credit unions vs banks

[Ramairgod84]

hey guys, my gf and i are looking to get a joint account, but which is better? a credit union or a bank? I'm currently with a credit union, and i like the simplicity of it, plus i get 4% back in my checking account. What are the benefits of both?

[86 IROC-Z]

Oh my god do not get a joint account with someone you are not married to.

[Ramairgod84]

lol sorry wife i should have specified.

[raynor139]

Hell after all the divorces ive seen in my family i wouldnt even have one with my wife.

As for which bank I have accounts with both and I prefer the Credit Union. Just easier to deal with and they have tougher security there for accessing accounts. Not to mention alot of the perks that you get when you have accounts with them.

[1MileCrash]

credit union. banks are nasty to deal with. my g/f has had no end of problems with her bank over the last few months and i've had only a couple issues with my credit union over the years.

[ibanez7]

my gf and i have been together for 6 years and have banked together for 5yrs. I left my bank and joined her account at a credit union. Baxter Credit Union.

I feel it was a great move. I like credit unions more then banks for many reasons. too many too list or type, so i will copy paste

A popular misconception is that a bank is the same thing as a credit union, but in reality, they are as different as night and day. Choosing between a bank and a credit union should reflect your own personal self interest, and should be decided after examining your particular financial situation.

Banks are the most popular financial institutions. Most are run by a group of investors who have a large amount of capital, which goes into the funding for the bank. Some are nationwide – such as Chase Bank or Wells Fargo – while others are smaller, local institutions. Either way, a bank’s primary purpose is to make money for the investors and for the stock holders.

Banks are federally insured by the Federal Deposit Insurance Corporation. A paid Board of Directors makes all of the decisions for the bank, which are usually profit-driven and hold little benefit for the customers of the bank. Anyone, in any city or state, can open an account with a bank, and customers hold no voting privileges or decision-making power within the institution.

Credit unions, on the other hand, are designed to serve a particular group or neighborhood. People who use credit unions for their financial services are members of the credit union, rather than customers. Since credit unions are not-for-profit organizations, the profits incurred by the credit union directly benefit the members after covering overhead costs

great article from MSN... too much to copy paste, so i give you the link
http://articles.moneycentral.msn.com...editUnion.aspx

this search title in google turns up tons of info
benefits of a credit union over a bank

[KahanaReef]

I've been married for 16 years and still have my own checking and savings accounts. He has his C/U account and we have joint 'household' accounts.

Open up a joint account, but, don't close your current accounts.

And, as far as C/U or bank, it just depends on the offers that fit in better with your finances and spending.

[SeVeReDiStOrTiOn]

I chose a credit union because they were the only ones that would give me my first auto loan years ago when no one else would. I'm a loyal person and never had a prob with them in 12 years so I stay.

[allbaugh_04]

What are typical credit union interest rates and are their CD rates higher?

[raynor139]

What are typical credit union interest rates and are their CD rates higher?

Every time ive gotten a car loan through my credit union its been 4.99% or lower. Never done anything else with them.

[Nhra Firebird]

credit union because they operate to serve their members rather than to maximize profits

[allbaugh_04]

Every time ive gotten a car loan through my credit union its been 4.99% or lower. Never done anything else with them.

Oh, I meant for checking and savings.

[86 IROC-Z]

Oh, I meant for checking and savings.

HUH??? Haha, what a silly concept. People in the United States don't save money.

[allbaugh_04]

I do...

[KahanaReef]

I do too...

[silverWS6]

I try...

[gd1996]

Credit union... no hidden fees, mine has no minimum account balance, and if I would overdraw they let me put the money in before taking a 20 fee or whatever it is.

[tnthub]

We use a bank and a credit union depending on the situation. Generally Credit Unions have lower interest rates for things like car loans and are more favorable toward people with less than stellar credit. I use a bank for my business checking and savings and keep a personal checking account with them as well. My wife likes the local credit union because she had direct deposit for her paycheck with them and they have a 3% interest unsecured credit card.

[SeVeReDiStOrTiOn]

We use a bank and a credit union depending on the situation. Generally Credit Unions have lower interest rates for things like car loans and are more favorable toward people with less than stellar credit. I use a bank for my business checking and savings and keep a personal checking account with them as well. My wife likes the local credit union because she had direct deposit for her paycheck with them and they have a 3% interest unsecured credit card.

Oh yea forgot about the direct deposit thing. Usually if you have direct deposit at a credit union you get paid a day early

[86 IROC-Z]

I do...

I do too...

I try...

Calm down, just taking a stab the the significantly lower personal savings rate that the US has compared to other western nations with similar GDPs.