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News & ArtsFriday, August 19, 2011
Money Questionland Agrees on the Best Credit Union in Seattle
Posted by Paul Constant on Fri, Aug 19, 2011 at 12:29 PM
If you're tired of funding white guys who mutter promises of financial support to moral monsters, you should think about joining a credit union. Last week, I had a problem with my financial institution—maybe this is a story I'll tell you sometime, when the bastards are not still holding all my money—that inspired me to look for a new place to bank with. So I asked Questionland: What's the best credit union in Seattle?
The responses so far have been absolutely great. Seattle really loves their credit unions! And while several institutions have been named, the overwhelming favorite right now is BECU. Christina L says this:
July 1 we noticed mortgage rates had dropped enough to make refinancing look good. We apply for a 15-year mortgage, get approved in forty minutes. Four days later BECU introduces a new loan product: a fee-free twelve-year mortgage. We are slapping our heads denigrating ourselves for our bad timing. I call BECU and they switch us to the twelve-year, saving us $6700 in refinance fees and $8700 in interest, lickety-split. I liked BECU a lot before we moved our mortgage to it, but I love it now.
And Sacrelicious says this:
BECU. I've been with them for 15 years and love it. They're super-helpful in person AND on the phone, the rates are great, and I can do all my financial work (checking, savings, Visa, Roth IRA's) on one webpage. The only fee I've ever had was for one late credit card payment ($25). That's all.
I didn't expect the response to be as passionate—about a credit union?—or as overwhelming. If you're thinking about the place where you keep your cash, (and these days, everyone should be thinking about the place where they keep their cash) I suggest you go read the whole thread.
1
SO happy to see all the BECU love! I recently switched from BofA myself and when I explained to a couple of different BofA tellers (at different times) who asked why I was closing my accounts that it was because I hate the terrible business practices of the evil corporation that they work for so I was switching to BECU, BOTH responded that they also bank with BECU. How awesome is that? They'll let BofA write them a check, but they won't trust them to hold onto the money for them. Priceless.
2
They're awesome. When I was young I got a great job and BECU kindly offered me a credit card with an extremely accommodating limit. Once it arrived in my mailbox I quit my job and spent the summer supporting all my favorite taverns, bars, boites and boutiques. Once I came to my senses they were firm but very kind about repayment terms. Lovely people.
4
Shout out to School Employees CU of Washington. They got me out from under a usurious BofA credit card, have never let me overdraw my account with my debit card, and have given us fair loans on cheap-ass cars. They call when they suspect that the charge from Iceland for $2,000 doesn't seem kosher, they charge fair fees, and I fucking love them.
5
I switched to BECU over a year ago because I was so sick of Chase nickel and diming me every time I turned around. So happy to have my money out of a for-profit bank. If you are really sick of banks getting off from the mortgage scandal, you should take your money out of those banks and put it in a credit union.
7
Also gotta give some love to Salal Credit Union (formerly Group Health Credit Union). I, too, washed up on their shores as a BoA refugee - bruised and battered, I opened a couple of accounts at Salal, and have never looked back!
I entered under a promotion whereby they gave me $100 for having direct deposit (that promotion is still going on, btw), and a couple of refer-a-friend promotions, each worth another $25 - so a few weeks after I started w/Salal, I had an extra $150 to my name! Add that to the fact that they haven't let me overdraw on my debit purchases and my money is accessible a full 24 hours before that of my co-workers who don't bank w/Salal - I'm one happy credit unioner!!
I entered under a promotion whereby they gave me $100 for having direct deposit (that promotion is still going on, btw), and a couple of refer-a-friend promotions, each worth another $25 - so a few weeks after I started w/Salal, I had an extra $150 to my name! Add that to the fact that they haven't let me overdraw on my debit purchases and my money is accessible a full 24 hours before that of my co-workers who don't bank w/Salal - I'm one happy credit unioner!!
8
They are nice to you at BECU. I do not wish death on everyone inside the branch, as I do everytime I have to enter the Roosevelt and 67th BofA.
9
When all the credit card regulations went through BofA and Citi dicked around with my rates. Citi jacked it up 10%. $%&#. That. And BofA's computer system is from the 70's and doesn't speak to the rest of the country's branches. Nope, we're done here. We finally had enough so we switched to WSECU. Quick and easy to set up (if you're a WA state employee or family of one). Seems pretty good so far.
10
Watermark is good too!
I can't believe there are still suckers out there who payout their hard earned money in fees to dirtbags like Skank of America and Chase.
I can't believe there are still suckers out there who payout their hard earned money in fees to dirtbags like Skank of America and Chase.
