Just switched from big bank to a credit union after seeing the overdraft numbers

Ngl I was always one of those people who thought credit unions were just for people with bad credit or whatever. But last week I was looking at my Chase statements from the past year and I had paid over $400 in overdraft fees alone. I stumbled on this breakdown on NerdWallet showing how credit unions cap overdraft fees at like $25 max while most big banks still charge $35. Plus their savings rates are averaging 3.5% right now versus like 0.01% at the big guys. I moved my checking and savings to a local credit union on Thursday. Has anyone else made the switch and noticed a real difference in fees?

2 comments

2 Comments

wright.lisa22h ago

I mean... aren't you just trading big bank fees for smaller but still annoying fees though?

hollyc921d ago

I transferred my accounts to a credit union about three years ago after a similar situation with Wells Fargo. The first thing I noticed was the overdraft fee dropping from 35 dollars to 20, and they actually text me before a transaction goes through if my balance is low. My savings rate went from basically nothing to 3.2 percent, which adds up quick if you keep a few thousand in there. The only thing I had to adjust to was the smaller mobile app, but they have shared branching with other credit unions so I can still do deposits at over 5,000 locations nationwide.