For those of you who work for banks or credit unions, do you use an account at that FI for the majority of your transactions? Please explain why you do or don’t use them for your personal banking.
Yes and No. My paycheck is ACH’d into my account and I transfer funds to another FI to pay my monthly bills. I only use my FI account for play money, etc.
We have staff that monitors employee accounts and these accounts are also reviewed when getting an auto or house loan.
I would rather the employee’s I work with not have the ability to know or review what I do with my money.
I’m just finishing the first month of working at my credit union and have switched most of my financial activity to where I work including re-financing my auto loan through them. I guess I’m not a huge fan of people that I work for/with being able to “Look Into” my account but i’m also a big believer in the CU thing and hated my previous FI. One of bosses has to sign off on any loans we receive but thats just cuz we get a discount, other than that, I don’t feel like my privacy is really going to be intruded upon. Plus, I can’t handle having my money in two places.
Yep, I do all my banking at the CU that I work for.
I used to use Key, but switched as soon as I started working here mainly for convenience and also because I kind of caught the CU “bug” and just really liked what they stood for.
From the few responses here, it almost looks like there is a difference in culture depending on what kind of FI you work at. Bankers are more apprehensive about other bank employees having access to information, whereas CUers seem to be less concerned.
Are CUers perceived to be more trustworthy? Are bankers paranoid? Are CUers naive? Are there too few responses to make a ruling just yet? ;)
I divide my functions between my fi’s parent company and my own fi. I do that in part as my own method of money management, but also, to diffuse staff knowing my whole picture. Having said that, I needed to call our contact centre, and felt quite uncomfortable when I realized I knew the staff person at the other end of the phone. I don’t care in theory if fellow staff see my account; but I do care when it gets personal like that.
I don’t work for an FI, but even if I did my answer would be “kind of, lil bit” too. Because I keep getting frustrated with my FI, I’ve moved my primary account from shop to shop to shop, but left remnants of the other accounts behind me. I have a loan through one CU, a checking and savings through FORUM CU, business stuff through Wells Fargo, an HSBC Direct account that I use occasionally, and a credit card through Juniper Bank.
I have most of my deposits with the credit union I work for, plus a credit card and investment accounts. I think it’s important to have accounts where you work so you can get a somewhat outside perspective on service and quality of products. It’s also helpful to see just how much member correspondence we send out—a lot!
I have absolutely no issues with my coworkers being able to see my accounts—how much money I make, where I spend it, etc. I’m a pretty open person. I think being one step toward being financially independent is being open about how you use money. It’s almost like being in Weight Watchers and having to weigh in every week with other people watching. Keeps you in check.
I do most of my “regular” banking through the credit union I work for… They offer great employee discounts on mortgages (for example) – so why not!
We also have a culture that says “if you aren’t using our products and services – how can you offer them to our members”? So – we really try to encourage people to experience the products and services for themselves so they are better able to explain them to members.
And – we have a policy against employees looking up other employees – unless they are assisting you with a transaction of course! :)
I belonged to my other credit union for 6 years before I started working here; that’s where I got my first car loan & my mortgage. I like the people, the locations are convenient, etc., etc. I’m actually a very loyal member. :)
I do have an account where I work (technically, I sort of have 2, but that’s a long story), and I got a car loan there as well.
Professionally, as a web designer/developer, I think it’s useful to be a member/customer at another FI—you get a good view of what they’re doing.
At my bank payroll can only be deposited into one of our accounts. We get free/discounted banking as employees, so most people I know use their staff accounts, but I’d still bank here regardless as I want to know what my customers are experiencing.
Great question. I do almost 100% of my banking/investing/lending etc at Vancity where I work. Of course, I was pretty much 100% at Vancity before I started working there, and that was an attraction to starting to work there.
I agree with Dan, even if I didn’t want to, I would just so I’d share experiences with our members.
David A.
Yes and No. My paycheck is ACH’d into my account and I transfer funds to another FI to pay my monthly bills. I only use my FI account for play money, etc.
