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curley
Guest
curley
12 years ago

several years ago, B of A indicated that they were going to screw me by raising my interest rate or lowering my credit limit—I don’t remember which. I had several credit cards with fairly high balances left over from building my house and the emergencies of life. I decided to borrow against my car and truck, both of which were paid off, and use the $$ to pay of two big credit card balances. By getting the loans from the credit union of so. hum, I was able to switch the profit made from my loans to my local area. The credit union made money from my vehicle loans twice(they made the original loans). The money came back to my neighbors in the form of loans. Another aspect of this is that the loans then had an end point instead of being ongoing old credit card debt. The loans are now paid off and two large old debt balances no longer haunt me. Our local credit union is a valuable asset—I have been a member since it started.
Oh, I forgot to mention another important aspect. The staff treats me like I’m their friend and neighbor, BECAUSE I AM.

curley
Guest
curley
12 years ago

several years ago, B of A indicated that they were going to screw me by raising my interest rate or lowering my credit limit—I don’t remember which. I had several credit cards with fairly high balances left over from building my house and the emergencies of life. I decided to borrow against my car and truck, both of which were paid off, and use the $$ to pay of two big credit card balances. By getting the loans from the credit union of so. hum, I was able to switch the profit made from my loans to my local area. The credit union made money from my vehicle loans twice(they made the original loans). The money came back to my neighbors in the form of loans. Another aspect of this is that the loans then had an end point instead of being ongoing old credit card debt. The loans are now paid off and two large old debt balances no longer haunt me. Our local credit union is a valuable asset—I have been a member since it started.
Oh, I forgot to mention another important aspect. The staff treats me like I’m their friend and neighbor, BECAUSE I AM.

Kyle Keegan
Guest
Kyle Keegan
12 years ago

I think it makes a difference. Two years ago I closed an account with Washington Mutual (which is now CHASE). The only reason at the time that I felt compelled to close my account was after seeing banks all over the state doing the infrastructure changes after CHASE bought up some of the other banks like Washington Mutual and it just felt creepy to me. When I went in to close my account a representative asked me why I pulling out, and I just said, “Because you’re just too damn big.”
He replied, “I hear you bro.”
Since then, the Community Credit Union has been great for my family and as far as financial institutions, it’s the closest thing we have towards localizing our money (aside from creating our own currency, bartering, trading, etc) Curley hit some good points above on the other attributes of the Credit Union.
As far as convenience goes– I have come to believe that most things that come as a convenience these days will end up being a great inconvenience for the generations to come. Most modern day conveniences (cars, plastic bags, subsidized industrial food, bottled water, shopping at Costco, etc, etc) are hiding costs that amount to pollution and climate change issues that will be a burden on our grandchildren. I think we should always question convenience. If it seems too good to be true…it probably is.

Kyle

Kyle Keegan
Guest
Kyle Keegan
12 years ago

I think it makes a difference. Two years ago I closed an account with Washington Mutual (which is now CHASE). The only reason at the time that I felt compelled to close my account was after seeing banks all over the state doing the infrastructure changes after CHASE bought up some of the other banks like Washington Mutual and it just felt creepy to me. When I went in to close my account a representative asked me why I pulling out, and I just said, “Because you’re just too damn big.”
He replied, “I hear you bro.”
Since then, the Community Credit Union has been great for my family and as far as financial institutions, it’s the closest thing we have towards localizing our money (aside from creating our own currency, bartering, trading, etc) Curley hit some good points above on the other attributes of the Credit Union.
As far as convenience goes– I have come to believe that most things that come as a convenience these days will end up being a great inconvenience for the generations to come. Most modern day conveniences (cars, plastic bags, subsidized industrial food, bottled water, shopping at Costco, etc, etc) are hiding costs that amount to pollution and climate change issues that will be a burden on our grandchildren. I think we should always question convenience. If it seems too good to be true…it probably is.

Kyle

Ernie's Place
Guest
12 years ago

Apparently there has been a significant run on Bank of America. In the billions!

tra
Guest
tra
12 years ago
Reply to  Ernie's Place

I wasn’t able to find any news on that, other than a report saying that Bank of America is “keeping quiet” about account activity, and their spokesman said “it’s more of an industry-wide thing.”

http://www.cutimes.com/2011/11/05/bank-transfer-day-bank-of-america-quiet-on-account

That article also notes that currently:

Bank of America has 58 million customers, 5,700 branches and 17,750 ATMs, according to the bank’s website. The nation’s approximately 7,600 credit unions have about 92 million members.

Personally I don’t think that Bank of America, or any other bank, is “too big to fail,” but if they are, there’s certainly a remedy for that — make them smaller. Hopefully some of those 58 million Bank fo Amercia customers, and customers of the other “too big to fail” banks, did their part today to help bring that about.

