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Banks.

7 (14.6%)

Credit Unions.

29 (60.4%)

Holding all of your money yourself.

11 (22.9%)

Other.

1 (2.1%)

Total Members Voted: 48

[MetalSlimeHunt]

Well? I was wondering what Bay 12'ers prefer in this regard, because I myself was considering trying to join a credit union instead of a bank once I get a steady income. What, in your opinions, are the merits and detriments of banks and credit unions? Or do you all just hide your vast fortunes inside of your mattresses?

[Bauglir]

I readily admit to having little experience with the differences. On the other hand, I keep hearing horror stories about all the banks in the area and the credit union I'm a member of has been exceptionally helpful, to the point of reversing a fee they weren't obligated to, that I had incurred because I hadn't myself read the paperwork (which my mother had signed when she had my power of attorney because I was like 8 or something). They might be weird in that regard, however.

[MetalSlimeHunt]

I readily admit to having little experience with the differences.

Banks are for-profit corporate enterprises that use their member's money for investments and loans, while paying them interest for their savings and charging them interest for their loans. Decision makers are appointed by a board of directors. Usually will accept anyone who has enough money to open an account. Profit is used to make the executives and stockholders rich, and to expand the bank.

Credit Unions are not-for-profit (not to be confused with non-profit, it is just that profit is a secondary objective to member service) organizations in which all members are equal owners of the organization by virtue of their holdings in the credit union. Decisions makers are elected by popular vote among all members, or so I am told. Supposedly, credit unions have much better interest rates on loans and savings than banks do due to profit being a secondary objective instead of a primary one. May or may not have entry requirements beyond having enough money to hold a share in the credit union. Profit is used exclusively to improve the credit union.

[kaijyuu]

I'm an idiot and keep my pocket change at home. Granted it's only a few hundred bucks, so I'm losing maybe $2 in interest, but hey!

When/if I get some decent savings I'd probably stick it in a credit union.

[Criptfeind]

I put my money in gold bars which I then throw in the ocean, cover in soil, and call silly names like "Hawaii" or "Greenland".


So... Other?

[Leafsnail]

I bank with The Co-operative which I think is like a credit union?  It's owned by people who have money in it rather than shareholders anyway.

[G-Flex]

I don't understand why someone would want money in a big national bank unless absolutely necessary; their fees tend to be pretty awful. I'd rather go with a local credit union.

[Darvi]

Considering that half the economy of this entire country is run by banks, I am not even sure that we even have something like credit unions.

[Zangi]

There are local area banks in some places.  I currently use one of those.  Mind you, they are still for profit.

[Dutchling]

There isn't even a Dutch Wikipedia page on credit union so I doubt we have a lot of those in here.
So yes, I obviously prefer banks as this is the first time I've ever heard of a credit union.

[Calhoun]

Credit Unions. If you have one in your area, and you don't do much traveling then its the best option.

[mainiac]

I bank with The Co-operative which I think is like a credit union?  It's owned by people who have money in it rather than shareholders anyway.

Near as I can tell, what you are describing is a credit union.

I'm a member of Constellation Federal Credit Union.  I've been a member since I was like 5 because they were allowing family members of military service people to open accounts so my mom started accounts in all her children's names.

I like my credit union a lot.  The only time I ever get dinged with stupid fees is when I use ATM's, and that's the fault of the banks who own the ATM, not my credit union.  They don't have 24/7 customer service, but they have great customer service from 9-5.  The website does it's damn job and I can do things like transfer money between my accounts or send money to people easily and the transfers go through quickly.

All in all, my credit union has been great to me.  I would recommend it to anybody.  It's only open to members of some federal agency (unless their mom had the foresight to get them a membership back when the restrictions were loosened.)  But I bet you could find other credit unions that are similarly awesome.

[G-Flex]

Considering that half the economy of this entire country is run by banks, I am not even sure that we even have something like credit unions.

You say that like the US economy itself isn't run by banks, and we have tons of credit unions. Where do you live?

[Darvi]

Bankland.


That was only half joking, btw.

[G-Flex]

... You know, if you don't want to say where you live, you can just say so (not like anybody here is going to stalk you anyway). It's just kind of hard to figure anything out when people say "In my country [...]" without specifying.