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#4446727 - 07/01/17 02:11 PM bank vs. credit union vs. savings & loan?
CincyDavid Offline


Registered: 03/03/16
Posts: 704
Loc: Cincinnati, OH USA
We've been dealing with PNC for our checking & savings accounts for years. They're fine, I guess. What functional benefit would there be in developing a relationship with a credit union, or even a local savings & loan? We use other vendors for our retirement (401k, 403b,IRAs) and have credit cards with several companies, so we're not dependent on one vendor for everything, but the post about a bank getting hacked got me thinking...
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#4446752 - 07/01/17 02:32 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
JayhawkRoy Online   content


Registered: 09/12/04
Posts: 1017
Loc: Basehor, KS
For me, it was convenience. Our house is out in the country, but is three miles from a local savings & loan branch. At the time we moved there, it was the only bank in the area. It is a small branch, so the employees literally know all of their customers. We also have a safe deposit box there, so it is very convenient to retrieve passports, etc, when we need them and they are 100% safe otherwise. On the other hand, their lending rates are fairly high, so I have never had a loan of any kind with them.

I also have accounts with two on line banks, because they offer better interest rates on my money, and one offers reimbursement for any ATM card use at brick and mortar banks anywhere.

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#4446755 - 07/01/17 02:36 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
opus1 Offline


Registered: 12/13/04
Posts: 2497
Loc: Chicago Area
If you're happy there then I say stick with them. People talk up credit unions but I've had some really off the wall charges/fees from CU's that the evil Chase/BofA never charged me. In fact, Chase has worked with me on things that my CU never would have.
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#4446756 - 07/01/17 02:37 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
CincyDavid Offline


Registered: 03/03/16
Posts: 704
Loc: Cincinnati, OH USA
When I was a kid I'd go to the local S&L with my dad, where the president would wave from his office and say hi to my dad by name. A lot has changed in the past 50 years.

I have been a member of several credit unions over the years, they used to make a big point that their checking accounts were really share draft accounts, and whatnot, but I felt that they were creeping closer and closer to behaving like regular banks, only with fewer locations. I haven't dealt with a CU in about a decade.
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#4446777 - 07/01/17 02:54 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
JayhawkRoy Online   content


Registered: 09/12/04
Posts: 1017
Loc: Basehor, KS
Our home mortgage was with one of the larger Kansas City credit unions. While I had the mortgage, they offered free checking and free safe deposit box services. Their closest branch was 25 miles south of where I worked or lived, so it was somewhat inconvenient. My mortgage payment was covered with autopay and I had my paycheck going into the account to cover the mortgage. That worked fine and I ceased my relationship with them when I paid off the mortgage. The best part of the mortgage was that they service their own mortgage and never sell any mortgages. Of all the mortgages I carried over 40 yrs, this credit union was the easiest to deal with. I would actually use them again if I need to.

Many credit unions are now part of a cooperative network so that ATM availability is much better than 20-30 yrs ago, when there were more restrictions on such cooperative networks.

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#4446800 - 07/01/17 03:18 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
Jimzz Offline


Registered: 10/03/14
Posts: 1137
Loc: NoVA
We moved everything from a national bank to a credit union, PedFed. Much better rates and service has been great.

I would never give my money to a national bank ever again. To much abuse and to many fees and other [censored].
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#4446878 - 07/01/17 04:52 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
Tdbo Online   content


Registered: 08/18/09
Posts: 3224
Loc: Ohio
It comes down to your objective. For me, it is best service at lowest possible cost.

I shop banks every two years. I have been with PNC for seven years. While not crazy about them, they are the best deal going for my needs, they are even better then the local CU's that I have shopped. My backup plan is Huntington, who offer similar benefits. Our HELOC is with Third Federal Savings in Cleveland. They not only have the best deals in rates, etc, they will meet or beat deals from other banks (took advantage of that the first draw period, Just redid our line this year.)

My IRA's and 403b's are handled through my fee based CFP.

I was with a local small town bank for nineteen years. When I went there, there was an advantage. You got service. If there was a problem, managers followed up with you to make sure that you were happy. That generation retired and/or passed on. When all the benefits and perks dried up and I was told by a snot-nosed teller that if I could find a better deal go there, I did. That bank was recently sold to a conglomerate.

Anymore, it's a business decision.
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#4446885 - 07/01/17 05:13 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
Mr Nice Offline


Registered: 09/12/04
Posts: 21175
Loc: Orlando, FL
Same credit union for the last 35 years.

