moving your money form big banks to credit unions?
dubist
Posts: 279 Member
I have bean reading about this in some blogs that a movement is building to move your money from the big banks to smaller credit unions.
I wonder what effects this will have on the economy?
here is the website that was linked in the blog.
http://moveyourmoneyproject.org/about
I wonder what effects this will have on the economy?
here is the website that was linked in the blog.
http://moveyourmoneyproject.org/about
0
Replies
-
I've been a member of my local credit union since I was a teenager. They've always been great to me.
Once I got persuaded to join a large bank. Within 4 months the fees and charges had got to be so much I owed more than I had with them.
Been exclusively with my credit union since.0 -
I am already in a credit union and from my past experiences with banks, I think I will stick.
0 -
I'm with a big bank but very supportive of those who transfer and the OWS movement in general. I didn't transfer because my hubby deploys pretty often and he can't access a CU where he goes.0
-
I bank with USAA and I actually feel very safe with them,I probably wouldn't bank with any other large bank. I moved from BB&T which we said stood for Bad Banking and Terrible Trust haha.0
-
I've had experience with both and the Credit Union is much better, by far. Bank of America was my last big bank experience and I have nothing positive to say about them. They are in the business of taking your money in whatever form they can.
Credit unions are local and member owned. I'm sure there are some that can be mismanaged but overall they seem to care more about members than the money involved.0 -
I actually keep my monies in 4 separate institurions. 2 larger banks, 1 local bank and one credit union. I have had accounts with them from 5 years to 35 years. I have had good relationships with all of them and don't intend to move my money around, change direct deposits, automatic bill pays and investments because some people have made bad choices and are now calling on society to back their play.
Most people can find competitive banking alternatives without pulling their money out of the bank and putting it under their mattress. You can affect change by doing a little research and finding out what works for your financial situation.0 -
I can't imagine moving to credit unions would hurt the economy in any way. Unfortunately, individuals do not have enough clout to make a huge difference. The push now is to get institutions -- municipalities, universities, etc --to move their assets as well. Get enough of those to go along and you are talking some real money.
Unfortunately, rather than try to compete, the big banks would probably just use their campaign $$$ to order their lackeys in Congress to pass legislation restricting your ability to move your money.0 -
I've been a member of my local credit union since I was a teenager. They've always been great to me.
Once I got persuaded to join a large bank. Within 4 months the fees and charges had got to be so much I owed more than I had with them.
Been exclusively with my credit union since.
Exact same issue here. I have been with my local credit union for several years. They are good for the most part, a little behind on technology but when I was with Chase and Old National I got destroyed by fees. I actually owe Old National $500 in fees though I never had more than $200 in that account when I was a teen.0 -
I've been a member of my local credit union since I was a teenager. They've always been great to me.
Once I got persuaded to join a large bank. Within 4 months the fees and charges had got to be so much I owed more than I had with them.
Been exclusively with my credit union since.
Exact same issue here. I have been with my local credit union for several years. They are good for the most part, a little behind on technology but when I was with Chase and Old National I got destroyed by fees. I actually owe Old National $500 in fees though I never had more than $200 in that account when I was a teen.
I am with Chase and right now it's too complicated to undo, but I checked into a local CU for healthcare workers in our area in case I decided I wanted to make the switch. I was really impressed by all of the features and technology they had available. It seemed they could offer the same free online bill-pay and almost all of the other features I enjoy w/Chase. If it was just me, I would switch today, but the wife and kids would have a lot of trouble making all the changes.0 -
The school I go to has a credit union in it, so that's the first bank I've ever been a part of.
For me, they didn't do a credit check when I got my credit card, they gave it to me just because I had an income over a certain level every month so I could build credit, and they're really flexible. Whereas most banks would have my *kitten* for how much I've spent on my credit card (:blushing: ) they have been patient.
