Credit Unions vs. Banks | What's the Difference??!
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- čas přidán 5. 07. 2024
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A lot of credit unions have mobile apps and online banking and bill pay. This includes my credit union. I have a combination of credit union accounts and online bank accounts. It's best to have both.
BECU credit card started 6.9 compare to American ex press, capitale one, discover so BECU not bad at all also 2.02 saving account yield
The Tech gap is a big deal. My daughter (15 yrs) is with a credit union and they are really behind the times, but there is no denying the personal touch is the biggest plus of banking with a Credit Union.
You know what, you're absolutely right! As a teenager when your friends are all using tech apps to pay for stuff and accessing their banks from their phones it makes it a bigger deal than for adults who knew a time when walking to the bank was a normal errand to run. Which credit union does your family use?
@@missbehelpful - our family are with PNC Bank and Huntington. My daughter is the only one at the Credit union. She is at KEMBA which started as a CU for Kroger (grocery chain) employees. They allowed her to have a checking account at 14 years old so we went with them.
My credit union is pretty high tech. I have a space Coast credit Union account here in South Florida. But if you are very much against banking with a big banks you can simply open up a gold money account and do your international commerce with actual money. But that’s just an alternative. There is always alternative ways to spend money and get what you need outside of the banking system that typically screws over the little guy.
You let your 15 yr old take money out with a financial institution?. . . You’re sick in the head
@@tannershep3311 lol what's the real difference between 15 and 18? They have to learn at some point anyway...
Great video, I enjoyed filming my credit union vs banks video!
Online banking all the way. I pay nearly everything with credit card and pay it off each month. Never really need cash for anything these days.
Thanks for explaining this! Sooo helpful! :)
I came here because I was looking for information about credit unions--after more than 20 years of using USAA, I've grown tired of not having a local branch--I was wondering about the difference between banks & CU's in general, and you've provided it.
I appreciate your objective observations, and I've totally subscribed.
Love it Keep Hustling
I’ve recently moved away from big banks and I love my SECU MD credit union. It’s in College Park, MD so it’s in a college town. And it has a modern online app and capabilities. It’s great!
Good vid.
Would you say the same at this point, or today CU's have more online facilities (and ATM accessibility) on par w/ the others?
Its fdic insured because the federal reserve keeps printing money and if the banks fail they print the difference , this creates inflation . . . pls look it up
Great video. I have both, navy fed credit union for savings and citibank for checking. Their both fine institutions. God bless and stay safe
Thank you so much for the help! I'm Danny and thanks 🙌😁 i wasn't sure
Happy to help!
I have Wells Fargo and Navy Fed and I link them both together so it's easier to transfer money between the two.
I recently joined a few Credit Unions for different reasons. First I joined Navy Federal Credit Union to help fix my DTI... I'm paying off a card but needed more time... I did a balance transfer with their platinum card. A similar alternative if you do not qualify for Navy Federal Credit Union is to First Tech Credit Union as they also have a platinum balance transfer card. Both of the above credit unions currently have an offer for 12 months at 0% apr and 0% balance transfer fee which is sweet. The other credit unions I have are for emergency saving funds... Both Blue Federal Credit Union (Blue FCU) and Digital Credit union (DCU). I have an account with a larger bank but I am getting more and more discounted with them... Of the the three credit unions I am a member of Navy Federal seems to have a solid app.... I do hear good things about Alliant Federal Credit union though I have never tried them.
Great video
This is very good to know. As of right now I have two car loans a Ford Focus 2009 and a Toyota RAV4 2007 and can't find a place where to finance them or at least the Toyota which is the one with the higher APR. I'm 23 years old and yes, I've made my own mistakes, I'm just trying to fix them.
They will look at your personal info (credit, debt/income ratio) and value of vehicle. They will only refinance the value so if you are upside down (owe more than its worth) u will have trouble
Great video! I bank at a major bank and I am also a member of a credit union. I can have the best of each. The credit union offered a personal line of credit PLOC. The big bank didn't. PLOC's are great if you need cash and don't want to pay the high fees of a cash advance with a credit card!
Thanks for sharing!!
I have an account with NCSECU (North Carolina State Employee's Credit Union) and they can be used online mobile or the old way going to the bank. HOWEVER just because you can open accounts and move money from anywhere you want you HAVE to go to the bank (particularly the exact one you went to) to close and account or take out $301+. The one you went to means even if you bank with NCSECU and there are more than one then it's best to do in person transactions with the building you first went to. So far I'm liking my bank it's VERY responsive to emails, Considering it has 24/7 online/phone service.
Wow thank you😉
Small business here would a credit union be best for me to fix my credit ? While i bank and do my business with them save stock if i can or something
I have both , chase & Onpoint credit union.
I suppose I am spoiled at my credit unions. We have all the online services chase has since they are our closest competitor.
Nice! What credit union is it?
I have BECU Credit Union for my main account + Charles Schwab for when I move around look for ATM I also have Fidelity Cash managerment and Ally bank account for my invest but if I have only one account I choose Credit Union
Well, its true that a credit union wont change u a maintenance fee just to have an account but do charge for everything else such as cashier check money order personal etc.
