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Forum Post: Info on Credit Unions

Posted 3 years ago on Oct. 19, 2011, 7:09 p.m. EST by laguy (110)
This content is user submitted and not an official statement

www.moveyourmoneyproject.org

To find a Credit Union:

http://www.findacreditunion.com/

http://locator.cucentral.com/

http://www.findyourcreditunion.co.uk/

Ok, everyone, please educate yourself about Credit Unions:

http://en.wikipedia.org/wiki/Credit_union

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.[1][2][3] Many credit unions exist to further community development[4] or sustainable international development on a local level.[5]

http://en.wikipedia.org/wiki/Credit_unions_in_the_United_States

Credit unions are member-owned cooperative financial institutions that offer the same financial services as banks. As of 2008, credit unions in the United States had 89 million members comprising 43.7% of the economically active population.[1] U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations.[2]

Credit unions in the United States may either be chartered by the federal government ("federal credit unions")[3] or a state government.[4] The states of Delaware, South Dakota, and Wyoming do not regulate credit unions at the state level; in those states, a credit union must obtain a federal charter to operate.[5] All federal credit unions and 95% of state-chartered credit unions have "share insurance" (deposit insurance) of at least $250,000 per member through the National Credit Union Share Insurance Fund (NCUSIF).[6][7] This deposit insurance is backed by the full faith and credit of the United States government and is administered by the National Credit Union Administration.[7] As of December 2006, the NCUSIF had a higher insurance fund capital ratio than the fund for the Federal Deposit Insurance Corporation (FDIC).[8] U.S. credit unions also typically have higher equity capital ratios than U.S. banks.[8]

As of the end of 2007, the National Credit Union Share Insurance Fund insured more than $560 billion in deposits at 8,101 not-for-profit cooperative US credit unions.[9] For comparison, the FDIC insured more than $4 trillion in deposits at 8,560 banks and thrift institutions.[10] The NCUA and the FDIC are both independent federal agencies backed by the full faith and credit of the US government.

United States credit unions typically pay higher dividend (interest) rates on shares (deposits) and charge lower interest on loans than banks.[11] Credit unions therefore often have a higher cost of assets (i.e. interest expense as a percentage of average assets) than commercial banks, with aggregate U.S. credit union cost of assets being higher than the aggregate U.S. bank cost of assets in eight of the thirteen years between 1995 and 2007.[12] Credit union revenues (from loans and investments) do, however, need to exceed operating expenses and dividends (interest paid on deposits) in order to maintain capital and solvency.

Due to their small size and limited exposure to mortgage securitizations, credit unions have weathered the financial meltdown of 2008 reasonably well. However, two of the biggest corporate credit unions in the United States (U.S. Central Credit Union and Wescorp) with combined assets of more than $57 billion were taken over by the federal government National Credit Union Administration[13] on March 20, 2009.

For more info please visit OWS sister site: http://www.themultitude.org/

73 Comments

73 Comments


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[-] 1 points by PROTESSTONER (70) from New York, NY 2 years ago

take your money OUT of the big banks

Why Are You Paying for your abuse?

[-] 1 points by laguy (110) 3 years ago

sticky

[-] 1 points by Cooperativist (29) 3 years ago

buuuuuuuump!!!!!!!

[-] 1 points by atki4564 (1259) from Lake Placid, FL 3 years ago

Agreed; however Credit Unions would have to reorganize themselves into 48 Business Investment Groups in order to double the Wealth & Income of the 99% as Business Owner-Voters too, so perhaps you would consider our group's proposal of an alternative online direct democracy of government and business at http://getsatisfaction.com/americanselect/topics/on_strategically_weighted_policies_organizational_operating_structures_tactical_investment_procedures-448eo , hit the facebook “like” button if agreed, and then join our group's 20 members committed to that plan at http://finance.groups.yahoo.com/group/StrategicInternationalSystems/

[-] 1 points by Steve15 (385) 3 years ago

Without a doubt

[-] 1 points by Friday (11) 3 years ago
[-] 1 points by FourFreedoms (3) from Half Moon Bay, CA 3 years ago

Credit unions are great - I've banked there for over 30 years - home loans, credit cards, business banking. Great service, great community service motives. Go for it on November 5. PS. NO FEES!

