Excellent, I only use credit unions.

Great, yes, yes, yes.
They have a coop shared branch service that means you can go into any participating one and do any banking needs.
I pay nothing for banking/checking and I get great rates on savings acct and CDs.

I’ve had quite a few credit unions. I learned early on that there’s a banking regulation that prevents banks from pulling a payment that you didn’t specifically authorize for a loan or credit card from a checking/savings account at the same bank regardless of how overdue it is.

I also learned the hard way that Credit Unions are exempt from this and the MFs caused me to nearly miss a rent payment, yes yes debts are debts and you should pay them, but sometimes you need to prioritize limited funds and an unsecured credit card payment is almost always going to be rock bottom compared to a fucking rent or mortgage payment. And no, they would not reverse the payment they took.

I did learn a valuable lesson though, spread your accounts fucking everywhere. A checking at one bank, a savings at a different one, auto loan somewhere else, credit cards somewhere else. Thanks NFCU! Because of you I now have a WEB of accounts lmao

Other than that, CUs are nearly always lacking on the tech side of things and make asinine decisions like not being able to set your own username on account creation and have to wait on your “User ID” (probably account number) to be mailed to you.

Customer service is usually good, as long as you don’t expect longer CS hours, usually closes around 8PM. Rates are good, lower fees and not nearly as many BS fees and that almost makes up for the cons

it’s nice

they speak my language which is nice

aside from that, they’ve got really good rates on loans, though not so much on savings accounts

I have a savings account with a credit union, they can offer some pretty good rates and will generally have a very open investment strategy. Customer service has been rather good, at least when accessed via phone. I don’t think my union offers things like current accounts, but I hear some do.

You experience is going to be heavily dependent on your specific union, they tend not to have as much money to throw around as major banks do, so don’t expect a bespoke app or anything like that.

Never had an actual Bank account. For 30 years, I’ve only ever used Credit Unions. Never thought for a moment Banks may be able to help me better.

Mine does have the same capabilities as a chain bank, but admittedly it took them a little longer to implement online features. The customer service is excellent. Because they’re a smaller organization, I can speak to an actual human who can personally and immediately solve my problem much quicker.

I have, until recently, tried to bank only with credit unions. I have had a couple of poor experiences but nothing awful enough to get me to go back to banks.

As with anything else, do your homework. Not all credit unions are the same and not all are run well.

What you need from a credit union will help determine your choice. A couple near me focus on home mortgages while another is all about CDs and savings.

I do my own investing and found myself using CashApp more and more for lots of things and ended up closing my credit union account because I was getting just as good a deal on ATMs and services I used frequently.

I’ve predominantly used a credit union my whole adult life. The one I use is smaller so loans and such have a higher threshold to meet. It also means that the interest rates are negligible on my accounts (0.01%), however I’ve also never really had any issues with them, their service, or locations. I’ve never had to deal with any fees, or transaction disputes.

There is one perk that I wish they had that you’ll really only find at the big banks: international free ATM withdrawal. While niche, if you travel a lot it might be worth it to set up an account with a bigger bank that supports that, even if the account is only used for travel.

Definitely worth it. I’ve never had a problem with overdraft fees, BS by for-profit executives, and my credit union certainly never needed to be bailed out by the federal government.

I currently don’t have an account with a CU at the moment but based on what I’ve heard from people in my city, they are great with what they stand for, have great loan rates, and are friendly. The main problem is that they lag behind with technology. Their online banking and mobile apps are slow, buggy, and lack features. So make sure to take that into account.

I love the two I’ve been with since the early oughts. One is state employee, the other a federal one.

I mostly use the federal for everything, but keep an account at the state one for a few things here and there.

Never have any issues worth noticing, though ATM availability without fees was a hassle in the past. Just weren’t that many available back then, but that’s changed.

Could complain about their apps being pretty bad, but that’s every bank app I’ve seen or heard about.

Never have any delays in transfers, no crazy fees, excellent interest rates for credit and savings/checking.

I’ve also never had anything even remotely bad with customer service. Tbh, there’s so few issues that I could take one shoe off to count how many times I’ve needed that kind of thing. I’d have toes left over.

My best friend, his husband, a friend of ours, my wife, dad, and sister all use one or the other of those two, and zero issues, so it isn’t just me being charming af and/or lucky.

I have accounts at two credit unions. One I love, one is okay.

The first one has excellent customer service and was doing online banking before most banks even thought it existed - they had software you’d use to dial into their system with your modem. Obviously that has gone by the wayside but they have an excellent, full featured site. Rates are generally competitive. (Unfortunately I live in a different state than they are based in, so I can’t get my mortgage through them any more - they used to do it, but stopped offering mortgages in my state years ago.) They have nice touches, like if you withdraw cash from an ATM that isn’t theirs, they’ll refund the ATM fees you were probably charged.

The other credit union is fine. No major complaints really, but after the experience with the first one, the second one just doesn’t compare. Their website is functional and covers all the normal pieces of online banking, but doesn’t have nearly the features the other one does. I probably wouldn’t know what’s missing if I hadn’t used the first one.

We also have a regular bank. No major complaints with them either, but it’s not one of the biggies like Chase. One of the few remaining regional bank chains.

I’m a member of a big credit union in my old city, but I don’t use it as my main bank. Honestly, I don’t see that many benefits.

• When I was trying to finance a new car at the start of 2021, the credit union rates were actually higher than the big banks and way higher than even dealership financing; I went with the dealership financing (>4% vs 1.9%)
• Also, they wouldn’t even give me a car loan because I lacked a history of a car loan. Admittedly, they weren’t the only bank that denied me in this way.
• Savings accounts rates are like 1% versus like 4-4.5% at like Ally or Capital One. Probably because my credit union is still as a B&M bank, while the others are online.
• My CU talks up annual member dividends, but you have to have significant amounts of money in your accounts and/or various products with them, such as mortgages or loans, before you get anything.
• The online banking and app experience is pretty trash; takes (relatively) forever for balances to update after even doing things like savings to checking transfers or vice versa. This sometimes affects Zelle interbank transfers, as Zelle thinks there’s not enough money in an account for a transfer, even though there is.
• Plus, they’re Zelle transfers are sometimes slow as shit, sometimes taking 2-3days. I know Zelle isn’t always instant, but it’s annoying because Zelle is often billed as instant transfers.

So I just use my CU accounts as a sorts of savings. I squirrel money away in there, like $25/week for a rainy day of sorts, but that’s about it.

I get much more utility and benefit out of my accounts at other non-CU banks.

I’m good with mine. Feels like a normal bank. My money is still insured (I don’t recall how. I think it’s not FDIC. You’d have to check.) Their terms for a HELOC were more favorable and usually when you get a mortgage, the bank sells it immediately. But my credit union has held it the whole time. Also when some banks were getting bailed out, it was business as usual for my credit union. I’m not certain, but I think there are different rules for them as to how much cash they have to have relative to their deposits. Maybe someone with more knowledge can chime in.

On the down side, it was more difficult to transfer large funds than from my brokerage and I think they offer fewer services. My credit Union for instance doesn’t offer bridge loans.