Personal Finance

3829 readers

3 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

[email protected]

What has your experience been with a credit union? (lemm.ee)

submitted 3 months ago by [email protected] to c/[email protected]

31 comments fedilink hide all child comments

I like the idea of a less profit-driven business that is maybe more community-focused but I wonder if they have the same capability as a bank? Have you been able to do your banking needs at a credit union? Was the customer service decent?

you are viewing a single comment's thread
view the rest of the comments

[–] Professorozone 2 points 3 months ago

I'm good with mine. Feels like a normal bank. My money is still insured (I don't recall how. I think it's not FDIC. You'd have to check.) Their terms for a HELOC were more favorable and usually when you get a mortgage, the bank sells it immediately. But my credit union has held it the whole time. Also when some banks were getting bailed out, it was business as usual for my credit union. I'm not certain, but I think there are different rules for them as to how much cash they have to have relative to their deposits. Maybe someone with more knowledge can chime in.

On the down side, it was more difficult to transfer large funds than from my brokerage and I think they offer fewer services. My credit Union for instance doesn't offer bridge loans.