Why I Switched to a Credit Union

Let me preface this post by saying that I was a loyal Bank of America customer for six years.  And during that time, I had very few problems with their customer service or way of managing my accounts.

I first really began to consider switching to a credit union in July of last year.  One of the local Austin credit unions advertised car loans for as low as 1.9%, significantly better than the 4.95% interest rate I was paying through the aforementioned big bank.  However, the hullabaloo surrounding Wells Fargo and BofA's proposed monthly debit card fees spurred me to actually begin the process of researching and joining a credit union.

I eventually chose Randolph Brooks Federal Credit Union (RBFCU).  Randolph Brooks is a member of the National Credit Union Association.  Here are some of the fabulous features my credit union offers:

1) Up-to-date website and mobile app that allows me track my accounts and even e-deposit checks.

2) Truly free checking.  In fact, every time I use my debt card to make a PIN transaction, Randolph Brooks credits $.10 to my checking account (they pay it in one lump sum at the end of the year).  Since January, I've earned close to $4.00 (considerably better than the interest on my savings account).

3) Low loan and credit card interest rates.  I took advantage of the aforementioned 1.9% auto loan through refinancing, and I should be able to pay my car off at least one year earlier than planned.

4) Members benefits/discounts.  These range from discounted insurance rates and products such as TurboTax and Sprint, to discounted tickets for myriad amusement parks and attractions throughout Texas.

In short, I am in love with Randolph Brooks!  The fact that there are only 4 locations in Austin and limited ATM access has been almost negligible.  I use my debit card at the grocery store and request cash back as needed.  Online banking services are comparable to those of the larger banks.  Sure, RBFCU does not really offer brokerage or other investment accounts, but its services are more than ample and satisfactory for this elementary school teacher.