Credit Unions
Topic: Credit Unions and Banks -- potpourri recommendations and opinions
Date: Thursday, May 1, 2014
Collated by: William J Martin
NOTES: The following is a summary of 38+ responses to a question about doing business with credit unions versus banks. Comments have been anonymized and grouped by credit union name. The e-mail message to potpourri which generated this responses is included at the bottom of this file. - wjm
Credit Unions in general, I guess:
I have been with them for 31 years -- very good.
AllCom Credit Union
1) I am a member of AllCom credit union on Park Ave (www.allcomcu.org) Formerly they were only open to telephone workers and families, but this restriction is no longer in place. They have an ATM at this location, and a few other non-fee options. I confess I only know of and use two of the ATMs -- there may be others around Worcester (the SUM network).
I have never had a bad experience with them. They even waived a bounced check fee when WPI was at fault for screwing up my direct deposit.
Nice, it looks like we might both get $25 if I refer you and you open an account, so please keep that in mind :)
Bank of America
My sentiments exactly when I came to this town. I have used CUs much of my life. So I signed up with Webster First. Bad mistake. I was treated just as I assumed a big cold bad bank would, including fishing for fees, and really nasty penalties for a minor mistake on my part, exactly where I expect the two types to differ.
So I went to really big Bank of America. Correct, ubiquitous, good website, inexpensive (no regular fees, though they recently mailed me information they will start charging fees on incoming wire transfers?), courteous service. Just fine. So they pay their manager more money you can fit in one room.
Having said that, they are in a pickle financially, so last year they started charging for sending printouts of my checks, and I expect to see some more charges creeping in. They implore you to go paperless but do not seem to mind if you refuse (the bank I shall trust enough for that has not yet been minted).
Capital One
1) Once you find a good primary bank/CU, I would strongly recommend Capital One online banking. They do not have any many branches, and none in MA, but you can use any ATM (including ATMs outside the US), without any fees (more specifically, they'll reimburse you for the fees, within a limit).
Central One Federal Credit Union
1) We've used Central One Federal Credit Union for over 25 years now and would highly recommend them. Their branch locations are in Shrewsbury, Auburn, Northboro & Westboro.
2) It's probably not in your area, but I like Central One. I used them for a car loan a while ago. Their current car loan rate is .99%.
Actually, I got killed by Santander with foreign transaction fees in Albania last fall. Central One charges 1%, so I think I'll go with that, unless I find one at 0%. Let me know what you come up with.
Citizen's Bank
1) I have had very good service from Citizen's Bank, and they seem to have locations that are convenient. They even have Sunday hours inside Stop and Shop.
Commerce Bank (See also #6 under DCU)
1) Have you tried Commerce Bank? I think the only fee we've paid in ten years with them is for wire transfers. Convenient to WPI, they don't charge ATM fees, long lobby & drive up teller hours, online banking.
2) While these are not credit unions as such, I have had consistently good experience with Commerce Bank and People's United Bank (formerly Flagship Bank) for many years. I have also heard good things about Leominster Credit Union, though no direct experience.
Digital Federal Credit Union (DCU)
1) I switched to DCU several years ago and have been very happy with them.
2) I use DCU and they partner with many credit unions, so using other ATMs are free. Very helpful when I travel out of Massachusetts. The only fee I've ever had to pay was when transferring funds to a different bank. It's free checking and savings. The app for iphone is very convenient and the staff are friendly when I go in person.
3) Digital Federal Credit Union (DCU) *LOVE LOVE LOVE* so helpful and friendly, hours are good and locations of banks and ATMs convenient for us (we live in Millbury)
4) Had the same experience with [a big bank] a couple of years ago ... switched to Digital Federal Credit Union (DCU) and they've been great! Highly recommended!
5) I joined the Digital Federal Credit Union (DCU) when it first opened many, many years ago. At the time it was only serving DEC employees. Given that DEC is no longer, it is now open to anyone.
I have never had a bad experience with them. Great loan rates, very friendly and helpful people in the offices and on the phone. There is a DCU office not too far from campus (131 Gold Star Blvd.) and they partner with several ATM networks. I believe I'm correct in saying that they eat the ATM fees (at least they used to).
I don't believe you would go wrong if you switched to DCU. I hope this helps.
6) DCU is good I've had them for about 5 yrs -- they reimburse a certain amount from atms that charge. They also have a list on their site of atms that never charge their card. Not sure where you live but there is one right next to Crown Bakery on Gold Star Blvd and one in Leominster on Rt 12. But most can be done online with them. I like them but I also have Commerce Bank and have had them for 40 years and they are great also. When my debit card was somehow used in California for gambling they were wonderful in helping me fill out the fraud paperwork, etc. and gave me back all my money.
I have Santander only for an auto loan but their website isn't the greatest and I would choose either DCU or Commerce over Santander for a bank I'd use all the time.
