My dinky little credit union has all the technology most people would need. Admittedly it took them awhile to get their app working well, but they got there lol.
With my credit union I get an annual dividend. Since my deposit on my savings accounts is my shareholders fee. So I own part of the financial institution. And if I decide to cancel I get my deposit back. My deposit for an account or a membership is a one time five dollar deposit.
Navy federal credit Union has the best mobile banking and customer service ever. If anyone has ever joined. Stick with NavyFed. I have JP Morgan for investments and closed BofA when I turned 19 because they were trash then.
If you have more than one loan at a credit union and miss a payment they can repossess everything you have a loan on. Another thing, if your name is on someone’s account like I was on my mom’s for emergency purposes (like if she went into the hospital) well I overdrew my personal checking account and they took money out of her account to cover it.
Regarding repossession, big banks will reposes as well. You have to miss several payments for them to reposes. If the credit union standing policy is to reposes after a single missed payment they would be out of business. The over draft thing will happen with any linked account. It’s the risk of having a joint account.
MUCH better online banking tools is all I need. We tried going credit union for a while but came slinking back to BoA because of the mobile conveniences.
Credit Unions use co-collateralisation. That means if you have a credit card and a signture loan and there is a problem with the credit card to the point of bringing in legal they can and will attach the two accounts together. So you may have no problem with the signiture loan but they will attach it to the credit card and take you to court over an account that there is no problem with. This becomes problematic when credit cards get hacked and you have to dispute charges. This is what happened to me 10 yrs ago. It was a major hassle and ended up costing me big bucks in legal fees. I paid off the signature loan when they tried to take me to court over that( I always paid more than the minimum payment on that account and always an extra payment too) but had to fight about the credit card so I wouldn't have to pay for debt I didn't make. Also, before that my FICO score was 800 but because of all the legal action it effected my FICO score negatively in a big way. Took years to get it good again.
I've been with a federal credit union the last 3 years and I adore them. Also, my credit union mobile banking blows bank of America out of the water. No comparison. Easily transfer money between personal, seconary, and my business account with ease and quickness. The moment I swipe my card its on my mobile banking in the pending section. Also, the day before my paycheck hits it shows me the amount and allows me to spend 50% of it. If you can, go with a credit union.
@@int_proA few decades ago, a lot of credit unions were insured by state governments or private insurance in case the union collapsed. Credit unions that were insured by the federal government's NCUA agency (counterpart to the FDIC) .used "federal" in their name to designate they were insured by the federal government. Nowadays it doesn't mean much, as just about every credit union is insured by the NCUA
All three of my credit unions offer digital banking. Also there is a nationwide credit union partnership/co-op that offers no-fee ATMs and services (transfers, deposits, etc.). However, none of my credit unions offer photos of checks in my statements.
Also, ask if the credit union participates in the shared branching network. Basically, you have your money in your credit union and you can stop at Any other credit union that participates in the shared branching network and use them as if they were your credit union.
@@jmgonzales7701 in comparison with a bank? Its a little more humane in how management treats employees and how employees treat their customers. Sales quotas are less harsh and consequential.
I recently moved from Virginia to Florida. have not changed credit unions. had to deposit funds and found out that certain credit unions are connected so if you have your member number you can deposit at a credit union that is different from yours but in the same branch.
Indeed! I prefer credit union. The customer service is way better and services are a lot cheaper or even free such as getting cashier check, doing wire transfer, getting HELO, lower interest rate, etc.
Where I live in NJ we have a credit union, Polish and Slovic CU that serves those ethic communities speaking their language and works with their cultures.
PRO TIP: Check whether your credit union is part of the Co-op Shared Branch Network, which means you can bank MORE places nationwide than most big banks anyway.
People will work minimum wage jobs and splurge on the latest phone while getting robbed by their banks because they don't understand this fundamental difference, and act like saying they're a pawn for their brand name bank is a flex. Bb I've been with School's First since before banks dropped deposit slips. You used to have to fill out basically a check to deposit money!
Credit unions don't pay income taxes therefore they aren't supporting the local government. They do not usually support their local communities with charitable donations and community involvement.
The bigger the CU the more they are like a bank. Use caution here. Try a smaller institution insteadof a bigger CU. I worked for one for over 10 years.
