1. armedandsafe

    armedandsafe Guest

    It is well past time to get out of your (US) bank and into a credit union. This will be the final death-knell for safety and return on investment with the major banks.

  2. ponycar17

    ponycar17 Active Member

    Feb 17, 2005
    South Carolina
    I'll agree with you on Credit Unions wholeheartedly. My wife has always worked for them and I have banked with them since I got the good sense to do so at 20 years old.

    Now, you also have to realize that corporate credit unions (basically, the mother ship for small credit unions) also invested in more risky investments. Although they didn't require a bailout, these entities are likely also subject to government command and control mentality in the future. The problem isn't the banks. The problem is the government theology that regulated banks into creating artificial markets to stay afloat. THAT is the problem... More government regulation will not fix this.

    With that said, this is nothing more than a diversion tactic by the Soros (oops, I mean Obama) administration. This action is meant to put wind in the sails of the current administration by attacking an entity that they are wagering a large percentage of Americans will enjoy attacking; Wall Street bankers... I don't think they get it. People are pissed about government intrusion into their lives, as proven by MA's referendum on Obamacare. People are also wising up to the fact that they will pay the price of taxation and limitations on the banking industry.

    Know your enemy! :mad:

  3. hogger129

    hogger129 Well-Known Member

    Nov 29, 2009
    I don't trust anybody to hold onto MY money. I'd just as soon keep it in my basement in garbage bags. But I will agree with you that Credit Unions are much better to get into than normal banks.
  4. rentalguy1

    rentalguy1 Former Guest

    I absolutely hate credit unions. I was treated very badly by the one that I belonged to years ago, and will never do that again. I only store money in a bank, and I'm not looking for a ROI. If you are expecting a ROI out of a bank, or a credit union, then you are gonna be sad at the end of the quarter...
  5. ponycar17

    ponycar17 Active Member

    Feb 17, 2005
    South Carolina
    There are bad credit unions just like there are bad fast food joints. I'd hardly call one experience worthy of hating the entire concept. :confused:

    The worst I've been treated has been at commercial banks. There's no rationale that I can gather in paying a commercial bank a fee to be able to see a real live teller once a month, and that is a strategy that several commercial banks are employing these days... I've been a member of 3 credit unions, of which 2 I'm still a member. Never had a problem... :D
  6. rentalguy1

    rentalguy1 Former Guest

    I'll say it again...I've been with BoA for a decade. I have never paid a fee for any account, or any transaction. If I need a loan, it has never been a hassle with them. Maybe it's the amount of cash I have with them. I don't know. I do know that the credit union I was with for several years screwed me several times. I wanted a auto loan, had excellent credit, had down payment money, and the vehicle was worth way more than I was asking to borrow, yet I still needed a co-signer. I needed a mortgage, they asked for 20% down, plus closing costs. Everyone else qualified me for a higher amount and either 0% down or 3% down. Lastly, when we were away in TX, burying my step-father, I was unable to make my car payment on its due date (I usually went in the CU on the due date to handle this). The very next day, as we were leaving TX to come home, I hit the ATM for gas and food money only to find out that they had pulled out the payment I was 12 hours late on , plus the next month's, leaving me with no money in that account. I had plenty in savings, but I didn't have a ATM card for that account. This was before debit cards. I happened to work in the finance industry at the time as a district manager, and I knew what they had done was illegal. I let them know this over the phone, and quoted federal law to the manager. She immediately transferred the money back into my account, but once said she was sorry. I made the payment the following day as soon as we got back into town.

    This was back in the day before there were very many credit unions, and you actually had to be employed at a certain place, or be a family member of a employee to be a member of the credit union, then you still had to pay a annual fee. I had quite a bit of money in there, and my parents had accounts in excess of the FDIC limit with them. We all closed our accounts that week and never looked back. I'll never deal with a small-town bunch of dim-wits again. I'll deal with bigger folks who have a idea of how financial matters and laws work.
  7. ampaterry

    ampaterry *TFF Admin Staff Chaplain* Staff Member Supporting Member

    Dec 20, 2008
    West Tennessee
    Rentalguy, my experience is just the opposit -
    But I do not use a credit union in my day-to-day, although remain a member of one.
    My experience was with a big bank that FOREVER screwed my account up in IL because there was another customer with my same name, and some dimwits couldn't manage to look at the account number.
    Moving down here to TN, we opened an account with a small local bank, and it was solid gold. After a few years experience with me, I wanted to buy a new car - I phoned them from the dealer, and they told me to just write them a check for anything I needed, and stop by later to fill out the paperwork.
    Then they were bought out by a major bank chain.
    Service went to POT, and the next time I needed a loan they gave me a hassle - though my credit is solid gold.
    Many people here were upset with the loss of service, so several well healed folks in the county got together and started another small, local bank.
    Back to excellent service!
    They have now moved twice, as they continue to expand due to the influx of customers.

