Bank or Credit Union? (Free Money Finance)

MSN Money asks if a credit union is a better alternative to a bank. They don't really give an opinion one way or the other, but simply talk about the (often unknown) advantages of a credit union.

I have a relationship with both a bank (Chase) and a credit union and they both have their plusses and minuses. Here's how I add them up:

• The credit union gives me a high interest checking account where I can earn 3% back on $15k each month. I have to have direct deposit, check the account four times a month via the web, and use their debit card 10 times a month to get it, but that's no big deal.


• The credit union doesn?t have an easy way for me to transfer money into and out of my accounts there. Chase, on the other hand, easily hooks to Vanguard and other accounts I have, making it very easy to move money from one place to another.


• Chase has been very, very friendly. When I go in I have several people say hello and I've struck up a chatting friendship with a couple of them (who happen to be interested in rental real estate). They've also waived a $16? cashier's check fee twice (once they offered and the second time I asked and they agreed). They also don't charge me for my LLC account based on my "overall banking relationship" (i.e. how much money I have deposited) with them. The credit union wanted to charge me $12 a month for an LLC checking account even if I had $1 million deposited with them. (I don't have that much of course, but they wouldn't waive the fee no matter the amount -- I asked.)

Given the above, I keep most of my money at Chase and enough at the credit union to get the 3% interest on the $15k.

BTW, some of you may ask about ATM usage. I haven't used an ATM in YEARS. The reason: my son and I get paid in cash for soccer refereeing. Since we use very little cash (we charge as much as possible for the credit card rewards), we get all the cash we need in a year through the soccer payments.

How about you? Do you prefer a credit union or a bank? Why do you like the one that you do?

Source: http://www.freemoneyfinance.com/2013/01/bank-or-credit-union.html

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