Credit Unions

What are the advantages/disadvantages during these trying times of moving your money from a national bank to a credit union? Right now I've got my spending money at one major bank and my savings and investments in an account (which I almost never touch) at another major bank (which is trying, ironically, to acquire the other banK).

Does it make sense to move some or all of this money to a credit union. Added note, I have no car loans. I bought my car and it's fully paid for. Also, my wife-to-be and I are looking to buy a place within the next two years.

Thanks

I belong to Navy Federal Credit Union and they are great, if you can get in.

What benefits will the Credit Union provide you? I mean if shit hits the fan the Credit Union aren't going to provide you with any meaningful protection beyond FDIC protection are they? Your money is FDIC insured for 100K for each account you have whether it's with a Credit Union or Bank of America account.

It doesn't hurt to do the math and look around. If it seems like a good fit, it doesn't hurt to make the jump, especially since you are looking at buying a house soon.

I opened a savings account at SECU (State Employees Credit Union of MD) because I was looking for a car loan, and at the time, their interest rate on the terms I was looking was better than several banks. I haven't done much more than the initial deposit, nor left my current bank because of convenience...the nearest branch is about 20 minutes away, and while there is an ATM close, I don't want to have to pay any ATM fees if I'm out of the area.

But it never hurts to comparison shop between other banks and credit unions...

What benefits will the Credit Union provide you? I mean if shit hits the fan the Credit Union aren't going to provide you with any meaningful protection beyond FDIC protection are they? Your money is FDIC insured for 100K for each account you have whether it's with a Credit Union or Bank of America account.
If I'm correct with that bill passed last week it increased FDIC insurance up to $250,000. You need to talk to the credit union and just ask them the same question. I moved all my accounts from a large national bank to a smaller local 10 branch bank here localy. My reason for changing was when I wanted a loan to build a comercial building (small building of 4800sq ft with reantals) I was treated like a stranger at the large national bank. I finally called the small local bank and had the loan approved in just a week with terms that the national bank would have never considered. If I have a problem I can call and a person answers the phone. When I need a loan they ask when I want to pick up my check. I just like the local service and on the comercial loan they saved me thousands.

pentagon federal credit union has been really good for me.

What are the advantages/disadvantages during these trying times of moving your money from a national bank to a credit union? Right now I've got my spending money at one major bank and my savings and investments in an account (which I almost never touch) at another major bank (which is trying, ironically, to acquire the other banK).

Does it make sense to move some or all of this money to a credit union. Added note, I have no car loans. I bought my car and it's fully paid for. Also, my wife-to-be and I are looking to buy a place within the next two years.

Thanks
I'm with Navy Federal too. They've been good to me. Here's the advantages of a credit union:

Credit unions are financial cooperatives owned and operated by their member/owners. There are no outside stockholders. Credit unions exist to provide the best service possible to their members — not to churn profit for stockholders by charging high fees. The only stockholders at a credit union are the members themselves!

Better Rates & Lower Fees - Credit unions return all profits back to the member (after reserves and expenses) in the form of better rates, better service and lower fees.

Volunteer Board of Directors
Credit unions are governed through an unpaid, volunteer Board of Directors. These volunteers are members and are democratically elected by the credit union membership to represent you, the credit union member.

Better Service
Credit unions are not-for-profit. Credit unions return profits to members, not stockholders.

Deposits Insured through NCUA - Savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

One Vote per Member - Each member gets one vote at the Credit Union, regardless of how much that person has on deposit.