Starve the Bastards!

[Lily de Cuir]

Credit unions in the USA are taking advantage of Bank of America charging a monthly $5 fee, mounting an advertising campaign, 'Bank Transfer Day November 5'. Now that's an ad campaign I like...:tongue1:

Everyone, get active - transfer your money out of the banks and into credit unions!

From little things, big things grow....spread the word....:whoo:

http://www.cutimes.com/2011/10/11/bank-transfer-chatter-goes-global-cuna-nafcu-cite

Lily

[norman]

But where do credit unions actually keep their cash?

[Lily de Cuir]

****, I dunno? But it's better than a friggin bank!

Lily

¤=[Post Update]=¤

Norman, most importantly, it's account members collectively own the credit union. The people are the shareholders.

Lily

[norman]

I'm a member of a Credit Union. I put a a few Quid in around 1997.

It started off sounding great. After a few years they were sending me statements telling me how my deposit was shrinking because they were charging me for something ( probably managing my account ).

I never did get a propper answere from them about where my money really was.

I still have a nasty feeling that they were walking around to one of the local banks every day and depositing their daily balance with them.

If that turns out to be true, I don't think the idea of a credit union is really much of a runner.

[Lily de Cuir]

I'm a member of a Credit Union. I put a a few Quid in around 1997.

It started off sounding great. After a few years they were sending me statements telling me how my deposit was shrinking because they were charging me for something ( probably managing my account ).

I never did get a propper answere from them about where my money really was.

I still have a nasty feeling that they were walking around to one of the local banks every day and depositing their daily balance with them.

If that turns out to be true, I don't think the idea of a credit union is really much of a runner.

Hi Norman and All,

Norman, I'm sorry you had a bad experience with a credit union. I've been with one for over 20 years and they have never charged me anything to keep my account. I guess you have to shop around. I also receive a very competitive interest rate on my savings. Albeit it is lower than the banks, but I can offset that, because I believe it's a lot safer.

Um, no, I don't think the credit unions are 'going around the corner and depositing our cash at a local bank'!

But hey, thanks for putting a negative spin on my positive post.,,I was just trying to help people out and to try to do some good - to help people save their money from going under and to prevent the big banksters from making money out of us.

In a credit union, your money goes to enable loans to other shareholders, to buy homes, fund businesses etc.

Again, I say, the account members are the shareholders. Which is a very different kettle of fish where the big banks are concerned.

Love Lily.:croc:

[jimmer]

be a part of something.
destroy everything.

[PixieDust]

sounds like it would be "out of the frying pan and into the fire" type of deal.

i dont know much about credit unions, intrest rates, credit all that stuff. still trying to figure all the technical stuff out about being an adult ;)

but to me it sounds like if everyone took their money out of the banks and into another organization nothing would really be fixed. someone else is still managing your money. if you really want to fix it just get a safe at your house or something.

but then again i dont really know what im talking about.

[Lifebringer]

US savings bonds backed by FDIC also.
The last people's trust after Bush's ticks were removed. But the SEC turning a blind eye to the theft of those same banker ticks, they were able to rob the world, if McCain would have gotten in, they would have had the US safety net of seniors, disabled, and widowed on Wall STreet as collateral for their next robbery.

NOT THIS TIME!!

IT'S OVER ROVER, YOU CROOKED DIRTY LITTLE CHEATING DOG.
LOL so joyful that the crap has hit the fan so we can clean up our Country for this century with trust for the future and our children.

[Lifebringer]

Credit union members say: I trust ME, not them on Wall St.

I feel the same way after four recessions by corporate republican party of deregulation.

I wouldn't trust em if they were born on the bible, and crapped crosses.

Crooks the whole lot of em.

[jackovesk]

Credit Unions - Overview of Credit Unions

6 Fast Facts About Credit Unions

Most people never notice the differences between credit unions and banks. However, as an educated consumer looking to get the best deals (that is you, right?) you should know how the institutions differ. By reading these fast facts about credit unions, you’ll know what to expect.

Who Owns a Credit Union?

A credit union is an institution owned by the “members” or customers. Contrast this with banks where the customers are just customers. Banks answer to profitability – usually shareholders own a bank and expect financial performance from bank management.

