Note: Oops. I accidentally had comments closed on this post. Not even sure how that happened. They’re on now.
Chris M. sent me e-mail last week to share some thoughts on rewards checking and on credit unions. I’m a fan of both. In his message, Chris offered a handy tip for those of us who use credit unions instead of banks:
In reviewing your past posts, I realized that you might not know about something I use to get around going out of your way to the credit union all the time. I always work during banking hours, so I make all my deposits via ATM. I use a CU Service Center. The one I use has only two-day hold on deposits, like the credit union. Other credit unions may have five-day hold, which is not so nice. Here’s where I found my credit union service center.
Credit unions are a fantastic option for many people. They’re member-owned not-for-profit financial institutions that usually have strong ties to a local community. They tend to cooperate with each other instead of compete.
Despite the great rates and excellent service, credit unions do have drawbacks. Huge national banks provide hundreds (or thousands) of branches around the country, and there are often dozens within a single city. It’s easy to find help when you need it.
However, credit unions tend to be local. You’re not likely to find offices all over your city. I chose my credit union because it has two branches near my home, a branch near the family business, and two additional branches nearby. But if I’m on the other side of Portland and need to do some banking, there’s no office available.
Fortunately, most credit unions in the United States offer shared branching. It’s as if they’re all a member of one enormous banking network. The website Chris M. sent me last week offers a list of shared credit union service centers, making it easy to find a nearby credit union, even when you’re on the road.
GRS is committed to helping our readers save and achieve your financial goals.Savings interest rates may be low, but that’s all the more reason to shop for the best rate.Find the highest savings interest rate from Ally Bank, Capital One 360, Everbank, and more.
This article is about Hints and Tips, Tools
Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
Discover is a paid advertiser of this site. Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.
SEARCH FOR RECENT ARTICLES
I have a savings account at a credit union.
I keep thinking about moving my checking account over there as well, just on principal. I feel like the big banks helped screw our economy. But one thing that I really like about big banks (I am primarily using BofA and WaMu) is their online banking tools. My wife has a Citibank account, and their online banking is pretty weak. It looks like my CU offers web banking, but I’m not sure how good it is to use.
Another previous concern was the ability to find participating ATMs so I don’t have to get hit by fees any time I want to get cash, but I really don’t try to access cash from outside my community very often, so that factor shouldn’t be as big a deal.
loading....
I’m in the process of moving to BECU from WaMu… well, it’s now Chase and so far the experience has been bad all around. The experience is cold and impersonal, there’s no more small talk with the tellers while doing transactions, and they are playing games with applying my withdraws.
It’s nice to know I can find some BECU access through shared branching.
loading....
I haven’t had any problems with my credit union. Even if I go out of state, I am still able to use another credit union’s ATM without any fee. This is just as good as other big banks.
loading....
I joined a credit union about a year ago and I love it. It’s close to my house and refunds ATM fees. They offer all the services of the big banks and the customer service is top-notch. I wrote a post last year giving reasons to join a credit union.
http://www.singleguymoney.com/2008/04/reasons-to-join-credit-union.html
loading....
Theo, I’m not clear – are you having a bad experience at Chase or BECU?
loading....
“… well, it’s now Chase and so far the experience has been bad all around. The experience is cold and impersonal, there’s no more small talk with the tellers while doing transactions …”
LOL!!! I laughed when I read this because I have the exact opposite problem. I bank at Chase also (checking only, I would never give them a dime of my savings), and the girl who is there all the time knows me, doesn’t ask for my ID, knows why I am there, tries to make too much small talk and asks me too many questions, is too nosy, and is TOO FRIENDLY to the point where it has made uncomfortable, so lately I started going to different branches just to avoid her. I don’t want clerks at businesses to know me, it makes me uncomfortable. It would drive me absolutely nuts to have to bank at a bank which only has a few local branches, and everybody there knew all my personal life. That’s why I love Chase because they have 50 million different branches within driving distance so I can go to a different one every time.
loading....
I love my credit unions! I belong to three, and utilize them for differnt services. My main CU handles most of my money and loans, but I was rejected for life insurance from one of their affiliates. My secondary CU offered me low cost life insurance with no medical questions or exam! Nice feature. I just opened an account at a third CU, but have not looked at all the services they provide and has more branches across the country.
loading....
