metrognome
with few exceptions, I have used credit unions since I was a kid. I would rather invest my money in a co-op than in a for-profit bank. Same reason my insurance is through PEMCO and I shop at PCC or at least a local store when I can.
Many CU’s are offering a bonus for new members or current members who refer a new member (unrelated to BofA’s self-inflicted stupidity). For the typical person, their range of services and accessibility by ATM, phone, computer and shared branches are very competitive with banks; you have pretty easy access to your account in this country. Not sure about traveling outside the US.
One thing to note … ‘your [CU] savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government’ via the Nat’l CU Administration, a U.S. Gov’t Agency, rather than the FDIC.
Also, it used to be one had to be a member of the CU’s target group, i.e. be a Boeing employee or relative, to join. The law was changed a few years ago so that ‘open charter’ membership is now open to almost anyone. As a result, many CU’s are changing their names. Boeing Employees CU is now BECU, Group Health is now Salal, King County is now Prevail; many still retain their core customer source.
Interestingly, Salal CU defines those who are eligible as: “everyone who lives, works or worships in Washington State is eligible to become a member.” I guess I worship dark chocolate, so I can be a member