The credit union that I know recently started charging hefty fees like some of the bigger banks. One of the major reasons for being a credit union member is no minimal balance, no maintenance fees, etc etc. Time to go elsewhere.
Even the we know that 🤔credit union are better but people love and preferring technology self paid register a very good example I pay for the food now I have to scanner and package too
Maybe not a problem in the US but in my country Credit Unions have more risk of bankruptcy so while they pay you more interest they are riskier than banks
The region ur in is key to the tech available In ny the website is booming In tn it’s pretty much the same In ms it’s lame If u don’t want fees use a credit union No brainer
Stop looking at banks. Stop depositing in banks. Middle class Americans are better off using Credit Unions. Credit Unions are owned by their depositors. Interest paid exceeds your local bank, insured for the same amount as the bank. Normally interest charged is lower than banks. Use bank reward cards, carry no monthly balance. Let corporations and the rich fiancé your rewards.
Number one myth Credit unions are for profit in order to keep the credit union running they have to make some profit...byt they dont abuse there customers/members!!!
If this is why household Income. HCV housing choice Voucher. Rental Payments held in non profit credit Union. Are Credit Union required connect Owners of HCV Payments. When Ownership been Changed. Physical contact with Owners. Not Email by False Owners. Can I Sue them. Changing my Ownership, without Physical Communication. Another in Same Building or Program. Took my Ownership. Used my Address. Can I sue ?
You can use ‘shared’ credit unions to get your money. They are nation wide. Try going to a bank that you don’t have money in and ask for your money, but if you go to a shared credit union branch they will give you money!
Do not EVER put your money in a credit union. They are not FDIC insured and if they go belly up you will lose part or all of your money. This happened to me in Rhode Island about 30 years ago. They supposedly were insured by a state chartered insurance company but the CEO of the insurer absconded with the majority of the insurance fund and all the credit unions closed for several weeks. Most remained closed for several more months and a handful, including mine, never reopened and I lost thousands, basically my entire live savings. Banks must be federally insured while credit unions don't have to be and in many states there are no state protections either. Basically it's like loaning your money to a stranger who promises to keep it safe but you have no way of knowing until your checks start bouncing and the police come to take you to jail because your rent check bounced and your landlord has a zero tolerance policy.
Every credit union is required to insure its members' accounts for up to $250k with the NCUA, which is a federal agency. You're either not telling the truth, or you were storing more than $250k in the union
Credit unions are only good for CAR LOANS! Other loans are typically a bit more expensive, but the customer service is much better so the trade off may be worth it for you. Source: I worked in management for both types of orgs for 8 years.
Had a problem with Wells Fargo and lost story short I can’t bank with them anymore. Like at all. Barely 18 and because of 1 mistake, because I didn’t follow up on them for this 1 incident even though I was told they would handle everything and that I didn’t need to do ANYTHING, 12 years are down the drain. Chase was gonna be my next option but my dad kept sayin “what the f*ck” every time there was a fee said in the video explaining what chase offers😂 all this was yesterday and it was emotionally draining…. Add the fact that yesterday was the first day I was actually gonna change myself and then this hit me like a truck. Now I switched to credit Union so I hope things are better since I don’t know much about it. Thank u!
Love my credit union!! Especially when it came to getting my car loan and having a low fixed rate. They will also alert the second any purchases look suspicious.
I love you 😂 I have been complaining so much about having a credit union (I tagged along with my dads bank when I moved back to live in my home town) because there are no atms. BUT now that I know all this I’m like oh yea I would have picked a credit union anyways… so I’m gonna shut up now and enjoy my savings 😎 plus they have an awesome app so 🎉👍
I have accounts with both. Bank for checking account, many ATMS where I travel, and much easier online experience. I use credit union for savings account and car loans.
My CU is constantly upgrading the equipment and services they provide, and I have moved out their geographical region. They have been expanding closer my my area, but I’ve been using effortlessly through their internet services for over 15 years.
