The only time I am in a bank is to cash a UPS damage claim check. So if they have a good online banking system I'm in. I'm not a huge fan of my bank but been with them since College and switching just isn't exactly needed/worth allocating the time. Started a business account with them just because I already had a personal.

I usually prefer credit unions over banks because the rates are almost always better and the fees are minimal if any.

As far as brokerage houses are concerned, I like unrestricted online access to purchase and sell whatever types of securities I want to invest in without having to talk to a broker to gain approval, an upfront low flat rate commission schedule, the ability to short securities, and quick and easy access for deposits and withdrawals.

Most of what you list. Our main bank is the same one we joined when we moved here in 1981. It was a joy after banking near Mitchell Field, to not have to stand in line to do my banking. The bank has changed hands many times over these years and each change makes for worse service. We still maintain our checking there but nothing else.

We deal with multiple banks and credit unions. We withstood 3 bank foreclosures and came out with no ill effects. We have or are in the process of shifting investments out of 2 more as they are on shaky ground right now.

Bank is a four-lettered word. I use a credit union.

For me, the choice of bank is a matter of convenience -- the ability to bank by mail or bank in a location I'm likely to frequent anyway. After that would come interest rates/fees.

As a young worker, I haven't put much thought into my banking, which is something I should really start doing. Should I make the switch to a credit union?

Paul, It shoulds like you had a bad experience with a bank. For the sake of conversation, could you share what affected your choice in choosing a credit union over a bank?

Carl, thanks for stopping in. As a young worker, it is never to late to look into building a banking relationship. When selecting a bank or credit union, take a look at the services they offer. What is most important to you. Seek out several of them. Younger workers (customers) have a potential to be computer savy. Then you want to compare the online banking/bill pay feature. Debit card, with loss of reward points, this may become generic between financial institutions. Will you be financing a car in the next several years, possibly buying a home? These are things to account for in evaluating who makes sense for you. Location, convenience, fees, and do they appreciate and understand my business.

As you can see, there are alot of factors in determining where and why you do business with a bank or credit union. I like to recommend that you find one that you can have as a trusted banker (no matter the name on the door). Someone you can call with a question, who you are comfortable with, someone who understands you and what you want.

Last time I picked a bank it was based soley on reward miles I could get with my preferred airline... but now they don't offer that anymore so I'm about to close those accounts back to my main bank who I've been with since colllege dispite the 4 name changes....

Paul, thank you for the insight. Relationship is very important. 40 years with the credit union is excellent. They are doing things right for you. In addition, within the credit union, you have that trusted banker you can consult with on needs and services. From the Bankers side, It is an honor to work with a customer of such length and loyalty. I respect your comment because I want to see people comment pros and cons. Some have enjoyed success with banks of all size. Interesting on the knowledge of Elmwood bank. i actually know 2 people from there. I never asked why or what. I heard some horror stories regarding overdraft fees ($28/day while overdrawn/ I wont say the name but I wont be doing business with them, and witness high fees for a reg D issue. Good service can be obtained in all places and sizes. But it is critical that your banker explains what the fees are and how to work effectively without them. I feel strongly that if the banker took the time to explain reg D to the customer who I witness high fees, that customer would have known how to avoid that ugly situation. One of the banks I worked for had a motto, if you are paying fees, we have you in the wrong account. A good banker at a credit union or at a bank, should be asking the right questions to understand what you are trying to achieve with your banking. Recommend the correct product to fit the need. Built relationships can help reduce costs. Thank you again Paul.

Mike, alot did change last year when the legislation with the Frank-Dodd Act. The fees that businesses paid for debit card transactions was capped. Along with fees reduced in other areas, the rewards programs were cut. I currently know of 2 banks that pay rewards. They're maybe more. But both of these banks are local but not sure if airline miles are included. 1 of those banks has a list of merchants that they have an agreement with, the other I am just learning about. I will let you know if I see miles as an option. Thank you for your feedback. Please encourage your friends to find and comment on the blogs for "the patch". This information can help people in our local communities to make good decisions with help from a neighbor like you and me.