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I've been with my current bank for about 5 years. It's mostly okay but interest is next to nothing and they've done some questionable things in the community. An extra fifty dollars a year and not patronizing a system that crashes the economy every decade or so seems worth transferring. I've used Vanguard for the same amount of time so I understand the benefits of the model over splitting investors and customers. I've read the outline at https://www.nerdwallet.com/blog/banking/best-credit-unions/ and that seems to lean towards Alliant as the default solution. I've seen plenty of goon smugness about using a credit union instead of a bank. Would any of these goons like to share their experiences or what they considered when choosing a CU? Relevant Information: - I live in the Greater Boston area - I'm fine not having a physical branch to visit - I have a paycheck automatically deposited twice a month - I pay rent by check once a month - I pay utilities once a month via automatic bank transfer - My account consists of the standard six months living expenses
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Jun 17, 2018 04:27
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Microcline posted:I've been with my current bank for about 5 years. It's mostly okay but interest is next to nothing and they've done some questionable things in the community. An extra fifty dollars a year and not patronizing a system that crashes the economy every decade or so seems worth transferring. I've used Vanguard for the same amount of time so I understand the benefits of the model over splitting investors and customers. It works just like any other bank except you have the knowledge that the bank is owned by the account-holders instead of by profit-seeking shareholders. That's all it is. The same considerations that go into choosing a good bank go into choosing a credit union: services, interest rates, fees, etc. Like a bank, many credit unions let you join online, but others have branches and you can just walk in and sign up. Most credit unions have some sort of membership requirement, such as only offering accounts to people belonging to specific professions, but plenty of them also will let you just make a small donation to become eligible for membership My credit union has a checking account that pays 0.85% if you have direct deposit attached, and it's available to anyone living in the state. I think that's pretty cool. A bank saving account might get me a little more but my credit union is rad for other reasons.
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Jun 17, 2018 10:30
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I use alliant and like it good so far. Not any different from a regular bank imo.
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Jul 30, 2018 23:59
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I just signed up with radius bank. They pay 0.85% if your balance is over 2.5k and 1.19% if your balance is over 100k. Most important factors for me were high ATM withdrawal limits (for Vegas trips), refund of ATM fees since you won't have a branch nearby, and high mobile check deposit limits. A savings account was out of the question due to the pain in the rear end 6 transaction per month rule. There's nothing magical about a credit union. If one offered better terms then I would have gone with them but I didn't find any.
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Jul 31, 2018 08:13
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potatoducks posted:A savings account was out of the question due to the pain in the rear end 6 transaction per month rule.
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Aug 2, 2018 00:12
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To be clear, that transaction rule is standard for all savings accounts, but only applies to certain types of withdrawals & transfers. It's a federal regulation. Savings accounts should be used for actual savings. Checking accounts are for daily spending. If you're withdrawing from savings so often that the limits are an actual problem, you're doing something wrong.
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Aug 2, 2018 01:51
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Alliant owns. They reimburse ATM fees and have a killer cash-back Visa.
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Aug 2, 2018 03:19
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moana posted:Why are you contributing/withdrawing from your savings so often? I don't have a separate savings account because I need the buffer for my checking account.. I just try to keep a certain balance in there and call it my emergency fund but don't freak out if I dip a bit below it temporarily for a large purchase or whatever reason. We have a ton of autopays (5 credit cards, mortgage, homeowners/disability/life/car insurance, utilities, student loans, etc.) and it was just too much  to keep track of it all. This way, I can just look at it once a month or so to make sure that nothing has gone horribly awry. It's not the most money efficient solution, but I appreciate the flexibility.
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Aug 2, 2018 04:13
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I keep a second checking account at a completely seperate bank for autopays. Inbox bank gets the deposits, outbox bank gets the autowithdraws, manual weekly transfer between the two. This way I've got two buffers and a missed paycheck or a couple extra digits on a utility bill can't turbofuck me.
