I’m a computers guy, the whole rigged financial system makes my head hurt. Anyone kind enough to explain why a credit union would or would not be a better place for my cash right now?
Trying to decide whether to move money to something else, pay off land debt, or just buy a bunch of silver.
Banks make risky plays and over leverage because they are for profit.
Credit unions only invest what is necessary to run business, and generally claim the costs back from the members it serves.
Bank runs don't happen at credit unions because the money is all there, or if it's loaned out, it's loaned to other members of the credit union, ie, your neighbors.
I'm a computer guy myself. The whole financial system is not that hard to get. It's all about levels of abstraction and indirection just like computer systems. Anyway, credit unions are way smaller than mainstream banks so theoretically they don't speculate on the markets. Just to be on the safe side I'd ask to see their financial statements before moving more than 250kUSD, 100kEUR, 100kCHF, or whatever is guaranteed by your country regulators.
What about just move to credit union?
I’m curious about this as well.
I’m a computers guy, the whole rigged financial system makes my head hurt. Anyone kind enough to explain why a credit union would or would not be a better place for my cash right now?
Trying to decide whether to move money to something else, pay off land debt, or just buy a bunch of silver.
Credit union is not FDIC.
Credit union is non profit and only allowed to make enough money to cover operating expenses.
Which isn't exactly an answer to MahaYoshi's question.
It is unless...
But ok.
Banks make risky plays and over leverage because they are for profit.
Credit unions only invest what is necessary to run business, and generally claim the costs back from the members it serves.
Bank runs don't happen at credit unions because the money is all there, or if it's loaned out, it's loaned to other members of the credit union, ie, your neighbors.
I'm a computer guy myself. The whole financial system is not that hard to get. It's all about levels of abstraction and indirection just like computer systems. Anyway, credit unions are way smaller than mainstream banks so theoretically they don't speculate on the markets. Just to be on the safe side I'd ask to see their financial statements before moving more than 250kUSD, 100kEUR, 100kCHF, or whatever is guaranteed by your country regulators.