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2answers
621 views

Should I use a bank or a credit union for my savings account?

I have two checking accounts with a national bank, one which I have a debit card that I use for daily purchases, and one which I use just as a savings account. I leave that debit card stashed away at ...
3
votes
1answer
207 views

How to find the right credit union?

I have 3 months left in grad school, currently with about $50,000 in student loans (most of it at 6% interest). I also need to finance or lease a used car. Suppose I select a car with a sticker price ...
3
votes
3answers
340 views

If I want a Credit Card offered through a different Credit Union should I slowly transition my banking to that CU?

The first bank, and subsequent credit card, I got was while in College. Its a small Credit Union that I only bank with now through Shared Branches. It works for me though and my credit score is ...
3
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2answers
1k views

Is SoFi too good to be true?

I'm considering refinancing some student loans with SoFi from a variable rate of 6% (based on the LIBOR) down to a variable rate 4.16% (based on the LIBOR). The new rate, once I setup auto-pay will ...
1
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1answer
59 views

Who originates loans guaranteed by the USDA Farm Service Agency?

The official Guaranteed Farm Loans page says: FSA guaranteed loans provide lenders (e.g., banks, Farm Credit System institutions, credit unions) with a guarantee of up to 95 percent of the loss of ...
2
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1answer
503 views

What are the 'special rules' for opening a bank/credit union account if you are a foreign person?

I'm trying to open an account at a local US credit union as a Canadian international student with no US income. Their terms of service (which appear to be copy-pasted from a template) say we ...
5
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1answer
111 views

Saving money in college while paying for college

I am currently attending college. I am working internships while not in school and making good money compared to a typical minimum wage job while at college. I am going for my bachelor's in ...
2
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1answer
226 views

How do credit union loans and dividends vs interest work?

Since a credit union's customer own shares/stocks, then what is really happening when a credit union makes a car or home loan to a new customer? Is it shorting selling stocks at an interest rate? ...
4
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2answers
196 views

(Almost) no credit unions in New York City, why?

After relocating from the West Coast to New York City, I was surprised to find major banks on every street corner, but only very few credit unions. And of the few ones, many aren't even open to the ...
2
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2answers
503 views

What does it mean when my Money Market account lists both a dividend share and an APY?

A few months ago I opened an account with a credit union. Now trying to get a realistic "rainy day fund" saved up, and wondering what the best account is to keep that in. The "regular share" ...
2
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2answers
150 views

Is there to (auto) insurance companies as there are credit unions to banks?

I have been paying my insurance company $250 a month for a $1k deductible, "full coverage" insurance policy. Long story short, on coming through the policy, two major things I need after I was ...
8
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2answers
955 views

Why would you take a loan secured by your savings account?

I see at least a few credit unions offering these savings-secured loans. I can kinda see the advantage to taking a loan against a CD with penalties for breaking, but share and savings accounts have me ...
9
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3answers
470 views

Am I “cheating the system” by opening up a tiny account with a credit union and then immediately applying for a huge loan?

I've always wondered why credit unions require you to open a membership account before they'll approve a loan. Whenever I think about it, it feels like going to a credit union just for a loan is ...
2
votes
3answers
137 views

Advantage of credit union or local community bank over larger nationwide banks such as BOA, Chase, etc.?

With the recent news that many banks are going to start charging from debit card use, I was thinking of switching to a credit union or local community bank because I heard they would most likely not ...
2
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2answers
131 views

What banks or credit unions local to Texas are most convenient?

I'm researching credit unions and banks in Texas due to the recent announcement of Bank of America's $5/mo fee for debit card use. I'm very mobile. I live in College Station, TX, primarily, but have ...
4
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3answers
168 views

What proactive measures can be taken before or when a lender closes your credit card?

A blogger and contributor here recommended Digital Federal Credit Union (DCU) as a possible lender in my search for cash secured credit cards to establish my credit history, and I got approved for one ...
4
votes
1answer
142 views

Taxation difference between income from credit union (CU) shares versus bank deposits (e.g. CDs)?

This question is a follow-up to Difference between a (credit union) "share certificate" and a (bank) CD? What is the difference in taxation on "interest" payments versus "dividend" ...
4
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1answer
161 views

Feedback regarding online services of credit unions like Alliant

I am considering opening an online account that I can operate over the internet with a CU. Would it be possible given that I am a international student on a F1 Visa in the US and not a US Citizen or ...
2
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1answer
233 views

Are credit unions or other non-bank financial institutions available in Mexico?

Are there credit unions, or other non-bank financial institutions available in Mexico, to the general public?
6
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2answers
10k views

Can I deposit checks into my credit union into another bank's ATM?

My wife and I have a Bank of America savings and checking account. We got hit with our first fee for the pleasure of having an account and I want to move to a credit union. My wife feels comfortable ...
6
votes
1answer
2k views

Difference between a (credit union) “share certificate” and a (bank) CD?

I've seen both Share Certificates and Certificates of Deposit available. Are they the same thing? Do they have different names based on whether they are offered at a bank or credit union? Does one ...
3
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2answers
6k views

How do credit union “share certificates” work?

I recently bought a 3 month, $500 "Share Certificate" from a Federal Credit Union that I am a member of. I did this as an experiment mostly. They list an APY, a dividend rate, and a term length... ...
16
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2answers
450 views

What's the difference between credit unions and banks?

Is one better than the other? I've noticed that national banks seem to charge more (and higher) fees. Is that just me?
9
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1answer
251 views

What are the benefits and risks of doing your banking through a credit union, versus a bank? What's the difference?

What are the major differences to having your mortgage, credit, savings/chequing accounts with a credit union (or caisse populaire, in Québec) versus just a regular bank?