Credit Unions

[DarinSchmidt]

I heard the other day that this week was "Switch over to your local Credit Union" week. Has anyone done this? I am a member of WPCU and I couldnt be happier.

I also found this, which I'll be switching over to here shortly. https://www.americafirst.com/personal/checking-savings/health-savings-account/personal-hsa.cfm

I'm waiting to hear back from WPCU to see if they offer anything like it.

[micki]

I'm kind of out of the loop with a lot of this.  What is the benefit to switch from a bank to credit union?  As far as the HSA, there are pros and cons...

[DarinSchmidt]

The benefit of going with a Credit Union is that it helps localy and usually that also means better rates on any loans that you may want to take out and better rates on savings accounts and such. I'm sure there are other +'s, but those were the ones i cared about the most.

From what i read about that HSA account, the money rolls over and anything above your deductable is 100% covered.

[slandis3]

Not a fan of credit unions, will just stick with good old trusty chase bank.

[micki]

Mike we use Chase also that's why I'm wondering what the difference would be.  Why are you not a fan of the credit unions?

[DarinSchmidt]

Not a fan of credit unions, will just stick with good old trusty chase bank.

Trusty chase bank??? Federal Banks dont do much for the individual or the community around you.

Why arent you a fan of Credit Unions?

I had an account with Chase, huge dissapointment. Rates all blew compared to my account with USBank, WPCU has even better rates than USBank. The local Credit union in sidney kind of sucks, but sidney isnt as "rich" of a town/city as Dayton. Figured the credit unions around troy-Huber would do really well.

[micki]

In this economy, I guess I'm just afraid to "change" anything right now.  If it aint broke don't fix it kind of thing.  My son usues WPCU but that's just because he has a loan through them.  The biggest thing I don't like about WPCU is you have to go to Troy to do any in house kind of banking. 

[micki]

My son's company uses HSA and he hates it.  He claims he's somehow getting ripped off but I'm not exactly sure why he feels that way.  He said the same thing last year when they had the "traditional" insurance LOL

[DarinSchmidt]

In this economy, I guess I'm just afraid to "change" anything right now.  If it aint broke don't fix it kind of thing.  My son usues WPCU but that's just because he has a loan through them.  The biggest thing I don't like about WPCU is you have to go to Troy to do any in house kind of banking. 

Thats not true, you can go to any credit union in any city to do any banking.  Or at least most, they are usually on the same network and work together to survive against the fed banks. Does chase give you 7% int on the first $500 in your savings account?

[slandis3]

Just don't like them, on top of the fact they were 2% higher on a refinance loan than Chase.

[Sunny]

We have been with a WPCU for a long time.  Very happy with them.  Loan rates were a lot cheaper.   Bill's work offered the HSA.  From my understanding, it is more for people who are on the healthier side and don't have kids. 

[micki]

Bill's work offered the HSA.  From my understanding, it is more for people who are on the healthier side and don't have kids. 

My son's family is healthy but they have 2 kids.  The kids rarely go to the Dr. other than Well Child check.  He seems to think he is paying more with the HSA, (his company didn't give them a choice).  I'm not sure he fully understands how it works but he is pretty bull headed and of course isn't going to listen to his Mother!  LOL

[DarinSchmidt]

Just don't like them, on top of the fact they were 2% higher on a refinance loan than Chase.

Just dont like them.... 

2% higher, which Credit union did you try? I havent met a Fed bank that could touch the Credit union's rates yet. But my Credit score could be a factor in that.

HSA's are for "healthier" people. But i do have a kid and IF that becomes such a factor that HSA no longer is making the cut, I can always get out of it and spend all that money saved, with interest, tax free, for whatever.

[Sunny]

The rates for the HSA were cheaper than the normal insurance.  They raise the rates every year on the insurance, but not for the people who opted for the HSA. 

[DarinSchmidt]

My son's family is healthy but they have 2 kids.  The kids rarely go to the Dr. other than Well Child check.  He seems to think he is paying more with the HSA, (his company didn't give them a choice).  I'm not sure he fully understands how it works but he is pretty bull headed and of course isn't going to listen to his Mother!  LOL

LOL, it depends on what kind of HSA though too. Some dont roll over which i think is junk, so you are forced to spend every dime you can at the end of the year. It should be allowed to accumulate i think, its your money.

[Viggen]

I have chase... been with the same company since 1921 (I think it was winters bank back then & no I am not 90+ yrs old) when my grandmother worked there.

I haven't been happy with chase for several years now, not helping out the small business owners when they need stuff refinanced.  Seems like the bigger they have become the less they care about people. 

I have wanted to switch for a while.... just haven't pulled the plug yet

[Sunny]

LOL, it depends on what kind of HSA though too. Some dont roll over which i think is junk, so you are forced to spend every dime you can at the end of the year. It should be allowed to accumulate i think, its your money.

