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Old 10-29-11, 11:38 AM
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mulveyr 
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Originally Posted by ____asdfghjkl View Post
thinking I'm going to close my bank account. my current bank froze my account because of "fraud" when I had direct deposit coming in. My current bank account is linked to my mom's, i think. I also looked at past statements that even when I didn't have any activity they were charging me a fee .

at work we got into a conversation about banks and credit unions and the majority has said that credit unions are so much better. are they?

anyway, how do I go about closing my bank account and then choosing a credit union?

Credit Unions generally offer "bread-and-butter" financial services; Savings and draft accounts, CD's, car and mortgage loans, etc. So basically everything that 90% of people need. They often have lower loan interest rates than commercial banks. For example, my credit-card is 8.9%. I find it insane that people pay in excess of 15% on theirs.

You close your bank account by walking into your old bank and saying "I'm closing my account." You can get either a bank check for your outstanding balance, or have them electronically transfer it to your new account, if it's already set up.

It used to be that you had to be a member of a group, like an employee of a particular company, etc, to join most credit unions. These days, most of them are very open to who can be a member. So just find one that's close, has the services you want, has good rates, etc, and go with them.
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