Switched to a local credit union after 20 years with a big bank

Last month my bank charged me a $35 overdraft fee on a $2 coffee purchase. I called them to ask about it and got a recorded message with no real help. That same week a neighbor told me about her credit union in our town and how they refunded a similar fee on the spot. I moved my checking account over last Tuesday and the teller actually remembered my name on the third visit. Now I get free checks and 1.5% interest on my savings instead of the 0.01% I had before. Has anyone else made the switch from a big bank to a smaller institution? How did it work out for you?

3 comments

3 Comments

emerym3619h ago

That $35 coffee fee is brutal and I know exactly how that feels. When I switched over, I made sure to ask about their overdraft protection options and how they handle small transactions... most credit unions will let you link a savings account for free or just decline the charge if you're short. One thing that got me was the mobile check deposit limit - my credit union caps it at $2,000 per day which is fine for me but might be an issue if you get paid with larger checks. Also, double check if they reimburse ATM fees from other banks or if they have a network you can use without charges.

the_anthony22h ago

Man that $35 coffee fee is exactly what pushed me over the edge too. Big bank charged me $32 for a $4 sandwich last spring and when I called they literally told me "the system is automated." Moved everything to a small local bank that has like three branches and the manager personally called me to say welcome. They waived my first year of account fees without me even asking. My savings rate jumped from basically nothing to 1.8% and I actually get a live person when I call. Best part is they don't charge me for using other ATMs so I never worry about finding my bank's machine.

emmaclark20h ago

Gotta disagree with you there. Small banks are great until you actually need something beyond basic checking, like a real business loan or travel perks. My credit union's online system crashes during the first snow of the year. Sometimes you pay for convenience and stability with the big guys.