Credit unions and small banks outsource almost all of their core systems to companies like Fiserv. Literally thousands of banks and CUs all ride their infrastructure
I ran a website for a local CU for about 10 years. It was pretty fun doing things for their website that made their Fiserv web tools look like they were from 1970.
There was no interaction with user or account data on my end, just CMS-building, letting them go crazy with coupon promotions or pet shelter PSA's or warnings about ATMs being down, etc. They'd pitch me on a new project, I'd send them a timeline, and we'd add new features or tools to the website. I even hired a local college student to create some super-basic but useful financial tools for the site.
I loved how small-town-feel the whole thing was. At the beginning of the relationship, they gave me a list of broad requirements like "SAS-70", I found a DC to match, I sent them a contract, and I couldn't believe I actually had a banking institution as a client, 4 years out of school and a brand-new business owner.
Eventually they merged with another CU and went away, but apart from the very occasional "server down" notifications while I was on vacation, those are some really fun memories.
I'm overwhelmed by the number of credit union options. Are there significant differences between the options? Anything in particular I should look out for? In general, I'm just looking for something to do day to day banking and potentially get a mortgage in the near term.
a nice problem to have... =) nearly all credit unions have modern features like credit cards (with apple/android pay support), remote check deposit, and are part of a national ATM network, so you don't have to worry about needing (expensive) branches everywhere to do your banking.
when i choose a credit union, i optimized for two things:
- is there a branch close to work or home? this is mainly to develop a personal relationship in case i ever needed a loan. i'd deposit checks and withdraw cash in person occasionally.
- good rates on interest bearing accounts (at least 1%, but often >2% apr)
if you work for a larger institution, disney for example, joining their credit union is convenient.
Is there a bank in the US similar to Monzo or Revolut? I really miss these having moved from the UK to the US and I haven't been able to find a good replacement.
i don't know enough about those banks to compare, but https://empower.me is the best of the new breed online banks i've found - 2% apy for checking (with some reasonable conditions)!