Why on earth would any so-called progressive choose a for-profit bank over a not-for-profit

[ConsAreLiars]

Credit Union? Or -- maybe this is just the same question put another way -- why would any sane person make that choice?

Yes, there was a long time when you had to be a member of a narrowly defined group - a specific union, some big factory complex - to be allowed in. Finance Capitalism had made joining not-for-profit Credit Union alternatives illegal for many decades, but in a rare victory against the oligarchy, credit unions are now open to anyone.

So if their reason for existing is not "for profit," which according to the insane Libertarians, RepubliCons, other pro-oligarchy shitheads and assorted psychopaths, is the only reason for doing anything, then why do they exist at all?

I'm sure that for those deformed creatures this is something they will never understand, but many organizations and institutions are created to serve the greater good. I am a member of a small CU, and the contrast to commercial banks in terms of service has been rather obvious. For decades the only interactions with banks of all sorts has been to write my checks and read my monthly statement. But recently circumstances meant I had to go interact directly with the people working for both my CU and a few commercial banks to deal with some complicated stuff. This is a bit subjective, but the commercial bank employees seemed to regard dealing with that stuff as an inconvenience at best, while most encounters with credit union employees (mine and one other, although a third, BECU, was sucky) have been helpful, competent and extremely supportive.

So why post this shout-out to CU's now? Well, apart from the obvious - "for-profit" translates to "rip-you-off" in plain English - I had to go in today to wire some money to a family member, and asked if my small CD's were covered by the HCUA insurance, and discovered that "Yes" and that the CU (Watermark Credit Union) had taken out an additional insurance plan to cover an additional $250,000 to bring the insured total to half a million. Not anything that comes close to making any difference to me personally, but an example of how they chose to spend a little to provide further protection to some of their members.

[bean fidhleir]

1. I've been a credit-union member for ages. Socialist banking - it's the only way to do it

I'm currently a member of 2 of them, one local and one where I used to live. And I've found the same difference in attitudes that you mention - the people who work at CUs are altogether nicer to deal with than those at a commercial bank.

[Indenturedebtor]

2. I just joined one recently because of the economic meltdown

I trust them to ride the wave and to treat me fairly. They give the best rates on loans, etc.

[ConsAreLiars]

5. In my experience the first obvious difference I noticed

was simply the dress code. In a way, that presaged all that followed. Suits versus jeans and shirts or blouses. Looking like most of us, or posing as better than most of us and showing by their costumes their allegiance to their masters.

[lligrd]

3. I Use Both

Got into Wells Fargo because of the need for a National Bank long ago (before the days of ATMs) and stuck with them because our relatively small town branch is so friendly and easy to use.

[regnaD kciN]

4. Well, I'd been with Washington Mutual for years...

...but when they became just another portion of Chase, I took my business to BECU.

Once you go credit union, you never go back! ;-)

[ConsAreLiars]

7. My experience with BECU was bad enough to note them as the exception to that rule.

Tried on two occasions to get them to honor their checks and they refused both times. First a check from a member, then a cashier's check they had written. Maybe a fucked up teller or company policy, and if I had been a member things might have been different. But these two encounters left me with a sense of stink regarding BECU. Plus their heavy spending on ads, based on my premise that all advertising is self-serving lying, reinforces that distrust. WaMu ran lots of ads before drowning in their own corruption.

Maybe they treat members better than non-members. Good luck with them. I hope they serve you as well and honestly as my CU has done for me.

(edit a to clarify a few details)

[eridani]

9. I'm a member and have had no problems with them

Just about all CUs give you a better deal on loans and deposit rates, but BECU beats the other two I belong to by more than a full percentage point.

[magdalena]

6. I think many people aren't familiar with them.

I must admit I didn't know the difference until a few years ago and I've been pro-CU ever since. Impeccable customer service, honest financial advice, better loan rates, better CC terms, lax rules - mess up once or twice and overdraft or make a late payment and they will usually gladly waive any fees. I agree with your post 100% and if anyone out there is still a bank customer I'd highly advise you at least investigate some local CU's.

[WePurrsevere]

8. Happy CU member for around 25 yrs.

I joined my parents teacher's CU originally because I had enough of the impersonal way the larger conventional banks handled clients and where I was living back then there were no longer any small conventional banks. When we moved up here I kept it active until the local CU switched to a more open membership. (Which may be one reason why more folks don't use CUs, they originally were very limited in who qualified they may not realize many have opened up their membership now. Another reason may be that there's not a CU or one they can join near them but there are banks.)

FWIW, from what I've heard since moving up here the smaller local banks seem to operate in a very similar manner to the local CUs (this may be partly due to the competition factor since the local CUs are bigger then any of the local banks).

[MadHound]

10. Back in the day,

When I opened my first bank account, I was with a small, local regional bank. There were no CU's available to the general public, just one available to the local university employees. I moved away for awhile, and when I came back, the CU had opened up its membership to virtually everyone. I gave them a try, and found that their accounting was atrocious. After having to correct their errors for three months running, I went back to that small regional bank that I started with when I was a kid. I've used them for my mortgage, my father's estate accounts, etc., and I've never had a problem. Meanwhile for six months after I closed my account at the CU, they were sending me monthly statements, and threatening letters stating that I owed them money. Finally, after threatening legal action, they miraculously discovered their accounting error and stopped bugging me.

I've been a member of this bank for thirty years, and I've never had a problem with them. I can, unlike the CU, access an ATM across the state if I need to. This is why I stay with my small regional bank, who is in no danger of going under due to it's excellent fiscal and loaning policies. Plus, unlike the CU, the bank does give back to the community in ways large and small. Thanks, but I think I'll stay with my bank.