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First and foremost never consider a credit union a "smaller bank" the rules and regulations around credit unions are very very different than commercial banks t

First and foremost never consider a credit union a "smaller bank" the rules and regulations around credit unions are very very different than commercial banks the biggest being they are coop's i.e member owned, and non-profit. second yes a large bank like JP Morgan Chase has most assets, and is "to big a fail" so institutional collapse is impossible, however they also are soo big that your individual account means nothing to them and they have no incentive to provide any customer service at all, which results in a numbers of horror stories where accounts are locked, cancelled, frozen for months or even years with people unable to access funds or at the mercy of the large institution for when or if they will ever get their money back. Where the local branch you go to has zero power or authority to help you, or even access any real info about your account, and to get any info it is a exercise in calling 100's of different helpdesks... Sorry I will take a Local Credit union 100x, secure knowing that even if the institution were to collapse and credit union have a very very small collapse rate compared to commercial banks, my deposits are fully insured anyway so my money is safe, and I get 1000000000% better customer service.

Dalewyn 3y ago
>First and foremost never consider a credit union a "smaller bank" the rules and regulations around credit unions are very very different than commercial banks the biggest being they are coop's i.e member owned, and non-profit. My concern as a common man is whether I can trust a bank (or credit union) to keep my money more safe and accessible than I can myself. I don't care what their internals look like, they're all banks of varying sizes and reputations as far as I'm concerned. >however they also are soo big that your individual account means nothing to them and they have no incentive to provide any customer service at all I bank primarily with US Bank, and their customer support has been nothing short of exemplary both in-person at the local branch and over the phone. That exemplary service combined with their size means I will continue to bank with them for the forseeable future. I will add, for context, that I live out in the countryside where all business matters become more personal as a matter of practical reality. Most of the bankers working at the branch all live locally, after all. This is irrelevant for the customer support folks on the phone, of course, which as I just said are exemplary nonetheless.

Dalewyn 3y ago

>First and foremost never consider a credit union a "smaller bank" the rules and regulations around credit unions are very very different than commercial banks the biggest being they are coop's i.e member owned, and non-profit. My concern as a common man is whether I can trust a bank (or credit union) to keep my money more safe and accessible than I can myself. I don't care what their internals look like, they're all banks of varying sizes and reputations as far as I'm concerned. >however they also are soo big that your individual account means nothing to them and they have no incentive to provide any customer service at all I bank primarily with US Bank, and their customer support has been nothing short of exemplary both in-person at the local branch and over the phone. That exemplary service combined with their size means I will continue to bank with them for the forseeable future. I will add, for context, that I live out in the countryside where all business matters become more personal as a matter of practical reality. Most of the bankers working at the branch all live locally, after all. This is irrelevant for the customer support folks on the phone, of course, which as I just said are exemplary nonetheless.