Ps a lot of small credit unions have a shared branch network with other small credit unions. I’ve traveled all over the us and never been more than 10-15 min away from a branch (my OG credit union is based in hawaii) Easy access all over so cal, michigan, oregon, iowa its awesome
If I’ve been with a credit union for almost 10 years but the APY is not that great when compared to say Sofi, is it dumb or wise to switch over my employment direct deposit to Sofi for the APY? I could keep my credit union as i receive monthly child support payments there even though it’s not much. But I don’t think the union has a better APY
I’m so glad my mom had me open an account at the credit union when I was a teen. Compares to chase, it’s heaven. Insanely low rates for literally any loan, super super friendly, wave application fees, and are generally a delight to interact with. (Schools First Credit Union). Their app is really good compared to B of A (entire digital ecosystem is garbage)
FYI, banks also have a competitive advantage in the business/commercial banking sector. They often offer cash management and treasury services that credit unions don't because credit unions are focused more on accounts and loans for individuals (and you need economies of scale/high volume to make offering these services make sense). Credit unions also may take an additional day to settle ACH/direct deposit payments because they are often not the hub but a node at the end that is sending their payments to larger banks that then batch them together and send them into the ACH payment processing network. Since they often have an additional layer of middlemen they have slower payments, which probably doesn't matter to individuals but might matter to some larger businesses and corporations. You also may have higher fees for wires at credit unions (because you essentially have to pay the credit union fee and then the bank acting as an intermediary will also charge their fee). That said, smaller banks also have to use larger banks as intermediaries so this is more of a small institution vs large institution difference, and probably isn't significant enough that you should be making banking decisions based on it (unless you're a business doing a lot of wires).
I learned something today! Thank you BFF!
yup! we use a credit union and my kid's early saver savings accounts have a THREE PERCENT interest rate!
nice!
Inflation is 7.7% per year, ur kid is constantly losing money
Was that before this year or did the account start off at 3% years ago?
@@GamerGamer-ok6wu losing less than most atleast lol
@@GamerGamer-ok6wu incels like you are so annoying
My dinky little credit union has all the technology most people would need. Admittedly it took them awhile to get their app working well, but they got there lol.
It’s so nice to have a rich BFF!
I really love your videos and knowledgeable content 💕 Thanks My Rich BFF
Hi
Yep... love the credit unions.
What if you need to withdraw? Credit unions don't have locations like banks do.
Isn't that a problem?
With my credit union I get an annual dividend. Since my deposit on my savings accounts is my shareholders fee. So I own part of the financial institution. And if I decide to cancel I get my deposit back. My deposit for an account or a membership is a one time five dollar deposit.
Navy Federal will damn near take everyone. They are THE BEST.
They don’t charge for notary, they’ll give you coin sleeves for free.
YESSSSSSSSSSSSSSSSS
Yesss!!! Love Navy Fed so much
Yes!
Oh, really? I thought they were for veterans only for some reason. Thank you.
Having a rich bff is a credit union too.😂
My credit unions app is like from 2002 lol I swear.
Navy federal credit Union has the best mobile banking and customer service ever. If anyone has ever joined. Stick with NavyFed. I have JP Morgan for investments and closed BofA when I turned 19 because they were trash then.
Oh my credit union has an amazing app can't recommend BECU enough if ur in Washington
Better be a Boeing employee for Boeing employee credit union! Jk I have no idea what their membership requirements are.
Do one on how terrible wells Fargo bank is to its customers.
What is your experience?
Thanks for the tips BFF
Thank you for making your advisory accessible to all. 🥰😊 God bless you in greater abundance 🙏
Maybe true with large national banks. Certainly not true for small banks.
Navy Federal Credit Union
Branches are limited, on line banking and customer service are great. Free atm at 7/11’s 👍
If you have more than one loan at a credit union and miss a payment they can repossess everything you have a loan on. Another thing, if your name is on someone’s account like I was on my mom’s for emergency purposes (like if she went into the hospital) well I overdrew my personal checking account and they took money out of her account to cover it.
Regarding repossession, big banks will reposes as well. You have to miss several payments for them to reposes. If the credit union standing policy is to reposes after a single missed payment they would be out of business. The over draft thing will happen with any linked account. It’s the risk of having a joint account.
Navy Federal’s tech is amazing. They serve so many ministry personnel around the globe, they HAVE TO have good remote tools. They’re the best!
MUCH better online banking tools is all I need. We tried going credit union for a while but came slinking back to BoA because of the mobile conveniences.
