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Home > Switching to a credit union

Switching to a credit union

January 7th, 2012 at 02:50 am

I'm eligible to participate in my company's credit union. I first found out last summer and was interested, but not motivated enough to follow through. Having direct deposits and automatic payments makes the thought of changing so overwhelming.

Then last fall, Bank of America proposed charging customers a fee each month that they used their debit card for a purchase (even if they used it only once in a month). I found that astounding. It's so much easier / cheaper for them if customers pay with a debit card, and they get a fee from the merchant. Yet they were going to tack on another fee from their customer. They backed off almost immediately due to the outrage and news coverage, but the fact that they considered it in the first place is enough for me to switch.

Given the craziness of work and the holidays, I didn't get around to filling out the paperwork to make the switch. But this was one of my goals for the New Year. Today, hubby got his signature notarized so he can be listed as a joint owner, so now the packet is ready to go.

The thing I'm most looking forward to is that they allow you to open sub-accounts for a Christmas Club, vacation club, and other savings. I'll be able to direct deposit money directly into these each month from my paycheck. I'm hoping to have everything set up and transferred over by the end of February.

In other news, I mailed another dozen books and a bunch of dvds. I have another 6-7 books to go. My shelves look bare! (Well, not really, but it's getting there).

My car was a little sluggish twice today when I was starting. I really hope that it's nothing major, because a huge car bill is the last thing I need. We'll see how it goes tomorrow...

Posted in Uncategorized | 6 Comments »

6 Responses to “Switching to a credit union”

  1. PauletteGoddard Says:
    January 7th, 2012 at 03:16 am 1325906212
    1325906212

    Not many credit unions indulged in the collateralized mortgage securities, credit swaps and derivatives that Bank of America did, ergo they have fewer losses, and instead of increasing "shareholder value", their missions are to increase "members value." So the credit unions don't feel compelled to charge customers fees like Bank of America, Wells Fargo, Chase, et cetera.

  2. Thrifty Ray Says:
    January 7th, 2012 at 03:44 am 1325907863
    1325907863

    Music to my ears! Time to get pampered by your financial institution!! Big Grin

  3. creditcardfree Says:
    January 7th, 2012 at 04:02 am 1325908933
    1325908933

    Maybe it's just the battery on your car. At least I hope it is that simple!

  4. snafu Says:
    January 7th, 2012 at 05:04 am 1325912687
    1325912687

    Will you designate savings differential between bank charges and CU fees? What will you do with your CU annual rebate?

  5. baselle Says:
    January 7th, 2012 at 06:08 am 1325916488
    1325916488

    Good on you to use the CU. Always want to check their ratings - no sense in going from the frying pan into the fire.

    Text is http://www.bauerfinancial.com/ratings.html and Link is
    http://www.bauerfinancial.com/ratings.html

  6. MonkeyMama Says:
    January 7th, 2012 at 04:11 pm 1325952680
    1325952680

    Agreed with Baselle. I am 100% pro-CU and never banked elsewhere (for primary bank/checking) BUT there are some pretty terrible CUs in the city I live in. I was shocked at how expensive some of them were when I moved and was shopping around in new city.

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