Why I Changed Banks and Joined A Credit Union

by anne on September 22, 2011

Change banksFor years I did my banking at the now defunct Washington Mutual. I loved the casual atmosphere when I went to my branch. Their website was easy to use and when I had a problem it was pretty easy to get it sorted out. When they were sold to JPMorgan Chase I felt sandbagged. I never liked their ads and felt they were probably more part of the problem leading to the mortgage crisis than not.

I determined to change banks. I wanted something that was locally owned on the theory they’d be more responsible.

I switched to a bank that said it was locally owned and it seemed like five minutes later they got sold to a big bank located who knows where.

That’s when I decided to join a credit union.

The thing I like best is that when I made my first deposit (I joined California Coast Credit Union) I became an owner. True, I don’t own much but I occasionally earn a small dividend, something no regular bank ever did for me.

I’m reassured that my credit union is insured almost the same way a bank is. In other words, depositing there is safe.

They have checking accounts, savings accounts and often really good interest rates on things like home and car loans.

I feel good owning even a tiny part of a financial institution, particuarly one that’s got strong ties to my community. I’m delighted not to be supporting the banksters that caused the current financial mess.

What would it take for you to leave bank behinds and join a credit union?

Anne Wayman


Attribution Some rights reserved by Ishmael Orendain

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Bill Swan September 23, 2011 at 12:16 am

I did the exact same thing a few months ago! Had a bank that closed the local branch. Moved to what I thought was a local bank based in a town 20 miles away. I found out later they became a subsidiary of another group which is in turn owned by RBS (Royal Bank of Scotland). I found IRFCU (Ingersoll-Rand Federal Credit Union). It’s a little single office started when the IR had a huge factory here. They’ve got everything the other banks here do so I’m not missing much.
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