Credit Unions use co-collateralisation. That means if you have a credit card and a signture loan and there is a problem with the credit card to the point of bringing in legal they can and will attach the two accounts together. So you may have no problem with the signiture loan but they will attach it to the credit card and take you to court over an account that there is no problem with. This becomes problematic when credit cards get hacked and you have to dispute charges. This is what happened to me 10 yrs ago. It was a major hassle and ended up costing me big bucks in legal fees. I paid off the signature loan when they tried to take me to court over that( I always paid more than the minimum payment on that account and always an extra payment too) but had to fight about the credit card so I wouldn't have to pay for debt I didn't make. Also, before that my FICO score was 800 but because of all the legal action it effected my FICO score negatively in a big way. Took years to get it good again.
I've been with a federal credit union the last 3 years and I adore them. Also, my credit union mobile banking blows bank of America out of the water. No comparison. Easily transfer money between personal, seconary, and my business account with ease and quickness. The moment I swipe my card its on my mobile banking in the pending section. Also, the day before my paycheck hits it shows me the amount and allows me to spend 50% of it. If you can, go with a credit union.
well to be fair BOA is trash.
what is a federal credit union? or is that the name? thx!
Will you share the name please? Would appreciate it! Thank you in advance.
What’s that name of the federal credit Union you use?
@@int_proA few decades ago, a lot of credit unions were insured by state governments or private insurance in case the union collapsed. Credit unions that were insured by the federal government's NCUA agency (counterpart to the FDIC) .used "federal" in their name to designate they were insured by the federal government. Nowadays it doesn't mean much, as just about every credit union is insured by the NCUA
All three of my credit unions offer digital banking. Also there is a nationwide credit union partnership/co-op that offers no-fee ATMs and services (transfers, deposits, etc.).
However, none of my credit unions offer photos of checks in my statements.
Do you have a master card logo tattooed on your hand? Nice 👍 😀
no dummy
Yes that’s why nfcu give 18 year olds credit cards with 15,000 dollar limit and zero credit score needed
Also, ask if the credit union participates in the shared branching network. Basically, you have your money in your credit union and you can stop at Any other credit union that participates in the shared branching network and use them as if they were your credit union.
I wish Navy Federal was a co-op
Also, some credit unions use Allpoint ATMs, which are at different CVS, Target, and Walgreens locations.
I work at a credit union. A credit union is a “not for profit” business not a “non profit” organization. There’s a difference! :)
How is the work like. Are u over worked or you still have a balance
Whats the difference?
@@jmgonzales7701 in comparison with a bank? Its a little more humane in how management treats employees and how employees treat their customers. Sales quotas are less harsh and consequential.
@@seangrimes1 its legally different. Not sure of exact specifics
Credit union is better. Plus you get paid a day earlier than most banks if you do direct deposit.
You can go to any ATM that has Co-Op.
Thank you BFF.😃
My credit union is close to my house and is in a Safeway grocery store with an ATM. Perfect for me.
My particular credit Union always makes sure we own part of SCCU, a share that is. Per person if we opt in. I will be soon.
My credit union has a banking app and a debit card. It's pretty sick. Takes a day to transfer money though.
Depends on where you're transferring to. If it's to an account outside of the credit union, that's normal. Every bank takes a day to transfer out
My credit union gives 0.3 on money market accounts .that's seventy dollars a month on three hundred thousand dollars .
Not-for-profit. Theres a difference
I use a bank and depend on the mobile features and ATM accessibility like the lifeline lol.
I recently moved from Virginia to Florida. have not changed credit unions. had to deposit funds and found out that certain credit unions are connected so if you have your member number you can deposit at a credit union that is different from yours but in the same branch.
Indeed! I prefer credit union. The customer service is way better and services are a lot cheaper or even free such as getting cashier check, doing wire transfer, getting HELO, lower interest rate, etc.
What’s HELO
@@roxineus sorry HELOC
home equity line of credit
Can't you just put your saving accounts in a credit union and the day to day spending to a bank
But why lol
Where I live in NJ we have a credit union, Polish and Slovic CU that serves those ethic communities speaking their language and works with their cultures.
PRO TIP: Check whether your credit union is part of the Co-op Shared Branch Network, which means you can bank MORE places nationwide than most big banks anyway.
