Declare Your Independence From Big Banks!

In the Bay Area, we’re seeing weather that indicates it’s summer time at last and the 4th of July is upon us—this holiday reminds us on a yearly basis that being American, eating apple pie and hot dogs and enjoying some old fashioned fireworks is really pretty great.

So, in the spirit of this all-American holiday, here are 4 reasons (for the 4th) why you should rethink your banking habits and declare yourself independent from the high fees, impersonal service, and cold corporate culture of big banks!

(1) It’s a simple fact that credit union fees, across the board, are generally lower than bank fees. According to a recent MSN article, “the nation’s credit unions count 90 million members, and their trade association estimates members save $8 billion a year thanks to better interest rates and reduced fees.”

That’s because credit unions are member-owned (owned by the people for the people) and they are not-for-profit financial cooperatives. This means that any profits the credit union makes are distributed back to the members in the form of lower fees and often lower interest rates. Compare that to the regular fee hikes (often hidden in the small print) at banks, which boost profits that are paid out to stockholders.

(2) Perhaps your bank was one of the many West Coast regional banks (like Washington Mutual) that was taken over by an East Coast “too big to fail” giant, and now, all the decision-making, power and money are heading back to New York. For many of us, it makes sense to do business instead with a West Coast regional bank or credit union, where decisions are made locally and the money we deposit stays in our community, driving the local economy, providing jobs, and giving support to the less fortunate.

(3) ATMs, ATMs, and more ATMs! So you think that you have access to more ATMs at a bank than a credit union? Well, think again! These days, by joining various ATM networks, credit unions are really on the money (so to speak) when it comes to surcharge-free ATM access. Tech CU, for example, offers members access to more than 60,000 surcharge free ATMs nationwide (in convenient places like Target, Walgreen’s, Costco and Chevron gas stations). That surpasses Bank of America’s network by more than 30,000 ATMs. And, we now offer free applications (like our new iPhone App and LocatorSearch) that allow members to locate and map the nearest ATM anywhere, anytime—even to your GPS system. With all those free ATMs around, there’s simply no reason you should EVER pay an ATM surcharge fee again.

(4) Customer service is truly king! Credit unions are directed by their members—not by stockholders, Wall Street or investors. This difference impacts the way people are treated when they walk into a financial center or talk to a customer service representative. And because most credit unions’ leadership is local, you’ll have an easier time reaching and speaking to a real person who can help you resolve any problems or issues that may arise. And by the way, when’s the last time you could pick up the phone and ask to speak to the CEO of Bank of America if you had an issue? At most credit unions, this happens regularly.

Well, there you have it. Four perfectly good reasons to go out this July and free yourself from high fees and poor service! Joining a credit union will give you many reasons to celebrate—so go have a glass of (ice) tea on us and start the revolt against big banks! Happy 4th everyone!