11
WSECU also has safe deposit boxes, if the availability of those has been chaining would-be credit union converts, it needn't.
At BECU I overheard one man explain that his third terms and conditions agreement change notificationi within a year from Chase propelled him to drop by the credit union to open an account.
My challenge this year will be to get our school PTSA treasurer to switch the PTSA accounts from Bank of America to a credit union within two miles of the school.
At BECU I overheard one man explain that his third terms and conditions agreement change notificationi within a year from Chase propelled him to drop by the credit union to open an account.
My challenge this year will be to get our school PTSA treasurer to switch the PTSA accounts from Bank of America to a credit union within two miles of the school.
13
@9: I know! I moved to Seattle from NYC and had BoA at the time. Everything was such a hassle because the computers could not "talk to each other" from different regions. I thought, "Wait, doesn't that pretty much nullify the only possible advantage of using a big bank?!" I am now happily with a credit union as well. I can go into a completely different credit union in the middle of Texas if I want and have a more seamless transaction than with BoA between Oregon and Washington.
15
I left Chase when they jacked up my credit card from 10% to 15% for no reason, and then told me I didn't have to pay my bill until after it took effect. YAY!
Since switching, BECU notified me that because I pay my credit card on time every month, they would drop my interest from 10% to 8.9%... show me when a bank has ever done THAT.
Since switching, BECU notified me that because I pay my credit card on time every month, they would drop my interest from 10% to 8.9%... show me when a bank has ever done THAT.
16
Can you deposit a check with your smart phone and do you get money back from using your VISA?
No?
Chase wins!
17
As more and more people get fed up and start moving their money to credit unions, banks in turn start making up new fees and jacking up existing ones, which in turn drives away more people... its a banking death spiral that's really fun to watch.
We just be vigilant about new financial laws, because you can be damn sure the banking lobby will try everything in their power to cripple credit unions before their final death rattle.
We just be vigilant about new financial laws, because you can be damn sure the banking lobby will try everything in their power to cripple credit unions before their final death rattle.
18
I love Seattle Metropolitan Credit Union. I can manage my accounts, car loan and credit card from their website and use any in-network credit union ATM (including BECU, Salal, etc). The car loan I have with them was my first, and they made the whole process a total breeze. When I have accidentally overdrawn my checking account, they transferred money from my savings to cover it and only charged $5. I think just about any credit union is better than the big banks. My friend belongs to Verity. She tells me they refund their customers all ATM fees they've paid at non-network ATMs every month. Try getting that at a bank!
19
I've pretty much always used Wells Fargo... they seem slightly less evil than BofA and I must admit, I'm charmed by their historic roots. Aw, stagecoach! But y'all make an excellent case for BECU. I just might switch!
20
@19, Wells Fargo will start testing (in a few states, including Washington) a $3 monthly fee for debit card use. One source.
21
@16 Enjoy those Chase debit card limit restrictions! They are coming:
http://money.cnn.com/2011/03/10/pf/debit…
By the way, you can actually deposit a scanned check online with BECU but I don't think they have an app for it yet.
You also get interest on your checking account so I'll take that as a substitute for the cash back...especially since the "cash back" from Chase is generated by the fees they charge that BECU doesn't.
I suppose you could always switch to banking with BECU and keep your Chase Visa if you think they are superior for credit. Just a thought...
http://money.cnn.com/2011/03/10/pf/debit…
By the way, you can actually deposit a scanned check online with BECU but I don't think they have an app for it yet.
You also get interest on your checking account so I'll take that as a substitute for the cash back...especially since the "cash back" from Chase is generated by the fees they charge that BECU doesn't.
I suppose you could always switch to banking with BECU and keep your Chase Visa if you think they are superior for credit. Just a thought...
22
Hey morons, don't want to get fees/interest/charges? Spend less than you earn. Banks love you then.
Mind you, if it wasn't for you fuckups living beyond your means, my bank/credit card wouldn't be giving me 4 free flights a year from my points. So on second thoughts.....
Mind you, if it wasn't for you fuckups living beyond your means, my bank/credit card wouldn't be giving me 4 free flights a year from my points. So on second thoughts.....
23
With Seattle Metro I can use the full service atms in 7-11s all over the place, and also the BECU ATMs. The BECU ones are really slick at accepting deposit checks. Many other credit unions are part of this free network too.
I don't know why 98% of the population still uses banks. Inertia I guess.
I don't know why 98% of the population still uses banks. Inertia I guess.
24
WASHINGTON -- A Bank of America executive offered more than just encouragement to Texas Gov. Rick Perry in a CSPAN clip uncovered by blog ZeroHedge. He offers "help."