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Aug 10, 2018 11:47
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I've considered moving to a Credit Union, but I'm worried by the lack of two-factor authentication at most CUs. Also, CUs are so much smaller than big banks, that I can't really see how they could have enough resources to invest in IT security. For example, this guy on twitter tweeted at Alliant CU back in 2014 about 2FA, and their response was "we're working on it we'll let you know when it is up soon!" Alliant CU doesn't have 2FA yet so you've gotta wonder what is going on behind the scenes there, and this is one of the biggest CUs out there. https://twitter.com/alliantcu/status/524924675072462848?lang=en
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Aug 10, 2018 12:19
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Just to let you know, there are usually much better "local" credit unions. https://www.doctorofcredit.com/high-interest-savings-to-get/ https://www.doctorofcredit.com/alden-credit-union-5-rewards-checking-account-5000/ That one gives up to 5% for 5k if you live in Massachusetts.
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Aug 10, 2018 13:11
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and if you make 20 POS transactions with your debit card per month
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Aug 13, 2018 15:12
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laxbro posted:I've considered moving to a Credit Union, but I'm worried by the lack of two-factor authentication at most CUs. Also, CUs are so much smaller than big banks, that I can't really see how they could have enough resources to invest in IT security. No bank that claims to use 2FA actually has it properly implemented (sending a code to email or text isn't proper) so who cares really. That said my credit union uses improperly implemented 2FA so they definitely exist. As far as security goes there is a lot of standardization and regulations they have to abide by to even become a CU (similar for banks) and most of the systems banks use are ancient so they have plenty of 3rd party support/consulting available. In addition your deposits are insured.
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Aug 13, 2018 16:44
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KYOON GRIFFEY JR posted:and if you make 20 POS transactions with your debit card per month Yeah, Radius Bank also doesn't have any dumbass requirements like required debit card transactions.
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Aug 13, 2018 17:57
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People can be all evangelical about CUs but as stated they’re just another insured depositary institution. The main difference is the alignment of depositor and shareholder interests as you point out. When you do need a branch, CUs can potentially have better interstate access than local banks by way of branch cooperative networks. Downside is that you can’t join a CU at will. You have to satisfy its eligibility requirement usually determined by residence or employer. I’ve recently moved my second tier savings to a CU while keeping my first tier checking account at an interstate bank, because it happens to have a branch near my parents’ house on the other side of the country. If you’re looking for deposit interest rates above chump levels, definitely look at CUs in your area (or national ones).
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Oct 10, 2018 19:41
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Raldikuk posted:No bank that claims to use 2FA actually has it properly implemented I'll be run out of town for saying their name, but HSBC has a separate, PIN protected authentication device or their own mobile app. As for CUs, I agree. Shop around and see what varies between them...
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Oct 19, 2018 03:05
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potatoducks posted:I just signed up with radius bank. They pay 0.85% if your balance is over 2.5k and 1.19% if your balance is over 100k. Most important factors for me were high ATM withdrawal limits (for Vegas trips), refund of ATM fees since you won't have a branch nearby, and high mobile check deposit limits. I hope you are not doing this with any significant amount of money. Imagine someone gets hold of your checks or debit card and empties out your account. It could be 10 days before you get provisional credit of the funds back, pending investigation. It is a lot better to link a line of credit for overdrafts, if that is the concern.
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Oct 19, 2018 03:29
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I’m not familiar with Radius’s rules but the federal limit applies only to deducting transactions, not all transactions. If you have the means for Vegas trips it should not be a big deal to back up your checking account with a savings account.
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Oct 21, 2018 19:53
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I use a smaller local credit union for my checking account, that way if something ever goes wrong, I can walk into a branch and get things fixed quickly vs being on hold for hours. Then I use the on-line only places for higher interest rate savings.
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Oct 21, 2018 20:06
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Bumping to add that federal credit unions in the US are insured and government-guaranteed through the NCUA, but state-chartered credit unions aren’t necessarily. Some of them have private deposit insurance under whatever terms the insurer determines.
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Dec 13, 2018 20:51
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Gazpacho posted:Bumping to add that federal credit unions in the US are insured and government-guaranteed through the NCUA, but state-chartered credit unions aren’t necessarily. Some of them have private deposit insurance under whatever terms the insurer determines. To piggyback on that, just look for the NCUA logo because not all of them will say federal in the name.
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Dec 21, 2018 06:15
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