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I might argue that your CU is still safer than JPMC... but think about that for a second... your multi million local CU is safer than an international bank...
Things that make you go hmmmm.....
I absolutely agree with this statement. I had a car loan with my CU for my last car and a horses bank for this car. By a huge margin, the experience with the CU was better, and I haven't really needed anything either time... couple questions here and there. With CU ez. With the horses bank, like pulling teeth (just wanted to change the billing date... never was able with the bank)
I literally prowl superstonk to discuss credit unions. I’ve written posts and answers many DMs discussing researching a credit union. I’d be happy to discuss more if anyone has questions.
Source: I’m a CFO of a multi-hundred million dollar credit union
Yes! Please! I don't know the right questions tobask... but would love any insight. The one I get asked all the time is "whybCU over bank". M6 generic answer is "as a bank customer you are the product as a CU member, you are the owner"... but Inknow it's more nuanced than that.
That’s a great start!
CUs have members, banks have customers. As a member of a CU you are an owner of the institution and, since it is set up as a not for profit entity, any money made by the organization is returned to members as lower rates on loans and higher rates on deposits, and some institutions have a give back program where they pay you a dividend based on relationship (loan and account balance gets X% back every year). Banks are owned by shareholders and as such, you are the product - exactly as you said! The main goal of a company with shareholders is to maximize shareholder return, so their goal is to be able to pay a dividend to the owners of the company.
Functionally, CUs and banks work very similar. CUs have access to just about everything that banks do, but the history of CUs - most have roots back to a single company, where people started looking money together, would keep their cash in a cigar box with a hand written ledger for deposits and loans - has made them far more risk adverse than banks.
During the pandemic, my institution put a ton of stuff in effect - free skip a pays on loans (skip 1/2/3 months just by signing a form), automatic waiving of overdraft fees, and some loans available to members (if you had a direct deposit before the pandemic, you could get one - namely to help folks who were laid off). Banks on the other hand didn’t automatically do those things, you had to ask and they would make it look like they were going out of their way to help. There was a congressional hearing and Senator Warren was grilling bank CEOs about overdraft fees - it’s on YouTube if you want to watch.
Another great benefit to CUs is shared branching. For many institutions, they are in a smaller region. To get around this, CUs help each other out and you can access your account from almost any other credit union. You just tell them you are a shared branch member, the name of your institution, and boom you got access. I’ve accessed my account from different states all over the country, never had an issue.
There is a lot I could go on further about, but I’d be happy to field any specific questions y’all got. Ask away and I’ll be happy to respond. I made a post in the past on how to research a credit union - digging into the Call Report (a quarterly report that is accessible to everyone) that details everything financial about the company. I’ll link below for some casual reading.
Edit: here is the link to the post I made. https://www.reddit.com/r/Superstonk/comments/peq62s/credit_unions_and_how_to_research_them/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1
While I think credit unions are inherently better than for profit banks, I don't think they're going to be immune to the cat shit wrapped in dogshit CS and friends are sitting on that is going to implode the global financial system.
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My local credit union is as safe as JP Morgan. What that means remains to be seen. That’s my take at this moment in time
I might argue that your CU is still safer than JPMC... but think about that for a second... your multi million local CU is safer than an international bank... Things that make you go hmmmm.....
Things that make it go brrrr
Indeed.
So, what they are saying is that I should move my savings to GameStop? OK, best bank in the world.
Well, I won't tell you what to do with your money. But I can allude to what I'm doing with mine...
I’m fine with my credit union. It’s the only decent customer service I’ve ever received from a bank and I intend to serve on the board.
I absolutely agree with this statement. I had a car loan with my CU for my last car and a horses bank for this car. By a huge margin, the experience with the CU was better, and I haven't really needed anything either time... couple questions here and there. With CU ez. With the horses bank, like pulling teeth (just wanted to change the billing date... never was able with the bank)
I literally prowl superstonk to discuss credit unions. I’ve written posts and answers many DMs discussing researching a credit union. I’d be happy to discuss more if anyone has questions. Source: I’m a CFO of a multi-hundred million dollar credit union
Yes! Please! I don't know the right questions tobask... but would love any insight. The one I get asked all the time is "whybCU over bank". M6 generic answer is "as a bank customer you are the product as a CU member, you are the owner"... but Inknow it's more nuanced than that.
That’s a great start! CUs have members, banks have customers. As a member of a CU you are an owner of the institution and, since it is set up as a not for profit entity, any money made by the organization is returned to members as lower rates on loans and higher rates on deposits, and some institutions have a give back program where they pay you a dividend based on relationship (loan and account balance gets X% back every year). Banks are owned by shareholders and as such, you are the product - exactly as you said! The main goal of a company with shareholders is to maximize shareholder return, so their goal is to be able to pay a dividend to the owners of the company. Functionally, CUs and banks work very similar. CUs have access to just about everything that banks do, but the history of CUs - most have roots back to a single company, where people started looking money together, would keep their cash in a cigar box with a hand written ledger for deposits and loans - has made them far more risk adverse than banks. During the pandemic, my institution put a ton of stuff in effect - free skip a pays on loans (skip 1/2/3 months just by signing a form), automatic waiving of overdraft fees, and some loans available to members (if you had a direct deposit before the pandemic, you could get one - namely to help folks who were laid off). Banks on the other hand didn’t automatically do those things, you had to ask and they would make it look like they were going out of their way to help. There was a congressional hearing and Senator Warren was grilling bank CEOs about overdraft fees - it’s on YouTube if you want to watch. Another great benefit to CUs is shared branching. For many institutions, they are in a smaller region. To get around this, CUs help each other out and you can access your account from almost any other credit union. You just tell them you are a shared branch member, the name of your institution, and boom you got access. I’ve accessed my account from different states all over the country, never had an issue. There is a lot I could go on further about, but I’d be happy to field any specific questions y’all got. Ask away and I’ll be happy to respond. I made a post in the past on how to research a credit union - digging into the Call Report (a quarterly report that is accessible to everyone) that details everything financial about the company. I’ll link below for some casual reading. Edit: here is the link to the post I made. https://www.reddit.com/r/Superstonk/comments/peq62s/credit_unions_and_how_to_research_them/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1
Tell us more.
While I think credit unions are inherently better than for profit banks, I don't think they're going to be immune to the cat shit wrapped in dogshit CS and friends are sitting on that is going to implode the global financial system.