All,
Sorry, I know football season is Saturday so I hate to do OT posts at this time. Thinking about changing banks. Currently with PNC, they are OK, just tired of getting nickel-dimed on fees and minimum deposits. Also their interest rates are pretty low, IMO. Philosophically I'm just tired of being with large corporate banks.
Was initially thinking of going with PSECU or Dollar Bank. I like credit unions, though PSECU supports "that school in the middle of the state" (stupid reason, I know, but if I'm on this board I'm diehard Pitt). I like that Dollar is a mutual bank (similar to credit union) and headquartered in Pittsburgh. Even though both are smaller than PNC, they have access to more ATM's nationwide due to partnerships with other entities, which is a plus.
Anyone offer any insights into either of the two or any other recommendations? Online banking and bill pay is an important feature for me in any new financial institution. Thanks in advance.
Make sure the credit union you select is insured that's listed as one of the disadvantages of CU's.
Advantages of Credit Unions
You’re a member, not just a customer: As a member of a credit union, you’re not only a customer, but part-owner of the organization. Aside from receiving better service, you possess voting rights, have a say in the operation of the credit union and receive dividends.
Better rates: You’ll get lower rates on loans with a credit union and earn a pretty penny on deposits compared with a bank. Credit unions are not-for-profit organizations and share surplus funds in the form of higher interest rates on deposit accounts. The average interest rate on a one-year CD at a credit union is 0.49% APY compared with 0.39% APY at a national bank, according to the National Credit Union Association.
Lower fees: Because credit unions are not-for-profit and get tax breaks, part of the savings they receive gets passed on to you. Similar to giving you better interest rates than commercial banks, credit unions typically offer more savings to you in the form of fewer fees as well.
Better customer service: Credit unions are known for their superb customer service. Because they tend to be smaller organizations compared to big banks, credit unions are able to really get to know their members and focus on your needs rather than losing you in a sea of customers.
Community comes first: Credit unions are owned and run by members of a common community or workplace — like a resident of a certain city or an employee of a certain company. For example, membership at a teacher’s credit union is limited to professionals in the educational field. Services provided by a credit union are meant to benefit the local community and those who live there.
Disadvantages of Credit Unions
Must become a member: First things first: To take advantage of all a credit union offers, you must become a member. Becoming a member is easy, but can cost between $5 and $25, not including any additional account opening minimums.
Limited branch locations and ATMs: Many credit unions only operate in one location.Even though the smaller, community-based focus is what attracts many credit union customers, lack of multiple bank branches could be an inconvenience. However, note that many credit unions belong to shared ATM networks, which eliminates the issue of not finding enough credit union ATMs.
Not all are insured: Like banks and the FDIC, a federal credit union is also insured by the U.S. government. The National Credit Union Administration is the independent government agency that insures credit unions. However, although most credit unions are insured by the NCUA, some aren’t, and your money could be vulnerable if you keep it with an uninsured credit union that fails.
Fewer services and options: Although credit unions have come a long way in matching the services you’d expect from a bank, not all offer the wide array of services that full-service banks do. If you need a large commercial mortgage loan, for example, your city credit union might not be able to provide you with one. But keep in mind that available services and offerings vary by institution.
Not as tech-savvy: Now, this won’t always be true as it differs from place to place, but given commercial bank assets are upwards of $14,893 billion and credit union assets at just $1,219 billion, according to the Credit Union National Association, credit unions might not have enough money to fund new technology. For example, banking apps, mobile deposit and the like might only be found at bigger banks and credit unions instead of the smaller institutions.
Not All Credit Unions Are Created Equal
You’ll have to find out which institution offers the best rates on the accounts and loans for your situation. Some credit unions will be superior to others; it’s all about finding the right fit for you. Shop around and don’t forget to take convenience and offerings into consideration when making your decision.
Casey Bond contributed 
