Tuesday, February 02, 2010

Credit Unions, Too

A recent post on changing banks prompted some responses reminding me about credit unions. I will share a comment that was emailed to me, instead of being posted here, by reader Mr. B:

Being a member and having served as director this past year on the board of my local Credit Union, I've been getting quite an education on the wherefores and whys of the industry, and am happy to see this groundswell of interest in divorcing one's funds from large institutions. ...you failed to make one mention of "or your local Federal Credit Union", which said institutions are barely distinguishable from "banks" anywmore. CU's are the original small community institutions, heavily invested in the people and neighborhoods where they operate. By and large they are well capitalized and stable [in part because people like you and me are the directors].

Yep, you're right, and so is Adam. I just plain forgot to mention them, which is even more surprising as I recall my own previous experience as a customer of this credit union back in Rhode Island. It was wonderful.

Mea culpa.


Pam said...

After trying (and failing), for over 3 months last year, to get a home equity loan to pay off credit card debt I finally got frustrated with my own large bank and, at my personal banker's suggestion, went to a local credit union. I got the loan approved in 23 hours and closed on it a week later.

I will likely open a checking account with said credit union when I have the time.

I own my home, wanted to borrow a very miniscule portion of what the home's worth, and you'd have thought I was asking for the moon!!! I got the runaround for months, tossed back and forth to various arms of said bank, to no avail.

I don't remember when I was as frustrated as I was, when, several days before Christmas, I gave up, talked to the credit union on the phone, and the process began immediately. On Christmas Eve paperwork was being faxed back and forth between the cr and me. The customer service was exemplary throughout the entire SHORT process.

Here's to local credit unions!!! :)

quid said...

Here's mine:


And what an amazing, bright lime green ATM card I have!