Forum Post: Please Help Me Switch to a Credit Union
Posted 12 years ago on April 24, 2012, 1:16 p.m. EST by getridofit
(1)
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Obviously, anyone can close a bank account and switch to a credit union, but I am not sure why Occupy emphasized a "local" credit union on Nation Swap Day. See, here is where my confusion came about. I did a Google search for a credit union in my area and "Tri County Area Federal Credit Union" is the only close one. With "Federal" in the title, I am left wondering if it is considered non-local. Or is it local merely in the sense that it's geographically close? I want to opt out of this shitty system, not accidentally switch to a credit union that is shady. So what sense of the word is meant by local? Is a federal credit union non-local?
Here is your answer :FEDERAL = it is insured ( like banks are by FDIC ) by the federal government - the NCUA = National Credit Union Administration. The key (for us) in credit unions is that profits are literally owned by the depositors that are called "members" who vote to elect members of the board. Most if not all credit unions have membership restrictions, it may be geographic, organization, church, employer
You know who else has ownership stakes and board that you can elect?
Goldman Sachs JP Morgan Morgan Stanley Wells Fargo Bankof America
If you business is making money off of those that need it, your a shit head, no matter how you dice it.
The promo that OWS did with Move Your Money day got many involved in credit unions. And you know what those credit unions did? Pushed 77m of loans onto the people.
Im going to assume that more debt wasnt the main reason they wanted to switch. Very shady. Banks are banks.
If you business is making money off of those that need it, your a shit head, no matter how you dice it.
vulgarity - and poor spelling - are signs of dementia -
please see your doctor
good one...
The Tri County Area Federal Credit Union membership is local to the residents of three counties in the state of Pennsylvania; Berks County, Chester County, Montgomery County. If you reside in one of those counties, that credit union is intended for you.
That is how credit unions are mostly run - local community - to stay healthy for the community they are in. It is not just about being non-profit but also about supporting the surrounding community.
If it's a credit union, it operates under credit union rules, no matter how big or small.
I know it is a credit union, but is it a non-local credit union? May there is a reason it has "federal" in the title?
I believe what OWS meant is make sure it's locally owned, meaning it's not actually controlled by the big banks like Bank of America. I've heard some of the biggies actually do, in fact, own or at least run some 'local' credit unions. The important thing is not to take your money out of, say BofA, only to find out you turned around and redeposited in a locally run (or owned) BofA credit union.
What's the difference?
A rose by any other name, is still a rose.
Somewhat - I do like the question though. You could ask the credit-union about that or the association of credit unions - off hand (?) I would have to say that I do not for a fact know the difference - if I was to "hazard" a guess (?) I would guess it would be an insurance coverage thing.
[-] 1 points by getridofit (0) 19 minutes ago
I know it is a credit union, but is it a non-local credit union? May there is a reason it has "federal" in the title? ↥like ↧dislike reply permalink
please see my reply above
Thank you very much that was very considerate and helpful/ {:-])
Its all good.
A lot of organizations like to pretend like they're larger than they actually are by using words like "Federal" or "Global." Its not going to make a difference either way for you. Congrats on your switch!