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!!!