Credit Unions - Go Figure!

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Scoobynoodles
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Credit Unions - Go Figure!

Postby Scoobynoodles » Thu Aug 22, 2013 4:40 pm

I've always wanted to open up a credit union since the financial crisis hit but never did. I finally did two days ago by opening a membership with Community America Credit Union, a Kansas City based union. Since I am currently here for grad school and work, I was eligible for membership. The default account opened up is a savings, which incredulously yields a 4% interest with a minimum of $1500 and monthly direct deposit!!! I'll fill that bad boy up later. I also opened the checking and applied for a credit card.

Now I was really intrigued on what type of limit I would get and which file they pulled. Here in the Midwest, they pull TU, which is notoriously bearish on scores. My score was pulled (740-750) and was given a sheepishly $2K limit. Decent but I wanted higher. So I kindly asked could we request a higher limit and the reps gladly agreed too, just give them a number. Aim high and settle in the middle is what I thought. I said $10K and they called TU to get me that, thinking it'll be back and forth. TU had to do some verification but the next day was notified I got the $10K limit!

Yes I'm psyched, but more so of the advantages to bank with community banks and credit unions, which haven't received popularity up until recent years. I bank with Chase & Fidelity, but this is really opening up my eyes to the possibilities of banking with them and all the resources they have to offer. I'm sure other memberships provide similar benefits.

Anyways, does anyone else bank with CUs/CBs...if so, what are your experiences? There's too much to write on all the benefits (free ATM withdrawal networks, free personal finance one-on-ones, loan/mortgage help, etc) but I'm really intrigued at this.

Oh their site is: http://www.cacu.com

PS: On another thread I'm gonna inquire why in the world does my credit score from TU yield three different scores when all checked/pulled on the same day? Credit Karma, Amex CS & CACU...all had different scores!!!
AmEx Platinum 2009 & Blue Cash $3.5K Delta Gold $2K
BofA BankAmericard $6K | Chase[/i] Sapphire Preferred $10K & Amazon $1.5K Freedom $2.2K | CACU Platinum $13K
Discover Cashback $8.5K & It $6K | Citi Simplicity $5.6K & TY $4.3K


Scoobynoodles
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Postby Scoobynoodles » Thu Aug 22, 2013 4:50 pm

BTW I'll post all the terms, rates and such when I get the card in the mail. I believe they have 3 different credit card products. I was given a 1-2% apr intro rate (forgot the actual one) for like the first 12-18 months or something like that. I'll update when I can confirm.
AmEx Platinum 2009 & Blue Cash $3.5K Delta Gold $2K
BofA BankAmericard $6K | Chase[/i] Sapphire Preferred $10K & Amazon $1.5K Freedom $2.2K | CACU Platinum $13K
Discover Cashback $8.5K & It $6K | Citi Simplicity $5.6K & TY $4.3K

websteth
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Postby websteth » Thu Aug 22, 2013 6:16 pm

Credit Unions can be great and they can also be a pain. I used to use one with my company, Partners FCU, and it was fine for basic needs liek savings and checking. They were horrible when it came to wanting to do anything to build your money like money markets or CDs though. I looked for their credit cards and even with a decent score (785 at the time) I still was only offered a low $1k limit. They tend to be a little more on the conservative side for limits. The only other issue I had was when I would travel outside of the local area with limited ATMs or tellers to visit. But, if the credit union has what you need, go for it.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
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Midori
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Postby Midori » Thu Aug 22, 2013 8:34 pm

Wow, looks like I'm in the wrong state. :o)
I've been a member of Randolph Brooks FCU for ages, but their rates are pretty sad and they didn't do anything for me when I approached them last fall about what products they offered that would help someone with limited revolving credit develop that part of their credit history. They kept trying to push me onto a loan. I keep them for the nostalgia.
I'm in the market for a new credit union savings account... I'm coming up with .2%, .1%, .3%... mehh. :o(

Scoobynoodles
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Postby Scoobynoodles » Thu Aug 22, 2013 10:23 pm

Yeah, I'm quite surprised they have such favorable terms for their savings account and was able to get that nice limit. If I'm not mistaken, they're one of the top 10 largest financial institutions in the KC area with $1.6B in deposits. A clear shortfall between the Big 4 Banks, but still pretty noteworthy I guess. I'm sure each market segment has better terms than others.

What gets me though is that 4% interest on savings account. I need to read the fine print to see what the actual terms are. Hope its not too good to be true.
AmEx Platinum 2009 & Blue Cash $3.5K Delta Gold $2K
BofA BankAmericard $6K | Chase[/i] Sapphire Preferred $10K & Amazon $1.5K Freedom $2.2K | CACU Platinum $13K
Discover Cashback $8.5K & It $6K | Citi Simplicity $5.6K & TY $4.3K

takeshi
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Postby takeshi » Fri Aug 23, 2013 9:21 am

I don't bank with a CU though I do have a card with PenFed. Switched long ago to USAA over my former banks. Service, rates and benefits are much better.

jupiter
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Postby jupiter » Fri Aug 23, 2013 5:17 pm

I've been banking with a CU for about a year now. Switched over to them from Chase since the checking account didn't have any hoops to jump through, they would allow me to start building credit when I had no history, and they had almost all the same online/mobile tools. I haven't looked back since.

thom02099
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Postby thom02099 » Sun Aug 25, 2013 9:53 am

I'm in Colorado and have been a member of a credit union since I moved out here in '81. Originally with Norlarco CU, they were taken over by Public Service CU (NOT PSECU back east). They've always been very easy to work with, I've had probably 15 or more loans with them over that time period and have always gotten good rates, even better rates as my scores improved. Now I just walk in and ask for what I need, they pull my EX report, I sign the papers, and the money is deposited in my account.

Only real disappointment has been that they are no longer providing RV and Student loans. I have an RV loan with them, looked to do a refi to get even better terms (lower interest on auto loans), but they are no longer taking on/refi'ing RV loans. They also have gotten out of the student loan business, and that's a shame since my daughter was looking at getting a low interest supplemental loan for college.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

Scoobynoodles
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Postby Scoobynoodles » Mon Aug 26, 2013 9:44 am

I too was looking for student loans as I'm currently enrolled in graduate school, but my CU also got out of that business. I suppose I could get a regular loan but most student loans gives you deferred interest while enrolled and a grace period post-graduation to pay back.

Yeah I'm hoping to build a great relationship with my CU for years to come. I think most folks, well I did, did not think they were great alternatives to your traditional banks. I still have a Chase & Fidelity account, but hope to use this one more so. They're there to help you with financial planning. Hope more consumers take notice.
AmEx Platinum 2009 & Blue Cash $3.5K Delta Gold $2K
BofA BankAmericard $6K | Chase[/i] Sapphire Preferred $10K & Amazon $1.5K Freedom $2.2K | CACU Platinum $13K
Discover Cashback $8.5K & It $6K | Citi Simplicity $5.6K & TY $4.3K

SClay
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Postby SClay » Mon Aug 26, 2013 5:00 pm

Scoobynoodles wrote:. The default account opened up is a savings, which incredulously yields a 4% interest with a minimum of $1500 and monthly direct deposit!!! I'll fill that bad boy up later.


I couldn't believe this. I thought I was all high and mighty with my Barclays 0.90% APY account. So I did some digging.

According to their website, 4% accounts are only eligible to be earning the 4% if the account balance is $1500 or less. Anything above $1500 is subject to 0.10% APY. Source: https://www.cacu.com/high-interest-savings-rates

But I'm glad you found a credit union your excited about nonetheless :) .
Capital One Secured AU | $1851 | 10/2013
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American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
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