Quote:
Originally Posted by SmootSmack
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
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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.