Community Banks vs Credit Unions?

mrspdxbride06

Excuse my ignorance but what's the difference between them? H and I have had checking and one of our savings accounts with a huge banking conglomerate for years. We have accounts with a couple of credit unions but don't do our primary banking through them. We're looking to shift everything over to a credit union for multiple reasons. It seems we've narrowed it down to Umpqua Bank (Community Bank) and Unitus (Credit Union). Thoughts on either of them? Thoughts on the difference between a community bank and credit union?? I would appreciate the education.

shortycole2

personally, I can't stand Umpqua Bank. My past two employers (attorneys) have used them for business accounts, and they are a nightmare! Terrible customer service, no one seems to know anything when I call. Sometimes I'll get a representative who will let me do whatever I want, just assumes I'm the business owner! no security questions (which they should even ask the business owner) or anything. And then sometimes I'll get a representative who won't let me do jack even though I'm a registered user and I have my own security questions! It's really annoying and they give you the run around A LOT!

The_Jen626

I don't know about these specifically, but usually banks are run by CEO's for profit, and credit unions are run by community members.  I made the switch to OnPoint Credit Union in 2006 and have been extremely happy with them.

estherandgeoff2

Banks are for profit and credit unions are not. I have been with OnPoint Credit Union for years and haven't had any problems with them. They used to be Portland Teachers Credit Union. 

 

But I also use ING direct online for a lot of my banking. If you open an online savings account through them and put in $250 and I refer you, you get $25 and I get $10 (shoot me an email at dreamk73 at gmail dot com if you're interested). Right now their interest rate is only 1.4% but that is a lot higher than brick-and-mortar banks. When I opened my account there it was 4.5% and once the economy improves I'm sure it gets better. I have checking through them as well that also earns 1.4%. You can write checks to people for free. The only drawback is that you don't get paper checks, you write them online. And transfers from ING to anywhere take 2-3 business days. But other than that, I love them. I still have my OnPoint account for direct deposit, and we have a car loan with them. But other than that, most of our salaries are transferred to ING automatically.

LegalLovers2

I'm with Esther on this one.  OnPoint is great, I've been with them since high school and always received impeccable customer service. 

We also love ING Direct and have two separate and one joint savings account, as well as a checking account.  

I think credit unions are a better bet over banks any day.  

Jumper

LegalLovers2:

I'm with Esther on this one.  OnPoint is great, I've been with them since high school and always received impeccable customer service. 

We also love ING Direct and have two separate and one joint savings account, as well as a checking account.  

I think credit unions are a better bet over banks any day.  

I totally agree. I've been with the same CU for about 15 years and would never go to a bank.

SDgirl22

I don't live in OR (yet) but we switched to a CU last year and I love it! We're very happy with it.

mrspdxbride06

Awesome, thanks ladies. I just wondered if there was something special about a community bank but, in reality, it just sounds like fancy marketing on their part. We belong to a couple of CUs (I got an account with one when I was in college and then we already have an account with Unitus). I'll have to check out On Point though. And my mom has been trying to setup ING accounts for quite some time. I just think it's time for a banking overhaul...we're a little tired of doing business with big banks.

LisiLynn

Chiming in late but we have OnPoint, Unitus and First Tech and I highly prefer OnPoint and First Tech over Unitus.