Banks vs. Credit Unions

[Paz]

 What's the difference? Anyone know?
 I currently use a bank but have always wondered what the deal is with credit unions.

[Professor Brensec]

I can only speak from an Australian perspective, but I have been doing all the banking that I possibly can through a Credit Union for the last 3 years.

Here, the Banks are a bunch of greedy, overbearing, uncompromising mongrels.

I even went so far as to refinance my Home loan with a Credit Union ( www.prospectcu.com.au ), three years ago, even though the interest rate is, on average, about 0.5% higher than the major banks.

The service is much more personal. You can go to a branch (even though there aren't as many) and get friendly, prompt service. And they won't bounce a cheque on you if you are $2-00 short in the account, when they know your regular weekly wages or pension are going to be deposited the next day.
If they have to bounce a cheque, they charge a $20-00 processing fee, as opposed to the Banks $35-00 - $50-00.
( I wrote a $2.50 cheque a few years ago, and my account was short by 0.18 cents, because of the monthly charges being deducted on the 1st of the month. My wages were due to be direct deposited the next day. They not only bounced the cheque, but charged me $35-00 for processing. So instead of putting my account into $2-50 debit, they put it into $35-00 debit. Idiocy!!

[Katahu]

WHOAAAA!!!!!!!!!!!!!!!!!

First, America has now became the land of rediculous lawsuits. Now, I'm seeing that Australia has now become the land of "bank-owning greedy capitalists".

This world has gone mad!!!!!!!!!!!!!!!

[Wing Nut]

I don't know about that, but I do know that if I use an ATM not owned by my bank, I get charged anywhere from $3.00 to $4.00 US for the transaction.  That's $1.50 from my bank, and up to $2.50 from the ATM.  What a rip-off...  ::)

[Professor Brensec]

[quote]I don't know about that, but I do know that if I use an ATM not owned by my bank, I get charged anywhere from $3.00 to $4.00 US for the transaction.

[Paz]

 Sounds pretty good so far, I can't think of anyone I know right now that uses a credit union, but in the past I have always heard good things, as opposed to the constant complaining I hear about the banks around here.

 Anymore information on this subject would be appreciated, I'm thinking about stopping in at the local credit union and getting some information directly from them, I may soon be switching over.

[Polynomial]

Yea for me in Australia some banks are ok if you are under 18 and a student.

I was with one bank and earning probably $120 a week and i was being charged $40-00 a month for using EFTPOS and the ATM.

I am currently with ANZ and they don't charge me any fees .  . . until i turn 18 next year.

The way it seems, a credit union is the way to go.

oh and a hint, don't use other banks ATMS as they kill you . . . . in a childish mood one day i went to 7 at a shopping centre and i ended up with -$15-00 in my account! :O

[SaVas]

Credit Unions seem to be much more giving, better loans, better service, and a good deal for those who are not ATM/Check Card users.

I use my bank though and have for a number of years. I have thought about going with the CU that we have inside the company I work for, but my bank everytime I decide to close my account offers me more freebies that keeps me, plus they have a LOT of ATMs around.

[Professor Brensec]

Credit Unions seem to be much more giving, better loans, better service, and a good deal for those who are not ATM/Check Card users.

I use my bank though and have for a number of years. I have thought about going with the CU that we have inside the company I work for, but my bank everytime I decide to close my account offers me more freebies that keeps me, plus they have a LOT of ATMs around.

All of the Credit Unions and some of the "Building Societies" (don't know if you have them?), have all pooled their resources and all their ATM's are 'common property', so in some places their availability outnumbers the banks ATM's.

They are prettyy well organised here, and some of them are very large. I think mine (Prospect) has about 1 billion in assets.  ;D

[Paz]

 I found out yesterday that my partner at work uses a credit union, so I got some first hand info and could ask him questions as they came to mind throughout the day, also stopped and got some literature from one of the CU's here in town, there is another one I need to stop at yet so I can compare what they offer, but it sure is looking good in favor of me switching over.

 Banks seem to want to squeeze every bit of cash out of you that they can and anytime we want to make changes with our account it's "well you can't do this and you can't do that or it will cost you this much." Screw all that, it's my money and I will do what I want with it when I want.
 For many years I never dealt with a bank, I just stashed all my cash at home, because I have a real problem with someone telling me what I can and can't do with MY money.