When Denny and I got married he wanted to switch to a credit union. Years later I learned firsthand why a credit union is a better option that a bank. Continue to read to learn why and how we transitioned from Wells Fargo to a local credit union.

 

What Led Us to Taking Most of Our Money out of Wells Fargo

After I graduated school I started noticing that Wells Fargo had been making mistakes. The tellers would tell me one thing and then I would learn differently with my account: aka monthly fees. The poor customer service continued. Before Denny and I left for China we went to a banker for advice on setting our accounts up to not receive any monthly service fees. We had told the banker we wanted to close some extra accounts and they advised it would be better to keep them open since those accounts had longer memberships. I noticed half-way with our living in China that those extra accounts were getting monthly service fees when they promised that wouldn’t happen. I thought I could deal with it when we returned to the states. Sadly I was wrong. Wells Fargo has a 3 month policy for fixing their mistakes. After spending a month on talking to Wells Fargo Bankers and their customer service the situation concluded with them not refunding most of our money.

The second biggest offense that was our last straw was with the Wells Fargo’s loan bankers feeding us false information. About a month ago our car broke down in the middle of Kansas on our road trip from Illinois to Arizona. When we were considering buying a car in Denver the banker informed us when we got to Arizona we could get a loan even after paying the owner cash for the car. This information was false. We now only have a checking account with Wells Fargo that is FREE because we have our mortgage loan with them. This expensive lesson taught us to take the rest of our money to a local credit union.

 

3 Reasons Why a Credit Union is better than a Bank

[Note: The requirements I discuss below are affiliated to the credit union we joined. Credit unions differ.]

1) They are equivalent to small town banks. They care about the community because they are member owned. Credit unions are non-profit, many of them are a co-op, so they aren’t about the profit like BIG banks with CEO’s off in New York disconnected from the community. The credit union we are at now the board members are all volunteers. Credit unions understand the clientele; the members are part of the community: teachers, doctors and professionals.

2) They don’t have ridiculous bank fees; they have low to no minimum balance requirements. You don’t need to have any packages or many requirements. At our union the only requirement is to have $5 in our savings account.

3) They have better customer service and are completely safe. I know that it’s some peoples concerns about their websites being too basic but I don’t care. It’s not like I am hanging out there for hours. Their website gets the job done and I can still have bill pay. I rather be a customer with an honest business. The best part, they have a public restroom!!! Wells Fargo doesn’t and they are much needed sometimes between long errand runs. Stay hydrated=)

This woman helped us open our account. I love her attire. A credit union has a more down-to-earth atmosphere. 

These are their goals, to be: determined, vibrant, transparent, nurturing, humble, authentic, inspiring, and generous. 

We can use our credit union anywhere they show this sign.  

 

If you are looking for a credit union in your area ask friends which one they use. The credit unions differ so educate yourself on which one is the best one for you.

What has your experience been at a BIG bank? Do you think a credit union is right for you? Why or why not? 

 

10,000 Smiles

I am 11 months in to my 10,000 Smiles Project. Including this post I have 8,500 smiles published online! I only have 1,500 more to go. I thought I would do something special to commemorate this awesome accomplishment. In the midst of the collages below are 5 smiling quotes. Feel free to pin or share the pictures on Pinterest or Facebook. Let’s share the happiness. Have a fabulous day smiling at those around you.

10,000 Smiles is a photography project that I am doing for the year 2013. Read more about why I am doing this project. You can vote for the picture that makes you smile by listing the number of the picture in the comment box at the end of the post.

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