Should I switch to a credit union?

I switched from a bank to a credit union a long time ago. Competitive interest rates, fewer fees, easier loan approvals, better customer service.

I always hear good things about credit unions, but I’m not convinced. My husband tried to get his truck refinanced at a local credit union and they offered him a 12% interest rate on one 60 month loan and a separate personal loan with a 16% interest rate to cover the rest – on a loan with $6000 owed. The reason? They claimed he needed three solid years of credit history, which he had, but they told us he didn’t. And he had a 720 credit score.

We went to a car dealership (of all places) and got it refinanced at 5% for three years. A third of his original interest rate, decreased length of loan by almost a year, and dropped the payments by $50/mo. And this was with a regular bank.

The bank we use offers free accounts with no fees or minimum balances. I’ve been with then since I was 17 and I’ve never had a problem.

I think the idea that credit unions are better may be true in some cases, but certainly not all. Check out some of both and don’t rule out either until you know what they offer.

I agree credit unions are generally more cautious about loans. But there are still fees. Do you mean 20 dollar fee on top of the 2.50 or whatever they assign for not using your own banks atm? That is odd.

I researched banks v credit unions online at one time when I was frustrated with mine… Found a few good sounding ebanks however I stuck it out. I have been a member of my cu since 10. My number is really small and easy to remember and the shit they were pullling was fairly common at the time.

Personal choice. I have been a credit union member for 20+ years. Yes, there are fees, but in my area (suburban Atlanta) the fees are consistently lower than the big banks (B of A, Wells Fargo) and the services are far better than the community banks.

But a lot depends on your location and the size and quality of the credit union. Based on my experience, I would answer “yes” to your question, but everyone is different.

Appears that different jellies have had different perspectives based on where they live and what CU(s) they’re tried. I’ve had nothing but good experience with my two CUs, but @flip86, best you take @livelaughlove21‘s advice and “check out some of both and don’t rule out either until you know what they offer.”

Yes! I rarely use exclamation points so this shows how serious I am. Credit unions usually have lower interest rates and less fees. Places like Bank of America are unethical cun*s.