Ernie's Place
Guest
12 years ago

Apparently there has been a significant run on Bank of America. In the billions!

tra
Guest
tra
12 years ago
Reply to  Ernie's Place

I wasn’t able to find any news on that, other than a report saying that Bank of America is “keeping quiet” about account activity, and their spokesman said “it’s more of an industry-wide thing.”

http://www.cutimes.com/2011/11/05/bank-transfer-day-bank-of-america-quiet-on-account

That article also notes that currently:

Bank of America has 58 million customers, 5,700 branches and 17,750 ATMs, according to the bank’s website. The nation’s approximately 7,600 credit unions have about 92 million members.

Personally I don’t think that Bank of America, or any other bank, is “too big to fail,” but if they are, there’s certainly a remedy for that — make them smaller. Hopefully some of those 58 million Bank fo Amercia customers, and customers of the other “too big to fail” banks, did their part today to help bring that about.

Ernie's Place
Guest
12 years ago

A.P. Giannini is flopping in his grave. Bank Of America was founded as “the peoples bank”, they were the first bank that would loan money to a common man.

Ernie's Place
Guest
12 years ago

A.P. Giannini is flopping in his grave. Bank Of America was founded as “the peoples bank”, they were the first bank that would loan money to a common man.

Harry
Guest
Harry
12 years ago

So why were transfers scheduled for Saturday. Or am I missing something. Seems like a business day would be better to me. But I already use my local credit union which I think just turned 60.

Staff
Member
12 years ago
Reply to  Harry

It’s Guy Fawkes Day. Guy Fawkes is the mask that Anonymous uses.

Harry
Guest
Harry
12 years ago
Reply to  Staff

So the day that was picked is a political stunt? Not based on reality that people do banking on weekdays.

Staff
Member
12 years ago
Reply to  Harry

They could have picked a better day but then it appears to have gotten a few folk moving and that’s more important.

I keep reminding people to take their time and move their money when it works for them. What day it is doesn’t matter so much as that folk try to find something that works best for them and not passively accept whatever is handed them by big business.

Harry
Guest
Harry
12 years ago

So why were transfers scheduled for Saturday. Or am I missing something. Seems like a business day would be better to me. But I already use my local credit union which I think just turned 60.

Staff
Member
12 years ago
Reply to  Harry

It’s Guy Fawkes Day. Guy Fawkes is the mask that Anonymous uses.

Harry
Guest
Harry
12 years ago
Reply to  Staff

So the day that was picked is a political stunt? Not based on reality that people do banking on weekdays.

Staff
Member
12 years ago
Reply to  Harry

They could have picked a better day but then it appears to have gotten a few folk moving and that’s more important.

I keep reminding people to take their time and move their money when it works for them. What day it is doesn’t matter so much as that folk try to find something that works best for them and not passively accept whatever is handed them by big business.

JDV
Guest
JDV
12 years ago

H’s mom joined (and also signed him up for a savings acct) with what is now Coast Central Credit Union in the mid-50’s. CCCU is now celebrating it’s 60th year of operation! We pay nothing for our checking acct, have gotten car loans, etc. through them, quickly and at very fair rates, usually better rates than the banks. All in all, we are, and always have been extremely satisfied. As for traditional banks like B of A and WF, we’ve had experience with them too. At the time it was positive, customer service was great and I can’t find fault. However, that was then and this is now. For profit business’ only care about one thing, the bottom line and they need their double digit profits to make the investors happy. Thanks but no thanks, I’m staying with my CU.

JDV
Guest
JDV
12 years ago

H’s mom joined (and also signed him up for a savings acct) with what is now Coast Central Credit Union in the mid-50’s. CCCU is now celebrating it’s 60th year of operation! We pay nothing for our checking acct, have gotten car loans, etc. through them, quickly and at very fair rates, usually better rates than the banks. All in all, we are, and always have been extremely satisfied. As for traditional banks like B of A and WF, we’ve had experience with them too. At the time it was positive, customer service was great and I can’t find fault. However, that was then and this is now. For profit business’ only care about one thing, the bottom line and they need their double digit profits to make the investors happy. Thanks but no thanks, I’m staying with my CU.

Doug Brunell
Guest
12 years ago

I’ve known plenty of people who have moved their money out of the big banks as a show of support and “sticking it to them.” I’ve been with a credit union for longer than I can remember. Wouldn’t dream of banking with the dinosaurs again.

Doug Brunell
Guest
12 years ago

I’ve known plenty of people who have moved their money out of the big banks as a show of support and “sticking it to them.” I’ve been with a credit union for longer than I can remember. Wouldn’t dream of banking with the dinosaurs again.

humboldtkids
Guest
humboldtkids
12 years ago

Fiance here: I switched to credit unions two years ago. I was sick of the big bank bs way back then. I have been totally happy with this decision. With one credit union I get to use my ATM car at 7-11 atms for free. The other is smaller (only 5 employees) and I can call them and tell them to transfer money or get a loan or do anything else. I know all of the employees and they know me.

humboldtkids
Guest
humboldtkids
12 years ago

Fiance here: I switched to credit unions two years ago. I was sick of the big bank bs way back then. I have been totally happy with this decision. With one credit union I get to use my ATM car at 7-11 atms for free. The other is smaller (only 5 employees) and I can call them and tell them to transfer money or get a loan or do anything else. I know all of the employees and they know me.