You may have noticed that there seems to be a lot more credit unions around than there were ten years ago, I certainly have and I hate it. The advantages of credit unions are so minimal and you are very limited in locations that it makes no sense to bank with them unless you qualify for one of their teaser automotive rates.
Think about it, why bank with a company that only has one or two branches? Where is the security with your passbook savings account and checking account?
Yeah, your money is FDIC insured, but have you ever had your money in a credit union when it went bankrupt? I have and the time it takes to regain your hard earned money is a long and painful process. This alone should be enough never to use a small credit union.
Say someone also gives you a check to deposit and you only have one branch available to deposit it to. Do you really want to drive in traffic to go to the one branch? I certainly do not. I bank with larger banks that have branches in supermarkets, malls, and stand alone branches on the corner of busy intersections. Why go out of your way to one bank when you can have a bank waiting for you wherever you go?
Credit unions are not all bad…just mostly. Sometimes they do offer slightly better rates with savings and checking account promotions – and if you do find a credit union right next to your house, it will be convenient until you move. Then it’s time to open a new account at a new bank and transfer all your money. What a hassle!
Opening a new passbook savings account and checking accounts is not necessarily fun. So why set yourself up to repeat this dreaded task when you can simply do it once, and do it right? Drive by that one small credit union and use the bank that will take care of you no matter where you live.
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