[-] 1 points by OWSForObama (151) 3 years ago

I like credit unions because I can actually go to the board meeting and see what they are doing with my money..

[-] 1 points by bcgirl (39) from North Vancouver, BC 3 years ago

My local credit union, Coast Capital Savings is the template for excellence, really. I have been with them since I was a kid, even as a kid I disliked all the big banks and chose a locally owned credit union instead. Now, I have my mortgage with them. Check out one of their hilarious ad campaigns-

http://youtu.be/lDhPNx0d5cM

[-] 1 points by laguy (110) 3 years ago

Thanks, dankpoet.

[-] 1 points by Steve15 (385) 3 years ago

Great idea

[-] 1 points by BobSaget (2) 3 years ago

anyone know a good credit union in south florida?

[-] 1 points by laguy (110) 3 years ago

Please go to this website: http://www.findacreditunion.com/

On the right side, please type your city, state FL, zip and then hit the search button, this should show all the credit unions nearby in a map with addresses down below.

[-] 1 points by laguy (110) 3 years ago

thanks for your effort fellow "bumpers" :), keep the bumps going please, we need to inform people about options

[-] 1 points by DeadHand (45) 3 years ago

there are other options to big banks and credit unions too

use the locate function on moveyourmoneyproject.com

[-] 1 points by DeadHand (45) 3 years ago

big 4 criminal banks

chase, wells fargo, citibank, and bank of america

[-] 1 points by Washington (77) from Khon San, Chaiyaphum 3 years ago

Oh, for a forum that doesn't require bumping useful posts every hour or two.

.

[-] 1 points by frankchurch1 (839) from Jersey City, NJ 3 years ago

Boycott all the big banks. How hard is this? This is a good start to localism of all kinds.

[-] 1 points by Washington (77) from Khon San, Chaiyaphum 3 years ago

Bump! Don't spill your coffee.

[-] 1 points by MadCat (160) 3 years ago

LOOK! Up in the sky! Naw, it's not Superman. Just a bump.

[-] 1 points by Skippy2 (485) 3 years ago

bumpity bump bump

[-] 1 points by OurTimes2011 (377) from Arlington, VA 3 years ago

According to the organizer,

"Together we can ensure that these banking institutions will always remember the 5th of November!! If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices.

• Research your local credit union options • Open an account with the one that best suits your needs • Cancel all automatic withdrawals & deposits • Transfer your funds to the new account • Follow your bank's procedures to close your account before 11/05"

http://www.facebook.com/event.php?eid=281139538577206

Here is what I suggest:

Do not move all of your funds. To put this big of a strain on the system may be irresponsible. Move some of your money out. Just opening an account will send the signal we need.

To find a Credit Union: http://www.findacreditunion.com/ http://locator.cucentral.com/ http://www.findyourcreditunion.co.uk/

[-] 1 points by Demian (497) from San Francisco, CA 3 years ago

Me and my wife are moving our money on the 5th!

[-] 1 points by laguy (110) 3 years ago

I took the liberty to include your links at the top of the post, thanks.

[-] 1 points by laguy (110) 3 years ago

does anyone have a link to the ows original post about:

"Together we can ensure that these banking institutions will always remember the 5th of November!! If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices.

[-] 0 points by marcxstar (167) from Los Angeles, CA 3 years ago

boomp

[-] 0 points by marcxstar (167) from Los Angeles, CA 3 years ago

Keep this thread bumped.

[-] -1 points by KnowledgeableFellow (471) 3 years ago

You guys are so funny. I have read here over and over about how corporations don't pay taxes at all, or don't pay enough. And now you want to take business away from business who pay taxes on their profit and take that business to credit unions who PAY NO TAXES AT ALL.

That just doesn't make any sense at all...............................

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