HFS Online Banking vs. Big Banks: What’s the Difference?

What’s the difference between a credit union and the big banks? Truthfully, not much.

Although each has its own financial and business philosophy, the comparison is more about the features they offer. In this post, we’ll cover the main features and key differences to help you choose what’s best for your financial situation. Whether you’re looking to switch from a big bank or become a first-time credit union member, here’s what you need to know about each financial institution.

The Real Reason People Hesitate to Switch to a Credit Union

People hesitate to switch from a big bank to a credit union for a few key reasons. One, there’s the effort that’s involved in moving all their money from one institution to another. However, the bigger concern is that a credit union, typically a smaller institution, may not match many of the features they enjoy at their bank. While this used to be a fair criticism of credit unions, today’s institutions also offer features like online and mobile banking, mobile deposits, bill pay, and tend to match big banks’ service.

Feature-by-Feature: HFS Online Banking vs. Big Banks

From online and mobile banking to branch and ATM access, here’s a look at the key similarities and differences between HFS FCU and a standard big bank:

Mobile Check Deposit and Everyday Transactions

The biggest question people have about credit unions is whether they can handle day-to-day banking tasks as well as a big bank. The answer is “yes.” In some cases, credit unions can make mobile deposit and online bill pay even more convenient. At HFS FCU, you can deposit up to $5,000 in checks per day via mobile deposit in the HFS app. It’s easy to do: Just open the app on your mobile device, select the “deposit checks” option and start uploading checks. There’s no fee to deposit through the HFS app (if applicable, there is a $25.00 returned check fee and standard message and data rates may apply, check your carrier plan for details).

Online and mobile access can also make it easier to monitor account balances, make loan payments, and manage your checking account without needing to visit a branch for routine transactions.

Card Controls, Alerts, and Security Features

Credit unions take member security seriously. Members can lock and unlock their credit cards, set up transaction alerts and travel notifications, and dispute charges directly through the HFS Cards app. If a card is lost or stolen, HFS FCU can issue replacement cards on the spot at your nearest branch.

Other features and controls include balance thresholds and login activity, both available directly in the HFS app. These tools can help you stay on top of your personal finances and spot unexpected changes to your account more quickly.

The One Small Trade-Off: Branch Access

The biggest advantage of big banks over credit unions is their national network of branches and ATMs, which can be especially valuable for Hawai‘i residents who often travel to the mainland. However, most day-to-day banking happens online or through mobile apps, so it likely won’t affect everyday use as much as it used to.

What You Actually Gain by Switching

So, what do you gain by switching from a big bank to a credit union? Lots.

For starters, credit unions operate on a non-profit, member-first model. This means they often return profits directly to members through better rates and lower fees, helping your money go further. Some other key benefits of switching from a bank to a credit union include:

• Credit unions offer the same core services as banks. This includes checking accounts, savings accounts, auto loans, mortgage loans, personal loans and more.
• Personalized service: Credit unions have your best interests in mind and offer local, personalized service to help you reach your financial goals and improve financial literacy.
• Credit unions like HFS FCU care about and are active in the communities where you live and work.
• You’ll still have up to $250,000 in federal deposit protection via the NCUA, similar to the protection banks have through the FDIC.

Contact HFS FCU today to learn more about the credit union difference and membership eligibility.

How to Switch Without Losing Access to Your Money

Switching from a bank to a credit union is easier and more streamlined than you might think. While you should follow a process, you won’t lose access to your money during the transition. Here’s a look at the best practice to follow:

• Start by joining HFS FCU and opening an account.
• Set up direct deposit and online bill pay from the new account.
• Over the next month or two, monitor your new HFS FCU account and keep your old account open. Check that direct deposit is working with your new account, and monitor your old account to transition any automatic payments.
• Eventually, you’ll close your old account once everything is properly set up and active with your new one. In many cases, it’s best to wait 30-60 days.

Ready to See It for Yourself?

Don’t take our word for it; join HFS FCU today to experience the credit union difference. We’re happy to sit down with you and show you the features we offer and how they more than rival those of the big banks. Just stop into our branch, open your account online, or schedule an appointment to speak with one of our team members to get started opening your credit union account.

FAQs

Can I do everything with HFS Online Banking that I can do at a big bank?

Yes, HFS FCU offers the same services through its online banking portal as most big banks.

Is there a fee for using HFS Online Banking or the mobile app?

No, HFS FCU online banking and the mobile app are completely free to use. Just check with your carrier as message and data rates may apply.

Can I deposit checks from my phone with HFS?

Yes, the HFS FCU app supports mobile check deposits up to $5,000 per day.

Can I lock my debit or credit card instantly if I lose it?

Yes, you can lock your debit or credit card immediately. HFS FCU can also issue a replacement card instantly when you stop into a local branch.

Will I lose access to my money while I’m switching to HFS?

No. During the transition period as you switch from your old bank to HFS FCU, you won’t lose access to any of your money.

Can I manage my HFS account while stationed off-island or traveling?

Yes, you can manage your account through HFS FCU’s online banking portal or mobile app.

Is online banking through a credit union as secure as a big bank?

In some cases, it’s more secure. HFS FCU online banking supports advanced security measures, such as two-factor authentication, fingerprint authorization and Face ID, to keep your money and information safe.

Can I get a new card right away if my card was lost or stolen?

Yes, just stop into your local branch for an immediate replacement debit or credit card.