What the banks dont want you to know, page 1


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Topic started on 6-10-2011 @ 12:18 PM by UniverSoul

Tell me, If there was a positive alternative to banks, do you believe 99% of us would have taken that alternative?


Well many people are baffled by the fact that alternative does exist, and has for many decades.
That alternative is:

CREDIT UNIONS

From Wikipedia:
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members.
Many credit unions exist to further community development or sustainable international development on a local level. Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with several billion dollars in assets and hundreds of thousands of members.
Credit unions are typically smaller than banks; for example, the average U.S. credit union has $93 million in assets, while the average U.S. bank has $1.53 billion, as of 2007


Differences from other financial institutions:
Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union.
A credit union's policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself. Credit unions offer many of the same financial services as banks, often using a different terminology; common services include: share accounts (savings accounts), share draft accounts (checking accounts), credit cards, share term certificates (certificates of deposit), and online banking. Normally, only a member of a credit union may deposit money with the credit union, or borrow money from it.
As such, credit unions have historically marketed themselves as providing superior member service and being committed to helping members improve their financial health. In the microfinance context, "credit unions provide a broader range of loan and savings products at a much cheaper cost [to their members] than do most microfinance institutions".


Although almost 100million americans have made the switch to credit unions, there is barely any awarness of what they offer.
Its testament to the control the banks have that you probably have never heard about their competition.

Why switch from banks?
Im sure i dont need to tell any bank member that they think only of the share holder and never the member.
Banks are driven and exist purely for profit and power.
When you take out a loan from a bank, you pay them high amounts of intrest for doing nothing more then making money out of thin air.
Banks virtually do nothing but move money around and make some of the biggest profits in the world, supporting the system that makes people like firefighters, teachers and ambulance drivers earn small profits and have to take out loans that end up putting them in debt.
It is a circle of stupidity that has brought the world to the dangerous economic and social problem it faces.
But the reality is:
BANKS HAVE NO POWER IF YOU CHOOSE NOT TO USE THEM.
You can take away their power and influence over government simply by saying 'no'.

Why credit unions make sense?
As explained above, banks esentially do nothing.
Credit unions offer the same system but do not try to profit from it because they realise what they are doing does not deserve or even make logical sense to make profit.
Why would you waste your money on a CEO's billion dollar paycheck, when you could be putting it back into your community and the credit union that actually tries to help you.
Credit unions:
-Give zero profit to its managment and ceo's.
-Put profits back into the credit union (To improve rates and anything else that benefits the members)
-Put profits into the community.
-Offer very competitive rates and have minimal fees.
-Are insured just like banks, so they are safe.
-Dont lie to you or speak in mumbojumbo.
-Have a Non-for profit status.
-Are Government assured.
-Are now opening their doors to almost everyone.
-Easy to join, no hidden fees, no catches!

I dont really think i would need to say much more right?
You dont need to complain about banks one more day of your life!
CREDIT UNIONS ARE THE ANSWER
if we dont use banks, they have no power. and this WILL change the world more then you could imagine.


MSN: Converts sing praises of credit unions

WALL STREET JOURNAL: Credit Unions, A Better Bet Than Banks?

A very rare piece by the msm on credit unions, this video raises some good points for people ready to make the switch:

-
Simplified information:



Take care people and spread the word, because if enough people do this. WE WILL MAKE POSITIVE CHANGE! And it doesnt require protesting, talking to a politican or fighting authority.
Could it be any simpler?

univerSOUL - saving you money and stress! oh and the freedom of the world.




edit on 6-10-2011 by UniverSoul because: (no reason given)



reply posted on 6-10-2011 @ 12:39 PM by Char-Lee
reply to post by UniverSoul

Here is an article about what is happening to our Credit union from which we removed our money.

"the federal government has assumed control of the credit union and will try to fix problems with the credit union's balance sheet and operations."
www.bizjournals.com...


reply posted on 6-10-2011 @ 12:43 PM by UniverSoul
Originally posted by Char-Lee
reply to post by UniverSoul

Here is an article about what is happening to our Credit union from which we removed our money.

"the federal government has assumed control of the credit union and will try to fix problems with the credit union's balance sheet and operations."
www.bizjournals.com...


well i hope this works out well, but your money is insured so im sure you will be ok

but think about it.
if we had all the people who use banks in credit unions..they wouldnt have to worry about problems like this..
and who do you think was probably the cause of it anyway? the banks of course

lets give the power to the people!


reply posted on 6-10-2011 @ 12:43 PM by TXRabbit
reply to post by Char-Lee


That's sucks. Sounds like possible some foul-play/criminal activity going on at that CU. I know recently a bogus-mortgage ring was busted here where I live which included a realtor, a title-originator and an officer at a CU. They got away with over 3 million before being caught and their MO was bogus real estate deals.


reply posted on 6-10-2011 @ 12:46 PM by UniverSoul
Originally posted by TXRabbit
reply to post by Char-Lee


That's sucks. Sounds like possible some foul-play/criminal activity going on at that CU. I know recently a bogus-mortgage ring was busted here where I live which included a realtor, a title-originator and an officer at a CU. They got away with over 3 million before being caught and their MO was bogus real estate deals.

i know stuff like this looks bad, but this happens at banks around the world almost every day.
its not hard to pick the right 'reputable' credit union if you do a bit of research


reply posted on 6-10-2011 @ 12:56 PM by Afterthought
reply to post by juniperberry


Sorry about your experience, but would you please state who you're banking with now?
I've been with a credit union for quite a long time and have never experienced the things you're mentioning.


reply posted on 6-10-2011 @ 12:58 PM by Afterthought
reply to post by UniverSoul


Well stated.
Some credit unions are owned by large banks. You must ask if they are to be sure you're making the right decision and not being hoodwinked.


reply posted on 6-10-2011 @ 01:04 PM by UniverSoul
Originally posted by Afterthought
reply to post by UniverSoul


Well stated.
Some credit unions are owned by large banks. You must ask if they are to be sure you're making the right decision and not being hoodwinked.

do you mean operated by?
no indivudal can own a credit union
even if they did they are non for profit and it wouldnt bother me because i know that no one is making super profits of it


reply posted on 6-10-2011 @ 01:04 PM by juniperberry
reply to post by Afterthought


Like I added in my post, I am in Canada so our regulations are obviously different, but I switched to the Canadian Imperial Bank of Commerce (CIBC) from a credit union.

I suspect what happens with any institution, is that if you've been with them for a fair number of years, they start to get complacent and feel quite willing to turn people down for money. I mean, most people don't bother changing banks all that often right? So I suspect that the CU didn't think I'd go elsewhere and just "suck it up" because it does cost money to change banks and most people won't do it.

And where I am, we only have really 3 choices for credit unions. And they're all in league..

Edit to add: Oh and I have to add this. My credit union does give "shares" but over 15 years I went from a $25 buy-in up to a $45 share in the bank. That's an increase of $20. Yay.
CIBC is giving me $100 a year so long as I maintain 3 banking items (checking, savings, credit card, whatever). That pretty much covers my bank fees... Yayer!!
edit on 2011/10/6 by juniperberry because: more info



reply posted on 6-10-2011 @ 01:06 PM by Afterthought
Here is a list of all the banks that have gone belly up since 2005:
www.fdic.gov...

Here is a list of all the credit unions that have failed so far:
www.ncua.gov...

What a difference!
The most glaring detail is that NO credit unions have failed this year!
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