Online & Mobile – Intandem Credit Union (2024)

FAQs

What is the difference between online bank and credit union? ›

While credit unions have a stronger focus on personal relationships and physical locations, online banks provide convenience through digital platforms. However, the presence of physical locations at credit unions offers numerous advantages.

You can usually take out cash at the local credit union office or sometimes arrange a transfer to your bank account.

Credit unions tend to offer lower rates and fees as well as more personalized customer service. However, banks may offer more variety in loans and other financial products and may have larger networks that can make banking more convenient.

Make sure your account will be insured—Whether it is a state or federally licensed (or chartered) financial institution, you want to ask if it's a member of, or that is insured by, either the Federal Deposit Insurance Corporation (or FDIC) or, in the case of a credit union, the National Credit Union Association (or ...

The biggest difference between the two is their functionality. Internet Banking allows you to conduct online transactions through your PC or laptop and an internet connection. On the other hand, mobile banking can be done with or without internet. Many banks nowadays have their mobile apps for mobile banking.

In general, online banking offers a broader range of services than mobile banking. Mobile banking apps enable users to conduct essential transactions such as checking balances, viewing transaction history, transferring funds, and chatting with support.

What Information Do You Need to Open a Bank Account? Banks and credit unions want to know their new customers can manage their checking and savings accounts responsibly. However, they won't check your credit report or score, so you won't need an established credit history to qualify for a bank account.

There is no limit to how much of your funds you can withdraw in the branch, from your credit union account.

If you collect a loan or withdraw money from your savings, we can issue either cash or a cheque and are now able to offer you a third option – Electronic Funds Transfer! We can transfer funds directly to, either your bank account, or another account of your choice, e.g. to pay a bill.

What is one disadvantage of a credit union? ›

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. May offer fewer products and services.

Debit cards eliminate the need to carry around cash, and they help you avoid overspending. Getting a debit card involves opening a checking account, which can be done online or in person at most banks and credit unions.

A good FICO Score falls between 670 and 739, while an exceptional score measures 800 and above. A good VantageScore ranges from 700 to 749, while an excellent score is 750 and above. The higher the number, the lower the perceived credit risk.

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.

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. May offer fewer products and services.

Better interest rates: Credit unions typically offer higher interest rates on savings accounts because they have lower overhead costs than banks. Similarly, they offer lower interest rates on loans. Customer service: Credit unions pride themselves on offering better customer service than banks.

Online banks typically offer more competitive annual percentage yields (APYs) on deposit accounts than brick-and-mortar competitors. This is another perk of not having to maintain a costly branch network. According to FDIC data, the average national deposit rate for a savings account in August 2023 is 0.43%.

Conclusion. The decision to go with a bank or a credit union is dependent upon for what you're looking. People choose banks primarily because of the convenience of multiple branches across the country, along with better technology.