I currently do my banking with Bank of America and I don't have to pay many fees because I have my paycheck direct deposited into their checking account.
I am preparing for early retirement and when I enter that phase, I clearly won't have a regular paycheck, so I thought that I should switch my checking to a credit union.
I am a member of two credit unions. I am a member of PenFed and I have my mortgage and an equity loan through them. I am also a member of a state goverment employee credit union based on my government employment years ago.
If I switch to a credit union, which do you think is a better choice? They both sound similar- no monthly fees, no per check fee, no fee for account assistance, billpay. The only differences I can see is that PenFed will give me access to some ATMs where I can deposit a check if necessary, instead of having to mail it in. The government credit union offers a small amount of interest on its checking accounts and you can have 6 ATM transactions a month with no fee and then after that it is $1. I don't plan on using the brick and mortar branch for either, but if I had to, the government credit union would be closer.
So which one do I go with?
I am preparing for early retirement and when I enter that phase, I clearly won't have a regular paycheck, so I thought that I should switch my checking to a credit union.
I am a member of two credit unions. I am a member of PenFed and I have my mortgage and an equity loan through them. I am also a member of a state goverment employee credit union based on my government employment years ago.
If I switch to a credit union, which do you think is a better choice? They both sound similar- no monthly fees, no per check fee, no fee for account assistance, billpay. The only differences I can see is that PenFed will give me access to some ATMs where I can deposit a check if necessary, instead of having to mail it in. The government credit union offers a small amount of interest on its checking accounts and you can have 6 ATM transactions a month with no fee and then after that it is $1. I don't plan on using the brick and mortar branch for either, but if I had to, the government credit union would be closer.
So which one do I go with?