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pandandesign
02-05-2014, 01:50 PM
I know there are many of you go for a big bank because they are the trusted ones people would count on. For me, I like credit union for a lot of reasons, partly it is because they have better customer service and sometimes they are not about money like some of the big banks do. However, there aren't many credit union branches, and some people would go for the convenience. What about you? Do you prefer a big bank or credit union? What is your thought of the pros and cons?

Jimmyjazz1976
02-05-2014, 04:04 PM
Credit unions and strictly online banks like (Everbank for example) tend to have better rates on CD's, MMA's, and savings accounts. Credit unions are gaining a lot of popularity lately because they are not tied down to the same types of federal insurances that larger banks are. It's really hard to find a great rate with a large local bank that will actually produce a large return on investment.

If you are shopping strictly for rates are able to handle your online banking experience on your own, i highly recommend Everbank. Their motto is "we dont roll with the competition, we roll over them". Its a testament to their competitive nature and how often they alter their rates to stay top of the game.

Ally doesn't have the best rates on CD's but does have world renowned customer service. I suppose it really depends on what you are looking to do.

I hope that was helpful. :cool:

jfab
02-05-2014, 07:43 PM
Credit union is better than big banks. But then again, borrowing money from any of these institutions just means interest. You will save money from paying their interest rates if you will find a way not to go to lenders.

gHiros
02-06-2014, 02:11 AM
I know there are many of you go for a big bank because they are the trusted ones people would count on. For me, I like credit union for a lot of reasons, partly it is because they have better customer service and sometimes they are not about money like some of the big banks do. However, there aren't many credit union branches, and some people would go for the convenience. What about you? Do you prefer a big bank or credit union? What is your thought of the pros and cons?

I bank at a credit union as well as those "big banks". However, I prefer credit unions because you are part of the bank as a member, a stake-holder. And so you get a number of benefits, like lower rates on credit cards and loans, and even some extra money at the end of the year as they pass on the profit to their members. You don't experience those things from the "big banks" because they are pretty much owned by the stockholders of the main banking company. A disadvantage of credit unions are the exclusivity of membership and the small number of ATMs available.

delusional
02-06-2014, 04:35 AM
I prefer a bigger bank. You known you are paying a little more for the service but the security is much better if you pick your bank well. You can also find an office much easier.

Rainman
02-06-2014, 05:13 AM
The problem with credit unions is that since they can't lend out all their money at once, if they hit the lending limit then no matter how acute you need for money is, they can't bail you out. Because of that, much as I hate big banks and the rapaciousness, I could obtain a loan any time as long as I qualify for it. I suppose that's the only benefit banks offer over the flexibility [in loan repayment terms] and ease of obtaining cash from a credit union.

fredkawig
02-06-2014, 08:33 AM
I have all my money saved in a cooperative. Banks in our country are not so good since they become bankrupt in a few years. That's why I'd rather trust a credit union or cooperative since you are not only helping yourself but even a community in need. For a stabilized country and with stabilized banks, banks are pretty good but they have low savings interest rate and high interest in receiving loans which is a con to me.

Andy1982
02-06-2014, 09:15 AM
When I have to choose the lesser of two evils I would side with the credit union, they have been gaining in status here in Ireland since the whole AIB scandal outing that the bank was rotten to the core. The credit unions are willing to lend more to people in sums of between 5-10k, but like a bank they like you to have some capital stored up with them.

novasparker
02-06-2014, 11:06 AM
There are pros and cons to both scenarios...using credit unions means that you can create a person to person relationship with your bank. The credit underwriting process is more personal and will generally allow you to make explanations and allow exceptions to hard and fast rules that using a large bank simply won't allow. Credit unions are generally cheaper to use since they are a not for profit organization. However, being that these are smaller institutions, there are fewer locations. They offer fewer perks that big banks can because they simply don't have the money for the development of new technologies. I prefer small credit unions, but have a bank account with a larger bank for convenience purposes as well.

Lodismel
02-06-2014, 01:04 PM
I'd have to go with a big bank. I don't know what it is but Credit Unions just sketch me out a bit. Probably because I'm reminded of all the stories I hear about people with bad credit. Mostly I just pick a bank that has a generally good review and that has a lot of locations. I don't want to be spending all my time running around.

alec
02-06-2014, 01:05 PM
Looking at what happened with some banks around the world in the last years I'd have to say that I prefer credit unions now. I like the idea that by using a credit union I'm a member and not a customer, like it happens with banks, plus if you factor in the lower rates a union has you can see why I choose them.

But in the end, depending on the type of business / capital needed you should check both options and see which is best suited for you. Like all things, there are monetary advantages and disadvantages to both of them, the most visible being the assets: big banks have a lot of assets and can be bailed by the government while credit unions have fewer assets and are not as stable when issues arise.

mikka254
02-06-2014, 03:53 PM
A big bank vs a credit union is not a fair comparison. The services are the same, probably the opportunity to buy cheaper shares of the bank's equity. But you need to remember, credit unions are banks that have just started so they are basically trying to become the banks that you are trying to avoid. So it would be better to join a big bank and create a good credit history just in case you need and emergency loan.

