Personal Finance

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.