What the banks dont want you to know

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:

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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.

Myself and my family all belong to a credit union.

But i still keep ma stacks under the bed ya kno.

Originally posted by Burnerz
Myself and my family all belong to a credit union.

But i still keep ma stacks under the bed ya kno.

good to hear, im sure you know how good they are so please help spread the word.
and its always good to stockpile, just hide it good

Thanks so much for creating this thread and posting all of that information.

Just this morning I was researching credit unions on my area and have plans to open an account tomorrow sometime. I currently do all of my business with Skank of America and will transition as much as possible elsewhere.

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...

Originally posted by TXRabbit
Thanks so much for creating this thread and posting all of that information.

Just this morning I was researching credit unions on my area and have plans to open an account tomorrow sometime. I currently do all of my business with Skank of America and will transition as much as possible elsewhere.

no problem, this is the answer the world is looking for so im more then willing to help spread the word.

good to hear your researching as there may be one that works for you better than others, but know that they are not going to stuff you around.
i would you suggest you act fast as well, skunks of america may not let you get your money out for much longer

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 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.

About five years ago, I was in a pretty dour financial bind what with coming off a divorce and having given my ex wife a big fat cheque to go away.

Basically, I was starting over. Part of that was remortgaging the house to give the ex her cheque.

The banks told me to go pound salt, despite having stellar credit, a good job and the wherewithall to repay.

So, I joined a credit union. They gave me the mortgage and I've since cut all ties with banks and deal solely with the community credit union.

Damn straight. Apart from the no BS, they're the most congenial group of people I've ever had to deal with in terms of a financial institution.

And, they don't have a service charge for breathing while on their property, depositing, withdrawing or writing the odd cheque here and there. Yes, I pay a small monthly charge, but it's about one third what I was paying the banks for the same service.

Forget the banks, deal with a local credit unin. You' can't go wrong!,

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

I was a member of a credit union for 15 years. 15 years of paying fees just like anywhere else. 15 years with perfect transactions, no overdrafts, no bounced cheques. Nothing. And their mutual fund offerings where minimal at best.

And, I was almost drowning in credit card debt. 50% of my pay went towards debt. Did the credit union help me out? Not a chance. They said I had too much debt.

So I went to a bank. Walked right in and they gave me a consolidation loan to cover all my outstanding debts at a MUCH lower rate. I can now pay it off in 3 years instead of 30 and I've closed all but one credit card account which I now use for online transactions and emergencies. And they have great investment offerings.

I am moving ALL of my accounts over to my new bank...

Frankly I have seen no difference between my credit union and any other bank other than that they are less helpful.

PS. I'm also in Canada where things are a little different I believe..

Thanks for posting this.

More people need to know the difference between a bank and a credit union and you broke it down nicely.

I happened to be at my credit union today. After the teller completed my transaction, I told him they should send a representative down to Occupy Orlando to sit across the street from Bank of America. I told him they'd get lots of new customers. He said that they've had five new customers this week who have switched to them from BOA. I smiled and told him that was good to hear.

Honestly though, that's not a high number and it needs to increase exponentially!

Come on, folks! Spread the word and stop feeding the beast!
Together we can starve it and watch it die!

Originally posted by juniperberry
I was a member of a credit union for 15 years. 15 years of paying fees just like anywhere else. 15 years with perfect transactions, no overdrafts, no bounced cheques. Nothing. And their mutual fund offerings where minimal at best.

And, I was almost drowning in credit card debt. 50% of my pay went towards debt. Did the credit union help me out? Not a chance. They said I had too much debt.

So I went to a bank. Walked right in and they gave me a consolidation loan to cover all my outstanding debts at a MUCH lower rate. I can now pay it off in 3 years instead of 30 and I've closed all but one credit card account which I now use for online transactions and emergencies. And they have great investment offerings.

I am moving ALL of my accounts over to my new bank...

Frankly I have seen no difference between my credit union and any other bank other than that they are less helpful.

The difference is that money isnt going to someone who doesnt deserve it!

of course like all things it is important to research what works best for you, but there are many credit unions out there that will help you greatly.

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 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.

Originally posted by Afterthought
Thanks for posting this.

More people need to know the difference between a bank and a credit union and you broke it down nicely.

I happened to be at my credit union today. After the teller completed my transaction, I told him they should send a representative down to Occupy Orlando to sit across the street from Bank of America. I told him they'd get lots of new customers. He said that they've had five new customers this week who have switched to them from BOA. I smiled and told him that was good to hear.

Honestly though, that's not a high number and it needs to increase exponentially!

Come on, folks! Spread the word and stop feeding the beast!
Together we can starve it and watch it die!

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

no problemo!
thats not a bad idea, ive been contacting ows through email asking them to help spread the word of credit unions..it makes sense if your going to argue against something you need to offer an alternative.

your right its tiny numbers compared to the banks. and it really begers belief, to me it just sinks in the fact how much control they actually have over us. not just physical control but deep mental brainwashing that they are actually needed.

tell everyone you know
and i ask anyone in connection with protesters, media or an outlet to the public..spread the message!

take care

Local banks and credit unions are diffidently the way to go.

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 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!!

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!