Personal Finance and Investing

It would be a very long long story (actually several stories), some day I will post how they cheated me ($200) and then separately on another issue fucked me over costing me $1400.

Yes, I appreciate their loan rates are lower and their CD rates are higher than my bank, but their management stinks to high heaven. They are truly the Wells Fargo of credit unions.

And I very much doubt that the "Know Your Customer" law or whatever they call it, I forget, is any different for a credit union than for a bank.

EDITED TO ADD: I wondered too how they could be so bad, isn't the fact that they are member-owned (that's us) wonderfully wonderful? So why is the management so venal and incompetent?

The answer is that they are in competition with banks and especially other credit unions, a number of which in our area have folded or been merged out of existence. So they have to make the metrics, to have the lowest loan rates and highest deposit rates and so on to stay in business. If that means cheating with undisclosed hidden fees, or skimping on training and personnel salaries (thus sometimes hiring and retaining not particularly bright people, resulting in too many comedy of errors except its not funny when it costs $1400), well that's what some credit unions will do. The "member-owned" meme doesn't change human nature, unfortunately.