And, this may be because the branch is in the lobby of the school, but I walk in there, and the tellers know me by name, and I love that!
ps, the money that I owe on it isn't my fault, I'm paying my own tuition and I had to use my credit card to buy stuff that was necessary. Like food. And I'm slowly paying it off now.0 -
I bank with USAA and I actually feel very safe with them,I probably wouldn't bank with any other large bank. I moved from BB&T which we said stood for Bad Banking and Terrible Trust haha.
I
USAA! I don't bank with them, but I have my auto insurance and credit card through them. Their CS is great and I don't lump them in with the other 'Big Banks.'
I bank with a regular bank too, but not one of the big ones. It's regional to the area, and I've never had issues with them either.0 -
I actually keep my monies in 4 separate institurions. 2 larger banks, 1 local bank and one credit union. I have had accounts with them from 5 years to 35 years. I have had good relationships with all of them and don't intend to move my money around, change direct deposits, automatic bill pays and investments because some people have made bad choices and are now calling on society to back their play.
Most people can find competitive banking alternatives without pulling their money out of the bank and putting it under their mattress. You can affect change by doing a little research and finding out what works for your financial situation.
This is very good advice.
I actual work for a regional bank that is about to become one of the "big" banks, and I am very pleased with seeing some of the changes we will be getting. We have accounts (deposit and loan) at both our state credit union and my bank, and there are advantages to both. Banking is different state to state, but I encourage you to look at all of your options. We get better interest rates on our deposits at the CU, but usually find better loan rates through our FDIC banks.
Wherever you bank, the advice I have for you is to visit the bank in persona as often as possible, and try to stick to one location or banker there. The better they know you, the easier things that are difficult in most situations will be (fee refund waivers, rate boosts, help with fraud, etc.).0 -
I bank with USAA and I actually feel very safe with them,I probably wouldn't bank with any other large bank. I moved from BB&T which we said stood for Bad Banking and Terrible Trust haha.
I switched to USAA from BB&T too! I love the mobile phone deposits, ATM reimbursements, AND I get my direct deposit a day earlier. Win.0 -
I've only ever used credit unions.0
-
I have banked with both credit unions and big banks and actually left a credit union because they kept putting my deposits into someone else's bank account. Which kills me since I used the deposit slips with my account number pre-printed on them so I know it wasn't because I wrote the incorrect account number down. I moved to a big bank. I was researching banks recently for my brother who lives in Memphis so he could open a new checking account there instead of having one 2 hours away at a local bank in our hometown. I looked at 14 banks. My advice was for him to go with Banc Corp South. The fees with the credit unions were crazy for him and they were not as easy to have waived. BCS has monthly fees but they waive it if he uses his debit card 5 times in 1 month. Since he uses his debit card for everything that's not a problem. I know of several big banks that will waive monthly fees just for having direct deposit. I think there are pros and cons to each and it all depends on personal preference.0
-
This is something I need to research. I use a bank that's way too big to fail, a regular crybaby for corporate welfare. I'd love to withdraw my money and support, but I haven't found a credible alternative. I use online account management, bill pay, transfers, etc.etc.etc. and I'd hate to give any of that up and go back to mailing paper checks.
Work to do, thanks for the nudge.0 -
Saw on the news last night that the estimated figures of people that moved from the so-called Big Banks to local Banks and Credit Unions was over inflated by about 3 X.0
-
I'm in favor of only supporting your local community banks (yay! me!) I really think you should bank with people that know you. You should feel comfortable with who is taking and handling your money, your childrens money, your spouses money, whatever funds you have at the bank. If it's a big bank with high turnover, you may not know from one day to the next who you will see when you go in the door, you may have to wait for a decision on things (loans, problems with your accts, etc) bc often they can't make "decisions" in office, they must go through the chain of command. Community banking is built on customer service, we know our customers, their lives, their stories, their families -we take care of the customers in our offices. They are people, not numbers. In the end all banks are governed by the FDIC and Gov't...fees are universal and every bank has comparable products. It's service that counts. JMO.0
-
Dog said: Saw on the news last night that the estimated figures of people that moved from the so-called Big Banks to local Banks and Credit Unions was over inflated by about 3 X.
