Suggestions on Credit Unions?

Question

Hey guys! I am moving from cold Norway to (extremely) hot Houston in May this year and I am trying to figure a few things out before I move over. I am trying to figure out which Credit Union to use (I have heard that Credit Unions have lower fees/charges than banks). I have a full time job and will also invest in RE on the side (one day, RE will be my main gig!). I will be living on the north west side of Houston, not far from beltway 8. I dont want to pay or have a minimum balance in order for my checking accounts to be free - yes, I intend to have several accounts as it give a better overview of my finances. I was also thinking of going for a credit card from Chase, the one that gives you your Credit Score every month (gotta pay focus on building my credit score as I have no credit history).

So on to the question..Do you have any preferred Credit Unions you use, and why?

Thank you for all replies in advance :)

So on to the question..Do you have any preferred Credit Unions you use, and why?

Thank you for all replies in advance :)

Naeem Kapasi · Answer

Thank you all for the replies. I will check out the suggested ones. I think my employer has a credit union as well, will check it out!

Chuck Brooking · Answer

@Mark S. I have yet to buy an investment property too. Besides CCU, I have a Santander account that pays $240 yearly for direct deposit and two bill pays monthly. Then I transfer the money to CCU.

Billy Smith · Answer

Community America Credit Union: Lenexa ,Ks9777 Ridge Dr  : I used them last week I am loaded ready to put a bid up.

Community America Credit Union: Lenexa ,Ks

9777 Ridge Dr  : I used them last week I am loaded ready to put a bid up.

Mark S. · Answer

Hey @Chuck Brooking, I use it for my personal account.  I would think local bank / credit union may be best for business accounts.   I'm still in analysis paralysis stage, so unfortunately I've not yet had to worry about that.

Chuck Brooking · Answer

@Mark S. I have been a member of Consumers Credit Union for several years and agree jumping through the hoops is worth it. Do you use your account for business? I plan on using a separate account for business and their business accounts don't seem as favorable as another credit union I have locally.

David Hines · Answer

Don't forget to check out any credit union your employer may have. I've found they can offer additional benefits to their employees.

Mark S. · Answer

I use two different credit unions out of IL.   I'm mainly interested in high yield checking and am getting between 3.00% and 4.59% APY on up to $10,000 and $20,000, respectively.   Yes, you have to jump through a few hoops, but it's worth it.  Neither require living in the state as a condition of opening an account.  Check out Great Lakes Credit Union and Consumers Credit Union. Consumers also has a really great cash-back Visa credit card.  3% on grocery/convenience, 2% on gas, 1% on everything else.   Cash back is credited each statement cycle.  I couple that with my Chase Freedom credit card for the quarterly cashback categories and it works great.  Hope this helps. Goodluck.

Syed Kamal · Answer

I am in Canada and have used credit unions for years. Best part is having a mortgage with them you get patronage dividend back at the end of year. You are part owner. I recommend them.

Jeff B. · Answer

The concept of a Credit Union is the membership shares some common interest (aka a co-op).  Literally members are borrowing/paying one another.

Your first issue will be to find a CU which you literally 'qualify' to join'

I was greatly interested in CU's in South Dekota, but ALL  had requirements interestingly of living within X miles of some landmark or the office itself.

Criteria is vastly different for all CU's and the easiest are those which require living within the County :)