3 ms·

Credit unions are not "a smaller bank"; they work differently, they are regulated and insured differently, they are closely connected to the local community, an

Credit unions are not "a smaller bank"; they work differently, they are regulated and insured differently, they are closely connected to the local community, and these are more than superficial differences. Credit unions are smaller businesses than some banks, so they may have fewer branches, less sophisticated mobile apps, etc. but it's nice to walk into your home branch where everybody knows your name, like in that TV show about a bar.

vel0city 3y ago
On the flip side, I've literally never walked into a branch of any bank I've ever actually banked at. The only times I've ever walked into a bank was to make large cash withdrawals that most ATMs wouldn't honor, but those were never at a bank I actually had an account with. And those times it was just a large debit card transaction, zero fees. Going to an actual, physical bank location just seems archaic to me. It's about as dated as going to a Blockbuster to rent a movie. Outside of maybe some big business loan negotiations I can't imagine needing an actual person to really talk to for basic banking needs. What banking task would be better handled taking time to travel to the bank, wait in line, talk to a person who may or may not remember you, and have them do it as opposed to just doing it yourself on your computer anytime anywhere anyplace? Note, I'm not talking about investing, as there can often be a lot of questions about how specific investment products actually work. I'm only talking basic banking like checking, savings, CDs, credit cards, and auto/home/personal loans. I don't do any real complex investing at places where I do my banking.
- NoZebra120vClip 3y ago
  Banks offer Notary Public services. Sometimes I like to pick up a few rolls of quarters. Safe deposit boxes (are also being phased out.) Bottle of water when I'm in the neighborhood. Cashier's check or money order purchases. I believe it was necessary for them to see me in person to open a Certificate of Deposit. YMMV. Yes, branches are becoming less important.

vel0city 3y ago

On the flip side, I've literally never walked into a branch of any bank I've ever actually banked at. The only times I've ever walked into a bank was to make large cash withdrawals that most ATMs wouldn't honor, but those were never at a bank I actually had an account with. And those times it was just a large debit card transaction, zero fees. Going to an actual, physical bank location just seems archaic to me. It's about as dated as going to a Blockbuster to rent a movie. Outside of maybe some big business loan negotiations I can't imagine needing an actual person to really talk to for basic banking needs. What banking task would be better handled taking time to travel to the bank, wait in line, talk to a person who may or may not remember you, and have them do it as opposed to just doing it yourself on your computer anytime anywhere anyplace? Note, I'm not talking about investing, as there can often be a lot of questions about how specific investment products actually work. I'm only talking basic banking like checking, savings, CDs, credit cards, and auto/home/personal loans. I don't do any real complex investing at places where I do my banking.

NoZebra120vClip 3y ago
Banks offer Notary Public services. Sometimes I like to pick up a few rolls of quarters. Safe deposit boxes (are also being phased out.) Bottle of water when I'm in the neighborhood. Cashier's check or money order purchases. I believe it was necessary for them to see me in person to open a Certificate of Deposit. YMMV. Yes, branches are becoming less important.