Should We All Switch To Credit Unions?
Ester Bloom
1719

Why is the fact that CU’s are insured by the NCUA instead of the FDIC “less cool”?

Speaking for myself, I’ve been a member of Pentagon FCU since I worked there one summer while in college and they have been great. (Anybody with a pulse can qualify for PenFed; and they are well-known for inexplicably cheap car loan rates.) Nowadays with smartphone deposits and free ATM’s here and there, the lack of a local branch isn’t a big issue.

That said, there are still a scattered few things you need a branch bank for (notary services, bills you can’t get from an ATM, etc.) so anybody might want to consider a “backup” account with a local credit union while maintaining your account with your “home”.

Certainly there is precisely ZERO reason to sign on with a major bank if you have a CU you qualify for within a relatively close distance. I’d never use a commercial bank except as a “backup” for my national CU account if I couldn’t find a local CU.

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