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Old 10-04-2011, 08:38 AM
 
26,753 posts, read 17,358,131 times
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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.
Daniel Mica: Consumers Are Moving Their Money to Credit Unions, Rising Membership Shows

Hopefully, this really is the wave of the future.
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Old 10-04-2011, 08:45 AM
 
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Originally Posted by sickofnyc View Post
YES- I hope it shows consumers are getting wiser and not reliant on some suit in Washington dictating market dynamics!
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Old 10-04-2011, 08:45 AM
 
Location: Fairfax, VA
3,829 posts, read 2,793,872 times
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I love my credit union. They have all my accounts and two car loans. I can walk into the branch and they know me by name.
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Old 10-04-2011, 08:57 AM
 
29,988 posts, read 37,234,085 times
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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.
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Old 10-04-2011, 12:51 PM
 
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Moved ours several years ago. Credit union is the same as banks, only nicer. So did several friends an relatives.
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Old 10-04-2011, 12:56 PM
 
29,988 posts, read 37,234,085 times
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Originally Posted by crone View Post
Moved ours several years ago. Credit union is the same as banks, only nicer. So did several friends an relatives.
Don't depend on "digital" money alone. Have physical possession of enough to get by for weeks if not at least 90 days.
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Old 10-04-2011, 01:01 PM
 
6,226 posts, read 6,848,525 times
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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.
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Old 10-04-2011, 01:04 PM
Status: "\_(ツ)_/" (set 19 days ago)
 
11,385 posts, read 5,969,654 times
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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.
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Old 10-04-2011, 01:05 PM
 
Location: southern california
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why would anyone pay those kind of rates when they can get it free at a credit union?
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Old 10-04-2011, 01:14 PM
 
6,226 posts, read 6,848,525 times
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Originally Posted by Huckleberry3911948 View Post
why would anyone pay those kind of rates when they can get it free at a credit union?
Convenience.
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