credit union getting greedy

[buckeyefarmer]

My cu just announced an end to free overdraft protection, and increase to the interest. I called to ask why but couldn't get an answer, other that its not as much as other banks. I reminded them they exist because of their members, they are not a bank. Their loan rates are no longer competitive. I've been with them 30 yrs but am looking at another cu. the soap box is now available for someone else.

[300UGUY]

My cu just announced an end to free overdraft protection, and increase to the interest. I called to ask why but couldn't get an answer, other that its not as much as other banks. I reminded them they exist because of their members, they are not a bank. Their loan rates are no longer competitive. I've been with them 30 yrs but am looking at another cu. the soap box is now available for someone else.

I am thinking of going to a cu. Our local bank has charges on everything, and the interest paid is non existent. As far as loans, I bought some property last year, they were 1% higher on a mortgage, and the fees were higher also. I didn't do biz with them... I don't know why anybody would. All the small banks around here are the same, high costs and no return. I really think that small banks are going to go the way of small retail stores, because that is what they really are. They sell money, and the simply are never going to be competitive.

[kenmac]

If you don't have the money in the account don't spend it. Problem sloved

[Tomtint]

I have said it before on a previous thread.... Banks are starving, they need to create ways to generate new revenue " fees" to cover the losses they are seeing because they can not lend money on housing. Mortgage and auto loans are a banks cash cow. No mortgages,.... they will find a way another way to get in your pocket. some smaller banks and CU have been playing on the push back from the big banks, picking up depositors and market share by offering low/no fees. Problem is that is is a strategic bait and switch.

[Bird]

Everything is changing. I've been a member of the same credit union for more than 48 years. Back when I started, it was basically a "savings and loan" outfit. It paid more interest on savings accounts than most banks, and charged less interest on loans. Then they started checking accounts as well; later moved into a big new facility that included safety deposit boxes, etc. and basically became a full service bank, including credit cards and all that stuff. Long ago, I financed cars, RVs, and in 1977, even a new house, with the credit union.

And in the early 70's, I even financed RVs without even going to the office; just took care of it on the telephone.

But all that changed. I do still have free checking, with even a tiny bit of interest, but they now pay very low interest and they charge so much on loans, that I can easily beat the deals offer. When I wanted a home mortgage, I got a better interest rate and faster, easier service by going elsewhere.

But since i've never had any interest in, or concern for, overdraft protection, I had to go to their website just now to see if they still offer it, and they do, but there's a fee if you ever use it. And of course that's no surprise.

[sam5570]

Everything is changing. I've been a member of the same credit union for more than 48 years. Back when I started, it was basically a "savings and loan" outfit. It paid more interest on savings accounts than most banks, and charged less interest on loans. Then they started checking accounts as well; later moved into a big new facility that included safety deposit boxes, etc. and basically became a full service bank, including credit cards and all that stuff. Long ago, I financed cars, RVs, and in 1977, even a new house, with the credit union.

And in the early 70's, I even financed RVs without even going to the office; just took care of it on the telephone.

But all that changed. I do still have free checking, with even a tiny bit of interest, but they now pay very low interest and they charge so much on loans, that I can easily beat the deals offer. When I wanted a home mortgage, I got a better interest rate and faster, easier service by going elsewhere.

But since i've never had any interest in, or concern for, overdraft protection, I had to go to their website just now to see if they still offer it, and they do, but there's a fee if you ever use it. And of course that's no surprise.

Bird in today's world the time you have been with one bank or cu really count's aganist you. i delt with one bank for year's when i was in business i would go to sales and buy equipment and call the bank on monday tell the guy to put x amount of dollars in my acount no problem my wife would even go by and sign the paper because she was already in town. the guy i delt with retired and i called the bank one day and guy told me i would need to come in fill out a credit app and we could go from there. i left that bank but the thing thst bother's me is for years they been charging people anywhere from 14 to 21 percent intrest on loans and right now ther paying less than one percent on saving's that's just wrong.

[Stimw]

The stupid CU that I belong to-
I applied for a VISA card 10 years ago. I had over $20,000. in CD's with them. (perfect credit) They turned me down!
I closed out some CD's a year and a half ago when buying a new Manufactured Home. They charged me $5. for a Casheers Check!!
I went in to deposit $1000. last week. I had not had any transactions since removing the CD's. I had to show my ID TO MAKE A DEPOSIT!! And fill out a form TO MAKE A DEPOSIT!
HOW DO THESE D#$%& CROOKS GET AWAY WITH ALL THAT FRAUD!!!!
All the fees are paying for the new buildings. They have lost touch with their roots.

[zzvyb6]

Sounds like you are using the c.u. to provide free bridge loans. I'd object, too. I keep a surplus in my account. Why are you using my money to make up for your carelessness ? Try spending less than you take in and you won't have anything more to complain about.

[etcallhome]

Like others have stated ours has started to charge for different services ,compared to years ago. Been member for 39 yrs. I did find out long ago banks and most auto loans charge you interest for the length of the loan on total amount borrowed. CU only charge interest on the balance of the loan . So even if the CU interest rate was a little higher at the end of the loan you would still end up paying less.

[kenmac]

I get no fees. I find what I need and pay with something almost unheard of these days. CASH ! If I don't have the CASH. I don't buy it.If you'er paying over draft fees, you don't have the money to buy.I sure wouldn't rant about someone charging me a fee If I bought something and didn't have the money in the bank to cover it and, the lending institution charged me a fee to cover my bad check,debt card withdrawal,etc., Maybe they should just do away with that protection and just let the check bounce