Credit Unions vs. Banks?
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- capn_ron0
all i know is that i can go to any 7-11 with my credit union and get cash for free. That right there probably saves me $100 a year in fees from when i was with Chase. Other than that, maybe it is supporting your local smaller business as opposed to a larger corporation.
- JSK0
Credit union much higher degree of failure.
Credit union for profit
Coop credit union not for profit
- lowimpakt0
I'm in the UK and I use a co-operative bank. It's only shareholders is a member owned co-operative group.
They don't invest my money in companies involved in the arms trade, sweatshops, genetic engineering, animal testing etc etc.
it has regular high street branches and I have all the regular banking services you would expect.
- JSK0
Btw credit unions are part of bigger banking system. They sell off their loans to bigger banks who sell them off to investment banks.
While they do nor have risky investments such as high risk loans including mortgage backed securities as much, they are at high risk due to higher failure rate of small to medium size business.
- JSK0
Only reason you would move to credit union is to save on ATM fees. They lack diversity of banking products and tend to carry higher mortgage rate.
- capn_ron0
i agree with JSK. but i only use the bank for it's minimal benefits right now. ATM, bill pay and direct deposit. Other than that, i have no use for a bank at the moment.
- JSK0
Majority of banking failure comes from local and regional banks.
- lowimpakt0
my bank also has an asset management arm that does invest in companies that I wouldn't personally invest in but they use their position to actively campaign for improved corporate governance.
they operate as active shareholders in companies like BP, BAE systems and pricks like that but unlike every other assest management group they publish all their voting records online.
- zaq0
I am planning to move to BankSimple.com once it is out. But eventually planning to switch into Bitcoins
- dibec0
S, here is a little more info.
- JSK0
Becareful with certain accounts as money market etc, they are not covered by FDIC even if where you bank is a FDIC member
- scarabin0
so if a credit union "fails", i lose all my money?
or do i just have to find a new one
- scarabin0
btw all i need is direct deposit and a savings account
- JSK0
^ you will get charged monthly service fees for most direct deposits with credit unions.
You would be better off with national banks. But you can research in to finding credit union with larger member base and get free account service.
- ironically, I avoid fees BY using direct deposit at a major bankmonospaced
- scarabin0
this is helpful. thanks guys.
- capn_ron0
My CU does not charge me a monthly fee because i do a direct deposit. If i didn't they would charge me something like $3.95/month. but since i do, i get free banking. as for the interface, it isn't the best to pay bills, but once i learned it by using it, it became simple and quick.