General Discussion

Gormy Cuss

(30,884 posts)

66. On a cost/benefit basis credit unions are almost always better for small depositors.

Sun Nov 22, 2015, 02:22 PM

Nov 2015

Lower minimum balances in accounts, fewer and lower fees than commercial banks.

The more money one has, the less likely that a credit union will be your best choice for all banking activities because commercial banks do want retail customers with more assets (and "more assets" doesn't mean rich, it just means that your accounts aren't hovering near empty most of the time.)

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Highlight:

Should Ally Bank Penalize Me for 6 Months over a $1.63 Mistake? [View all] bondwooley Nov 2015 OP

Sounds like you need a new bank. -none Nov 2015 #1

Not a bad idea. bondwooley Nov 2015 #3

When you pick another bank or credit union even better, yeoman6987 Nov 2015 #17

Good to know. TY. nt bondwooley Nov 2015 #27

Or find a bank/credit union with overdraft protection. I don't know if that would Nay Nov 2015 #50

Credit union is my vote, if possible. Erich Bloodaxe BSN Nov 2015 #53

I'll start. No doubt that most here agree with you, edgineered Nov 2015 #2

Based on your comment and bondwooley Nov 2015 #5

When you can finally close the account edgineered Nov 2015 #7

Haha! That's the first I've heard that expression! spooky3 Nov 2015 #10

'Tis the season! edgineered Nov 2015 #13

Well put. nt fayhunter Nov 2015 #45

Ha! bondwooley Nov 2015 #12

In banking and with prescriptions, I find it's better to deal with a human face. No Vested Interest Nov 2015 #34

Technology is fantastic fayhunter Nov 2015 #46

First, the penalty is by algorithm. Igel Nov 2015 #59

Incredibly wrong. SusanCalvin Nov 2015 #4

Credit union bondwooley Nov 2015 #9

Yes, eligibility depends on the credit union but nilram Nov 2015 #30

Good point. scrubthedata Nov 2015 #51

They should change their name to Frienemy Bank. Hassin Bin Sober Nov 2015 #6

If they did, bondwooley Nov 2015 #14

All most all of them should. nt fayhunter Nov 2015 #47

It's a heavily regulated industry for a reason. spooky3 Nov 2015 #8

Oh, wow, that's... bondwooley Nov 2015 #11

Yeah, I don't want to take that risk--but it's a large spooky3 Nov 2015 #32

What a scam. JonLeibowitz Nov 2015 #24

That's exactly what I thought. spooky3 Nov 2015 #31

We moved our checking account because Snobblevitch Nov 2015 #15

I guess computers bondwooley Nov 2015 #18

Banking laws were passed making these kinds of overdraft charges illegal. Snobblevitch Nov 2015 #74

I have a credit union, and my funds are available immediately. Fuddnik Nov 2015 #16

It's not that I'm happy to hear that bondwooley Nov 2015 #21

Dear Bondwooley, PatrickforO Nov 2015 #19

Any recommendations? bondwooley Nov 2015 #22

Well, I did a quick Google search and found these three: PatrickforO Nov 2015 #25

I really appreciate bondwooley Nov 2015 #26

TD bank rjsquirrel Nov 2015 #35

Credit unions are not banks, although they provide similar services. Gormy Cuss Nov 2015 #38

They serve the same functions rjsquirrel Nov 2015 #62

On a cost/benefit basis credit unions are almost always better for small depositors. Gormy Cuss Nov 2015 #66

I agree. I have been with them for about 15 years and have NEVER had a problem smirkymonkey Nov 2015 #64

Resistance is futile. You have been assimilated. n/t Binkie The Clown Nov 2015 #20

As much as I know you are right bondwooley Nov 2015 #23

No. JonathanRackham Nov 2015 #28

With these calls, push 0 everytime you hear a non-human. edgineered Nov 2015 #37

In my office that's called phone mail jail. JonathanRackham Nov 2015 #39

I had an Ally account and it sucked scrubthedata Nov 2015 #29

Ally is an evil company owned by GMAC CountAllVotes Nov 2015 #56

Point taken bondwooley Nov 2015 #69

My credit union zalinda Nov 2015 #33

What is the motivation for a bank to do that? forsaken mortal Nov 2015 #36

The longer scrubthedata Nov 2015 #52

Credit union. hobbit709 Nov 2015 #40

You're getting screwed, but... Orrex Nov 2015 #41

it is time to leave dembotoz Nov 2015 #42

Takes guts fayhunter Nov 2015 #48

This is one of many very good reasons to bank locally. Vinca Nov 2015 #43

I'm sorry to hear that. panader0 Nov 2015 #44

I was sorry too bondwooley Nov 2015 #49

Barclay's Bank has an online savings account CountAllVotes Nov 2015 #55

GMAC Bank has become Ally Bank CountAllVotes Nov 2015 #54

GM? scrubthedata Nov 2015 #60

Sorry for any confusion CountAllVotes Nov 2015 #73

Isn't ryan_cats Nov 2015 #57

Ally bank is one of the worst, in my experience Holly_Hobby Nov 2015 #58

Did you also have scrubthedata Nov 2015 #63

Just auto - Holly_Hobby Nov 2015 #65

Sounds like a horror story. scrubthedata Nov 2015 #70

Many years ago I deposited my paycheck... meaculpa2011 Nov 2015 #61

same thing happened to my kid dembotoz Nov 2015 #67

Yeah, good old Chase fayhunter Nov 2015 #68

If you're a high income customer Facility Inspector Nov 2015 #71

Hoping that fayhunter Nov 2015 #72