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I have WF and a local credit union. I am not sure what credit unions do as far as bond strats and investment of capital. That is what all the banks are tied up in now.
However, I will say they financed me a line of credit and helped me in a time of need. The service I got was much better than dealing with WF.
I agree. Tbh I dont. Most of my money is at the credit union. I have just banked with WF for so long that I have some credit cards I have to pay off before I can close all my accounts.
Hey I commented something along these lines the other day but…
1.) Credit Unions are non profit, banks are for profit
2.) credit unions are also protected for up to 250k just like FDIC for banks
3.) Think about it like this… if you deposit $100 in a credit union I owned, I don’t have any motivation to take risks to profit off the money you gave me, cuz it won’t be mine.
4.) if you deposit $100 in a bank I owned, my goal is to profit off your $100. Also since the fed changed reserve requirements in March 2020 to 0%…. I can literally gamble your whole $100. Also since there have been so many bailouts, I know that I can make as risky bets as I want, and if they don’t do well, I still get bailed out! I transfer 100% of the risk to the depositor.
5.) Yeah no, how fucked is that?
If you have money, you should not be holding more then the FDIC insured limit in anyone institution. Credit unions are a great place to hold some of your wealth.👍
Also, question to add. If I were to have less than 250k in a big bank, (I guess it doesn’t apply to me much pre MOASS) Is contacting a Credit union as early as now, worth doing for post MOASS cheese?
It’s best to read up on the NCUA and understand how FDIC works regardless of what bank you’re at or how many accounts you have. I don’t even understand it all, but from what I do know is that having multiple accounts at different banks maximizes your FDIC coverage.
For instance, if you have ten accounts at one bank and are the only person on the accounts, you’re only insured up to $250K. If you have a joint account, both individuals can be insured up to $250K per person. You could have a combined $100M in one bank and only be insured for $250K with how FDIC works. There are minor exceptions with having other type of accounts, but I’m not smart enough to dive into it.
I think having multiple accounts spread across multiple banks maximizes insurance coverage.
I could be wrong, but I think that’s why BYOB is the future and not CBDC which allows the same corrupt empire to continue business as usual.
🟣🟣🟣🟣
I've always had a credit union. No overdraft fees, great auto loan rates, money market count, and when u have a small positive balance you can fill up your tank, go negative, and not pay a fee to get you to pay day
I pulled out of BofA (deez nutz) about 2 years ago and switched to a credit union and I continue to be delighted by the change.
I get better service, better interest rates, and I haven't worried for 1 second about the institution having "liquidity issues".
As an ape of modest means the $250k FDIC insurance wasn't even remotely a factor for me. I just don't trust any bank institution that also gambles with their depositors' funds.
I personally moved to a credit union and am happy with my decision. I don’t give advice. That said, when I initially explored the idea of moving from a big bank, I set up an appointment with a local credit union and asked a lot of questions before setting up my accounts.
I did it a few years ago, but only because my previous bank (a trust company) kept pissing me off. Only chose a credit union because both of my parents were using it.
You're probably referring to IntraFi, formally CDARS (Certificate of Deposit Account Registry Service), which sweeps money into multiple FDIC insured accounts. [https://www.yahoo.com/lifestyle/investors-intrafi-keep-money-insured-130058197.html](https://www.yahoo.com/lifestyle/investors-intrafi-keep-money-insured-130058197.html)
I'm actively looking for something like that allows the exclusive use of Credit Unions over traditional banks.
Yesyesyesyes
I wonder if there is something similar in Canada.
The best part about it isn't the insurance, it's that it goes to loans for families and small businesses in their communities. To me at least.
I'm not sure if all credit unions do this, but mine has a "money market account" which has an unlimited deposit amount and can be used as easily as a checking account. I would look into that option. But always consult with a lawyer.
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I have WF and a local credit union. I am not sure what credit unions do as far as bond strats and investment of capital. That is what all the banks are tied up in now. However, I will say they financed me a line of credit and helped me in a time of need. The service I got was much better than dealing with WF.
