Credit Unions

Wrong forum Paul. You should have posted your PSA in this forum:

http://www.baptistboard.com/forumdisplay.php?f=53

 

You all tell me. Credit unions have been around for 100 years. Why have they not put savings and loan banks out of business? 20 years ago (?) the savings and loans stole millions but they are still around.

 

Because regulations discourage smaller organizations and government props up the big banks. Get rid of these government incentives to big companies, then credit unions will flourish.

 

I like mine as well. Also greatly prefer a local bank to the big conglomerates with one exception... The ability to access money, cash checks, etc., ANYWHERE instead of just my home town. Both are issues with credit unions and local banks.

In my current job situation, I am working in Wisconsin and have banks in Louisville, KY. When I recieved a payout for my job in a manual check instead of direct deposit, I was stuck unable to cash my check. Thankfully, Wally-mart came to my rescue and I could cash the check and wire money to my wife back home. No bank would do that for me and Western Union is horrifically expensive. A national bank account would have made all that easy.

Oh, and one interesting story... The closest wally-mart to my work place is in a really (REALLY) bad neighborhood. I walk in with a sizable payroll check, out of the norm for typical workers in that depressed area. The attendant says rather loudly, "I'm not sure I have that much in the safe." She realized the error of her ways when all of a sudden a couple dozen eyes were riveted on our transaction. Only by the grace of God was I not mugged when I walked out of the building. It was not a good situation! Next time I found a store where the people are a tad more civilized...

 

I have used a credit union for over 40 years and never had a problem accessing cash even when traveling out of the country. Would never go back to a for profit bank- I'd rather stuff the cash under my mattress.

Of course with the current economy- having cash isn't too much of a problem.

 

Getting one's hands on cash that is IN THE BANK is no problem in these days of bank machines on every corner.

My problem was getting money INTO THE BANK so that I could get at it with my card, which is virtually impossible unless you can direct deposit or walk into a local branch.

Other than that, I am highly favorable toward the credit union and/or local bank.

 

My money is in a locally owned secucrity bank. There are several in the state, all owned by a group of local business investors. They support in-state commerce, donate heavily to the local hospitals, youth sports teams, and the U. of M., all while managing to give a healthy interest % to their customers.

 

My wife and I have been dealing with a local Credit Union, which is affiliated with a large local employer, for the past 7 years. We have our mortgage with them, and I've had a car loan and CD's in the past. I have always been pleased with the level of service they provide. I worked in a branch of Southeast Regional Bank for several years when I got out of college, and will never go back to any of the larger banks. For the past 10 years I have also had accounts with ING Direct, an online bank, and have been very pleased.