Banking Alternatives

[NeighborhoodNomad]

Does anyone have experience with credit unions or other non traditional banking?

Also lately I've been seeing different online banking companies that seem to be different from traditional banking.

I would like to explore some of my banking options.

 

[Inori]

subs for knowledge

 

[JUDAH]

Does anyone have experience with credit unions or other non traditional banking?

Also lately I've been seeing different online banking companies that seem to be different from traditional banking.

I would like to explore some of my banking options.

Credit unions normally offer better rates on loans and give a better ROI on investment products...

BUT they are local and may have less accessibility and you may be charged more on certain transactions. But overrall, they have been better IMO. But they vary based upon your location. Definitely worth looking into.

 

[AP2.5]

ehhh..i've had a traditional bank as well as credit union

when i really needed my credit union to look out for me, they couldnt. Im not gonna totally fault them as my credit today isnt what it was when i was trying to secure a loan from them

however, i've been with my traditional bank for a few years now b/c they are located primarily in the southern region of the country where i frequent the most and i would say it was my personal relationships with the people at the branch that I frequent that has allotted me some opportunities I dont think i would've gotten with a credit union.

this was my personal experience, but i would just say, regardless of where you are, try developing similar relationships with the staff and perhaps you will find that beneficial to you in your time of need

 

[NeighborhoodNomad]

Generally speaking between traditional banking and credit unions, which is usually the better option for business accounts? Which is the better option for savings and trust accounts, and which is the better option for personal accounts?

 

[NeighborhoodNomad]

Does anyone have any experience with online banking?

I've been hearing about companies like Chime and Aspiration but that's just from commercials...

 

[AP2.5]

Generally speaking between traditional banking and credit unions, which is usually the better option for business accounts? Which is the better option for savings and trust accounts, and which is the better option for personal accounts?

i think again, its going to boil down to whats personally best for you

you might want to have some savings separate from your main checking or another savings at a traditional bank. Like maybe having a savings at a local credit union b/c you probably wont touch it in case of a break glass emergency. Out of sight, out of mind. And a bank should be something that is located in most of the places you frequent to avoid crazy ATM fees and shit while traveling, assuming you want to use cash in the first place.

you dont use these institutions to get rich b/c you talking about what...maybe a percent of interest earned for using them. That's going to go for both of them. BUT, having some money stashed at a credit union and a history of the account might be looked upon favorably in the event you decide to take out a loan.

I think the most important thing is having a good credit score and that should be the focus b/c no matter where your money is, they gonna look at that before determining how much they are going to loan you

hope this helps

 

[DOS_patos]

Ap in here dropping knowledge?

awww shit.....my medicine aint strong enough cuz im seeing shit

 

[NeighborhoodNomad]

i think again, its going to boil down to whats personally best for you

you might want to have some savings separate from your main checking or another savings at a traditional bank. Like maybe having a savings at a local credit union b/c you probably wont touch it in case of a break glass emergency. Out of sight, out of mind. And a bank should be something that is located in most of the places you frequent to avoid crazy ATM fees and shit while traveling, assuming you want to use cash in the first place.

you dont use these institutions to get rich b/c you talking about what...maybe a percent of interest earned for using them. That's going to go for both of them. BUT, having some money stashed at a credit union and a history of the account might be looked upon favorably in the event you decide to take out a loan.

I think the most important thing is having a good credit score and that should be the focus b/c no matter where your money is, they gonna look at that before determining how much they are going to loan you

hope this helps

Very helpful advice. Thank you bro.

 

[RodyRod]

Does anyone have any experience with online banking?

I've been hearing about companies like Chime and Aspiration but that's just from commercials...

I have an account with Ally and there's pretty good. FIAC insured up to 250K. 2% Interest rate which is better than most of your brick & mortar banks/credit unions in the U.S. Transferring money in takes one business day but transferring money out is a three day process.

I like it because I can usually get $50-$100 of interest each year depending on how much I put in

 

[Rubato]

Opened a savings account with the credit union thru my job that gains 2% interest every month

 

[AP2.5]

ya'll could probably come out better using a CC that gives you cash back or points for things you would've bought anyways

 

[Rubato]

ya'll could probably come out better using a CC that gives you cash back or points for things you would've bought anyways

With the interest they charge that’s really a wash at best

 

[Stryder]

I have an account with online bank and credit union the credit union gives me the best rates on loans the bank come through for me in other ways just research and see which ones work for you