Credit unions are nonprofit organizations that strive for service over profitability. Note that I said that credit unions are nonprofits, however they are not charities. Credit unions must make sound financial decisions.

Who Runs a Credit Union?

If all the customers own the credit union, then who has time to run the place? Credit unions actually have the same types of personnel as banks. Upper management consists of a board of directors who makes decisions on credit union operations. This board is composed of elected volunteers. They don’t do it for pay – rather, they’re credit union members who want a say in how the place is run.

Who Can be a Credit Union Member?

So, what does it take to be a member of a credit union? It depends on the credit union. Credit unions simply have to limit their offerings to people who have a common bond. This bond may be the geographic community, a workplace, a religion, or other type of bond.

Credit unions cannot simply offer their services to anybody who has a pulse. Instead, they are limited to working with those who share the common bond. If a credit union fails to limit membership in this way, they risk losing their status as a credit union.

Once you join a credit union, you may be able to use branches of different credit unions around the country with CU Service Centers.

What Products do Credit Unions Offer?

In its simplest form, a credit union gets money from its customers and loans that money out to other customers.

Credit unions will typically offer the same products and services as larger banks. However, some credit unions will choose not to offer every product and service out there. The reason is that these credit unions do not do the same amount of volume that larger banks do. Banks can afford to have “loss-leaders” or products that get customers in the door. Credit unions will more likely only offer the products and services that a large portion of the membership is likely to use.

Remember how we talked about the members owning the credit union? Some credit union products have different names than their banking counterparts. Your deposits are called shares because they represent ownership (like shares of stock) in the institution.

How Competitive are Credit Unions?

Small credit unions give the big banks a run for their money. Because credit unions tend to focus on service over profitability, the rates can be better at a credit union. If you are a rate shopper, you may not find the attractive CD sales as often. However, a long-term relationship with a good credit union can be profitable.

Remember that some credit unions do not offer the whole universe of products and services that larger banks will. This can give the banks an advantage if you happen to want those particular services.

Is Your Money Safe at a Credit Union?

Credit union deposits are insured very much like your bank deposits. The organization that insures the two types of institutions is different. However, the quality of insurance is the same in my mind - backed by the full faith and credit of the government.

http://banking.about.com/od/creditunions/a/creditunions.htm

PS - Only problem being if the Insurance Co. &/Or Govt. goes broke? So do you..!

[Fred Steeves]

Credit union members say: I trust ME, not them on Wall St.

I feel the same way after four recessions by corporate republican party of deregulation.

I wouldn't trust em if they were born on the bible, and crapped crosses.

Crooks the whole lot of em.

Good thing we have the ever honorable democrats looking out for us like Tim Geithner, Larry Summers, Richard Daly, Chris Dodd, and Barney Frank. Heroes the lot of 'em.

Cheers,
Fred

[MargueriteBee]

We just have to research your local credit union and make sure they are who they say they are. Do your research. I got a hunch some credit unions are fake. I am gonna check everything on my local credit union before I deposit my money.

[Lost Soul]

No can do. I already belong to a local credit union and have been out of banks for years. My local credit union is terrific. When I applied for a credit card, they did some research before calling me and asking some questions. Even after the call it was a week before they called and told me that I had been approved. This is so unlike some of these other banks that keep offering a card sight unseen. It really boosted my confidence in that particular credit union.

MarguriteBee - how do you go about checking out a credit union? I'll have to join a second one when I move and am looking for advice.

[WhiteFeather]

Its a start.

[grapevine]

But what about when there's nothing left to buy with the money that we have - it's coming folks ...

[Nanoo Nanoo]

I only use a bank as a payment porthole. I only have enough in there to make basic payments. everything else is .. well somewhere else. most excess funds are invested in physical silver and gold and kept out of their hands. it would be wise to keep the bulk of your savings out of the banks and just leave in there what you are able to lose or need to pay things through the porthole.

i have closed all excess bank accounts from 7 down to 1 and believe me they didnt like it when that happend :) the trust is going from these institutions .. and so it should , they are not earning it from us.. I am sad every time i enter a bank they try to increase my CC limts and over draft .. i say politely to them .. do not ask and you wont be offended :)

this sends a message .. either way

N