Ours rolls over.  We have been on it for over a year now and haven't spent any of it.  I didn't know there were some that didn't roll over, kind of defeats the purpose of saving for it.

[DarinSchmidt]

Well, pull the plug Viggen, you can always cancel the account later if you arent happy with them and go some where else. What i did was opened a CU account and just had some money deposited in there and use them here and there and as soon as i get my car paid off this feb-Apr, I'll be switching over my home loan to them and ditching USBank as my primary account. I'll prob still keep them and have a little bit of money deposited because i have had the account since i was really young, but other than that, I wont miss it.

[micki]

HSA's are for "healthier" people. But i do have a kid and IF that becomes such a factor that HSA no longer is making the cut, I can always get out of it and spend all that money saved, with interest, tax free, for whatever.

Might want to double check that...  You can't get your money out to spend on whatever, it has to be "approved" health related spending.

[micki]

The rates for the HSA were cheaper than the normal insurance.  They raise the rates every year on the insurance, but not for the people who opted for the HSA. 

This year he had no option it was all HSA.  It didn't help that his company was bought out 2 times in 3 months and the insurance changed 3 times.  I think he just has a bittere taste in his mouth over the entire thing. 

LOL, it depends on what kind of HSA though too. Some dont roll over which i think is junk, so you are forced to spend every dime you can at the end of the year. It should be allowed to accumulate i think, its your money.

I think his rolls over.  I'll ask him again sometime, if I dare.... 

[Sunny]

I have chase... been with the same company since 1921 (I think it was winters bank back then & no I am not 90+ yrs old) when my grandmother worked there.

I haven't been happy with chase for several years now, not helping out the small business owners when they need stuff refinanced.  Seems like the bigger they have become the less they care about people. 

I have wanted to switch for a while.... just haven't pulled the plug yet

You can open an account with a Credit Union while you keep your bank.  I was with Peoples while Bill was with the Credit Union. We used 2 different banks for years.

[DarinSchmidt]

Might want to double check that...  You can't get your money out to spend on whatever, it has to be "approved" health related spending.

I think it depends on the type of HSA. My dads allows him to use it for dental and vision, so he doesnt event pay for dental or vision insurance. I'm not sure about the link i provided above on what the HSA covers, is allowed to be spent on, etc, and others dont allow you to roll over the money like my Aunts, which she's always going to the hospital to spend all the money and buying a bunch of medical junk just to spend whats left over.....


Heres a nice article about why to switch to a CU. About 1/2 way down where the images appear on the left side of the page http://abcnews.go.com/Business/WorldNews/credit-unions-54-percent-increase-membership-related-bank/story?id=14897356

[Boonjob]

Wow this thread exploded...*wonder why*....

As for credit unions, they are ok unless you leave the area, or need in house banking out of area, or go over seas, or want share options... i can go on and on... as with anything there are pros and cons with both...  but my rates here(pnc) are just fine the way they are, and the employee account makes it too good to want to move anywhere.

Usbank had better rates on both of the homes I purchased over WPCU... and my credit score was good both times, so that is not a factor at all... On a side note I hate usbank, and closed all my other account with them aside from the mortgage.

As for closing the HSA and spending the tax free money on whatever you want... can I see this written on the plan? I am almost assured this would be illegal... if not I would love to utilize that plan for nothing more than stock piling money into it only to close it out at the end of the year, rinse and repeat.... IRA what? we don't need those we have HSA's that allow you to close them and keep the money

MOST HSA suck, they are slow to pay, they audit your claims almost all the time, they sometimes will lock your account, they wont allow you to roll your funds over at the end, you cant transfer funds from them, and though they are tax free you shouldn't count on the interest. they have pros and cons like all...

[Sunny]

Might want to double check that...  You can't get your money out to spend on whatever, it has to be "approved" health related spending.

That's what I was thinking.  We got different checks with our account.  They have the medical symbol on them and it says Health Medical Checks on them. 

[micki]

I think it depends on the type of HSA. My dads allows him to use it for dental and vision, so he doesnt event pay for dental or vision insurance. I'm not sure about the link i provided above on what the HSA covers, is allowed to be spent on, etc, and others dont allow you to roll over the money like my Aunts, which she's always going to the hospital to spend all the money and buying a bunch of medical junk just to spend whats left over.....

Dental and vision are "approved" to be used for medical.  Tylenol used to be but was taken off I think last year.  The idea of I don't want this anymore so I'll take my money and buy a new TV is not true.  You have to be able to prove you spent the money on "approved" medical supplies, dr. visits etc. per the law. 

That is crazy what your Aunt has to do, what a waste!