TaraC
02-06-2014, 06:25 PM
I actually prefer credit unions. I have my personal and business accounts at a local credit union. I like the service that I get at a credit union. I don't feel like just another number and best of all, I don't pay outrageous monthly fees for my accounts. All of the employees know my name. I haven't had need of a loan, but it's easier to get a loan at a credit union.

donaldplozha
02-06-2014, 07:30 PM
Well, I first started with an account at Raiffeisen Bank here in Albania but I started having problems with the customer service. Frankly, they were too cold and not friendly at all. Add to that, the debit card I got from them was not useful to buy anything on the internet, so I switched to Tirana Bank, a smaller bank but a much better one. They equiped me with a VISA Electron debit card and I am much more satisfied with the service at their offices.

Auror
02-06-2014, 09:00 PM
There is only one reason to go to credit unions - it's easy to borrow money from them because their rules are lax. But in general, credit unions have a much higher interest rate as compared to big banks. Also, credit unions sometimes have shady policies and sometimes, they can't explain how they derived a certain amount. Just to be sure, go with a bigger bank.

sdsnook
02-06-2014, 10:23 PM
Credit unions are more personable and you have a better chance to get build credit and get loans with them. They also help you with getting out of debt and do not have near the amount of fees that big banks usually love to hit you with. Good luck either way!

eppie
02-06-2014, 11:58 PM
I know there are many of you go for a big bank because they are the trusted ones people would count on. For me, I like credit union for a lot of reasons, partly it is because they have better customer service and sometimes they are not about money like some of the big banks do. However, there aren't many credit union branches, and some people would go for the convenience. What about you? Do you prefer a big bank or credit union? What is your thought of the pros and cons?

I actually have accounts with both. I like a big bank because of its large network and more services that make banking more convenient (like online banking, mobile phone banking, etc.). While for credit unions - yes I agree it's much easier and faster to get loans from them. Interests on savings accounts at credit unions is also higher (at least from where I am now).

But you can use both for business. Big banks provide accessibility/convenience to more clients (like when clients prefer to pay thru bank deposits) while credit unions provide immediate loans (if I need to fund something and I'm short of cash.). So I prefer both for different purposes. :)

pandandesign
02-07-2014, 12:08 AM
I'd have to go with a big bank. I don't know what it is but Credit Unions just sketch me out a bit. Probably because I'm reminded of all the stories I hear about people with bad credit. Mostly I just pick a bank that has a generally good review and that has a lot of locations. I don't want to be spending all my time running around.

What's with bad credit? Does credit union won't let you to sign up for loans or credit cards when they have found out that you have a bad credit or something? I think this happens to me once, but I still haven't gotten a need to apply for a credit or a loan. I do think that the location is much better with a big bank though.

Bonyi
02-07-2014, 03:24 AM
I prefer big banks because they're reliable and have good reputation. Most times when other banks fail, these big still remain because of their big capital base.

Francisco23
02-11-2014, 04:47 PM
Well, actually have accounts with both big banks and credit unions. I have about 4 bank accounts (including an account with Bank of America). I must say however, that in my experience, the Credit Unions offer the best services. I find that I wait less (well, because they have less customers), but also I get better interests on my money. The big banks are always randomly charging some "updated" fees. I find that my credit union is most likely to give me a loan as well. Take a visit to a credit union near you.

pandandesign
02-12-2014, 02:34 AM
Credit unions are more personable and you have a better chance to get build credit and get loans with them. They also help you with getting out of debt and do not have near the amount of fees that big banks usually love to hit you with. Good luck either way!

Yes, it is true that credit unions do offer less fee because now I don't have to keep a minimum amount like with most of the big banks. I like how friendly most of the credit unions are, which they provide a better customer service since I'm not just a customer but a member of the team.

mikka254
02-13-2014, 03:14 PM
Credit union is better than big banks. But then again, borrowing money from any of these institutions just means interest. You will save money from paying their interest rates if you will find a way not to go to lenders.

This is good advice. Not borrowing money at all is the best way to make sure your business succeeds. Getting money from outside sources is risky, financially as well as personally. Try to raise the money yourself through your business, besides, if your business is not making enough money to support you and earn a profit at the same time then your business requires a new strategy. Making money slowly is not a bad thing, but not making any money at all is definitely a bad thing.

CSomm
02-15-2014, 04:30 PM
There isn't any reason I can think of to trust one over the other, on paper anyways. You need to go in at meet the people you'll be banking with, and learn specifically what they are all about. It is easier to meet everyone involved in your account at a smaller credit union, but they also have more limited products depending on who you choose. Big banks can be impersonal and disinterested in your needs, but if you know the people, they are as helpful as anyone else. Personal understanding is the only key to your banking situation, not size.

peterradcliffe
08-03-2019, 01:15 AM
I prefer the credit union. In credit union rate of interest on loans is low and minimum account fee. Mostly in bank customer have to balance minimum amount in their account. For loans bank check your credit score and you have to clear lots of steps for loans.

Walter White1
08-06-2019, 02:52 AM
I'd have to go with a big bank. I don't know what it is but Credit Unions just sketch me out a bit. Probably because I'm reminded of all the stories I hear about people with bad credit. Mostly I just pick a bank that has a generally good review and that has a lot of locations. I don't want to be spending all my time running around.r
you write somehow but we should also check the deals and promotions of small banks too

Okkkorniienko
08-06-2019, 08:08 AM
Big bank is pretty better for me

Chris_Tax
08-07-2019, 09:00 PM
I am with a big bank that has a small back where they know me by my name. They always help me as much as they can.

jacksonsamy2
10-19-2020, 03:07 AM
Credit unions tend to have lower fees and better interest rates on savings accounts and loans, while banks' mobile apps and online technology tend to be more advanced. Banks often have more branches and ATMs nationwide.