Where Big Banks Are Better Than Credit Unions:
My savings account with a credit union is fully occupied. At the end of September, I received my first monthly interest. As expected, I received a 3% APY on my $20,000 deposit because I used my debit card 18 times during the month. That debt is $91.34. I expect another $50 or more in interest for October.
After reviewing the entire process of an account with a credit union, I want to highlight where a credit union outperforms large banks and where large banks outperform credit unions.
open an account online
So last year I opened accounts with Chase and Citibank. In both cases, I managed to open the account completely online. I don’t have to call or hire anyone. After filling out the online form, I was able to set up my login and password online and set up ACH transfers as direct deposit. Within 30 minutes I was up and running.
It’s harder with this credit union. After filling out the online form, I received an email from an agency manager requesting a copy of my driver’s license and secret answers to some security questions (“your favorite page…”). I also had to sign a retyped account request. Luckily I was able to sign it electronically through DocuSign.
The online application for this credit union does not seem to open any accounts. It is simply a tool to collect data.
After the round of documents, the driver called me again. He gave me my membership number, my temporary online login password, my route number, my account numbers, and an explanation of how it works. He also gave me his hotline and email address for any questions I might have in the future.
I never had a personal banker. It is better to have access to a single point of contact than to call a random customer service representative in a call center.
Choose your login online
I can choose my login at all major online banks. This credit union only gives access to my credit union number, I don’t remember. Research from Google shows that this practice is not uncommon in credit unions. Why do credit unions do this? I am hit.
Change PIN code ATM
The debit card arrived in the mail about a week after opening the account. The next day, a PIN arrives in a secure email. I don’t expect to use the PIN, but I want to change it to something I can remember just in case. I looked for left and right turns for Internet Banking, but couldn’t find it. Customer service told me it was an online bank, but they couldn’t tell me exactly where.
I eventually left and emailed the director of the agency. She replied that I cannot. There is no way to do this online or at an ATM. I can only change if I enter the box, which is far from me.
It’s nice to have a personal customer service bank, but it also means your service isn’t working 24 hours a day, 7 days a week. There is no telephone number on the back of your debit card. There is a 24/7 phone number on the credit union website. When I called, even though the person with the co-op’s name answered, it was clear to me that he wasn’t working exclusively for the co-op.
This is also the case for my other credit union. If you call at night or on weekends, the out-of-hours employees don’t know much and can’t do much. They often ask you to call them back during business hours. It’s more of an answering service.
All banks and credit unions offer online banking services. However, internet banking is not done in the same way.
Big banks, with big IT budgets, provide a better user experience. The credit union website had a geo city era in 1997. There is no way to link an external account (there is no push or pull from outside). Account payments are made on a third-party website, which requires a separate login and password.
All major banks have a mobile app. No. This credit union offers mobile internet but is located on a different third-party website with a different set of logins and passwords.