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Airline Credit Unions Vs Standard Banks  
User currently offlineTsaord From , joined Dec 1969, posts, RR:
Posted (7 years 9 months 2 weeks 3 days 21 hours ago) and read 1964 times:

I have a question about Credit Unions. Does anyone prefer them over Financial Insititutions such as banks?

If you are an airline employee are you a member of you airlines credit union? If an airline were to shut down what happens to the credit union and the money people have in it? I'm considering opening up something with the AA credit Union.

I keep hearing how credit unions are better than regular banks and they are more interested in helping its members get to financial health. I have been trying to read on credit unions but some sites use too many big words I don't understand lol.

Bascially what is the pros/cons, in your opinion, of a credit union vs a bank?

11 replies: All unread, jump to last
 
User currently offlineSrbmod From , joined Dec 1969, posts, RR:
Reply 1, posted (7 years 9 months 2 weeks 3 days 21 hours ago) and read 1958 times:

Quoting Tsaord (Thread starter):
If you are an airline employee are you a member of you airlines credit union? If an airline were to shut down what happens to the credit union and the money people have in it? I'm considering opening up something with the AA credit Union.

I'm a former member of Delta's credit union (I close my account several years back because I tired of having to drive to the branch as it was a 20 minute drive from my house at the time. I'm thinking about opening another account there because I'm beginning to get frustrated by my current bank and they have a "once a member, always a member policy".).

The credit union is not owned by Delta, so if the airline were to go under, the credit union would go on. In fact, the credit union renamed itself from Delta Employees Credit Union to Delta Community Credit Union and opened up membership to residents of several Metro Atlanta counties (Henry, Cobb, Fulton, Gwinnett, Fayette, and Coweta Counties).

When Eastern Air Lines went under, their credit union changed its' name to Eastern Financial Florida Credit Union and is still in business.


User currently offlineFr8Mech From United States of America, joined Sep 2005, 5383 posts, RR: 14
Reply 2, posted (7 years 9 months 2 weeks 3 days 20 hours ago) and read 1953 times:

I was a member of the Pan Am Federal Credit Union back in the '80's. I didn't drop the account until I moved out of New York acouple of years after the shutdown of the airline.

As for service? I don't see a difference between the bank I'm with now and the most recent credit union I was with.



When seconds count...the police are minutes away.
User currently offlineDougloid From , joined Dec 1969, posts, RR:
Reply 3, posted (7 years 9 months 2 weeks 3 days 20 hours ago) and read 1948 times:

Well, one good reason to like credit unions is because the banking establishment hates them like poison.

They're a lot like cooperatives-owned by the users. That's why the banks don't like them. I'll never use a bank ever again.


User currently offlineKaiGywer From United States of America, joined Oct 2003, 12241 posts, RR: 35
Reply 4, posted (7 years 9 months 2 weeks 3 days 4 hours ago) and read 1921 times:
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I used to be with NWA Federal Credit Union, and they changed the name to Wings Financial Credit Union. Love their rates, their fees (lack thereof), and the service. Only problem is there is no branch where I live, so I have to make deposits through the mail or an ATM. Not a big deal though, as I have direct deposit of my paycheck.


911, where is your emergency?
User currently offlineLTBEWR From United States of America, joined Jan 2004, 13072 posts, RR: 12
Reply 5, posted (7 years 9 months 2 weeks 3 days 3 hours ago) and read 1912 times:

Credit unions are mutual banking institutions, owned by their depositors. There are specialized state and Federal banking laws for Credit Unions. Often their customer base usually starts from employees for major employers in an area (airline, Boeing), unions, professional/trade groups (teachers, farmers) as well as ethnic communites who want the advantages of such banking. Many now encourge the general public in their market areas to have accounts and do business with them as well.
There are a number of advantages as they have lower overhead costs as not required to post a profit to stockholders. That means lower borrowing interest rates on loans and even home mortgages at large CU's, higher interest rates on deposits as well no or low fee checking and other banking services. Some ethnic community CU's may offer services by people that speak their language, offer cheaper and easier financial money transfer services, or can have staff that can help their customers understand USA banking.
Disadvantages can include few physical branches and ATM's near where one lives and works, other family members can access easliy and ATM fees if use another banks ATM, if outside there home area.


