Author Topic: Switching from a bank to a credit union - ethical and philosophical advantage?  (Read 2098 times)

catccc

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I'm considering switching from a bank to a credit union.  My current bank location is very convenient, but the reality is I have to only walk into a branch maybe 4-5 times a year.  (Large-ish cash gifts on birthdays and Christmas from a relative.)

I've been with Wells Fargo but I kinda thought I'd shop around after their big unauthorized account opening scandal.  But I kind of forgot about the thought in recent weeks.  Then I just watched Requiem for the American Dream on Netflix, which made me remember that I wanted to switch and just gave me one more reason to switch.

So, am I correct in thinking that switching to a credit union does a tiny bit to help mitigate the problems of uneven wealth distribution and our corporate controlled government?  Or am I just being naive and idealistic?


plog

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Quote
Or am I just being naive and idealistic?

Yes.  But so what?  Doing something you believe in is never a bad decision, even if it has no real effect on the world.

Just don't be one of those vegans/ex-smokers/non-tv-owners  who is preachy and holier than thou about it.   

neo von retorch

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I use my state credit union for selfish reasons. They are AMAZING. Long before other banks caught on, they've been reimbursing ATM fees. Pretty much everything is free except the $5-10 to join. They've been keeping their mobile app up to date, and it now has an amazingly good mobile check deposit (two clicks to take a photo of the front and back - it accurately detects the amount and saves you typing - so fast!) I think I actually joined them because they were offering 5% on their money market account, but that is down to like 0.1% like most banks, but I've stuck with them, using their excellent low rates for cars and mortgages, loving their "instantly available" deposits, and having links to my siblings' accounts for instant transfers. Since it's member-owned, I actually get a bunch of my mortgage interest paid back to me each winter, since it's profit. (Last year, my "relationship bonus" was around $200 - since I bought a new house this year, it should be a lot higher! Definitely think it's worth supporting them vs. the mega-capitalism banks, in my opinion.

catccc

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Wow, what do they base your relationship bonus on?  And are you willing to share what credit union you use?  I'm also in PA.

neo von retorch

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PSECU - https://www.psecu.com/getmore/
It's all listed there. Some are flat amounts; some are based on a percentage of dividends/interest. Thus paying more mortgage interest nets you a bigger reward. On my rental, I pay ~$3000 in interest, and I got roughly ~$200 reward. Very curious what happens when I pay $12000 in interest....