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| - In the fall of 2011, I was 7 years into my tenure as a Bank of America customer and for the most part was perfectly content with my membership. BofA has convenient locations throughout the Phoenix metro, and despite having obvious reservations about their business culture, they were always reliable. But then BofA revealed to the world that they were going to start charging a $2 fee for everytime I used my debit card. The news hit me like a ton of bricks. Are you serious? You're going to charge me $2 just for the privilege of accessing my own checking account? For a full month, BofA didn't back down. And other big banks soon followed suit saying they'd also look at charging debit usage fees for their customers. What started as a business move by the big banks soon became a nationwide movement as hundreds of thousands of BofA customers as well as customers from other big banks began moving their bank accounts away from the big banks and towards locally based credit unions. Within days of BofA's announcement, I began looking into the move myself.
Admittedly I knew next to nothing about credit unions and how they're structured differently from banks (probably should've paid closer attention to that in my banking class in college but I digress). On the whole, the credit unions are structured very similarly to the banks except in terms of scale. Whereas the big banks can offer a wider variety of financial products (some riskier than others), the credit unions largely stick to a more limited, more risk averse range of products. My biggest concern with joining a credit union was about access to my accounts. Whereas BofA has branches around almost every corner, credit unions tend to be limited to a local geography and even then only have limited locations. I wanted to make sure I could fairly easily access a branch location and more importantly access ATMs when I needed them (even when I'm out of town).
I ended up choosing Desert Schools as my credit union of choice for a couple of reasons. For one, they're easily the largest credit union in the Phoenix metro with dozens of locations and ATMs to choose from. Additionally, Desert Schools is part of what is known as the Credit Union ATM Cooperative. This means that if I need to access my money via another credit union in town or in another state, I can do so at a Co-op branch or ATM. And the best part is Desert Schools will waive or reimburse any access fees associated with using these Co-op locations. I've only had to use Co-op locations a few times, but its nice to have that option in my back pocket.
In terms of the banking experience itself, I've had nothing but positive experiences with Desert Schools branches. The staff at each branch I've gone to is friendly, efficient, and organized. The branches themselves are a little more bare bones than your typical BofA, but as long I get prompt and competent service my needs are met. Desert Schools has greatly improved their online presence since I first joined and their mobile App has also undergone some great improvements. That said, I will admit their online and mobile presence is certainly nowhere close to the features and ease of use that BofA and other banks have. Small potatoes perhaps, but certainly an area where they could use improvement.
All things considered, the move to Desert Schools has been a positive one. BofA and other big banks eventually backed down from the debit usage fee idea shortly after I (and hundreds of thousands of others) made the move. The move meant sacrificing a few comforts and conveniences, but I'm comforted by the fact that I now have my money with a locally based financial institution which employs people in my hometown and promotes a corporate culture that more closely approximates my values. As long as that remains the case, I see myself as a Desert Schools customer for the long haul. And Desert Schools if you're reading this, how about adding a Downtown Phoenix branch soon, eh?
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