commercial banks vs. credit unions

[teflon_john]

which do you use? is one really any better that the other? should revolutionary leftists care? wanna come over to my place so we can kiss while listening to the new Drake album?

[The Dark Side of the Moon]

none, no, if "they deserve the gallows" counts as care, maybe

[Ocean Seal]

which do you use? is one really any better that the other? should revolutionary leftists care?
http://i.qkme.me/353k5t.jpg

[Decolonize The Left]

YES. Revolutionary leftists should care because everyone should care because we're talking about your money.

The fact that people think it doesn't matter is naive. I'll break it down in short:

1. Commercial banks are for-profit institutions which will take the money you give them to hold and invest it for their own profits. Credit unions are non-profit institutions which take the money you give them to hold and invest it only in other credit union members (hence you are actually investing in your community).
2. Commercial banks, on the whole, charge more for their services. So if you wanna lose more money, pick Bank of America over your local credit union.
3. Credit unions, on the whole, have a history of better service.
4. Credit unions are more stable than banks. You didn't see your local credit union being audited by the US Government during the financial collapse of 2008 did you?

There is absolutely no reason why you should have your money in a bank as opposed to a credit union unless, for some odd reason, there isn't a credit union in your town. Credit unions are vastly superior to banks in all forms, most notably with the fact that they aren't actively trying to screw you out of all your money.

- August

[Ocean Seal]

YES. Revolutionary leftists should care because everyone should care because we're talking about your money.

The fact that people think it doesn't matter is naive. I'll break it down in short:

1. Commercial banks are for-profit institutions which will take the money you give them to hold and invest it for their own profits. Credit unions are non-profit institutions which take the money you give them to hold and invest it only in other credit union members (hence you are actually investing in your community).
2. Commercial banks, on the whole, charge more for their services. So if you wanna lose more money, pick Bank of America over your local credit union.
3. Credit unions, on the whole, have a history of better service.
4. Credit unions are more stable than banks. You didn't see your local credit union being audited by the US Government during the financial collapse of 2008 did you?

There is absolutely no reason why you should have your money in a bank as opposed to a credit union unless, for some odd reason, there isn't a credit union in your town. Credit unions are vastly superior to banks in all forms, most notably with the fact that they aren't actively trying to screw you out of all your money.

- August
I don't generally have more than $500 in my account at any given time, so mainly the thing for me is being able to use the debit card all over to get food and so on. And you can't use the credit union's card off campus where I live.

[Decolonize The Left]

I don't generally have more than $500 in my account at any given time, so mainly the thing for me is being able to use the debit card all over to get food and so on. And you can't use the credit union's card off campus where I live.

You can get a debit card and a credit card from any federally insured credit union at little burden. It sounds like you don't actually have a credit union account if you can only use your card on campus.

- August

[danyboy27]

I use credit union. Those are really popular where i live (Quebec).

Some people tend to experience shitty service sometimes, but credit union usually dont fuck over their user like the bank usually do.

All the profit a credit union make is redistributed to its member in forms of loan, grant or subventions.

Its hardly anti-capitalist (medium and small sized buisness use those) but i guess the 10 dollars monthly fee will do less harm than if i give it to a bank that will use it to fuck up the commodity market.

Also, if one day i have a beef with the way my credit union is run i could go to an assembly meeting and get my voice heard.

[danyboy27]

Forgot to mention: interest rate from credit union loan, especially studient loan seem to be pretty low compared to bank loan.

There are also specialised services that some credit unions offer that banks dosnt.

For exemple my credit union have this extremely low interest short term loan for small purchases below 4k that allow you to decide how much you want to give and how much time you want to extend it.

Some credit unions (like mine) also offers both life and home insurance at a ridiculous cost. My appartment insurance cost me around 10 dollars a month, and i also have a special insurance that will cover my credit card interest for a while if i lost of job.

[Klaatu]

I closed my bank account for two reasons:

(A) These capitalist con-men got a monstrous taxpayer bailout, yet refuse to help folks in trouble (foreclosures, etc)

(B) They tried to charge me a $15/month fee if I didn't electronically deposit at least TWO $500 deposits per month
(my employer does not even pay me this much!)

Imagine that... making me PAY them to allow them to get rich off the usage of MY money... that was the last straw. I opened up a new credit union account. No fees, no hassle... and I even earn interest on my deposit! WOW!

[Ocean Seal]

You can get a debit card and a credit card from any federally insured credit union at little burden. It sounds like you don't actually have a credit union account if you can only use your card on campus.

- August
It actually sounds like a good idea. Time to find myself a credit union.

[wunderbar]

I like how there isn't a fee when I use my credit union debit card at any co-op network ATM.

[Rocky Rococo]

Like any other "co-operative" structure working within a capitalist system, a credit union isn't the "solution" to any social or economic issue. It is however a preferable place to park your money and place your debts that are a practical part of survival within capitalism.

[Die Neue Zeit]

Not unless there's a pure online bank available and you're into online banking.

[Magón]

Credit Unions are the way to go, when it comes to choosing between Bank or CU. Frankly I'd hate to have all my money tied up into a bank like Chase or something. I've known plenty of people who've pulled their money from banks, and put them into CU's because of the better assurance you get with the CU.

[IndependentCitizen]

A commercial bank using my money to gamble on sub-prime mortgages and betting on defaults?

No thanks.

[NoOneIsIllegal]

- Credit unions don't have a lot of hidden fee's that big banks do.
- They're operated locally and is based upon elections rather than being appointed.
- Better service. Won't try to sell you on a new credit card everytime you make a deposit.
- Lower interest rates on loans.
- Non-profit.

