Comments on: From Bank to Credit Union http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/ personal finance that makes cents Sun, 20 Jul 2008 13:44:25 +0000 http://wordpress.org/?v=2.5.1 By: Weekly Roundup: Mind vs. Money Edition ? Get Rich Slowly http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-102826 Weekly Roundup: Mind vs. Money Edition ? Get Rich Slowly Mon, 29 Oct 2007 08:01:05 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-102826 [...] at Blueprint for Financial Properity argues that you should never pay banking fees ever. Looking at one of my past posts, he points out that by staying with my bank instead of moving to a credit union, I paid $1728 in [...] [...] at Blueprint for Financial Properity argues that you should never pay banking fees ever. Looking at one of my past posts, he points out that by staying with my bank instead of moving to a credit union, I paid $1728 in [...]

]]> By: Laura http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-102540 Laura Fri, 26 Oct 2007 17:00:37 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-102540 I love my credit union. It's convient and easy with the bonus o fnot having maintenece fees on it. I love my credit union. It’s convient and easy with the bonus o fnot having maintenece fees on it.

]]> By: » Don’t Pay Banking Fees Ever on Blueprint for Financial Prosperity http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-102484 » Don’t Pay Banking Fees Ever on Blueprint for Financial Prosperity Fri, 26 Oct 2007 12:45:36 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-102484 [...] by chance and it’s not at all difficult to do. JD recently just wrote about how he made the switch from a bank to a credit union, in part to avoid US Bank’s $8 a month maintenance fee. He’s been paying that fee for [...] [...] by chance and it’s not at all difficult to do. JD recently just wrote about how he made the switch from a bank to a credit union, in part to avoid US Bank’s $8 a month maintenance fee. He’s been paying that fee for [...]

]]> By: MikeVx http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-88776 MikeVx Thu, 07 Jun 2007 00:21:59 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-88776 J.D. I know it's been a while, so who knows if you'll read this any time soon, but find out if your credit union is part of the Co-Op network (http://www.co-opnetwork.org). If it is, you have access to more ATMs than any several major bank customers put together. The web site has an ATM locator. I have 100 places I can get money within 8 miles of my city center, about 55 of these will also accept deposits. In my area, and every other major city I've visited in the last 6 months, the company that runs ATMs for 7-Eleven joined the Co-Op Network. That gives me cash access just about everywhere, as I don't think it is possible to be more than 5 miles from a 7-Eleven in North America outside of some of the larger deserts. J.D.

I know it’s been a while, so who knows if you’ll read this any time soon, but find out if your credit union is part of the Co-Op network (http://www.co-opnetwork.org). If it is, you have access to more ATMs than any several major bank customers put together.

The web site has an ATM locator. I have 100 places I can get money within 8 miles of my city center, about 55 of these will also accept deposits. In my area, and every other major city I’ve visited in the last 6 months, the company that runs ATMs for 7-Eleven joined the Co-Op Network. That gives me cash access just about everywhere, as I don’t think it is possible to be more than 5 miles from a 7-Eleven in North America outside of some of the larger deserts.

]]> By: brad http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82154 brad Sun, 25 Mar 2007 17:11:47 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82154 Thanks, Melanie but unfortunately their no-fee banking is still not available in Québec. If they bring it here I'll switch in a hearbeat...I paid over $170 in bank fees last year! Thanks, Melanie but unfortunately their no-fee banking is still not available in Québec. If they bring it here I’ll switch in a hearbeat…I paid over $170 in bank fees last year!

]]> By: Melanie http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82143 Melanie Sun, 25 Mar 2007 12:52:43 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82143 brad - When I still lived in Canada I fell in love with President's Choice Financial. They have free chequing, unlimited free Interac and every transaction that I ever needed to do could either be done at a PC Financial or CIBC machine, online, or over the phone. Before that I'd been with TD and dealt with their 90 day out-of-country cheque holds (NINETY DAYS!), $20 daily withdrawal limits, and snooty attitudes. I was shocked that they managed to do any business whatsoever. brad - When I still lived in Canada I fell in love with President’s Choice Financial. They have free chequing, unlimited free Interac and every transaction that I ever needed to do could either be done at a PC Financial or CIBC machine, online, or over the phone.

Before that I’d been with TD and dealt with their 90 day out-of-country cheque holds (NINETY DAYS!), $20 daily withdrawal limits, and snooty attitudes. I was shocked that they managed to do any business whatsoever.

