Bank Fees vs. Credit Union Fees
So remember when I told you earlier this week that your bank checking account fees are going up?
You know, the one where I said:
- ATM surcharges moved to $1.97 while the cost of using an outside ATM reached $1.46, bringing the total average cost of using an out-of-network ATM at $3.43.
- Bounced check fees rose 2.5 percent this year, up to $28.95.
- For interest bearing accounts, monthly service fees hit a new high at an average of $11.97. Minimum balances also set a record with an average balance of $3,461.84 needed to keep an account open.
Well, Rick Webb, President & CEO of Atlantic Financial FCU wanted to remind you that you have some options. To compare and contrast, he says:
- We have 28,000 plus, ATMs that are absolutely free to our members coast to coast. This includes 5,500 7-Eleven Stores, most of the Wawa Stores in this area and a number of participating credit union’s ATMs.
- Should a member use an out-of-network ATM we do charge $1 and the member would be charged that terminal’s surcharge fee.
- While we do charge $25 for a bounced check, our members can first have overdraft protection in two forms, courtesy pay or a an overdraft loan, both of which are far less expensive than a bounced check fee.
- We do not have any minimum account fees.
- We do not have any minimum balance requirements on noninterest bearing accounts.
That's not bad. Anyone out there with money in a credit union? Care to share the benefits and drawbacks of being a credit union customer vs. a bank customer with the rest of us?
Comments
I'm a member of the State Employees Credit Union. (By the way, I am not a state employee. Since I graduated from a state university, I was eligible to join the CU.)
The biggest benefit is that I don't have to worry too much about my credit union being involved with the risk mortgage schemes.
Also, it feels like the service is a little more personalized since the employees recognize most of the regular customers.
The biggest drawback is that my CU does not have a lot of branches, so I do have to drive about twenty minutes to get to a branch. Contrast that with Bank of America, which seems to have a branch on every street corner.
I'm not sure if this is a bad thing or a good thing, but the loan and credit standards are a bit tougher. I could not get a CU credit card, but I had no problems getting a card from Chase.
Still, I'm happy with my CU and will not change back to a regular bank.
DD: Thanks for that useful information, Jimmy. I didn't know if you graduated from a state university that would make you eligible.
Posted by: Jimmy | October 31, 2008 1:29 PM
I was enlisted in the Navy in San Diego in 88, but never went overseas or on a ship. So while I couldn't get a Navy Federal Credit Union, I could be a Miramar FCU member. I still have it. I like the no-fee/no-minimum checking and savings. It also seems that to earn interest on these accounts, the minimum amount appears to be lower. And I send money to my accounts every month, so it is out of sight. I have an ATM card for the CU, but don't carry it.
Posted by: Timothy | November 3, 2008 4:20 PM