We asked visitors who changed from a traditional bank to credit union. Besides things like customer service, community focus – credit unions provide a lot of features unmatched by traditional banks. Also be sure to check out Credit Unions vs Banks, reasons why people make the switch.
Funny you should mention it. I just switched back to a credit union today. The main reasons are:
- Better rates
- Better customer service
- It’s a local company, so more responsive to customers and to the community at large.
I am moving a CD IRA there; and will probably also refinance my mortgage through them. Once I do that, I’ll move all my other banking accounts there.
Though I just started with them today, I’d say that, so far, they are very accommodating–why wouldn’t they be? I used to have my accounts at a different credit union, but it merged with another one, and I moved to a bank with a more convenient location. I also had my mortgage with Washington Mutual, which is now Chase. But I really don’t like dealing with these “money center” banks. Like most big companies, they are run in a bureaucratic fashion, and charge you for everything. So I’m really glad to be back at a credit union. It’ll take a couple of months to migrate everything over there, but I’m determined to do it. – Ann Middleman – Westbury, NY
I teach small business management classes at Santa Rosa, Jr. College in Santa Rosa CA as well as assist small business owners find funding. We often discuss banking issues. I would like to suggest the following:
1. BIG box bank are seeking additional revenues sources. Small businesses are now charged for all aspects of doing their banking. Check with your local credit union to see if they are doing business banking,
2. Credit Unions are part of a larger insurance group as with banks are part of the FDIC. Find out about your local credit union to do your business banking and what services they offer.
I hope that you can discuss this in your article? It is a real help to small businesses. – Dbeeson
I had been with the same major bank through 3 sales and transitions (as banking tends to be filled with mergers and acquisitions) until Chase finally took over. I had used online banking since its advent, but found as soon as Chase took over the account, I could not log in. I inquired online and they said they straightened it out, yet when I went back in, I could not use password or user ID, so had to change it. This happened 3 times before I went into a local branch to get it fixed. They “fixed” my log in capability, but all my online accounts had been wiped out, which meant I had to reenter everyone I was paying, either regularly or irregularly. I said this is enough, took my money out, put in local credit union, and have no problems with any customer service issue since then. Very happy with the switch! – Gary Balanoff – www.OrlandoAgents.com
My name is Keesha Parsons and I am the CEO of MyWardrobe, LLC (www.mywardrobellc.com). It’s funny that your asking this because I have just recently switched over to a credit union and I love it; they treat less like a client and more like a family. I actually feel as if they are there to help me; not to mention that taking out loans is less stringent than going with a bank. I opened my account in a matter of an hour and the reps. are also readily available to help without a phony smile. They actually seem genuine. – Keesha Parsons, CEO
I fled Chase after they absorbed my WaMu accounts and acted anything but decent. I never thought that banking at a specific company mattered…to me, all banks were the same, so I didn’t think much about the buy-out. But, the length of time it took for them to process my deposits (even if it was cash), and the unfriendly UI of their website, and then the fact that their online system was down for several days just kept giving me reasons to leave. The final straw was when I got the notice in the mail that my free WaMu accounts (which, I was told by Chase people, would always be honored) would have fees beginning in February 2011. I moved my personal accounts, but kept my business account with Chase, because the staff told me only personal accounts were going to be charged. Lo and behold, a month later, I was given notice that my business accounts would now have fees as well. I moved ALL of my money to BECU, and I’m quite happy with them. So far, I’ve been earning 6% on my savings and checking accounts, and their customer service is excellent. I should note that my first bank was a credit union (through my mom) and I had those accounts until I was about 25…I regret closing them, and now that I am back with a CU, I will never stray again! –Bethany Mooradian, www.QueenoftheRandomJob.com
This is regarding your query on a person who recently switched to a credit union. As a manager of a small business in New Hampshire, our initial options were limited: TD Bank North or Citizens Bank.
They both have large, and still increasing fees, and poor customer service. Recently Citizens just increased their check cashing fees, and while I was in their branch, the manager was both rude and dismissive to a customer who was attempting to cash the check. The attitude was “you are not really a customer.” As a small business owner who considers everyone a potential customer, I was disgusted. Our business is now in the process of switching to a local Credit Union, where we have seen both better customer service, and also a higher level of concern for the community and the people, rich and poor, who live there. I also now personally use a credit union for all of my personal banking needs. I highly recommend them. – ReillyDirector of Marketing Briona Glen Publishing