]]> By: brad http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82141 brad Sun, 25 Mar 2007 12:32:36 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82141 Matt, I did the opposite of you: I moved to Canada from Vermont in 2002. The fees charged by banks here still blow me away; I remain astounded that there is no such thing as free checking or ATM service here. I did find a bank (Banque Nationale) that offered free checking and ATMs as long as you kept at least $2,500 in your account, but they did away with that a year or two after I moved here. Unfortunately here in Québec, even credit unions charge high fees. The Desjardins credit union's fees are just as high if not higher than those of the regular banks. Matt, I did the opposite of you: I moved to Canada from Vermont in 2002. The fees charged by banks here still blow me away; I remain astounded that there is no such thing as free checking or ATM service here. I did find a bank (Banque Nationale) that offered free checking and ATMs as long as you kept at least $2,500 in your account, but they did away with that a year or two after I moved here. Unfortunately here in Québec, even credit unions charge high fees. The Desjardins credit union’s fees are just as high if not higher than those of the regular banks.

]]> By: Matt http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82108 Matt Sat, 24 Mar 2007 19:43:21 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82108 I came to Vermont from Canada in 2001. In Canada, banking is a little different in that there are a handful of very dominant national banks - Montreal, Toronto Dominion (TD - yes, that TD)- Nova Scotia. In addition to lousy service (I was once told it would cost me a $5 service fee when closing a savings account) the fees were so widespread that it seemed as though the banks were simply experiments for seeing how many fees an individual could pay. Once in the US I got an account at a smaller bank hoping to avoid this. "Free checking!" was attractive, but as a grad student, maintaining the $1000 balance required not to be levied a hefty service charge proved challenging at times. Finally, I joined a regional credit union. In five years, I have never paid a cent of fees. In fact, I've made money both through interest and dividends as a credit union member. I have my mortgage and car loans through them, and they offer much better hours, service, free classes (buying your first home, retirement planning, etc.) and free assistance with identity theft. Heck, they're even going to host a farmer's market this summer. Why would any individual ever do business with a chartered bank? I have yet to understand why. I came to Vermont from Canada in 2001. In Canada, banking is a little different in that there are a handful of very dominant national banks - Montreal, Toronto Dominion (TD - yes, that TD)- Nova Scotia. In addition to lousy service (I was once told it would cost me a $5 service fee when closing a savings account) the fees were so widespread that it seemed as though the banks were simply experiments for seeing how many fees an individual could pay.

Once in the US I got an account at a smaller bank hoping to avoid this. “Free checking!” was attractive, but as a grad student, maintaining the $1000 balance required not to be levied a hefty service charge proved challenging at times.

Finally, I joined a regional credit union. In five years, I have never paid a cent of fees. In fact, I’ve made money both through interest and dividends as a credit union member. I have my mortgage and car loans through them, and they offer much better hours, service, free classes (buying your first home, retirement planning, etc.) and free assistance with identity theft. Heck, they’re even going to host a farmer’s market this summer.

Why would any individual ever do business with a chartered bank? I have yet to understand why.

]]> By: Jeremy http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82037 Jeremy Fri, 23 Mar 2007 16:31:59 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-82037 USBank (or any large bank for that matter) vs Credit Union. To me this comparison is not even fair... for the big banks. To them, you are really just a number that they will take any chance they get to profit from. Its all about the share holders! (profit) There really is no personal aspect to customer service at such a bank. Today, even the smallest CUs have all the features of the big banks (online bill pay etc.) most CUs have very loose terms for accepting new customers. WHY ISNT EVERYONE A MEMBER OF A CREDIT UNION. Compare the numbers too. Its simple math, and its smart! USBank (or any large bank for that matter) vs Credit Union. To me this comparison is not even fair… for the big banks. To them, you are really just a number that they will take any chance they get to profit from. Its all about the share holders! (profit) There really is no personal aspect to customer service at such a bank. Today, even the smallest CUs have all the features of the big banks (online bill pay etc.) most CUs have very loose terms for accepting new customers. WHY ISNT EVERYONE A MEMBER OF A CREDIT UNION. Compare the numbers too. Its simple math, and its smart!

]]> By: Get Rich Slowly » Auto Insurance Tip: Monthly Sucks http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-71 Get Rich Slowly » Auto Insurance Tip: Monthly Sucks Wed, 17 May 2006 14:32:12 +0000 http://www.getrichslowly.org/blog/2006/05/10/from-bank-to-credit-union/#comment-71 [...] Little expenses like this deprive you of money better spent on other things. (Before I switched to a credit union last year, I was paying $96 a year for the privilege of having an account at U.S. Bank.) I set up my insurance account to bill monthly when I was a broke college student; it never occurred to me to change it. [...] [...] Little expenses like this deprive you of money better spent on other things. (Before I switched to a credit union last year, I was paying $96 a year for the privilege of having an account at U.S. Bank.) I set up my insurance account to bill monthly when I was a broke college student; it never occurred to me to change it. [...]

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