I am in a Credit Union.
When I overdraft a check (not that I write checks, but let's say I use my debit card for more than the balance in my checking account) they charge me two bucks and take the required funds out of Savings.
If I don't have the money in Savings they automatically loan me the money at about 8% or so.
Another time I was paying off my Discover (ugh) card with the Visa from my C.U. For some reason I had to fax a signed transfer form to the C.U. I had to fax it rather than do this in person since my C.U. is a small office on the other side of the country.
So, I sent my fax, but some time went by and the transfer didn't happen, and I got a new bill from Discover. I re-faxed the form and called my C.U. and asked them what had happened. They transferred the new balance and credited my account with the amount of additional interests payments that had accrued. And I got a call from a VP to make sure I was satisfied with how they handled the situation.
Why on earth any of you people deal with banks is beyond my comprehension.
Think about it... banks earn a profit off your money. Credit Unions return those profits to their members. Even if they're not as profitable, the profits go to you, not somebody else.
Essentially credit unions don't look at fees as a "profit center" the way banks do. Because the fees are really just losses from the members. It avoids the moral hazard so obvious in the banking industry today.
I expect to be in this same credit union until I'm dead or forced to bank elsewhere should I leave the country or something.