User currently offlineShyFlyer From , joined Dec 1969, posts, RR:
Reply 6, posted (7 years 9 months 2 weeks 2 days 20 hours ago) and read 1901 times:

Quoting Tsaord (Thread starter):
I have a question about Credit Unions. Does anyone prefer them over Financial Insititutions such as banks?

To add to what LTBEWR posted, I've found it easier to take out a loan from a credit union. Another advantage is that many (maybe all?) credit unions post dividends to account holders in addition to interest that would normally be drawn on an account.


User currently offlineCOIAH756CA From United States of America, joined Aug 2006, 506 posts, RR: 5
Reply 7, posted (7 years 9 months 2 weeks 2 days 14 hours ago) and read 1886 times:

CO's credit union here in PHX has always worked for me. It's at the US Airways HQ building on my way home from the airport.

The paychecks have quick auto-deposits and I have never had problems.



Long live Denver-STAPLETON. RIP the old and best KDEN
User currently offlineLucky42 From , joined Dec 1969, posts, RR:
Reply 8, posted (7 years 9 months 2 weeks 2 days 12 hours ago) and read 1882 times:

Quoting KaiGywer (Reply 4):
I used to be with NWA Federal Credit Union, and they changed the name to Wings Financial Credit Union

I too am with NWA federal credit union now called Wings Financial because of NWA trying to extort money from the credit union to keep the NWA name..I am glad to see they didn't give in to NWA and changed the name to Wings. But that aside they have been fantastic in my opinion. Anytime I have ever needed a loan all I do is call and within a couple of hours it is in my account..I have never had to fill out any forms. The only inconvenience for me is that the branch where I live is in the airport terminal. But I have direct deposit anyway and I have very little need to visit the actual branch. Credit unions are far superior to a regular bank at least for me......


User currently offlineDougloid From , joined Dec 1969, posts, RR:
Reply 9, posted (7 years 9 months 2 weeks 2 days 6 hours ago) and read 1872 times:

Quoting LTBEWR (Reply 5):
Disadvantages can include few physical branches and ATM's near where one lives and works, other family members can access easliy and ATM fees if use another banks ATM, if outside there home area.

This is one thing that has puzzled me about the younger folks in the crowd.

Why in the heck would anyone use an ATM? I see absolutely no reason for this, particularly when you usually get socked with excess fees or mugged by the people who lurk near ATMs.

If you need some walking around money, go to the bank and get enough for the week. Or do like the young folks do and put everything on a credit card, right down to a $2 sandwich LOL. Most times if I need some walking around money I get it at the grocery store when I'm paying for my week's groceries with a paper check....remember them? One gets to keep track of the balance pretty easily too.

I won't say I never did. I did use an ATM one time in 1986.


User currently offlineLTBEWR From United States of America, joined Jan 2004, 13072 posts, RR: 12
Reply 10, posted (7 years 9 months 2 weeks 2 days 5 hours ago) and read 1865 times:

Quoting Dougloid (Reply 9):
Why in the heck would anyone use an ATM? I see absolutely no reason for this, particularly when you usually get socked with excess fees or mugged by the people who lurk near ATMs.

I am 52 years old and have used ATM cards since about 1983. They are a fantastic financial tool. I love not having the hassles of cashing a check at some business for some cash, or borrowing from a friend or family member for some cash if you need it, or the hassles of having to go to the bank during their limited business hours for a few dollars.
If you use the one at the bank the account is with, you shouldn't have to pay any withdrawal fee (if they are, you should change banks!). Yes, you will have to pay fees if you go to a bank not connected to your account, but with care, you can save money.
As to crime, I have never had a problem, but I do take proper precautions, like using ones in very public areas, make sure the area is clear of any possible hiders, lock the door if at time when the main bank is closed and access is locked until you unlock it with your card. Also, one can use most ATM cards instead of check at stores (and have done so at the supermarket and elsewhere on occasion).
Besides, I like to take out like $100 at a time, have access to $'s when need it for emergency spending or have a need on weekends, evenings.

An additional note on Credit Unions - often they don't charge or among the lowest 'visitor' ATM withdrawal/access fees (your account bank may still charge for using another bank's ATM)


User currently offlineShyFlyer From , joined Dec 1969, posts, RR:
Reply 11, posted (7 years 9 months 2 weeks 1 day 20 hours ago) and read 1853 times:

Quoting Dougloid (Reply 9):
If you need some walking around money, go to the bank and get enough for the week.

Some banks charge account holders for using the human tellers.


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