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Switching to a credit union

September 22nd, 2008 at 05:13 pm

After some research and thought, I've decided to move my banking from a bank (Bank of America) to a credit union.

For my needs, I think this will serve me much better. For example, many banks offer savings account for a very minimum opening payment, but then you're susceptible to pay a fee if you don't maintain some sort of minimum, anywhere from $300 to $5,000. With this CU, I can slowly build up my savings.

And while I've had an OK experience with Bank of America so far(I've been banking with them since May), I've heard horror stories ... a LOT of horror stories. I just want to avoid the drama, if I can.

I feel good about this decision, and I'm excited because I think I may finally begin to see my money going to work for me.

Any advice?

3 Responses to “Switching to a credit union”

  1. onesexylady Says:

    Bank of America is the pitts I had them I've been with Navy Federal for 2 years now and they are great I don't get charged any aot maintenance fees cashier checks and money orders are free 2 per day max though and my payroll is never placed on hold I can withdraw off my depositing check at the time its presented and also i'm currently receiving a 4.00 rate on my cd

  2. sillyoleme Says:

    Sounds like a good idea. And once you've been with them for a while, you might be able to get a really good rate on a mortgage down the road. I know when I worked in the insurance/banking industry, we always tried to refinance people's cars or homes to get them a better deal, and we could never stack up to the credit unions.

  3. monkeymama Says:

    I LOVE CUs. I boycott banks personally. Well I guess I have my savings at an online bank. I boycott the brick and mortar ones though.

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