What is the best bank on the East Coast?

Bank Of America VS. Sun Coast Schools Credit Union?

• I am currently a senior in high school and my economics teacher keeps stressing for us to switch from whatever bank we have to Sun Coast Schools Credit Union...He says that Sun Coast gives you better credit and its just overall better. I currently have Bank Of America. Well, i need help, PEOPLE! HELP ME CHOOSE! Thanks a lot. :)

• Answer:

  Credit unions typically do not have lots of "brick and mortar" branches like the big banks. Instead, they usually are part of a large ATM network which does not charge extra fees to access your money. Unless you feel compelled to go into a branch to handle your transactions, a big, no-surcharge ATM network should meet your needs. I like having accounts at more than one financial institution...it gives me more options. The key here is the accounts should not cost you money. If you are charged a monthly fee simply for having an account, that's a rip-off. There are plenty of places that have accounts that do not charge excess fees. Be sure to compare the fees along with the rates since both are important factors. It is unlikely that your teacher will get anything, even a toaster, for referring you to the CU. Sometimes credit union members are so impressed by the outstanding service and low fees, they tell everyone about it (kinda like when you find something new that you like, you tell your friends). Credit unions are often called "the best kept secrets" in financial institutions. He probably wants you to know about them so you can benefit from an early age. Hope this helps. Good luck! P.S. Here's an excerpt from a Forbes article: ATLANTA (9/19/08)--"If there's a calm in the economic storm, it may be credit unions, whose investors are sleeping through the night," reported Susan Lisovicz of CNN Thursday during an interview with Neil Weinberg, senior editor of Forbes Magazine. "We've had mergers and bailouts and a lot of us are nervous. Tell us why we should take a second look or in some instances a first look at credit unions," asked Lisovicz, amid banner headlines that said, "Credit unions weather rough seas." Weinberg's answer focused on two reasons why "credit unions are a safe harbor": Credit unions are operated as a "stable and profitable business, taking deposits from you and me through our savings and checking accounts, and lending out money for car loans, which earns a spread that is profitable." Most credit union accounts are federally insured by the government up to $100,000. "They tend to be conservatively managed and federally insured, which in this day and age is what you want," advised Weinberg. He explained that through lobbying in Washington, credit unions have "managed to open the doors of membership quite a bit" and in many cases a person related to someone in an affinity group can join a credit union. "You want to jump on board," Weinberg advised. When asked what is it about credit unions that doesn't lead to the same kind of forecast for other commercial institutions, Weinberg said credit unions haven't got into the same trouble as commercial banks that specialized in mortgages and made risky home loans. "Typically, credit unions have federal charters and federal inspectors, with strict, tougher rules. Because they began as agricultural cooperatives, they are run conservatively. You want to go for those credit unions." "I got the message," said the Lisovicz. "You want to go for a credit union. Grab them while you can."