Questions tagged [credit-unions]
52 questions
97
votes
10 answers
Scam or Real: A woman from Facebook apparently needs my bank account to send money
A woman on Facebook recently contacted my dad.
She asked him to get a bank account so she could send him money, and he would send money to her employees (about 12 people), and she would pay him for doing so each time. She said the last person who…
Ivana
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31
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8 answers
I closed my CU checking/savings accounts. Weeks later the bank auto-paid my rent. Now they want me to pay them back
I requested the closure, and I was mailed my balance and told that my account was now closed, all dome in writing through the messaging system. Weeks later they paid my rent. Now they want me to repay them, even though I completely closed the…
jesse banwell
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21
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2 answers
What's the difference between credit unions and banks?
Is one better than the other?
I've noticed that national banks seem to charge more (and higher) fees. Is that just me?
Corey
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19
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2 answers
How do I calculate monthly compound interest in Google Sheets?
I have a financial spreadsheet with a column of all my deposits into my savings account. The leftmost column lists the dates of the deposits. Now, let's say my savings balance is $100.00 and my monthly interest is 0.25% (1/4 of 1 percent). This…
grgoelyk
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12
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2 answers
What are the benefits and risks of doing your banking through a credit union, versus a bank? What's the difference?
What are the major differences to having your mortgage, credit, savings/chequing accounts with a credit union (or caisse populaire, in Québec) versus just a regular bank?
Nat_Rea
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10
votes
2 answers
Why are U.S. credit unions not open to everyone?
When someone wants to open an account in a credit union he has to be a member of a specific group or organization.
Why not allow anyone to join? Who restricts them from opening their business to anyone and why?
ronenfe
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10
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1 answer
How are credit unions initially financed
Given that credit unions are owned by the members (and not investors) and how do they get the initial funding they need to start.
I would think they wouldn't have members until after they are formed and to form there are costs such as building and…
webwake
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9
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1 answer
Difference between a (credit union) "share certificate" and a (bank) CD?
I've seen both Share Certificates and Certificates of Deposit available. Are they the same thing? Do they have different names based on whether they are offered at a bank or credit union? Does one name typically mean a different legal structure…
Alex B
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9
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2 answers
Why would you take a loan secured by your savings account?
I see at least a few credit unions offering these savings-secured loans. I can kinda see the advantage to taking a loan against a CD with penalties for breaking, but share and savings accounts have me confused on why you'd pay that.
So, why might…
jldugger
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9
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3 answers
Am I "cheating the system" by opening up a tiny account with a credit union and then immediately applying for a huge loan?
I've always wondered why credit unions require you to open a membership account before they'll approve a loan. Whenever I think about it, it feels like going to a credit union just for a loan is cheating someone somehow.
Am I?
jldugger
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9
votes
4 answers
A woman on FB offering to pay my debts. Scam?
On Thanksgiving day a woman posted in a Facebook group that her father had just passed away (left her money) and as a good deed, because it was Thanksgiving, she was offering to pay people’s debts. Well I inboxed her and she pretty much wants me to…
Jenevy Myers
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7
votes
4 answers
Can I deposit checks into my credit union into another bank's ATM?
My wife and I have a Bank of America savings and checking account. We got hit with our first fee for the pleasure of having an account and I want to move to a credit union.
My wife feels comfortable making deposits via ATM, but the credit union ATM…
MrChrister
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7
votes
4 answers
Is SoFi too good to be true?
I'm considering refinancing some student loans with SoFi from a variable rate of 6% (based on the LIBOR) down to a variable rate 4.16% (based on the LIBOR). The new rate, once I setup auto-pay will include a 0.25% rate reduction, bringing the…
blong
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6
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2 answers
(Almost) no credit unions in New York City, why?
After relocating from the West Coast to New York City, I was surprised to find major banks on every street corner, but only very few credit unions. And of the few ones, many aren't even open to the general public - such as the "New York Times…
Max
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5
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4 answers
Why do almost all U.S. banks have a Salt Lake City P.O. box for accepting deposits?
Title says it all. A Google search for "bank salt lake city po box" shows that many banks/CUs (Discover, Capital One, AMEX FSB, Schwab, etc...) accept deposits at a P.O. box in Salt Lake City.
Why are they all in Salt Lake City?
Navin
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