The movement toward credit unions over the last several weeks has been nothing less than phenomenal. For us in the credit union movement, it is confirmation of our long-standing tenant that credit unions are "people helping people."
But it doesn't have to end this Saturday. As Kristen Christian -- the founder of Bank Transfer Day -- said: "November 5th is merely a deadline goal." (Facebook, Oct. 27)
As far as credit unions are concerned, any day is a good day for a consumer to become a credit union member. Nov. 5 is one good day to join, and we certainly encourage consumers to make the change.
Because when a consumer joins a credit union, he or she takes the first step for themselves, and their families, in moving toward financial freedom.
Consider this: Consumers who join a credit union can expect to save at least $70 in lower rates, higher return on savings and lower or no fees -- just as current credit union members did in the 12 months between June '10 and June '11.
And that's just on average; consumers who are loyal members of credit unions -- utilizing them extensively -- often receive financial benefits that are much greater than the average.
The best news for consumers, however, is that they truly seem to comprehend how they can benefit from credit union membership. The changes over the last several weeks -- since Sept. 29, when Bank of America announced its $5 debit card fee -- tell the story.
Our calculations at the Credit Union National Assn. (CUNA), based on a quick survey of our member credit unions from all across the nation, indicate that consumers have been moving by the tens of thousands -- and shifting their money by the hundreds of millions -- to credit unions over these past four weeks.
From what our member credit unions are telling us, the reason for the consumer swing is clear: Consumers are upset about bank fees; they've just had enough.
And, consumers have also been intrigued by "Bank Transfer Day," another reason our credit unions are telling us their new members are coming in the door.
These new credit union members have made the right choice, because they can now start saving.
In fact, if all of the people signed up to participate in "Bank Transfer Day" on Saturday do so, and remain credit union members over the year that follows, those consumers will save a combined $4.8 million. Combine that with the $5 per month that they WON'T be paying in debit card fees, and you're up to $5.1 million.
But that's just the start. Suppose all of those others who have been invited by their friends to join in "Bank Transfer Day" do, in fact, decide to join credit unions. As of this writing, that's more than 423,000 persons -- who, together, would stand to save $31.7 million in combined credit unions savings and no bank debit card fee.
That's money that goes right into the pockets of consumers -- not into the vaults of banks, or their shareholders' wallets.
However, to everyday working people -- struggling to do their level best in a lackluster economy -- that's real money that may be better spent on their families and their futures. Credit unions are proud to give them that opportunity.
This Saturday will no doubt be an historic day for consumers and credit unions alike. Consumers want to be free of high fees, and credit unions want to help free them.
It's one day for consumers to make a smarter choice. But it doesn't have to end there: Every day is a good day to join a credit union.
Taxpayer bailout cost so far (and counting): $58 billion. Banks are awful, but at least they have stockholders standing between them and the taxpayer. In credit union failures, the stockholders are bailed out 100%.
Ever looked at a credit union's financials? Of course not. No one has, because they are "member owned", like all ponzi schemes. Good luck trying to find your credit union's financials.
The industry's regulator, the National Credit Union Administration, is more of a trade association than a supervisor, hence the $58 billion.
http://ncua.gov
There's a locator on the site that might help.
Hit Wall Street where it hurts and move your money out of the big banks into small community banks and Credit Unions.
I moved mine over a year ago. Best financial decision I ever made.
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http://youtu.be/KC8DIETX--k
Enjoy and share!
Credit Unions are MEMBER-OWNED AND OPERATED! That's right ... if you're pissed off with getting screwed by "Big Banks" and never having a say, JOIN A CREDIT UNION. They are locally owned and operated, and are NOT controlled by rich out-of-state investors, some humonguous holding company, or a gaggle of Chinese investors.
As a member of a Credit Union, YOU HAVE A SAY in how it's run. One member, one vote.
I hope that's worth a little more peace of mind than saving $5 a month in fees.
Also, not one single Credit Union has imploded as a result of making stupid home loans. In fact, less than 1% of Credit Unions have any significant exposure to bad loans.
And Members who got a home mortgage from their CU don't need to worry about who "owns" their property, because most CU's keep the paper themselves.
CAMPAIGN: Hit WS where it hurts and move your money out of the big banks into small community banks and Credit Unions.
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Credit unions, much like many community banks may retain the servicing of the home mortgage loans they originated, however, they are not housing 30 year fixed rate money on their balance sheet. I think your last paragraph is misleading as that's truly not the case. The vast majority are selling those loans to a GSE.
I will agree that credit unions are a much better alternative to the behemoth banks, however, I feel that the community banking model is best. For the most part, community banks are well capitalized and they are also held to higher standards from a regulatory standpoint then the credit unions.
Find a good community bank in your area and forge a relationship that will be mutually enjoyed for years. Community banks also pay federal income tax, something that credit unions do not do.
We consumers have had enough. $25/month fee for a "free" checking account if your balance falls under some predetermined amount? $5 debit cards?
We have had it.
Come on over! :) Being a member of a Credit Union is GREAT!
http://www.CreditUnionRevolution.com
http://www.huffingtonpost.com/michael-mcgown/checking-account-interest-rates_b_958396.html