We have staff that monitors employee accounts and these accounts are also reviewed when getting an auto or house loan.
I would rather the employee’s I work with not have the ability to know or review what I do with my money.
That is why I use another bank.
JB D.
I do the same as David A. We too have people that monitor our accounts.
Brad G.
For the record, I love this question.
George P.
Yes and no for me also. The bulk of my paycheck goes to another bank for my bills. I do have a couple of smaller accounts and a loan with my employer.
Adam A.
I’m just finishing the first month of working at my credit union and have switched most of my financial activity to where I work including re-financing my auto loan through them. I guess I’m not a huge fan of people that I work for/with being able to “Look Into” my account but i’m also a big believer in the CU thing and hated my previous FI. One of bosses has to sign off on any loans we receive but thats just cuz we get a discount, other than that, I don’t feel like my privacy is really going to be intruded upon. Plus, I can’t handle having my money in two places.
Andy L.
Yep, I do all my banking at the CU that I work for.
I used to use Key, but switched as soon as I started working here mainly for convenience and also because I kind of caught the CU “bug” and just really liked what they stood for.
Mike T.
From the few responses here, it almost looks like there is a difference in culture depending on what kind of FI you work at. Bankers are more apprehensive about other bank employees having access to information, whereas CUers seem to be less concerned.
Are CUers perceived to be more trustworthy? Are bankers paranoid? Are CUers naive? Are there too few responses to make a ruling just yet? ;)
Nancy Z.
I divide my functions between my fi’s parent company and my own fi. I do that in part as my own method of money management, but also, to diffuse staff knowing my whole picture. Having said that, I needed to call our contact centre, and felt quite uncomfortable when I realized I knew the staff person at the other end of the phone. I don’t care in theory if fellow staff see my account; but I do care when it gets personal like that.
Brent D.
I don’t work for an FI, but even if I did my answer would be “kind of, lil bit” too. Because I keep getting frustrated with my FI, I’ve moved my primary account from shop to shop to shop, but left remnants of the other accounts behind me. I have a loan through one CU, a checking and savings through FORUM CU, business stuff through Wells Fargo, an HSBC Direct account that I use occasionally, and a credit card through Juniper Bank.
I should probably consolidate.
Terrell M.
I have most of my deposits with the credit union I work for, plus a credit card and investment accounts. I think it’s important to have accounts where you work so you can get a somewhat outside perspective on service and quality of products. It’s also helpful to see just how much member correspondence we send out—a lot!
I have absolutely no issues with my coworkers being able to see my accounts—how much money I make, where I spend it, etc. I’m a pretty open person. I think being one step toward being financially independent is being open about how you use money. It’s almost like being in Weight Watchers and having to weigh in every week with other people watching. Keeps you in check.
Victoria S.
I do most of my “regular” banking through the credit union I work for… They offer great employee discounts on mortgages (for example) – so why not!
We also have a culture that says “if you aren’t using our products and services – how can you offer them to our members”? So – we really try to encourage people to experience the products and services for themselves so they are better able to explain them to members.
And – we have a policy against employees looking up other employees – unless they are assisting you with a transaction of course! :)
Elaine N.
(Copied from the other thread…)
I belonged to my other credit union for 6 years before I started working here; that’s where I got my first car loan & my mortgage. I like the people, the locations are convenient, etc., etc. I’m actually a very loyal member. :)
I do have an account where I work (technically, I sort of have 2, but that’s a long story), and I got a car loan there as well.
Professionally, as a web designer/developer, I think it’s useful to be a member/customer at another FI—you get a good view of what they’re doing.
Dan D.
At my bank payroll can only be deposited into one of our accounts. We get free/discounted banking as employees, so most people I know use their staff accounts, but I’d still bank here regardless as I want to know what my customers are experiencing.
William A.
Great question. I do almost 100% of my banking/investing/lending etc at Vancity where I work. Of course, I was pretty much 100% at Vancity before I started working there, and that was an attraction to starting to work there.
I agree with Dan, even if I didn’t want to, I would just so I’d share experiences with our members.