they about the same. 

[Kristopher]

Okay okay. I know that already.

What I'm really asking is for personalized experience for people who left banks and/or credit unions to join the other. Did you find it to have better service or what? That's the only piece of info I can't find is people's dealing between the two. Easier to get a loan at a smaller bank or a big bank? 

I've heard that small banks are more personal and friendly and they have less red tape which works in the consumers benefits.

I have also heard that a big bank it's easier to get a loan because they have more money and more people. So they are better then small banks.

I heard a lot of different things and now I just want to know point blank ... HAS anyone ever here switched and had a better experience or were they about the same. 

Jay,
I use both, but my Primary banking is done thru the State Dept. credit union. Overall, I've had a better experience dealing with credit unions especially, when it comes to loans and investments. After graduating, my first account was thru SECU of Maryland, which offers membership to graduates of Maryland Colleges and Universities. In 20 years, I've had many accounts and the majority have been CU accounts and from my experience, I would rank CU's better than larger banks.

[moor]

Come on! Nobody has ever used a credit union?! 

I don't use anything but...  Local is usually best, but I've found they are more competitive with interest rates and lending and just... friendlier.


Besides, how many credit unions had to take bailout money?