I chose a credit union over a big bank last year for my business account

Everyone told me I was crazy to ditch Chase for a local credit union. My old bank had flashy apps and 24/7 phone support, but they hit me with a $35 monthly fee for the account and a $12 wire transfer cost. The credit union has no monthly fees at all and wires are $5 each month to date. Only catch is their mobile app looks like it's from 2010 and I can't deposit checks after 4pm. Still saved around $400 in fees over 12 months though. Has anyone else made the switch and found a credit union that actually updates their tech?

2 comments

2 Comments

daniel85728d ago

My buddy runs a food truck and he went with a credit union too, said the same thing about the app being stuck in the Stone Age. He ended up keeping the credit union for the loan rates but opened a free checking account at a different online bank just for depositing checks and moving money fast. It's a pain juggling two accounts but he said the savings are worth the hassle. What's the weirdest fee you found at the big bank that you didn't notice at first?

martin.paige28d ago

Nah, I'm actually going to push back on this one. I think juggling two accounts is way more trouble than it's worth. You're basically doubling your mental load for what, maybe saving $5 a month in fees? Big banks move money instantly, support Apple Pay, have 24/7 customer service, and let you deposit checks with your camera. That convenience is WORTH something. Plus, if you ever need a cashier's check or a bank check right away for something like a car down payment, good luck getting that from an online bank in the same day. The whole "fee" thing is overblown if you just keep a minimum balance or set up direct deposit. Most of those weird fees are easy to avoid if you actually read the fine print.