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0
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1answer
28 views

College job: local credit union or existing Navy Federal?

I'm in college, and I have recently gotten my first paycheck from my first job here. They do not do direct deposit and only give checks. In the past, I have banked at Navy Federal, but my college ...
2
votes
1answer
36 views

Is there a US credit union for foreign people?

I need to open a US account. I work for US based clients from Argentina and I need to receive payments and to transfer funds outside the US. I'm using PayPal, but I need another option to receive ...
3
votes
1answer
140 views

Why do almost all U.S. banks have a Salt Lake City P.O. box for accepting deposits?

Title says it all. A Google search for "bank salt lake city po box" shows that many banks/CUs (Discover, Capital One, AMEX FSB, Schwab, etc...) accept deposits at a P.O. box in Salt Lake City. Why ...
1
vote
1answer
76 views

Automating high- bank or credit union requirements (e.g. X debit card transactions per month)

Banks (and credit unions, etc.) that offer high interest typically require the customer to take some kind of action every month, such as performing 10 debit card purchases. I'm wondering if people ...
1
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2answers
690 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
223 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
356 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 ...
4
votes
2answers
3k 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
vote
1answer
72 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 ...
3
votes
1answer
690 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
votes
1answer
115 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
votes
1answer
273 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? ...
5
votes
2answers
203 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
votes
2answers
636 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
votes
2answers
155 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
1k 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
votes
3answers
484 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
143 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
votes
2answers
148 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
votes
3answers
202 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
160 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
votes
1answer
169 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
votes
1answer
284 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
votes
2answers
12k 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
3k 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
votes
2answers
8k 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
votes
2answers
466 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?
11
votes
1answer
268 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 Qu├ębec) versus just a regular bank?