Christine-NE Posted January 10, 2006 Report Share Posted January 10, 2006 Since I've heard good things about credit unions, I'm thinking of opening a savings account at one in my town. I plan to have my pt job direct deposit there, and to attempt to save some money (which may possibly be needed for settlements). This will establish a relationship with the cu and hopefully will make me a candidate for a loan in the future right? I do already have a checking and savings account at another bank, so I wasn't going to open another checking account at a credit union. Does this sound like a good plan? I figure the loan will be a good tl to have. Any other benefits a cu has? Link to comment Share on other sites More sharing options...
Christine-NE Posted January 10, 2006 Author Report Share Posted January 10, 2006 My other option was to open an account at BoA seeing it's a prime lender. Although I know their criteria would be stricter. It would be easier for me to qualify for the loan through the CU right? If do also plan on opening a 401k at BoA, so maybe someday I'd get a BoA card or loan through them. Link to comment Share on other sites More sharing options...
Radio_Guy Posted January 10, 2006 Report Share Posted January 10, 2006 BoA is a fine a bank if you have decent credit. If you have some dings you have a better chance of getting a TL from the CU.In your situation I would go with the CU. Link to comment Share on other sites More sharing options...
tryingtodigout Posted January 10, 2006 Report Share Posted January 10, 2006 I would say go with the CU. My CU was the only place that gave me a chance with chargeoffs on my report. Even now, I have one charge-off still reporting and every major credit card I applied for was denied except Orchard. Link to comment Share on other sites More sharing options...
cavazos007 Posted January 10, 2006 Report Share Posted January 10, 2006 Yes I say go with the CU. They are a little more leniant in letting you borrow money. Link to comment Share on other sites More sharing options...
Christine-NE Posted January 10, 2006 Author Report Share Posted January 10, 2006 Can you have two savings accounts at one CU? I want one to actually be a savings account that won't be touched, and will accumulate with my weekly deposit from my part time job. I want another to deposit maybe 1k and get a loan secured on that account. Link to comment Share on other sites More sharing options...
cavazos007 Posted January 10, 2006 Report Share Posted January 10, 2006 Can you have two savings accounts at one CU? I want one to actually be a savings account that won't be touched, and will accumulate with my weekly deposit from my part time job. I want another to deposit maybe 1k and get a loan secured on that account.Of course you can. I have 3 with mine. I don't think there is limits. Link to comment Share on other sites More sharing options...
happy2sing Posted January 10, 2006 Report Share Posted January 10, 2006 Can you have two savings accounts at one CU?Depends on the CU. The CU I currently use lets you have an unlimited number of any of the accounts because each account has a different routing number. My old CU, though, used the same routing number for all your accounts but had a different extension that was the account type, thus you could only have one account per type (i.e., one business checking, one free checking, one basic savings, etc.). Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted January 11, 2006 Report Share Posted January 11, 2006 Many commercial banks are primarily interested in "prime" and "super-prime" customers. And a number of them want you to ALREADY have a lengthy relationship with them for loans, etc...Credit unions are different. They are open to sub-prime customers and are much more forgiving. And screw the relationship thing. That is [EXPLETIVE DELETED]!One time I applied for a 13k bill's consolidation loan at this one credit union. I wasn't even a member and they let me apply first before becoming a member. I got approved. During my lunch break from work, I dropped by, filled out the paper work, became a member and then walked out of their with my 13k loan check. And all that took less than 30 minutes!I called up a butt load of commercial banks and told them exactly the kind of loan I wanted but they practically laughed me off the phone. They wanted me to already have an account with them, have had a relationship like two years with the, and have prime credit (700 or above).The credit union I just mentioned let me walk in from off the street, become a member, process my loan check, and only required a savings account to be opened with five dollars right on the spot! And they did ALL of that within 30 minutes. Screw the commercial banks (although there are a handful of good ones out there).Check out this web site:http://creditunionaccess.com/ It will show all the credit unions in your available area! Link to comment Share on other sites More sharing options...
Anonymous Posted January 11, 2006 Report Share Posted January 11, 2006 Some research into the history of CU's I did quite some time ago ... I found that way back when, banks used to refuse to even consider an account for someone unless the person was "upper crust society". Working class people - forget it they didn't want you.That's when credit unions started - as non-profit organisations, owned by its members - would offer deposit accounts (shares) and loan money to its members. Ever wondered why it's employees of companies that employ large numbers of blue collar workers that organized many of the CU's? Patelco is descended from the old Pacific Telephone which became AT&T which became Pacific Bell which became SBC which is now at&t and now wait a minute .. And bankers don't like CU's. I had a banker complain about how its not fair a non-profit organisation gets to complete against his for-profit bank. Well you know if you hadn't screwed over people for the past 100 years maybe things would be different. Link to comment Share on other sites More sharing options...
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