That's why you only use them for auto loans
I am looking for an online bank , what’ do your recommend ?
Most Credit Unions offer mobile banking and an easy to use App. My ex hubby was in army and my father is retired Vet so I've been banking with USAA and NFCU for long time not only do they treat their members amazing but I have same easy conveniences as anyone who banks at a Chase or B of A. Noticable differences is outside our area which is close to base it is harder to find an ATM but you can use any ATM and they'll reimburse the fee or use another credit union ATM and its covered through the shared banking coverage. I will say though I've travelled to Las Vegas and California and found ATM's for my credit union. 👍
If you want a credit union that is not specific to any geographical community, I would suggest checking out the State Department Federal Credit Union (SDFCU). They are geared toward State Department employees, diplomats, foreign service officers, and U.S. citizens who live abroad. These constitute a significant portion of the membership. Anyone can join, although there are several steps to becoming a member. All but one of their physical branches are in the Washington D.C./Northern Virginia area. They offer financing for their overseas members for cars or primary residences. They are also among the few credit unions I’m aware of that let you order foreign currency, and their exchange rates have been comparable to banks. They are part of the Co-Op Network; this allows you to use ATMs nationwide that are part of the network.
SDFCU offers a fantastic credit card: the Premium Cash Back+. 2% cash back on everything. No annual fee and no foreign transaction fee. Priority Chip-and-PIN for point-of-sale terminals outside the U.S. that require a PIN. If you can only have one card, this is a great option.
I’m a member and I feel like part of a community. I’ve enjoyed being able to reach their customer service anytime. They also have an iPhone app and it works well.
Marine credit union. Very nice and advanced on line banking. Kenosha Wisconsin
My credit union has online banking
5:17 Also I’d like to add that not all credit unions are behind in online features. #Union💪
Hey guys, check up Primary Savings with the DCU. 6.17% APY
Fine and know what she’s talking about. A double plus. I’m subscribing just because she’s fine lol
One big difference for me is the ability to pay ahead on loans. Credit unions have a rule that you cannot make advance payments beyond 90 days. So you can make 3 extra payments and then anything else you pay will go towards the principle but does not push your due date out any further than 90 days. With a bank, depending on the terms of the loan, if your payment is $800 and you pay $4,800 you don't have a payment due for 6 months while at a credit union you would still have to make another $800 payment in 3 months. This is a rule implemented by the NCUA and the NCUA claims that this rule is for the benefit of their customers but it is absolutely not a customer friendly rule.
Does that relate to every loan? Or the specific one that you have?... im wondering on a mortgage loan.
@@jesystar As far as I know it's every loan issued by a credit union. It's a rule imposed by the NCUA. They don't specifically disclose it in the loan paperwork either it's really shady.
She is so pretty !.
👎Although you covered and were accurate with a majority of the content your personal experience comments and the order you presented made the video seem in favor of banks. Yes, CU may have started with the community in mind and there are alot with a specific field of membership that would make you eligible but but many have grown large enough to compete with major banks and qualify almost anyone. You're going to get the small community CU that's limited in resources if you live in a small town. There are also alot of credit unions who are part of the Co-op network which doesn't charge fees for using atm's 7-11 atm's participate in that network and doesn't charge a fee. Yes, banks may have more money but that's simply becuase they charge more in fees/loan interest and pay less in deposit account interest. Where like you mentioned CU take their profits and give them back to members by offering better loan and deposit rates. I think your opinion is helpful to many but to say why you like one over the other based on your experiences may be due to you limited experience with large tech ready CU's.
I personally like Credit Unions cause they are non for profit. The other guys look at you like a $ sign 😝
I hear you man! I'm all for the idea of the credit union but then when it comes to the actual features they have I'm just like omg I can't. When I went to Thailand I needed to get cash changed to the currency from there and I was shocked that the credit union rate for exchange was higher than the bank near me and they needed way more advance notice. Later in life when I travel less and care less about the apps and stuff maybe I'll make a big switch! haha!
@@missbehelpful Yeah! Certain things like that there is a huge difference in rates surprisingly!
I Do Both!!! and it works great 👍
Seems the for profit banks also pick on the little credit unions. Understanding is my CU had to drop their notary services because the big bank community lobbied to force credit unions to stop providing notary services. Its just another reason i dont like the big bank for profits because they are big bullies that pick on the credit unions because they consider credit unions as competitors getting in the way of earning "more" for-profit money for themselves.
I Been with Credit Union 2016 long time now lol 😏😏
Thank You, Janelle. I have 15 years with Credit Unions(3). Had a relationship with Wells Fargo for 5 years. They lost $10k of money thru check fraud. While banks are not bad, feel could not trust them like credit unions. Since, I have financial literacy do not mind using some services. Good Topic!
Great video. I’ve had both but I also prefer banks. 👍
Credit unions also give dividends
Haresh Singh what are dividends?
Damn either she speaks fast or am listening slow...either way my head hurts...take a breath baby girl.
I have BECU have very good app check it out
Use Navy Federal Credit Union 😊
Hi Hermosa😘🌹
The Financial Rosie Perez
Damn she's the perfect woman... Fine as hell smart about money... And has a Spanish accent