[MarxSchmarx]

YES. Revolutionary leftists should care because everyone should care because we're talking about your money.

The fact that people think it doesn't matter is naive. I'll break it down in short:

1. Commercial banks are for-profit institutions which will take the money you give them to hold and invest it for their own profits. Credit unions are non-profit institutions which take the money you give them to hold and invest it only in other credit union members (hence you are actually investing in your community).
2. Commercial banks, on the whole, charge more for their services. So if you wanna lose more money, pick Bank of America over your local credit union.
3. Credit unions, on the whole, have a history of better service.
4. Credit unions are more stable than banks. You didn't see your local credit union being audited by the US Government during the financial collapse of 2008 did you?

There is absolutely no reason why you should have your money in a bank as opposed to a credit union unless, for some odd reason, there isn't a credit union in your town. Credit unions are vastly superior to banks in all forms, most notably with the fact that they aren't actively trying to screw you out of all your money.

- August

I must respectfully disagree.

Most credit unions in my area refuse to lend/open accounts/etc... unless you are an employee of the government or of this or that particular unionized industry or this or that ministry. I tried opening one in an institution that was "open to the general public" but because I was new to the area, they declined my savings as I had not established "a patten of residency" in the form of a rental lease or something.

So I have stuck with the giant anonymous commercial bank I came from before I started in my new position. They have a branch where I live and I do my work concerning finances and stuff from there. I hate to say it, but on some level if the supposedly more "progressive" capitalist institutions don't want my money, well, then I don't really hesitate storing it elsewhere.

Purely anecdotal evidence, I admit, but at least that was my experience.

[Decolonize The Left]

I must respectfully disagree.

Most credit unions in my area refuse to lend/open accounts/etc... unless you are an employee of the government or of this or that particular unionized industry or this or that ministry. I tried opening one in an institution that was "open to the general public" but because I was new to the area, they declined my savings as I had not established "a patten of residency" in the form of a rental lease or something.

So I have stuck with the giant anonymous commercial bank I came from before I started in my new position. They have a branch where I live and I do my work concerning finances and stuff from there. I hate to say it, but on some level if the supposedly more "progressive" capitalist institutions don't want my money, well, then I don't really hesitate storing it elsewhere.

Purely anecdotal evidence, I admit, but at least that was my experience.

There are many different forms of credit unions, but all of them have limitations on membership. So, for example, there are credit unions for a specific industry (California Fire Fighters Credit Union, or something like that), and then there are credit unions for a specific area (Los Angeles Federal Credit Union). In order to gain membership to the former, you obviously need to be a worker in that industry. In order to gain membership to the latter, you need to prove residency by whatever process that credit union uses.

In general, you should be able to gain membership to a local area credit union with an address. You shouldn't have to have a lease (I currently do not) but you should have a physical address. They will want your driver's license (or equivalent form of ID), an initial deposit, and the information regarding your residency.

- August

[Die Neue Zeit]

I must respectfully disagree.

Most credit unions in my area refuse to lend/open accounts/etc... unless you are an employee of the government or of this or that particular unionized industry or this or that ministry. I tried opening one in an institution that was "open to the general public" but because I was new to the area, they declined my savings as I had not established "a patten of residency" in the form of a rental lease or something.

So I have stuck with the giant anonymous commercial bank I came from before I started in my new position. They have a branch where I live and I do my work concerning finances and stuff from there. I hate to say it, but on some level if the supposedly more "progressive" capitalist institutions don't want my money, well, then I don't really hesitate storing it elsewhere.

Purely anecdotal evidence, I admit, but at least that was my experience.

Personal question relating to my earlier post above: Do you personally need that branch to do your banking?

[Sendo]

In (South) Korea I only put my money in the public bank and (mostly) in the agricultural cooperative bank. Every other bank is run by foreigners, Japanese collaborators or is under investigation.

Infinitely better than America on the whole, though. Pretty uneventful by comparison and much, much lower fees. No major problems considering most other capitalist economies' banks. (Well, just limit yourself to post-IMF crisis Korea.) Every country is the same it seems. Big, corporate, non-union/non-coop/non-public (like Bank of North Dakota) banks tend to rip you off and get in trouble for malfeasance.

[Sendo]

I must respectfully disagree.

Most credit unions in my area refuse to lend/open accounts/etc... unless you are an employee of the government or of this or that particular unionized industry or this or that ministry. I tried opening one in an institution that was "open to the general public" but because I was new to the area, they declined my savings as I had not established "a patten of residency" in the form of a rental lease or something.

So I have stuck with the giant anonymous commercial bank I came from before I started in my new position. They have a branch where I live and I do my work concerning finances and stuff from there. I hate to say it, but on some level if the supposedly more "progressive" capitalist institutions don't want my money, well, then I don't really hesitate storing it elsewhere.

Purely anecdotal evidence, I admit, but at least that was my experience.

That tends to be an odd thing about US credit unions, they're nature of being very local. In New York State I only saw local "federal" credit unions. I know that means their charters are follow "X" instead of "Y" and doesn't mean jack about a country-wide presence. Maybe New York had an awful system for state credit unions in the past and such credit unions lost to the competition. Maybe your state has a poor system and there are no federal ones around.

[Klaatu]

There is another reason I am a credit union member: A Credit Union is the closest thing to a Socialist Enterprise I can think of,
in existence in the USA. The Members own it. No Profiteering Capitalists involved here... This is good. ;)