r/creditunions • u/mtstock20 • Apr 22 '26
Why Join?
I'm a member of NFCU and new to credit unions. What made you decide to join a credit union, I was just curious? Similarly, SoFi's introduction of a subscription service is why I joined.
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u/UGHBeHB Apr 22 '26
đ hi, credit union nerd here. Credit Unions are not for profit financial cooperatives. That means that because you have an account you are a member, not a customer. Being a member, the $5 (usually) that is held in your savings is your âshareâ of the credit union, which gives you voting rights at the annual meeting to elect the board members (who sit above the CEO/executive team) and they are members just like you! Being a cooperative, credit unions are able to offer lower loan rates, little to no fees, and we are known for doing small dollar loans (think under $500) that other financials wonât. We also commit to providing financial education, volunteering and more within our communities. The credit union mission is âpeople helping peopleâ and âpeople over profitâ. â¤ď¸
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u/BigCamp839 Apr 22 '26
I initially switched to a credit union for an auto loan. No bank could give me a better rate than what my credit union gave me.
Fast forward 20 years and the same now applies to credit cards and lines of credit (most big banks donât even offer lines of credit anymore).
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u/whatsi Apr 22 '26 edited Apr 22 '26
Navy Fed is the largest CU, they're ok, good if you're in the military since many of their branches are on military bases, otherwise I just go to my local CU.
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u/BEACHN2000 Apr 22 '26 edited Apr 22 '26
I joined a credit union because of the lower rates they charge for auto loans and credit cards. I also wanted a PLOC. Most banks don't offer PLOC's. I joined Premier America Credit Union.
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u/richardsequeira Apr 22 '26
Overall, I love the community feeling of credit unions, and the feeling that they will provide better service than a bank. Also, I feel great that some of the credit unions are not funding some of the wars that were currently involved in or some of the political nonsense thatâs been occurring.
Also, since I work in a labor union, a lot of us tend to bank and credit unions because we just simply do not like corporate banking.
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u/NashvilleRiver Apr 22 '26
One of the big banks structured my transactions to collect the most in overdraft fees that they possibly could. (Yes, itâs illegal; this bank is huge and just paid the fines) The day I got paid and had no paycheck was the end. Went right to the local credit union half an hour later and never looked back. Now my transactions post immediately and I donât overdraft (because it was never about my ability to use money).
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u/Few-Size8558 Apr 22 '26
Rates are better, local decisions, community involvement, NFP... there are so many reasons for me. I'm actually a member at three credit unions.
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u/Traditional-Risk4185 Apr 22 '26
My childhood bank got sold and the customer service went down the drain. I switched to a local credit union it has been a fantastic experience. Almost 8 years as a member and I have never had a problem.
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u/OriginalPurple2261 Apr 22 '26
Outstanding rates, customer service and low or no fees. Credit Union ATM network. Did short stint at Consumers or Navy Federal to buy a car. Switched to BCU due to employer relationship. I bank at a credit union. I own bank stock. I don't have a bank account.
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u/Salty_Permit4437 Apr 22 '26
Lower fees and tired of being screwed by big banks. I did join when I enlisted, as they also posted military pay early.
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u/sreudianflip Apr 22 '26
WaMu did it to me. The high fees for overdrafts (EVEN for an account attached to a savings to cover overdrafts)âŚevery year I got defaulted back to the overdraft account vs just being declined when money ran out. Kinecta was my first and convenient CU choice, butâŚthey too slipped me into a high minimum checking account w/a service charge by defaultâwith an advertised promise to save customers hundreds of dollars. I had a large savings acct but the service charge easily eclipsed my earned interest. I kept a joint account but closed the others and moved my personal checking and savings cd to a traditional & conservative CU. Not as convenient, but I feel my money is safer. Kinecta is not a traditional CUâat one point in the recent past they picked up a chain of high interest/short term lendersâŚsmh
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u/Punchyberri Apr 23 '26
I honestly don't care if it is for profit or not, but I just don't want a checking/saving account that require me to meet certain maintainable requirement or else I would be hitting some form account fee, especially if you ain't going to give me any interest for my saving. I am parking my money at a online banks for high yield saving, so the regular bank account would just be serving as a fund transport hub/proxy account where I pay bills/external use while my big money still hidden else where tbh. Credit Union does meet that requirement for me.
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u/rockpooperscissors Apr 23 '26
since they are not for profit and do not have shareholders any 'profits' generated via their banking ventures gets passed back to the members (rather than share holders). This can be better CDs, lower or no fee checking accounts, lower mortgage rates etc...
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u/sacetime Apr 25 '26
All of the features of a bank, none of the problems.
There is no functional difference between a good credit union and a bank, other than the credit union will have less fees, be more willing to help you, less likely to freeze your account if you receive a wire from a crypto exchange, etc.
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u/PossibilityMean5251 Apr 28 '26
Most people join credit unions for lower fees, better loan rates and more personal service since they're member focused rather than profit driven like traditional banks.
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u/Yingyangwolf95 Apr 22 '26
To be treated like a human, better rates, no fees, and straight forward banking experience..
I will never do business with "For Profit Banks" every again..