Credit Unions

I've been with prairie federal in Minot for 10+ years and so far I have no complaints.  I was originally with wells fargo and had nothing but problems and it seemed like I was always getting fined or charged for something, too much fine print I didn't read I guess oh and absolutely zero customer service.  If I called "my bank" I'd get a philipino customer service rep half way around the world, now if I call my credit union I get Brian who lives accross town.

I switched to First Community Credit Union this past fall and couldn't be happier. They are more than willing to to work with you on loans, etc. I've had nothing but great customer service with them and would recommend them. I hope everyone switches from these big banks and keeps it local, you won't regret it!

In just doing some research, i see credit unions are not taxed and all profits are give back to customers. Do you guys get some pretty big checks? I see some of them made over a million last year.

I have been a member of FCCU of Jamestown for over 30 years no problems.

 You're correct that Credit Unions do not pay any taxes, therefore this should be taken into consideration.  I'd challenge you to find a smaller locally owned bank.  Their rates, customer service and overall convenience will be as good or better than any credit union and the bank "pay taxes" just like all of us.

Prairie Fed in Minot is really good. For a good bank, I've been banking with First Western in Minot for 30+ years and they are absolutely fantastic. Hopefully it doesn't change now that Alice has retired.

I have been a member of Citizens Community Credit Union for the last 7 years. It has been wonderful and I would recommend it to everybody. Great service by all their personnel! 

deadidick Said:
In just doing some research, i see credit unions are not taxed and all profits are give back to customers. Do you guys get some pretty big checks? I see some of them made over a million last year.

credit unions must have other ways of making money other than taking it from me in fees and charges.  The interest rates are pretty fair too.  I guess the balance sheet and how they spend their profits is the last thing I look at when choosing a bank. 

and "over a million" isn't crap for any bank to make in a year, I would hope they do better than that.

1st western is also an awesome bank, I have had a few loans through them (Alice as a matter of fact) always good to work with.

We have accounts in small local banks and our local credit union.  The customer service is great in all of them that we deal with.  Can't say about loans as we don't have any.   We were brought up to pay cash for what you want.  I know that is what the banks want you to be, mortgaged to the hilt, but we won't play that game. 

I'm a member of Riverfork Credit Union in Forks and have nothing but good things to say about it.  They even know my name! Switch from Bremmer and it was nothing but headaches. 

 I would say if you have money in a credit union you are taking a big chance! The credit union is not fdic insured. The credit union members of the Glen Ullin credit union lost over $100,000 and it looks like they will not get it back. The person running the credit union took it and it looks like she will walk. I know the facts My mom lost nearly 1/2 of the money stolen.

Credit unions are insured. Thats nonsence. Capital Credit Union Bismarck  is top notch.

This is at the bottom of the web page of my credit union.....

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

kirkmall84 Said:
This is at the bottom of the web page of my credit union.....

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

that doesn't mean they all are

Credit unions are a great way to go for banking and if you ever need insurance, find someone with "mutual" in the title, like northwestern mutual or nodak mutual. "Mutual" is kinda like a credit unioin, it's member owned meaning that they don't answer to stock holders. Hell, my life insurance pays me a dividend at the end of the year that's determined by the age of my policy and if they collected more in premiums than was necessary to cover claims and expenses for the company. Like with a credit union, the policyholders are the "stockholders ".

 You are right they are insured but not buy fdic. the credit union in Glen Ullin was insured but there is some loop hole they are using to get out of paying. I would say go to a bank, with the go round the members in Glen Ullin credit union are getting I would  stay with a bank.

I would agree with KMK in challenging you to find a small community bank. Credit Unions do not pay taxes where as banks do and also have to abide by the CRA, Community Reinvestment Act. I wouldn't say people are getting "millions" back in dividends from being a member of a CU. CU's are typically smaller so the customer service would be better than Alerus but the same can be said about a community bank and they typically can work with you as far as loans and what not.

 Bottom of the Capital Credit Union page.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. 

I am a member of Capital Credit Union, Navy Federal and have a bank too.  Both Credit Unions have been good to me. Sometimes I can get better rates at one vs. the other.   Plus, they only insure to $250,000 each  (unfortunately I don't have to worry about that right now)

Thanks guys for all the help. I talked to a neighbor and he said even though the credit unions make all those profits they dont actually get a check or anythign like that. Guess they give out better loan rates and interest on savings account. Alerus already pays me interest on my accounts so not much different there. I doubt there is going to be that big of difference in interest rates on accounts.

I might go check out a few tomorrow just to see what they are all about.