Probably. This is kind'a like giving to charity. What somebody tells a telephone pollster they did/gave/moved,,,, and what they ACTUALLY did/gave/moved might be miles apart. I'd sure like to drop my banksters, but they offer a great service. :grumble:0 -
Oh, and "undoing" your direct deposits, drafts, etc is not that "hard" if you did want to switch banks... find a good banker and it'll be quick and painless - it's 2011, almost everything is electronic and very simple to switch - even on your own, very easy. They get you sucked in like that on purpose, have you draft and deposit everything from that one account and then make you think "oh my God, its way too hard to switch everything, I'll just stay here and pay their stupid fees and deal with their rude CS"0
-
Dog said: Saw on the news last night that the estimated figures of people that moved from the so-called Big Banks to local Banks and Credit Unions was over inflated by about 3 X.
Probably. This is kind'a like giving to charity. What somebody tells a telephone pollster they did/gave/moved,,,, and what they ACTUALLY did/gave/moved might be miles apart. I'd sure like to drop my banksters, but they offer a great service. :grumble:
I saw it on Local News in Portland, Casper. Been looking for the exact figures. When I find them I will repost.
to Jesse -- I have several accounts. My primary account is US Bank. I have been with them over 25 years. They are within walking distance of my home. I am not paying any fees other than for new checks. I know the people inside US Bank. They have always been very helpful and friendly any time I have needed help. I would hate to see a mass movement that would, most likely, hurt our economy, and I would also hate to see the local people within that institution lose their jobs because of such a move. The people that work in these banks are no diferent than you or I.
The rhetoric used by the disgruntled small percentage making all this noise is meant to inflame. We are now blaming these bigger istitutions for everything.
Lost my job. Gotta be Big Banking
Can't make my mortgage payment. Gotta be Big Banking
Car got repossessed. Gotta be Big Banking
Little Susie's Christmas is going to be sparse. Gotta be Big Banking
The largest percentage of these people are suffering because of a series of bad decisions. The ability to obtain credit has always been available through Credit Unions, Local Unions, and the "so-called" mercenary Big Banking Institutions. Too easy, in fact.0 -
I don't blame the crisis on "Big Banking",,, I blame a lot of it on mortgage brokers and bond and derivative market traders, and the HGTV channel putting "Flip this house!" on 24 hour reruns for 5 years and convincing half the lower middle class that they could be miniature Donald Trump real estate developers.
However, it's been proven now that really enormous financial institutions are not subject to market forces. They are too big to fail, uncle sucker won't let them fail - which means that they go to the casino with a guarantee that no matter how big a risk they take and no matter how big they lose, they can't really lose. They need to be smaller so they're a little less bulletproof. But any time a politician says something about breaking up banks he gets called Hitler and burned in effigy. So,,, what can we do to make mega-banks smaller? We can stop using them.
Our town has 30,000 people, so maybe 10,000 households that need financial services. That's the real source of those jobs. If we all drop Citibank and Chase and move over to Goatherder's Federal Credit Union then the big banks will lay off people, and GFCU will need them. Lateral move, inconvenient for your local tellers perhaps, but all in all a wash.0 -
Our town has 30,000 people, so maybe 10,000 households that need financial services. That's the real source of those jobs. If we all drop Citibank and Chase and move over to Goatherder's Federal Credit Union then the big banks will lay off people, and GFCU will need them. Lateral move, inconvenient for your local tellers perhaps, but all in all a wash.
Do you really think it will all be a wash? That it will be a lateral move and no one will get hurt.
Do you think that if the major banks in your town fail, that the employees will just move straight over to the new smaller insitutions? No interuption in pay? Same Wages?