After speaking at a Politics and Eggs breakfast in Bedford, N.H., on Wednesday, Perry was approached by a man who then introduced himself to the governor and said: "Bank of America -- we will help you out."
Another good reason to go to a credit union
After speaking at a Politics and Eggs breakfast in Bedford, N.H., on Wednesday, Perry was approached by a man who then introduced himself to the governor and said: "Bank of America -- we will help you out."
Another good reason to go to a credit union
25
@22 has a point. I keep getting more freebees from Chase, due to the business I give them. I recently had to call them since I hadn't seen the bill for my safe box. When it was WaMu they would always screw up the billing. Turns out no bill now, it's free from Chase.
26
Wells Fargo is about to add a $3 monthly fee for having a debit card to all accounts opened in Washington.
Goodbye, Wells Fargo.
Goodbye, Wells Fargo.
27
BECU actually pays me to bank with them....interest on my checking account-no fees whatsoever...LOL
29
Any thoughts on the best CU in Portland? Anyone?
I need to switch out of one of the evil banks and I've been taking recommendations. I've heard OnPoint has a pretty solid reputation, but that's about all I've heard.
I need to switch out of one of the evil banks and I've been taking recommendations. I've heard OnPoint has a pretty solid reputation, but that's about all I've heard.
30
@25: 22's a troll, he's not really here to contribute. (Somewhat ironic in this case, as I think his purported issue is freeloading or some shit. Anyway, don't feed 'em; it's bad for everyone.)
That being said, you are right about this: Chase does do some things right, and should be recognized for them. Nonetheless, I'm probably not going to bank with anyone that took the bailout money from now on, just as kind of a general rule. As a consumer, I don't have to, so why should I? Other banks seem to treat their clients and borrowers more reasonably anyway.
One quick point of caution: Chase also has been known to rip people off on fraudulent overdrafts -- when a debit card is stolen and then charged by the criminal into overdraft, they'll reimburse the fraudulent charges (as most banks will) but not necessarily all of the "financing" fees associated with the fraud. This happened to a friend of mine after his card was stolen and charged for like $40,000 into overdraft. (How Chase even let someone run $40,000 on a card in three cities over a single day is still beyond me.)
He ultimately had to sue the bank to resolve the issue. I don't know the terms of the eventual settlement, it was all gag-ordered up and everything. Policy and such probably has changed since then, I kind of remember hearing that a lot of banks were suspending overdraft charges.
That being said, you are right about this: Chase does do some things right, and should be recognized for them. Nonetheless, I'm probably not going to bank with anyone that took the bailout money from now on, just as kind of a general rule. As a consumer, I don't have to, so why should I? Other banks seem to treat their clients and borrowers more reasonably anyway.
One quick point of caution: Chase also has been known to rip people off on fraudulent overdrafts -- when a debit card is stolen and then charged by the criminal into overdraft, they'll reimburse the fraudulent charges (as most banks will) but not necessarily all of the "financing" fees associated with the fraud. This happened to a friend of mine after his card was stolen and charged for like $40,000 into overdraft. (How Chase even let someone run $40,000 on a card in three cities over a single day is still beyond me.)
He ultimately had to sue the bank to resolve the issue. I don't know the terms of the eventual settlement, it was all gag-ordered up and everything. Policy and such probably has changed since then, I kind of remember hearing that a lot of banks were suspending overdraft charges.
31
@30 I'm really no fan of Chase. Several years ago they chased me away to BofA. But they were the lesser of all evils the last time I went bank shopping. Wells Fargo has a long history of nickel and diming, Wachovia seemed like they were the sleazy FirstUnion (and they ended up Wells Fargo), Citibank I never liked when I had a credit card with them. The credit union at work is less than competent. That said, Chase has been surprising me in a positive way, so far.
32
They do seem to be a little clueless about what to do when you've had fraudulent activity on your account, at least at the center in Broadway Market. Plus I had to go in to have them cancel the account and reopen a new one, versus doing it over the phone like BOA did. Just sayin'. Though I am still very glad I switched.
33
Secret bank handouts. While you and everyone else was struggling to pay bills over the past three years, bankers have been getting secret handouts from the govenrment to give obtuse bonuses to their Wall Street minions. http://www.rawstory.com/rs/2011/08/22/fe…
35
I'm kicking my Wells Fargo accounts to the curb, too. I totally oppose the $3.00 charge for using the debit card. Going with BECU, but will miss the alerts when I use my debit card. A small sacrifice.
36
Completely opposite experience as everyone else.
Would not jrecommend. I found to be quite cold and uncaring.and very misleading.
Would not jrecommend. I found to be quite cold and uncaring.and very misleading.
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