People will work minimum wage jobs and splurge on the latest phone while getting robbed by their banks because they don't understand this fundamental difference, and act like saying they're a pawn for their brand name bank is a flex. Bb I've been with School's First since before banks dropped deposit slips. You used to have to fill out basically a check to deposit money!
I got lucky enough to have a credit through the Navy because I was born in a Military Town
Is happy I have been in the military. I have options with some of the best credit unions.
Credit union has been my longest and healthiest relationship.
I have been banking at a credit union for over 30 years and would never go back to a traditional bank.
Credit unions don't pay income taxes therefore they aren't supporting the local government. They do not usually support their local communities with charitable donations and community involvement.
What about their payment gateways ? Does credit union support Zelle ?
Personally, I have bank and credit union accounts. There is nothing wrong with having both.
The bigger the CU the more they are like a bank. Use caution here. Try a smaller institution insteadof a bigger CU. I worked for one for over 10 years.
Find out if your credit union is co-op that will allow transfers/withdraws from other credit unions.
Doesn't make much difference to me I only keep enough to pay this month's bills in the bank. I put everything else in my stock trading account.
My BFF is also me, glad to have no real friends at all
My sister is making me open accounts at more than one bank. One being a credit union...
Credit union for savings bank for checking essentially
My CU has a far better website than my bank, I use both for different reasons. As a senior no fees at the bank or I wouldn't!
You can have a local credit union AND an international bank, neither bank will insist that you are exclusive to them
But both may charge you account fees if your balance is too low.
The credit union that I know recently started charging hefty fees like some of the bigger banks. One of the major reasons for being a credit union member is no minimal balance, no maintenance fees, etc etc. Time to go elsewhere.
Even the we know that 🤔credit union are better but people love and preferring technology self paid register a very good example
I pay for the food now I have to scanner and package too
Are credit unions better for IRA's/Roth than Edward Jones?
Maybe not a problem in the US but in my country Credit Unions have more risk of bankruptcy so while they pay you more interest they are riskier than banks
The region ur in is key to the tech available
In ny the website is booming
In tn it’s pretty much the same
In ms it’s lame
If u don’t want fees use a credit union
No brainer
Hi
Credit unions are better for peons. Banks are better for royalty.
I changed my 5/3 bank to state employees credit union
I only deal with my credit union
I've never dealt with a bank. I prefer credit unions.
Navy federal credit union is a really good one
Wells Fargo’s website and “technologies” are sure great 😒
Stop looking at banks. Stop depositing in banks.
Middle class
Americans are better off using Credit Unions.
Credit Unions are
owned by their depositors. Interest paid exceeds your local bank,
insured for the same amount as the bank.
Normally interest charged is lower than banks.
Use bank reward cards, carry no monthly balance.
Let corporations
and the rich fiancé your rewards.
Number one myth Credit unions are for profit in order to keep the credit union running they have to make some profit...byt they dont abuse there customers/members!!!
Financial Partners Credit Union has been fabulous.
So much better than the big name bank.
I like the facelift 2015 and up better
Yeah Then You'll Realize Private Issued Credit Is Better Than Both
There's a scammer in the comments pretending to be Vivian.
Report them
@@Iwasonceanonionwithnolayers I already did.
If this is why household Income. HCV housing choice Voucher. Rental Payments held in non profit credit Union. Are Credit Union required connect Owners of HCV Payments. When Ownership been Changed. Physical contact with Owners. Not Email by False Owners. Can I Sue them. Changing my Ownership, without Physical Communication. Another in Same Building or Program. Took my Ownership. Used my Address. Can I sue ?
You can use ‘shared’ credit unions to get your money. They are nation wide. Try going to a bank that you don’t have money in and ask for your money, but if you go to a shared credit union branch they will give you money!
Some have pulled out of networks
It’s getting too costly for them
Maybe a good time to introduce the right of offset?
The name credit union is confusing for a foreigner
damn, wish I didn't live in the middle of nowhere
Do not EVER put your money in a credit union. They are not FDIC insured and if they go belly up you will lose part or all of your money. This happened to me in Rhode Island about 30 years ago. They supposedly were insured by a state chartered insurance company but the CEO of the insurer absconded with the majority of the insurance fund and all the credit unions closed for several weeks. Most remained closed for several more months and a handful, including mine, never reopened and I lost thousands, basically my entire live savings. Banks must be federally insured while credit unions don't have to be and in many states there are no state protections either. Basically it's like loaning your money to a stranger who promises to keep it safe but you have no way of knowing until your checks start bouncing and the police come to take you to jail because your rent check bounced and your landlord has a zero tolerance policy.