I don't think so, people will lose their jobs, homes, income. The smaller instituions will delay increasing their work force and with the huge influx job-seekers, will be able to offer a smaller wage. People will be hurt and, when it is all said and done, there will be a new Big Bank in town.0 -
Ok, so what can we do? Let things continue as they are 'til there's just one bank? When Citi-Chase Bank of America Inc. touches every transaction in the country they'll be way (WAY!) too big to fail. Then what?0
-
My point was that whether you choose to bank big or small, banks offer the same products with the same protection from FDIC. Show me a bank that doesn't have a fee for something. Some banks may charge more for one fee than another bank, but their monthly dues may be lower. Its all a wash. You should bank where you feel comfortable. It just so happens that bigger banks focus more on "bigger bucks" so the bottom feeders get overlooked, the everyday average American. I wasn't saying big banks are to blame for everything, just saying that you're more likely (in most cases, not every case) to be a number at a larger institution than a smaller one.to Jesse -- I have several accounts. My primary account is US Bank. I have been with them over 25 years. They are within walking distance of my home. I am not paying any fees other than for new checks. I know the people inside US Bank. They have always been very helpful and friendly any time I have needed help. I would hate to see a mass movement that would, most likely, hurt our economy, and I would also hate to see the local people within that institution lose their jobs because of such a move. The people that work in these banks are no diferent than you or I.
It wont' matter in a decade anyway, all banks will have merged into one big untouchable bank and we'll all be forced to be their customers or hide our money under a mattress or in a fruit jar in the back yard.. *shrug*0 -
Ok, so what can we do? Let things continue as they are 'til there's just one bank? When Citi-Chase Bank of America Inc. touches every transaction in the country they'll be way (WAY!) too big to fail. Then what?
Therein lies the conundrum. I don't know. I believe this system can become workable. People just need to make informed decisions and shop around.0 -
My point was that whether you choose to bank big or small, banks offer the same products with the same protection from FDIC. Show me a bank that doesn't have a fee for something. Some banks may charge more for one fee than another bank, but their monthly dues may be lower. Its all a wash. You should bank where you feel comfortable. It just so happens that bigger banks focus more on "bigger bucks" so the bottom feeders get overlooked, the everyday average American. I wasn't saying big banks are to blame for everything, just saying that you're more likely (in most cases, not every case) to be a number at a larger institution than a smaller one.to Jesse -- I have several accounts. My primary account is US Bank. I have been with them over 25 years. They are within walking distance of my home. I am not paying any fees other than for new checks. I know the people inside US Bank. They have always been very helpful and friendly any time I have needed help. I would hate to see a mass movement that would, most likely, hurt our economy, and I would also hate to see the local people within that institution lose their jobs because of such a move. The people that work in these banks are no diferent than you or I.
It wont' matter in a decade anyway, all banks will have merged into one big untouchable bank and we'll all be forced to be their customers or hide our money under a mattress or in a fruit jar in the back yard.. *shrug*
Gotta shop around, Jesse. I'm not against Credit unions. I belong to one, as well. I, personally, don't believe there will only be one big bank some day, but I respect your conjecture. If you're right, I'll deal with it. I believe it's a scare tactic, not unlike the Red Scare of the 50's and 60's.
As far as fees go, I don't pay any. There is a fee if my account gets overdrawn. I have never had to pay it. I don't allow my account be overdrawn. If someone ends up paying an overdraft fee, that's on them.0 -
I've been in banking for 6 years (yeah I know, not long) but in that 6 years, I've worked for 3 different banks tho never changed employment. Bank 1 got bought by bank 2, bank 2 got bought by bank 3 and I'm currently mid-merger with bank 4. :huh:
Every "large" bank started as a small bank...got eaten up by larger and larger banks until we had BofA and Wells Fargo, Chase and Citi.
I agree, Mike, shop around. That was my point. :laugh: if you prefer a big bank, bank there. If you prefer small, bank there. Wherever you feel comfortable is where you should bank.0
This discussion has been closed.