Would you pay the B of A $5 debit card fee (Page 3)

I don't believe credit unions are ever backed by the FDIC.  They have their own version of the FDIC called the NCUA and backed by the Government.

Federal credit unions are members of NCUA which insures deposits.  Some state chartered CU's are members, of NCUA, some are not.

See

www.ncua.gov

Don't mena to hijack but I've been looking at switching to USAA for my banking.  But when I looked at some reviews online a lot of them were terrible saying that service has really declined over the last year or two.  Just wondering how you like them compared to say a regular bank (since USAA is basically online only)?  It sounds like you haven't had the same experience?  Would you recommend them?

Cool, thanks.  Just saw Jen's post too.  Now I just have to get over the big thing BofA is counting on with their fee - it's such a pain the rear to switch banks, reset my direct-deposit, auto bill pays....

That is correct, if you are a member of NCUA (gov't agency) then the accounts are insured by National Credit Union Share Insurance Fund (NCUSIF).  Some CUs are insured by the private company American Share Insurance (ASI) and a branch of that called the Excess Share Insurance (ESI).

I don't know if you could find a CU today that wasn't covered by some type of insurance.

Guys, I work for a large bank and actually worked for B of A in the past.  I don't agree with this type charge at all but I will say the anger is "some what" not fully, but "some what" misdirected.  Again, legislation from DC is causing banks to find some way to continue to be "for profit" otherwise there will be more bailouts. 

I see some posts about going to the CU's.  They are very good yes but they directly compete with banks and they pay no taxes which is unfair in direct competition.  The rules are different for the CU's as well.  The banking regs meant to help are hurting and not the type regs that we really need.  We need regs but a bandaid is not the fix.

So, I'm not saying CU's are bad, or even BofA is right, Im just saying interest income margins are compressed thus leaving lettle to no profit, add on regs.  The smaller the bank the higher % of expense said regs are.

I suggest finding a small "comminity" bank that covers the areas/ towns you frequent.  Visist FDIC and see if they are ok fincially, there is a list.  They will covet your business.

BTW, folks think Credit unions are safe.  They make loans to the same folks banks do but are'nt regulated the same.  Their underwriting is suspect.  They have not had to lower risk grades on their loans due to their auditors not having to scrutinize their portfolio as that of a state or fed chartered bank.  They risk is there but's it's been hidden.  CU's are not FDIC but they are insured.  And last, as full disclosure, I've had a savings account at the CU for 28 years. 

??To me the CU is like Walmart, cheap, little service, and plain.  On the extreme, BofA is like the Gov.  No service, expensive, multi product driven, and just about everyone is a number unless you are Coke Cola or MSFT.  IMHO.  I suggest community banks.

All Credit Unions are only open to a specific customer base, but there are two basic types of CU customer bases: organizational (i.e. teacher's, certain universities have their own, etc) and geographic (i.e. "live, work, worship or attend school" in a certain area and you can join).  I think the organizational ones do have slightly better rates, but if they do, it's very, very slight.

I grew up using the University of Michigan's Credit Union (organizational: open to students, faculty, staff, family, retirees, and alumni), but closed my account when I left Ann Arbor.  Best banking experiences of my life though.

Anyway, here is one search engine, run by CUNA (Credit Union National Association):

http://www.findacreditunion.com/

Here is NCUA's search engine:

http://cuonline.ncua.gov/CreditUnionOnline/CU/FindCreditUnions.aspx

My quick try shows the same results with either, but I'd guess if a CU is a member of CUNA and not NCUA (or vice versa) they might not show up in both.

Yep...other than the whole "won't insure my house in FL" thing, USAA has been awesome.  I've been with them for at least a dozen years.

That being said, I recently moved the majority of my savings to ING Direct because they actually pay interest.  I still have a USAA savings account but I don't keep much there.  So, the interest rates stink, but the customer service is top notch.

Other than the odd "need to deposit cash" (which happens maybe once every couple of years) I haven't found something I can't do online with them.  Transfers are easy.  Depositing checks is childs' play.  Their bill pay is easy too (though, for MOST things I tend to pay my bills via the other sites...i.e. I go to the credit card site to pay the bill).  They refund ATM charges.  There are no fees at all.  They can do all the account types including IRAs and mutual funds.  Any time there's been a disputed charge on my USAA credit card they just take care of it.  They are super easy to get a hold of on the phone if you need something.  They even have free overdraft. 

USAA is probably the best bank out there.  Like I said...unless you need to deposit cash on a regular basis they can't be beat.

Does anybody know the USAA requirements? My husband was in the Navy - Desert Shield & Desert storm, active for 6 years and when I checked years ago for insurance we did not qualify which I found odd.

Thought this was timely...     I had 15 seconds of glory yesterday talking about this topic with local news reporter.    It's about 3/4 way through clip...

http://www.wpbf.com/video/29478417/detail.html?taf=wpb

BoA will not be charging the fees for accounts that have additional services. For example, we won't have to pay because both of us have direct deposit into BoA.  At least, that is my current understanding.

DanielG - 2011-10-14 10:40 AM I've been chuckling a bit at this being on the front page of USAA's site:

That made me laugh too!

Another Political game to waste time and energy.   Does he think bankers meet in the backroom of a coffee shop and compare notes?   He wants to sick the AG on the banks in effort to keep them honest.  Looks great on campaign flyer I guess for Mr. Welch, but serious time killer.  

This is the logical place large banks would go to recoup lost revenue and it doesn't even come close to doing that.   On average, The income to pay for the cost of the transaction went from .50 to .25 cap.   Think businesses are going to start spreading that savings onto the consumer any time soon?   Also, banks under $10 billion are still able to charge uncapped fee.  Someone please share the last successful attempt at price fixing enforced by our goverment that had a positive outcome.  I cant think of one. 

I've been a credit union member since 1985. I love my credit union. Got and satisfied 2 new car loans from them. They require (and have required for as long as I can remember) a 20% deposit for home loans; they are not promiscuous lenders. They do not charge me to use my ATM or VISA check card.

BoA charges a per transaction fee of about $3-5 if you use their ATM and are not a member of their bank. If I use another CU's ATM, I pay $0 for transaction fee. I'm having a tough time mustering care for BoA's "loss of income" otherwise known as loss of gouging privileges.

I guess I'll have to call BOA to confirm but are they considering your check card to be a debit card?  If that is the case I'm out.  I really like their online bill pay but I will not pay to use a check card.

http://bottomline.msnbc.msn.com/_news/2011/11/01/8580475-bank-of-america-drops-debit-card-fee-plan?ocid=ansmsnbc11

B of A runs away from the debit card fee with their tail between their legs. Luv it.