A good portion of my emergency fund is at my Credit Union. The nearest “branch” is close to 100 miles away and the only way to get funds is to visit a co-op CU’s nearby ATM with limited withdrawals or log in and have them mail me a check. With a direct deposit from my paycheck it makes it easy to have my EF funded in a way that makes tapping it for non-emergencies difficult.
loading....
The CU I use has way better online banking than Wells Fargo (not hard!) — it’s on par with ING’s.
loading....
I work for a credit union here in Austin and we’re actually one step ahead of even the service centers. We offer the free checking of course, but we also have free ATMs anywhere in the world and we offer instant deposit online. We’re one of three credit unions offering this service. We used to be IBM Employee’s Federal Credit Union, but we’ve changed our name to expand our membership base. Even still, our online capabilities are better than some of the larger banks’ systems…and I say that having worked at Chase, so I’m pretty confident in our systems.
Still, service centers are a great tool when your actual branch isn’t convenient. The downside, as was mentioned, is the hold because you’re on their terms and they don’t really know you from Adam. However, if you have a good relationship with your credit union, you may even be able to call in and have them release the hold, depending on what it was. So, even that may not be an issue for you.
Glad you mentioned this, J.D.!
loading....
I’ve been wanting to change my checking account for a while. I didn’t realize that regions did away with the free account I had, and took it upon themselves to sign me up for the $8 a month account. I must have thrown away the letter as junk mail. Anyway, after paying $8 a month for about 4 months I finally realized I was paying the bank a fee.
loading....
We have been using a CU since I started working at one in 1986. We moved everything over to a different CU in 1988 and have been there ever since. There are four branches (2 in the city I live in), I have free checking, on-line bill paying, and friendly personal service. The ATM is one issue we try to work around. The CU is part of the SUM network where we can withdraw money without fees from either party, or we make a small purchase & get cash back. We are offered most of the same amenities that are available at big banks (savings, checking, mortgages, personal loans, MM, on-line banking, etc.), but we still like being able to go to the branch and see our “regular” tellers & be known by name.
loading....
I do not like my credit union at all. They have one branch, 14 miles from here, no ATMs and they keep getting hacked! I’ve had my debit card reissued three times in the last six months because someone broke into their system. They use insecure information as account numbers and online login passwords, and are open from 10-2 three days a week. They don’t belong to any associations.
I’d like to love my CU, but there’s not much to like. I’m shopping for a new bank.
loading....
J.D., Thanks for the link to the service centers. I found out that my CU has a new branch closer to me!
loading....
Same experience as Peggy…nothing to brag about w/our Credit Union. I just closed the savings account that had a ridiculouly low interest rate. Every time I shopped for a better rate on loans, theirs was always at least 2% higher than the big banks. When my husband and got married 15 years ago, we had excellent credit and had purchased an affordable home in a very desirable community. Four years later we wanted to remodel the kitchen (the house had already enough equity where we were able to drop PMI). The creist union denied our request for a H.E.L.O.C. Too bad!!!!! We went w/PNC, 3.85%, no closing costs, annual fee OR appraisal fee!
loading....
My credit Union, TDECU. Released an iPhone app for free that will locate service centers near you. Since they are also a part of the Allpoint ATM network that has 35,000+ ATM’s it will show you the closest free ATM. Because I use direct deposit and live about 60 miles from their nearest branch this has made my banking life much more convenient and easier.
The app is called CULoc8 and is listed in the app store on iTunes.
loading....
I have used different Credit Unions in the past 18 years and I have found them to be excellent. Back before online banking (early 90s), I once had to pay property tax while I was out of the country. I just called my credit union and told them the situation and they not only issued a cashiers check but walked it over to property tax department!
loading....
@Richie (#5)
The issue is with Chase, BECU has been easy to work with for the last couple of years. I just had my loans through them, now I’m moving everything over.
loading....
LOVE my credit union – been a customer for 20 years. Great, human (local) customer service, low fees. As for ATM’s, mine will let you take out money for free at any McDonald’s.
Thus far I haven’t yet bought the fries when I went to get cash….but its only a matter of time….
loading....
