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Originally posted by Charmeine
reply to post by FraternitasSaturni
Until you lose your wallet...sadly no protection there against lost funds...at least with a bank you have records. I went to unions for years but got tired of giving a good chunk of my paycheck to the union for cashing cheques. Maybe our banks are different here in Canada but I've had no issue with the one I currently use...it's all about shopping for the right bank to use - finding one that suits your needs. With every bank or credit union you are going to pay fees and interest rates - just like with every other service you pay for. Shop around, you'll find something you like.
edit on 4-12-2012 by Charmeine because: (no reason given)
Personalized Service While this isn’t the instance in all cases, I have often heard that people who are members of credit unions receive more personalized service than those who are members of large banks. Because credit unions tend to be smaller and cater to a select group of people, there is more personalization between the staff and the members. While banking at a credit union isn’t for everyone, it’s definitely something you should consider looking into. See what service and opportunities your local credit union can offer you.
Originally posted by CookieMonster09
I guess it depends entirely on your banking needs. If you are a business owner with 100 employees, and conduct your operations internationally, a small credit union will not meet your needs.
If you are a High Net Worth individual, you don't belong in a credit union. They don't have the resources to advise you on how to strategically position your company, your investments, etc.
If you travel throughout the country, a small credit union won't be of much help either if you need to access non-credit union ATM machines to take out cash. You'll get hit with fees repeatedly as you travel, and would be better off banking with a larger bank with a national footprint.
Credit Unions do have their purpose. They are designed for moderate to low income consumers with minimal banking needs. The larger the bank, the more sophisticated the clientele. Credit Unions are not appropriate for consumers with sophisticated and complex banking needs.
Yes, the big banks are not for everyone. Especially consumers that are exceptionally fee sensitive and have minimal banking needs. But they do have a practical function for the right clientele. As much as people on this forum love to trash the mega-banks, they still hold the vast majority of the banking relationships in this country, on both the consumer and commercial side of banking. And you will be hard pressed to convince a Fortune 100 company to move to a local credit union.
In a nutshell, your decision depends on your objective. Personally, if I were just looking at consumer banking, and my needs were minimal, I would consider looking at one of the online banks, such as E-Trade. You can use any ATM machine, and fees are immediately refunded. If you use Online Banking, E-Trade has an excellent online banking platform. Plus, you can see your IRA, Savings Account, Checking Account, etc. all on one screen.