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#4446897 - 07/01/17 05:33 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
Eddie Offline


Registered: 12/07/03
Posts: 9559
Loc: Florida, Cape Coral
+1 for Federal credit unions. Ed
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#4446911 - 07/01/17 05:53 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
blupupher Offline


Registered: 08/27/04
Posts: 4414
Loc: Katy, Republic of Texas
CU can vary, just as banks can. Never knew S&L were still around.

I have been a member of my CU for 20+ years. Several car loans (much better rates than banks or dealers), Home mortgage and a refinance through them, rates equal or better than others, with much lower fees, no PMI required. I have one employee that was at the main branch that was a teller when I started with them, and is now a branch manager, and she personally takes care of me whenever I come in if she is not busy.

The only real disadvantage is locations. There are several branches within 50 miles, but outside of that, none. I plan on staying with them forever unless I move away.
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#4446945 - 07/01/17 07:02 PM Re: bank vs. credit union vs. savings & loan? [Re: blupupher]
Coprolite Offline


Registered: 07/03/11
Posts: 1224
Loc: Houston, TX
Which CU? My closest CU branch is in Lewisville! I have been a member there since I was about 2 though.


Originally Posted By: blupupher
CU can vary, just as banks can. Never knew S&L were still around.

I have been a member of my CU for 20+ years. Several car loans (much better rates than banks or dealers), Home mortgage and a refinance through them, rates equal or better than others, with much lower fees, no PMI required. I have one employee that was at the main branch that was a teller when I started with them, and is now a branch manager, and she personally takes care of me whenever I come in if she is not busy.

The only real disadvantage is locations. There are several branches within 50 miles, but outside of that, none. I plan on staying with them forever unless I move away.

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#4447004 - 07/01/17 08:30 PM Re: bank vs. credit union vs. savings & loan? [Re: Tdbo]
Bronco1 Offline


Registered: 01/06/17
Posts: 137
Loc: Colorado
Originally Posted By: Tdbo
It comes down to your objective. For me, it is best service at lowest possible cost.

I shop banks every two years. I have been with PNC for seven years. While not crazy about them, they are the best deal going for my needs, they are even better then the local CU's that I have shopped. My backup plan is Huntington, who offer similar benefits. Our HELOC is with Third Federal Savings in Cleveland. They not only have the best deals in rates, etc, they will meet or beat deals from other banks (took advantage of that the first draw period, Just redid our line this year.)

My IRA's and 403b's are handled through my fee based CFP.

I was with a local small town bank for nineteen years. When I went there, there was an advantage. You got service. If there was a problem, managers followed up with you to make sure that you were happy. That generation retired and/or passed on. When all the benefits and perks dried up and I was told by a snot-nosed teller that if I could find a better deal go there, I did. That bank was recently sold to a conglomerate.

Anymore, it's a business decision.


I tend to agree with this. I've dealt with all of them and originally, the CUs did provide better service and frequently, rates. Many used loan committees that were made up from other members. They tended to be a bit more understanding of credit issues. One of the problems though, is over the past 10 years or so, many CUs have merged or been taken over. In doing so, many have become not much different than large banks. Also, many of the local people lost their jobs. It happened with ours and service became horrible. These days, I shop service, rates and convenience. I handle all my non-pension retirement investments myself.
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#4447009 - 07/01/17 08:38 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
NormanBuntz Offline


Registered: 07/27/13
Posts: 2120
Loc: Outer Banks, NC
Six of one, half dozen of the other. I've been a federal credit union member for 37 years and a BB&T customer since 1997, when they started expanding outside of NC. I tend to favor a community bank or credit union over a mega bank.
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#4447558 - 07/02/17 04:05 PM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
L_Sludger Offline


Registered: 10/04/09
Posts: 3947
Loc: Ohio
It all comes down to their charter. They're all covered by depositor insurance such as FDIC or NCUA, etc. Banks might have better nationwide representation, credit unions and S&Ls might have better benefit rates. A note specifically tailored for CincyDavid: CinFed is pretty decent. happy
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#4448061 - 07/03/17 07:52 AM Re: bank vs. credit union vs. savings & loan? [Re: CincyDavid]
CincyDavid Offline


Registered: 03/03/16
Posts: 704
Loc: Cincinnati, OH USA
Looks like General Electric CU services my wife's employer, they shot us a great rate to refi a car that we are keeping at the end of the lease, and low rates on credit cards too.

They're going to get at least part of our business.
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