TheSongsofDistantEarth Posted October 9, 2009 (edited) I am disgusted by the behavior of the major banks during the economic turndown. Rising fees for everything, including outrageous overdraft fees, obscene executive bonuses with bailout money, usurious credit lending practices at a time that many people are terribly hurting economically. I have accounts at the Bank of America, Chase, and Bank of the West. I am also eligible for a local credit union. I assume they are much better in many ways...are they? What are the advantages and disadvantages of banking with a credit union? Edited October 19, 2009 by TheSongsofDistantEarth Share this post Link to post Share on other sites
Marblehead Posted October 9, 2009 (edited) I am disgusted by the behavior of the major banks during the economic turndown. Rising fees for everything, including outrageous overdraft fees, obscene executive bonuses with bailout money, usurious credit lending practices at a time that many people are terribly hurting economically. I have accounts at the Bank of America, Chase, and Bank of the West. I am also eligible for a local credit union. I assume they are much better in many ways...are they? What are the advantages and disadvantages of banking with a credit union? Â I have been with my credit union for 27 years. I am very satisfied with it. One advantage is that they pay a better interest rate on savings of all kinds than any bank does. Â Most credit unions are not for profit and the members get to vote on who gets management positions. Â Loans are almost always at a lower rate than banks and other financial institutions are. Â And the operation is on a much more personal level. They actually have people working there you can actually talk with if you have a question. And you speak with a real local person when you need one, not someone in India or the Ukraine. Â Credit card interest rates vary but at least you know up front what you will be paying and they generally don't play with your money. Â Peace & Love! Edited October 9, 2009 by Marblehead Share this post Link to post Share on other sites
Yoda Posted October 9, 2009 TheSongsofDistantEarth, Â Great suggestion!!! Â At least in SC, CU's are better for most everything except for mortgages but they are now teaming up with local mortgage brokers (the actual lenders are still usually the big banks). Â Your pal, Yoda Share this post Link to post Share on other sites
TheSongsofDistantEarth Posted October 19, 2009 (edited) It seems like the snowball is beginning to gather momentum...listen to what Suze Orman says...basically quit your mega-bank and engage an ethical local bank or credit union!  "I now am on the bandwagon of credit unions, everybody," Orman said.  About the "Debtor's Revolution' she says: "I have said many times on the Suze Orman Show that your thoughts create your destiny. Be very very careful about what you think, because what you think you'll eventually say, your words become your actions, your actions become your habits, and your habits become your destiny," said Orman.  "Banks, I want you to listen to me right now. Your thoughts are creating your destiny. When you think people who are going to be ethical, they have every intention of being ethical, they have every intention of paying you, it never, ever, ever crossed their mind to not pay off their credit cards on time, whatever that figure is there, they pay it.  "When your thought is that these people are not going to pay, these people should be paying more to make up for other people, I don't know what you're thinking. But when you think honest people are going to become dishonest, and therefore you need to get as much from there right now as you possibly can, your thoughts have become your destiny. You have good, honest people that are starting to do things that in a million years they never would have done."  Very wise! Read more here:  http://www.huffingtonpost.com/2009/10/19/s...t_n_325535.html    . Edited October 19, 2009 by TheSongsofDistantEarth Share this post Link to post Share on other sites
Owledge Posted October 22, 2009 (edited) (the actual lenders are still usually the big banks). Actually it's not correct to call them lenders, since they don't lend anything. They simply generate money out of nothing and want more back from you for that, and because there can't be more, a mortgage basically is a contract where one side agrees to give away material wealth in exchange for something that is pure phantasy and thus will vanish at the end of the contract. Â Â BTW I've read that 'wise quote' before. Is it from her or originally from someone else? Edited October 22, 2009 by Hardyg Share this post Link to post Share on other sites
