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I Killed The Bank, Join A Credit Union And Kiss Your Bank Goodbye

What's the difference between a bank and a credit union?

A lot. I have been thinking about closing my bank account, and joining a credit union. I have made my final decision. Why in God's name do I still have a bank account with one of the big banks? It's time to pull the plug on the banks!

Im going local, with a credit union.

Here is some general information I'd like to share.

http://www.wdfi.org/wca/consumer_credit/credit_guides/Differ...

Banks

Banks are community, regional or national for-profit business corporations owned by private investors and governed by a board of directors chosen by the stockholders.

Credit Unions

Credit unions are non-profit financial cooperatives owned by their members and governed by a board of directors elected by, and from among, those members.

Usually there is a common bond among the members, such as belonging to the same organization or living in the same geographical area. Credit unions accept deposits from their members and use them to make short-term loans. Deposits are regarded as purchases of shares, and all earnings of the credit union are paid out as dividends to members.

http://www.mmhabits.com/difference-between-a-bank-and-credit...

Credit Unions

Since every member is an equal owner and therefore shares a common bond with the other members, the personal experience tends to be much better at a credit union. As co-owner, the credit union works for you to make sure you are happy and have an enjoyable experience.

According to Bankrate.com, “Credit unions have topped the consumer satisfaction ratings in American Banker’s annual survey for 12 years in a row.”

Since a credit union’s primary focus is its people, or co-owners, they are more concerned about making you happy than turning a profit.

As a result, credit unions typically offer more educational services and seminars to teach you about all financial products so you can make the best decision.

Banks, on the other hand, may be more inclined to recommend only those products that bring in higher corporate profits.

As a not-for-profit organization, credit unions have many advantages over banks.

They are exempt from most state and federal taxes, do not have many marketing costs, or high salaried executives.

This allows credit unions to pass on great rates to their members, including:

-Higher Interest Rates on Savings Accounts
-Lower Rates on Auto Loans, Mortgages and Credit Cards
-Free Checking Accounts
-Lower or No Penalties for Overdrafts and Late Payments

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One of the ways we can help End The Fed is by moving our money out of the international banks and putting it into a local credit union.

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Great Video

http://www.youtube.com/watch?v=bwnScp7lfZY&feature=related

You're a member, not a customer...

LOCAL COMMUNITY OWNERSHIP

btw...Andrew Jackson said, "I killed the bank." Not me!

Never be afraid to ask simple questions.

Banks vs. Credit

Banks vs. Credit Unions
http://www.youtube.com/watch?v=dSSH82DdMH4

Inside Look - How Does a Credit Union Differ from a Bank? - Bloomberg
http://www.youtube.com/watch?v=fSnDhYCXEqA&feature=related

The Credit Union Difference
http://www.youtube.com/watch?v=gyWyjg6a3XM&feature=related

Never be afraid to ask simple questions.

Yes. These are the really important things

to do. Glad you made the post.

Credit unions are the best.

Do it.
grant

Related - Denver Credit Union ad

http://www.youtube.com/watch?v=Z4z52QoZZaY

+ Follow the Cooperative principle
+ Civility first
+ Constructive comments

Did Ron Paul's campaign staff

Did Ron Paul's campaign staff create that ad? :-)

Never be afraid to ask simple questions.

I've always wanted to do this

I've always wanted to do this (get out of BoA).
But this raises a few questions.

Are credit unions local (per state), or are there credit unions at a national level?

Because if my credit union is in the state of TX, how can i get cash in the state of WA (are there ATM machines)???

Thanks.

http://www.mmhabits.com/diffe

http://www.mmhabits.com/difference-between-a-bank-and-credit...

Look in the comments section...

#3

"Another thing I’ve found about the credit unions in my area are that although there are fewer ATMs for your specific credit union, most credit unions will allow you to use any credit union ATM with no fee for withdraws (not sure how deposits would work) whether you are a memeber at that credit union or not. Which almost makes the availability of ATMs the same or in some areas better than a bank."

#4

"Just another fact that will allow you more access to your credit union. Many Credit Unions now have a “Shared Branch” service which allows you to enter any credit union in the co-op network and perform many necessary transactions. You can make deposits, take withdrawals and pay loans as examples. You can check out whether your credit union is in the co-op by going online to http://www.CUSWIRL.COM. To access your account in a shared branch you will need the name of your credit union, know your account number and present a valid Government issued photo id; state driver’s license, passport for example. That way if you are not near your credit union or out of town/ state, you can transact business with a shared branch. It is a great service. I love credit unions and would never go back to a bank. My credit union also does offer financial planning and as mentioned above, free financial seminars on a variety of topics: Retirement, Reverse Mortgage, Real Estate to mention a few. I think if any of you reading this article would generally enjoy a relationship with a credit union."

Never be afraid to ask simple questions.

Ask

Shop around at your local credit union offices and ask questions.

+ Follow the Cooperative principle
+ Civility first
+ Constructive comments

Awesome

I promise I was thinking the same today.