Stack Exchange Network

Stack Exchange network consists of 174 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

Questions tagged [credit-unions]

The tag has no usage guidance.

1
vote
2answers
76 views

Credit Union Merged Credit Card transferred to new bank Credit Score Drops 30 points

I live in the USA. I was a member of a small credit union which has merged with a much larger one. I kept a credit card with the small credit union because my interest rate was only 5.75% When the ...
1
vote
1answer
45 views

Are Ontario credit unions charged, if customers complain (like UK banks are)?

Does Ontario (eg Financial Services Commission of Ontario) have something like the UK's Financial Ombudsman Service's case fee? Note: "This is paid regardless of who’s [sic] fault or the outcome of ...
3
votes
1answer
645 views

Lady on FB offering to pay my debts. Scam?

On thanksgiving day some lady posted in a facebook group that her father had just passed away (left her money) and in good deed because it was thanksgiving she was offering to pay people’s debts. Well ...
1
vote
0answers
155 views

Is Deposit Insurance Corporation of Ontario (DICO) less trustworthy than CDIC?

This website hints that DICO is: Credit unions have deposit insurance, but it's probably weaker Credit unions across the country generally have deposit insurance, too. For instance Ontario ...
1
vote
2answers
119 views

Co-borrower was not added to auto loan draft, are they financially responsible?

I purchased a vehicle this past weekend and due to my income was recommended to get a co-borrower for loan approval. When I picked up the check from my financial institution my name was the only name ...
10
votes
2answers
16k views

How do I calculate monthly compound interest in Google Sheets?

I have a financial spreadsheet with a column of all my deposits into my savings account. The leftmost column lists the dates of the deposits. Now, let's say my savings balance is $100.00 and my ...
1
vote
1answer
217 views

Help me understand and calculate credit union interest in Google Sheets

I have opened a savings account at a credit union and deposited $100. Every month my account tells me I've received $0.02 in interest, and that my deposit dividend is 0.250% and my APY earned is 0.23%...
2
votes
2answers
195 views

How does one access liquid cash with a credit union checking account from a different state when no ATM of the bank is around and checks are rejected?

My brother recently moved to California and he needs to pay for gas and food for the next 1-3 days. He has a credit union account and credit card from our local credit union bank. His credit card ...
9
votes
2answers
395 views

Why are U.S. credit unions not open to everyone?

When someone wants to open an account in a credit union he has to be a member of a specific group or organization. Why not allow anyone to join? Who restricts them from opening their business to ...
89
votes
10answers
68k views

Scam or Real: A woman from Facebook apparently needs my bank account to send money

A woman on Facebook recently contacted my dad. She asked him to get a bank account so she could send him money, and he would send money to her employees (about 12 people), and she would pay him for ...
3
votes
3answers
162 views

transition from student credit union after graduation and moving

I've been using the federal credit union at my university for about 7 years now, which was the time I spent in grad school. It worked perfectly with no complaints whatsoever; and since I was on campus ...
4
votes
2answers
115 views

What leverage do I have to negogiate reduced overdraft fees?

Through a comedy of errors involving other financial institution, my checking account at a credit union went negative, and I was charged $200 in overdraft fees. I don't think I'm responsible for the ...
10
votes
1answer
772 views

How are credit unions initially financed

Given that credit unions are owned by the members (and not investors) and how do they get the initial funding they need to start. I would think they wouldn't have members until after they are formed ...
1
vote
3answers
103 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
110 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
2answers
1k 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
442 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 ...
5
votes
2answers
2k 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
352 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
561 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 ...
7
votes
4answers
20k 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
162 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 ...
4
votes
1answer
2k 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
197 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
835 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
424 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
3k 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
233 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 rear-...
8
votes
2answers
3k 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
664 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
294 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
258 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
529 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
351 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
226 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
1k 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?
7
votes
4answers
33k 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 ...
8
votes
1answer
9k 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 ...
4
votes
2answers
23k 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... ...
18
votes
2answers
1k 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?
12
votes
1answer
594 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?