Credit unions are forbidden by law to invest in derivatives. It's derivatives that will collapse regular banks. I've moved my money out of my bank and put it with a local well established credit union.
I like that the members are also the owners. Banks have owners, and those owners want profits from the bank, and those profits come from the bank's customers by charging higher interest on loans, higher fees, and paying lower interest on deposits.
In a credit union, there isn't really a profit motive. Where would the profits go? Back to the owners, who are also the members. For this reason, credit unions can usually have lower interest on loans, lower fees, and higher interest on deposits. But each one is a little different, so do your due diligence.
If you want a large geographic footprint, look for credit unions that participate in CO-OP network ATMs and shared branches. When traveling you can usually find a free ATM or free branch nearby. https://co-opcreditunions.org/locator/
Oh, also check your expectations. Chase has top people working on their mobile app, their website, their call center, and so on. A credit union is going to have less resources for things like that. So sometimes it helps to have a little patience.
Keep no more than 6 months bills in the bank. Checking and savings combined.
Keep another 6 months in paper cash, max.
If one year of cash wont hold you through a bank crisis, the shit has officially hit the fan, and by month 13 you wont need a single penny of us currency.
ALL the rest in silver & gold, preferably in us minted coinage. (do your own research as to why)
As said elsewhere in this thread. All the rest goes into land. Choose a combo of cash flow producing land, and wilderness. Own land in multiple states if you can; farm, mountain, waterfront, timber, etc.
You have to check the history of the credit union and the people running it. Talk to them personally and see how you feel. In the end go with your gut and make sure to distribute your fiat savings (other than the cash) amongst a bunch of banks.
I was about to say the same thing. Don't put all your money in one bank or credit union. And check them out WAY carefully. Poor reviews = bad news. Avoid the large banks. They are all run by assholes.
I moved my money to a credit union, left the bank that I worked at and completely changed career paths. I didn't want to be standing in a bank when the economy crashes. I couldn't stand working there any longer. It got to the point that if someone asked me what I thought, I was telling them the truth. I knew it was time to go. I felt like a slime ball pulling in every day. Now I'm actually helping people in my new line of work. I make more money and have more control over my own schedule. God made it clear to me it was time to take a leap of faith, I'm so glad I did. God's grace is sufficient
I love my credit union. People can still, for the moment anyway, override what the computer might tell them. In Texas a credit union is non-profit, so they have very few and very reasonable fees. It's only a matter of time, but for now I highly recommend one over a bank.
I used to love my credit union but something changed in the past year. I used to be able to call them with a question or problem and they'd fix it immediately. However now, 1) when my credit card expired they didnt send the new one. I started getting late fees on all I pay with the card. I called, texted, emailed several times with no response. Finally a new card came in the mail about 3 months later. 2) They changed their website and you had to re-enroll. Not easy for an old lady who was never taught on computers. So when trying to set up bill pay, it wouldnt take and again I called, emailed and texted them with no response. Finally I had to open a new account elsewhere.
Have no idea this credit unions turn around, completely different from what it was like a year ago.
Anyone have experience with Truist? Mortgage got sold to them and they’ve been outstanding with that. Wondering if they’d be good to switch to for regular banking?
That’s where our account is- thought it was better than one of those larger banks but now I’m wondering if we should’ve moved to a CU. I took cash out and then deposited and I was charged a significant teller fee which was ridiculous.
Credit unions are forbidden by law to invest in derivatives. It's derivatives that will collapse regular banks. I've moved my money out of my bank and put it with a local well established credit union.
Interesting info that I will keep in mind.
🛎🛎🛎
Good job getting out of Chase.
Credit unions are mostly good, IMO.
I like that the members are also the owners. Banks have owners, and those owners want profits from the bank, and those profits come from the bank's customers by charging higher interest on loans, higher fees, and paying lower interest on deposits.
In a credit union, there isn't really a profit motive. Where would the profits go? Back to the owners, who are also the members. For this reason, credit unions can usually have lower interest on loans, lower fees, and higher interest on deposits. But each one is a little different, so do your due diligence.
If you want a large geographic footprint, look for credit unions that participate in CO-OP network ATMs and shared branches. When traveling you can usually find a free ATM or free branch nearby. https://co-opcreditunions.org/locator/
Oh, also check your expectations. Chase has top people working on their mobile app, their website, their call center, and so on. A credit union is going to have less resources for things like that. So sometimes it helps to have a little patience.
Keep no more than 6 months bills in the bank. Checking and savings combined.
Keep another 6 months in paper cash, max.
If one year of cash wont hold you through a bank crisis, the shit has officially hit the fan, and by month 13 you wont need a single penny of us currency.
ALL the rest in silver & gold, preferably in us minted coinage. (do your own research as to why)
As said elsewhere in this thread. All the rest goes into land. Choose a combo of cash flow producing land, and wilderness. Own land in multiple states if you can; farm, mountain, waterfront, timber, etc.
You have to check the history of the credit union and the people running it. Talk to them personally and see how you feel. In the end go with your gut and make sure to distribute your fiat savings (other than the cash) amongst a bunch of banks.
I was about to say the same thing. Don't put all your money in one bank or credit union. And check them out WAY carefully. Poor reviews = bad news. Avoid the large banks. They are all run by assholes.
I moved my money to a credit union, left the bank that I worked at and completely changed career paths. I didn't want to be standing in a bank when the economy crashes. I couldn't stand working there any longer. It got to the point that if someone asked me what I thought, I was telling them the truth. I knew it was time to go. I felt like a slime ball pulling in every day. Now I'm actually helping people in my new line of work. I make more money and have more control over my own schedule. God made it clear to me it was time to take a leap of faith, I'm so glad I did. God's grace is sufficient
I love my credit union. People can still, for the moment anyway, override what the computer might tell them. In Texas a credit union is non-profit, so they have very few and very reasonable fees. It's only a matter of time, but for now I highly recommend one over a bank.
Community banks (as opposed to commercial banks and credit unions) are best imho
https://oldglorybank.com/
Worth a look,they haven't started yet.
I checked it out, but no branch?
It's just starting,sign up for they news letter and a reservation now. Then see what they offer.
Dumped Chase last week. See ya.
In General Credit Unions are more trustworthy, but check.
I used to love my credit union but something changed in the past year. I used to be able to call them with a question or problem and they'd fix it immediately. However now, 1) when my credit card expired they didnt send the new one. I started getting late fees on all I pay with the card. I called, texted, emailed several times with no response. Finally a new card came in the mail about 3 months later. 2) They changed their website and you had to re-enroll. Not easy for an old lady who was never taught on computers. So when trying to set up bill pay, it wouldnt take and again I called, emailed and texted them with no response. Finally I had to open a new account elsewhere.
Have no idea this credit unions turn around, completely different from what it was like a year ago.
My advice is buy as much tangible assets as you can. gold silver palladium platinum land I'd add uranium, but you can't hold that for obvious reasons.
You probably have a local Catholic credit unions
Is USAA safe? Relatively speaking of course.
Didn't they go woke or endorse dems?
what about places like Fidelity?
Anyone have experience with Truist? Mortgage got sold to them and they’ve been outstanding with that. Wondering if they’d be good to switch to for regular banking?
That’s where our account is- thought it was better than one of those larger banks but now I’m wondering if we should’ve moved to a CU. I took cash out and then deposited and I was charged a significant teller fee which was ridiculous.