7) DCU has been great for me, and I find their employees friendly and helpful. They're part of the SUM system, so you can withdraw fee-free from any SUM ATM (such as at Webster Five Bank, and other credit unions), and they're also part of the Co-op Network, which has fee-free ATMs at 7/11 (and possibly other) convenience stores everywhere (even if it says it's a Citibank ATM, if it has the Co-op network symbol, it's free). In the almost 3 years that I've been banking with them, I have no complaints, and have not been hit with ridiculous fees. There's an office not far from here -- by Panera on Goldstar Blvd.
Good luck in your search!
8) I have been using DCU (Digital Federal Credit Union) since 2006 having
ditched BofA for the reasons identical to yours and can wholeheartedly
recommend them.
They have offices on Gold Star Blvd (2 minutes' drive from WPI), on Shrewsbury Street and in other places. No maintenance fees of any kind with any balance.
All credit unions have free joint ATM network so you can use any credit union ATM. The DCU will even reimburse you for charges incurred using out-of-network ATM (I think there is a limit of several times a year)
if you set up a direct deposit with them. Having said that I admit that I use cash only when I can not avoid it so in my case I simply drive by one of the DCU's offices in Worcester.
Give them a call and talk to one of their reps if you have any questions.
9) I have been a DCU member for 20 years, even before I moved to Worcester. Why I like them:
- Checking account and credit card are free.
- Electronic bill paying is free.
- They have two offices in Worcester, including the one on Gold Star Blvd. across from Home Depot.
- All ATMs in the "SUM" network are free, including the one in the Rubin Campus Center.
If you use a non-SUM ATM, DCU will rebate you the fee up to, I think, $5/month.
All in all, I have been very satisfied.
10) I have been a member of the DCU for 25 years. Back then it was only for Digital employees and membership was automatic. Now membership is open to the public. I don't know what is involved in becoming a member.
I have never been charged a fee for anything. The interest rates are not great, but I don't think they are worse than any other bank. My ATM card works everywhere (even worked in China) Some ATMs charge a transaction fee but it's not too hard to find free ones. The ATM in the campus center is free. I also refinanced my house last year at a very good rate and the process went smoothly. The tellers at any of the locations seem friendly to me. There are DCU branches on Gold Star Blvd and Shrewsbury St.
11) I love DCU. My car, and house are through them, we've had several CD's and some financial planning done with them as well.
They used to reimburse up to $5 in fees per month -- not sure if they still do since they tend to have more ATMs now.
12) I strongly recommend DCU (Digital Federal Credit Union) and there are a lot of positives. If you have your payroll direct deposited you'll have no checking fees for anything. If you don't use their ATM's you'll want to look for the SUM Network to eliminate ATM surcharge fees. Their branches are open Thursday & Friday till 7pm, and till 3pm Saturdays. I've had my accounts there for 20+ years and have always been very happy. They've got very good loan rates too.
I'm sure you'll get many recommendations for DCU.
13) Digital Federal Credit Union (DCU) -- No fees!! with direct deposit ATM -- SUM Network (Many ATMs belong to this network) -- No fees!! I have been with them for 12+ years
14) I have been a member of DCU since I moved to Massachusetts and DCU was still the credit union for employees of Digital Equipment Corporation. That was back in 1981. That's basically 33 years. And I would not move away from them for any reason! When they say they are free, they really mean it. I do all of my banking needs with them, including home mortgage, car loans, checking, everything. They are great.
Dutch Point Credit Union
1) I have only had good experience with Credit Unions. While working for United Technologies/Pratt & Whitney in the 1970's; I was a member of the East Hartford Aircraft Federal Credit Union. When I started with Northeast Utilities in 1981, I joined the Dutch Point Credit Union and am still a member. No errors, low fees, and friendly service at both institutions.
Like you and your wife, my wife and I were disappointed with a commercial bank, Citizens. Not just the fees but the errors -- like confusing our accounts with ones my in-laws have on 2 occasions in 2 years. These errors and 2 others were 100% due to lack of attention to detail by their tellers. We've since closed the Citizens account. We did open two near our home on the Cape. We're happy so far with both Cape Cod 5 and Cape Co-operative Bank.
Leominister Federal Credit Union (LCU)
1) My husband and I have all our business and personal accounts at Leominster Credit Union. No fees at all! I love them!
2) My brother-in-law is a member of Leominister Federal Credit Union (LCU) and they are pretty good to him as well.
Only one caveat: If you do lots of international traveling, or receive funds from international sources, credit unions can be a pain to work with. For instance, they don't have IBAN numbers, which means some European and other international financial institutions cannot transfer money to them.
Otherwise, credit unions are not a**holes like regular banks. :-)
3) I'm very happy with Leominster Credit Union, which has been my bank for about 15 years. When I used to need documents signed, etc. it was easy because my branch was open at 7:30 a.m. Not sure about the fee structure for other ATMs, because I usually just get cash back at the supermarket where I use my debit card. Staff always nice, which means a lot to me.