Thanks for the good words on Credit Unions. Just to add to the conversation, there are over 2000 7-Elevens out there with Shared Branching kiosks. These are also surcharge-free, and you can conduct more business there than at an ATM!
loading....
We moved from Atlanta to Ocala Fl last year and have taken advantage of the credit union service centers here. They have been great. We haven’t had any problems with transactions. They pull up our account and can see if in real time just like it is our own credit union.
loading....
I adore my credit union, and there isn’t a branch within 50 miles of where I currently reside. The key is that they are members in the ATM network for the region and they have the most robust online system I have every seen for a bank to date.
That last one is the real key. Short of withdrawing cash or depositing a check (either one of which I do perhaps once a month as I am a debit card person) I don’t need any sort of interaction with a branch. I can do everything online from checking balances to setting up payments for my bills. Everything I need to do I can do online, so the truth is that there isn’t really a need for physical branches for most banking transactions.
loading....
My credit union is a member of the CO-OP network, which provides me with access to over 28,000 ATMs with no surcharge. They even provide a locator here: http://www.co-opfs.org/public/locators/atmlocator/index.cfm
I just ran the search and found 64 ATMs in the network within 10 miles of my house!! I didn’t realize there were so many.
loading....
It’s interesting how uneven the experiences with credit unions can be. I’ve been a member of various credit unions since 1980, and at times they were great – but other times they were horrible. Usually, if you have your paycheck direct deposited they’re the cheapest for car loans (and they establish liasons with car dealers in advance to make applications easy), but for home loans and HELOCs they can be more costly and very tedious for applications. Others have the opposite experience though… so I guess the adage “shop around” holds whether you’re “with” a credit union or a bank. Nobody’s cheaper all the time on everything (except USAA, which comes closest).
loading....
I just wanted give my input on my Credit Union. Its is the best of the best. I have an open line of credit with them, money market account, savings and checking account. I moved from Wachovia and Wamu once they were bought since I knew things would start going downhill. BIG BANKS = TROUBLE to me. They were bailed out with our tax dollars but they are not even offering decent rates on savings or mma so we can put our money with them. My credit union offers online deposits so I dont even need to go to a branch to do any or my banking everything is online. Another good thing I like with them is if I use my debit card the purchase is debited right away so I always know exactly how much I have and I can also see the transaction online. No holds on debit purchase – holds used to happen with my wachovia or wamu debit card. The ATMis on my way to work just incase I need hard cash but that is rare since I do everything online or use my debit or credit card. Any by the way I earn interest on my checign account too! That never happened with Wachovia or Wamu! My credit union is the best. AM happy to have them in my life!!! LOL
loading....
Try First Tech CU in OR and WA, you’ll never want to have your money anywhere else. Online banking is great too
loading....
An easy way to find an ATM in the CU service network: go to a 7-11 convenience store. They all have free service for credit unions that are part of the Co-op financial network–which is most of them:
http://www.co-opfs.org/public/locators/atmlocator/
loading....
I love my credit union. They have four branches in our greater area, online banking (which I use all the time), fantastic rates, enough ATMs (and believe to a network nationally), etc. We’ve been members for 24 years.
Shirley
loading....
I have a funny story about my credit union. I live in CO and was visiting my sister in NY. In CO, I rarely carry any cash, we use our credit cards for most everything and get the points. (Don’t worry, we pay it off every month from our accounts.) Anyway, I was in NY on Spring Break and I wanted to get lunch at Smileys. They don’t take credit and I didn’t have any cash! I had already got my deli buffet, so I was committed. I remembered I had an debit card in my wallet that I hadn’t activated, so I went upstairs (where the ATM was) and tried to activate it. No go. Then I called my CU and told them the issue. No, they couldn’t activate my debit card over the phone, but what zip code was I in?? I told them and they told me about the nearest shared branch in NY! I went back downstairs, told the girl to hold my food–I was coming back, and walked two blocks to the building. I took out $100 and finally got lunch.
Moral of the story? Shared branches ROCK and I need to always have a little cash.
loading....
A great new website has been launched this week that is the only site to provide all 6,000+ CU Service Centers shared branching locations. The site is http://www.cuswirl.com. It also includes email and Twitter updates on new locations, GPS downloads, the ability to send locations to your phone and more. You can also use m.cuswirl.com from your mobile phone to get locations on the run.
loading....