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picking a credit union

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picking a credit union

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Old 10-27-11, 04:22 AM
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____asdfghjkl
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picking a credit union

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?
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Old 10-27-11, 04:51 AM
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I just closed my business account due to fees, but moved to another bank as credit unions typically don't offer business accounts. Method works the same either way.

1. Credit unions are based on membership affiliation eligibility, although that is becoming quite watered down where most people now qualify at some. Research the ones you are eligible for concerniing their policies and choose 1.

2. Open an account there and fund it with a check written on your current bank account.

3. Before the end of the month (or whenever their statement/fee cycle is) get the account down to zero so they won't have anything to charge last minute fees to. Walk in or call the 800# customer service prior to statement end and formally close the account.

In my case, I thought I had it at zero, but was advised I had a $0.02 balance which represented unposted interest and they couldn't transfer it from a business to personal account, so my options were their mailing me a check, walking into the bank and withdrawing, or give it to the bank. I elected giving it to the bank as they were not giving me a hassle. However, if they had been a pain grilling me on closing and trying to "save", I would have required them to mail the $0.02 check to me. Incidently, with the routine question "Why are you closing the account", before I could give them a true answer about fees and other issues, they volunteered "account no longer needed" and I said "yes."
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Old 10-27-11, 07:41 PM
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Ask your co-workers which credit union they recommend and then go and check them out, talk to the customer reps. They'll have all the info that you will need to make your decision.
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Old 10-29-11, 11:38 AM
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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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Old 10-29-11, 01:17 PM
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I've used a credit union for over 25 years. Their service is better than local banks and they have almost no fees. I don't get charged for using other ATMs and I did not get charged extra fees when I used my ATM card while traveling in Europe.
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Old 10-29-11, 02:12 PM
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check where the atm card works without fees. Mine is "feeless" with the Allpoint network which includes the target and a convenience store near my house. By "feeless" i mean i don't pay the atm fee or a credit union fee. If I went to one of the big bank atm's I'd have to pay their extortion fee.
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Old 10-29-11, 02:48 PM
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I had an account with OnPoint CU, they were great!! They have a branch in Eugene that I used, I think they have branches all over Portland area. As I recall their fees were very low, and no ATM fees within the credit union network.
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Old 10-30-11, 11:30 AM
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Originally Posted by ____asdfghjkl View Post
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?
Yes, they are, for the reasons given above.

As for choosing a CU, all I can say is that based on my experience, if you aren't running a business and your banking needs are more or less ordinary (a place to stash your savings and occasionally get a loan), any credit union will be an improvement over any commercial bank.
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