Every credit union is required to insure its members' accounts for up to $250k with the NCUA, which is a federal agency. You're either not telling the truth, or you were storing more than $250k in the union
Credit unions are only good for CAR LOANS! Other loans are typically a bit more expensive, but the customer service is much better so the trade off may be worth it for you. Source: I worked in management for both types of orgs for 8 years.
I’ve ALWAYS wondered about credit unions, Thank you!
This is an Eye Opener!!
My former credit union fucked me out of $50k
The name is kind of off putting 😅
I stopped using banks for personal finances over 30 yrs. ago. Good riddance to bad actors.
Banks can do the same as credit unions
i literally love your content so much.
So who the F own credit unions?
Had a problem with Wells Fargo and lost story short I can’t bank with them anymore. Like at all. Barely 18 and because of 1 mistake, because I didn’t follow up on them for this 1 incident even though I was told they would handle everything and that I didn’t need to do ANYTHING, 12 years are down the drain. Chase was gonna be my next option but my dad kept sayin “what the f*ck” every time there was a fee said in the video explaining what chase offers😂 all this was yesterday and it was emotionally draining…. Add the fact that yesterday was the first day I was actually gonna change myself and then this hit me like a truck.
Now I switched to credit Union so I hope things are better since I don’t know much about it. Thank u!
I have accounts in both
What's a field membership?
How do I find a Credit Union??!!
Love my credit union!! Especially when it came to getting my car loan and having a low fixed rate. They will also alert the second any purchases look suspicious.
Credit unions forever!!
I love you 😂 I have been complaining so much about having a credit union (I tagged along with my dads bank when I moved back to live in my home town) because there are no atms. BUT now that I know all this I’m like oh yea I would have picked a credit union anyways… so I’m gonna shut up now and enjoy my savings 😎 plus they have an awesome app so 🎉👍
Everywhere let’s u get cash back for free lol
Walmarts and Aldi’s both give u $100 back
@@YeshuaKingMessiah HUH
I have accounts with both. Bank for checking account, many ATMS where I travel, and much easier online experience. I use credit union for savings account and car loans.
My CU is constantly upgrading the equipment and services they provide, and I have moved out their geographical region. They have been expanding closer my my area, but I’ve been using effortlessly through their internet services for over 15 years.
Ps a lot of small credit unions have a shared branch network with other small credit unions. I’ve traveled all over the us and never been more than 10-15 min away from a branch (my OG credit union is based in hawaii)
Easy access all over so cal, michigan, oregon, iowa its awesome
If I’ve been with a credit union for almost 10 years but the APY is not that great when compared to say Sofi, is it dumb or wise to switch over my employment direct deposit to Sofi for the APY? I could keep my credit union as i receive monthly child support payments there even though it’s not much. But I don’t think the union has a better APY
I’m so glad my mom had me open an account at the credit union when I was a teen. Compares to chase, it’s heaven. Insanely low rates for literally any loan, super super friendly, wave application fees, and are generally a delight to interact with. (Schools First Credit Union). Their app is really good compared to B of A (entire digital ecosystem is garbage)
FYI, banks also have a competitive advantage in the business/commercial banking sector. They often offer cash management and treasury services that credit unions don't because credit unions are focused more on accounts and loans for individuals (and you need economies of scale/high volume to make offering these services make sense). Credit unions also may take an additional day to settle ACH/direct deposit payments because they are often not the hub but a node at the end that is sending their payments to larger banks that then batch them together and send them into the ACH payment processing network. Since they often have an additional layer of middlemen they have slower payments, which probably doesn't matter to individuals but might matter to some larger businesses and corporations.
You also may have higher fees for wires at credit unions (because you essentially have to pay the credit union fee and then the bank acting as an intermediary will also charge their fee). That said, smaller banks also have to use larger banks as intermediaries so this is more of a small institution vs large institution difference, and probably isn't significant enough that you should be making banking decisions based on it (unless you're a business doing a lot of wires).