Chessie Federal Credit Union Online Banking (2024)

FAQs

What do credit unions offer that banks do not responses? ›

What Are the Major Advantages of Credit Unions? Credit unions typically offer lower closing costs for home mortgage loans, and lower rates for lending, particularly with credit card and auto loan interest rates. They also have generally lower fees and higher savings rates for CDs and money market accounts.

Branch availability: Credit unions typically have physical branches, while online banks primarily operate online. Interest rates: Credit unions may offer higher interest rates on savings accounts, while online banks like Chime and Dave offer competitive rates on specific accounts.

bank in a recession, the credit union is likely to fare a little better. Both can be hit hard by tough economic conditions, but credit unions were statistically less likely to fail during the Great Recession. But no matter which you go with, you shouldn't worry about losing money.

What is my account suffix? At Chessie, a '6' is the suffix for a checking account. A '0' would be a suffix for a savings account. You will need this suffix when wanting to transfer money between accounts in Homebanking.

Financial institutions check to see if a past account was “closed for cause,” meaning the bank or credit union shut down the checking account because of something you did. If the report shows you have a record of mismanaging other bank accounts, the institution could refuse to open a new account.

But while banks are for-profit institutions anyone can do business with, a credit union is a nonprofit that only offers services and products to its member-owners.

Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network such as Allpoint or MoneyPass.

People choose banks primarily because of the convenience of multiple branches across the country, along with better technology. On the flip side, people choose credit unions primarily because of discounted loan rates, higher interest rates and better customer service.

Banks and credit unions are both safe places to keep your money when federally insured. However, it's important to note that the two types of financial institutions receive insurance through different agencies. While the FDIC secures bank deposits, the NCUA safeguards deposits at credit unions.

Which is safer, FDIC or NCUA? ›

Just like banks, credit unions are federally insured; however, credit unions are not insured by the Federal Deposit Insurance Corporation (FDIC). Instead, the National Credit Union Administration (NCUA) is the federal insurer of credit unions, making them just as safe as traditional banks.

Experts told us that credit unions do fail, like banks (which are also generally safe), but rarely. And deposits up to $250,000 at federally insured credit unions are guaranteed, just as they are at banks.

Steps for Transferring Money Between Banks

You can move money from one bank to your other one online in a few steps: Log into your bank's website or connect via the bank's app. Click on the transfer feature and choose transfer to another bank. Enter the routing and account numbers for the account at the other bank.

What is a suffix? A suffix refers to each type of account you have with the credit union such as a savings, checking, credit card, auto loan…etc. Each suffix is referenced by a number located in a circle in the top left corner of each tile.

Your Member Number identifies your membership as a whole, while an Account Number is a unique 14-digit number assigned to a specific account. Each account type (checking, savings, loan) will have a different Account Number.

Banks are typically for-profit entities owned by shareholders who expect to earn dividends. Credit unions, on the other hand, are not-for-profit, member-owned cooperatives that are committed to the financial success of the individuals, families, and communities they serve.

Final answer:

Credit unions, being member-owned cooperatives, offer lower fees and higher savings rates compared to banks. They also often provide more personalized service as they are typically smaller and community-based.

The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among their members. Credit unions also tend to serve a specific region or community.