    Hogger129, what is it like to keep your money in garbage bags?
    I could put all mine in small bills in a one quart zip-lock.
  8. graehaven

    graehaven Well-Known Member

    May 26, 2007
    Rochester, NY
    Extra cash, what's that?

    I invest all of mine in guns, ammo, water, food, and silver.
  9. ampaterry

    ampaterry *TFF Admin Staff Chaplain* Staff Member Supporting Member

    Dec 20, 2008
    West Tennessee
    I did that.

    I have a Spanish muzzle loading pistol, four lead balls, a gallon of water, a hot dog, and a dime minted in the 50's.

  10. ponycar17

    ponycar17 Active Member

    Feb 17, 2005
    South Carolina
    I'm sorry that you had poor experience with that one credit union but I'll clarify a few things. First, credit unions are not secured by FDIC but by NCUA. Typically, their limits of insurance remain the same as the FDIC however.

    I've never been a member of a credit union that charged a 'yearly fee' but they do require that you hold between $5 and $50 in a 'Shares Savings' account to maintain your membership. When you leave the credit union you get the money back. Although I've only been a member of 3 credit unions, between my wife and I we've been members of 5. All of them, even one based in Houston, TX didn't require a 'yearly fee'. I believe you misstated that, although that's easy to do...

    I haven't had issues securing loans with credit unions. Typically, they have better rates but are far more conservative in their lending practices. For instance, our home loan is amortized over 30 years but due for refinance in 20 years. It doesn't matter since it will be paid in full before 20 years. The reason is that the credit union doesn't want to take on 30 years of liability. They often require larger down payments as well. Still, they're being careful. That is what gets you lower rates on loans and much higher rates of return on investment products. Also, they're often willing to take on LPMI vs. BPMI when securing a mortgage with less than 20% equity. LPMI is lender paid mortgage insurance which essentially eliminates your PMI with only a slightly higher interest rate. PMI is not tax deductible but interest is... It's a wash. BPMI is what most banks use and they charge you $100+ per month, non tax-deductible and it's going to nothing...

    Sorry, I might be a little biased by my situation but the commercial banks are horrible. My Grandpa recently moved a CD from a big commercial bank to a small local bank with a 1% higher rate of return. He's catching on too... :D
    Last edited: Jan 22, 2010
  11. 308 at my gate

    308 at my gate New Member

    Dec 6, 2008
    Lost in SW USA.
    I am still playing the stock market thank you.
  12. obxned

    obxned Active Member

    Mar 4, 2007
    Locky for me, the housing crash and the current economy have solved my problem of where to put my money - it's in a piggy bank, a very small one.
  13. Marlin T

    Marlin T Well-Known Member

    Jul 8, 2005
    New Mexico

    The credit unions may be the way to go for today, but that will change if the that POS, I mean POTUS has his way.

    I say get oBOMBa out of the US, then we won't have to worry about which banking system you choose.

    I have had a credit union account ever since I was in the navy many years ago and have NEVER had a problem, ever. Unless of course you count the time that I wanted to withdraw enough money to buy a new truck on a friday evening; and they gave me LOTS of bills including stacks of ones :eek::D But I did get the cash :cool:
  14. ampaterry

    ampaterry *TFF Admin Staff Chaplain* Staff Member Supporting Member

    Dec 20, 2008
    West Tennessee
    I am heavily in several mutual funds as well -

    He just TALKED about cracking down on them, and we have had the worst three day drop in the market since he has been in office.
    This idiot can KILL the fledgling recovery we have been seeing lately if he does not grow a brain REAL quick.

    Good grief, man, take Michelle into the Oval office and spend the next three years pretending you are Bill with Monica.
  15. graehaven

    graehaven Well-Known Member

    May 26, 2007
    Rochester, NY
    401ks, pension plans and IRAs will be seized here pretty soon, in the interest of "saving the economy." You will then be "guaranteed" a level check amount for your retirement. But you will lose your money.

    I'm not an investment advisor, and this is not advice, But, IF I had any of those plans right now, I'd take the hit, and get my money out. They will take it and you will have no right to it.

    Don't think it's not all being planned behind the curtain right now. Don't say you weren't warned.

    If I could legally do so, I'd cash out the little I have in my 403b at work, but I can't unless I lose my job there. Which, may yet happen.