4) My husband and I swear by Leominster Credit Union!
Middlesex Savings Bank
1) I use Middlesex Savings Bank, and they don't charge me fees to use ATMs overseas and also don't do so for many smaller local bank's ATMs. Unfortunately I don't think they have any branches in the immediate Worcester area. I live in Acton, and many towns in the MetroWest area have Middlesex Savings Bank branches. Another bank that is good is Enterprise Bank, but that bank also doesn't have branches in the Worcester area. Anyway, I throw this out in case it is useful.
Millbury Credit Union and Millbury Savings Bank
1) I am not sure of your location, but Millbury Credit Union and Millbury Savings Bank are great. MCU has branches spreading in Northbridge and Uxbridge. MSB has a Worcester branch as well as the Millbury one.
2) I like Millbury Credit Union. I've been a customer for years and never had problems with fees. MCU have several branch offices in surrounding towns.
Santander Bank
1) Santander's locations are convenient for me, as there's a branch in Spencer (I live in Oakham), in addition to the ones in Worcester. But like you, I'm sick and tired of all those fees. With direct deposit, if you want cash you have to go to an ATM, and they just drain you at $6 every time. And that $2 for a balance check, which is ridiculous. I actually drive by the bank in Tatnuck on the way home, but it's often late and I don't like to stop at an ATM after dark. So I use the one on campus for safety reasons -- and get the fees. Can't win.
I've gotten recommendations for a few credit unions, which I'll send you. The problem for me with them is, since they usually are small, local banks, most of them are in locations that are very inconvenient and/or out of the way for me, making it hard for me to get to them. I may end up having to choose between the fees and location.
Shrewsbury Federal Credit Union
1) Shrewsbury Federal Credit Union is wonderful. They only have one location though. If you live in Shrewsbury, it would be worth looking into.
Southbridge Savings Bank
1) I have been using Southbridge Savings Bank for years and I am delighted with them. They have branches in Worcester (Gold Star Boulevard), Charlton, Oxford, Auburn and, of course, Southbridge. They offer a program called "Kassassa checking/savings" (strange name) under which they will reimburse you for any and all ATM fees imposed by a bank that is not in their network. It works! I used it when I was in DC and they paid me back for all the "foreign" ATM fees.
St. Mary's Credit Union
1) Lol -- I am a Santander myself and certainly understand.? Three months ago I joined St. Mary's Credit Union and I'm extremely impressed with their services.
TD Bank
1) I'm definitely interested in the responses you get--I'm with Santander, too. I've only stayed with them this long because I have a friend who works at one of the branches and on occasion it's been not only convenient but useful to have someone `inside' (like when my debit card info was stolen last year). But *those fees* and no interest on an interest-bearing account (grandfathered account, don't dare rock the boat and complain) -- and I'm just about fed up and ready to jump ship.
They're not a credit union so you may not get anything on them, but I'm also thinking about TD Bank, since my car loan is with them already. There are branches right in Worcester, and the campus ATM is theirs. I haven't really done any research, though, so I don't know what their ATM `network' is. I do know they're regularly open until 6:00, though, which is extremely convenient when you have to do something in person. Maybe I'll put out my own inquiry on them, and see what comes out. I'd still like to know about the credit unions, though.
2) I'm getting good and bad reports on TD Bank, so I don't know if they're any better.
United Bank and Bay State Savings Bank
1) I have had great experience with two credit unions. I do my banking through United Bank, which I LOVE. There are no fees, literally none. Very personalized service and a very `mom and pop' culture there.
Also, I have my mortgage through Bay State Savings Bank. I had a great experience there too.
Webster First Federal Credit Union
1) I have Webster First Federal Credit Union and I absolutely love them! I can't give you any specifics but service is wonderful!
2) I use Webster First Federal Credit Union, they have branches in several locations and are very good.
3) Webster First Federal Credit Union has my highest recommendation in all the points you mentions. Fees are low, lending rates are low, the staff is always nice.
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From martin@WPI.EDU Tue Apr 29 10:05:11 2014 Date: Tue, 29 Apr 2014 10:04:56 -0400 From: William J Martin <martin@WPI.EDU> To: potpourri@WPI.EDU Subject: Potpourri - credit union recommendations?
Dear Potpourri,
After one too many "service fees" from Santander, my wife and I are looking
into credit unions. Please write back with recommendations.
Our concerns are:
- helpfulness, friendliness, office accessibilty
- ATM availability (I guess that means fee structure for using other ATMs, since these cc's are small)
- fee structure
If you have any concrete experience with a credit union -- good or bad -- that you wish to share, please respond directly to me -- and I will compile the responses for those interested.
Thank you! Bill Martin
