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For consumers, the move makes perfect sense. Credit unions are not-for-profit cooperatives, and they're owned by their members. They offer the same products and services banks do, but unlike banks, credit unions exist only to serve their members -- not to generate profits for outside investors. Members typically experience that difference in the form of better rates and lower fees. In 2008 (the latest data we have available), consumers saved $9.2 billion by using credit unions rather than banks, or the equivalent of $104 per member and $198 per family. And that's just on average. Loyal members -- those who use credit unions extensively -- often receive total financial benefits that are much greater than the average.
Probably a good idea as the FDIC is not too big to fail. IMO it is also a good idea for those not investing to have several months worth of cash/silver & goil coin on hand at home should we see a banking collapse. Savings accounts are earning negative interest compared to the rate of inflation anyway.
I've moved away from big banks. Watch out however. There is a history of the big boys pushing legislation that would make credits unions less appealing. This has been going on for years so I can see big banks flexing their muscle more so now than ever before.
Literally just finished setting up my new credit union account online now. All thats left now is to transition my old automatic deposits and bill payments to them once its live. Very happy to be doing this.
why would anyone pay those kind of rates when they can get it free at a credit union?
Convenience.
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