Quote:
Originally Posted by InCoGnEtO
can someone tell me why people still use Credit Unions? Email Transfers are reason enough to change to a real bank.
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Being a Credit Union guy I kind of take offense to this.
If you operate a farm or a business I think the fee schedule alone is a huge reason to deal with a Credit Union over a "real bank".
That does not too mention the speed of getting credit decisions for commercial clients. Our turn around is generally 3 days (unless the request is urgent) and the decision making is done locally versus several big banks where credit decisions are done in TO.
We also get a bit more flexibility in our credit adjudication. Even for personal borrowing I have dealt with several people who do not fit the big banks program and they have thanked me for thinking outside the box to get a deal done stating the big banks have simply turned them away with no reasons given.
Credit Unions in Alberta also offer a 100% guarantee on deposits (and accrued interest) with no dollar limits. I forget, do the banks offer this?
Yes, I will acknowledge that Credit Unions have been a bit slower at adopting e-mail transfers, but several have adopted the technology and more will continue to adopt it. However, even in light of this, there are several people that do utilize a Credit Union for the reasons I have stated, which doesn't acknowledge the important role Credit Unions play in smaller communities where the banks have pulled out.