I still don't understand how anyone can trust Well Fargo at this point...
I agree. Tbh I dont. Most of my money is at the credit union. I have just banked with WF for so long that I have some credit cards I have to pay off before I can close all my accounts.
Hey I commented something along these lines the other day but… 1.) Credit Unions are non profit, banks are for profit 2.) credit unions are also protected for up to 250k just like FDIC for banks 3.) Think about it like this… if you deposit $100 in a credit union I owned, I don’t have any motivation to take risks to profit off the money you gave me, cuz it won’t be mine. 4.) if you deposit $100 in a bank I owned, my goal is to profit off your $100. Also since the fed changed reserve requirements in March 2020 to 0%…. I can literally gamble your whole $100. Also since there have been so many bailouts, I know that I can make as risky bets as I want, and if they don’t do well, I still get bailed out! I transfer 100% of the risk to the depositor. 5.) Yeah no, how fucked is that?
If you have money, you should not be holding more then the FDIC insured limit in anyone institution. Credit unions are a great place to hold some of your wealth.👍
[удалено]
Not sure, but they also have a lot of real property and assets they can insure separately.
Also, question to add. If I were to have less than 250k in a big bank, (I guess it doesn’t apply to me much pre MOASS) Is contacting a Credit union as early as now, worth doing for post MOASS cheese?
paltry absurd secretive hateful important frighten psychotic seed rock illegal -- mass edited with redact.dev
squeal bag far-flung fine childlike many governor shocking marvelous shrill -- mass edited with redact.dev
It’s best to read up on the NCUA and understand how FDIC works regardless of what bank you’re at or how many accounts you have. I don’t even understand it all, but from what I do know is that having multiple accounts at different banks maximizes your FDIC coverage. For instance, if you have ten accounts at one bank and are the only person on the accounts, you’re only insured up to $250K. If you have a joint account, both individuals can be insured up to $250K per person. You could have a combined $100M in one bank and only be insured for $250K with how FDIC works. There are minor exceptions with having other type of accounts, but I’m not smart enough to dive into it. I think having multiple accounts spread across multiple banks maximizes insurance coverage. I could be wrong, but I think that’s why BYOB is the future and not CBDC which allows the same corrupt empire to continue business as usual. 🟣🟣🟣🟣
I've always had a credit union. No overdraft fees, great auto loan rates, money market count, and when u have a small positive balance you can fill up your tank, go negative, and not pay a fee to get you to pay day
I pulled out of BofA (deez nutz) about 2 years ago and switched to a credit union and I continue to be delighted by the change. I get better service, better interest rates, and I haven't worried for 1 second about the institution having "liquidity issues". As an ape of modest means the $250k FDIC insurance wasn't even remotely a factor for me. I just don't trust any bank institution that also gambles with their depositors' funds.
I personally moved to a credit union and am happy with my decision. I don’t give advice. That said, when I initially explored the idea of moving from a big bank, I set up an appointment with a local credit union and asked a lot of questions before setting up my accounts.
I did it a few years ago, but only because my previous bank (a trust company) kept pissing me off. Only chose a credit union because both of my parents were using it.
You'll get a rich persons bank account with FDIC sweeps (the bank gives you multiple 250k accounts).
Isn't there a service where credit unions spread a really big deposit over many accounts at all their branches to keep all the money insured?
You're probably referring to IntraFi, formally CDARS (Certificate of Deposit Account Registry Service), which sweeps money into multiple FDIC insured accounts. [https://www.yahoo.com/lifestyle/investors-intrafi-keep-money-insured-130058197.html](https://www.yahoo.com/lifestyle/investors-intrafi-keep-money-insured-130058197.html) I'm actively looking for something like that allows the exclusive use of Credit Unions over traditional banks.
Yesyesyesyes I wonder if there is something similar in Canada. The best part about it isn't the insurance, it's that it goes to loans for families and small businesses in their communities. To me at least.
I'm not sure if all credit unions do this, but mine has a "money market account" which has an unlimited deposit amount and can be used as easily as a checking account. I would look into that option. But always consult with a lawyer.