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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
 Posted - 03/23/2010 : 14:36:55
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Not sure if you guys watch or like Suze Ormon. I have to admit I watch her almost every Saturday night and find she gives good advise. Last weekend, she was voicing her disdane for the big banks and their new fees/policies for credit cards. She is a big advocate for credit unions now. I do belong to one credit union and their credit card has better terms and interest rates vs the big bank cards.
Are you guys leaning more towards doing your business with credit unions?
Also, she was advocating we go to cash only as much as we can to teach the credit cards a lesson. That way they do not get the 1-2% transaction fee when you use your credit card. She encouraged that retailers should start offering patrons the option to pay in cash and give them a 1 to 2% discount on their purchase.
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 03/23/2010 : 14:57:01
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Credit unions do loan to people within the local community. I find myself doing a little more business with mine. However, I would like to see my credit union offer better rates for savers (they should offer savers significantly better rates than the big banks) since they are basically a non-profit cooperative for their members. 1/2% to 0.9% on a money market account and 1.25% on a 1-year CD is not enough.
I have a CASH BACK AMEX blue credit card which I use everywhere and I payoff the full balance every month. I get 5% CASH back on all my groceries, gas, and drug store purchases; 2% CASH back on everything else. I'd have to see at least a 2% retail CASH discount before I curtail using my credit card. |
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Investin Cents
Penny Pincher Member
USA
129 Posts |
Posted - 03/23/2010 : 21:58:52
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| I agree. I do all my personal banking with two local-area credit unions, and I advise all my family and friends to do the same. The one bank I use is also local, small and account-holder-owned operation. We need to go back to the "old days" when local banks were the rule, not the exception. |
Most recent book I've read: "Meltdown" by Thomas E. Woods Jr. Current book: "I.O.U.: Why Everyone Owes Everyone & No One Can Pay" by John Lanchester |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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coppertone
Penny Sorter Member
Canada
63 Posts |
Posted - 03/24/2010 : 22:05:52
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| My local rural CU amalgamated with a larger urban CU and changed focus from agricultural lending to primarily urban residential lending and essentially put me out of business. As with nearly everything there is both good and bad. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/25/2010 : 08:53:07
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| It depends on the credit union or bank. We have two locally owned conservative banks in my area. Both have rather high financial ratings. The problem with some credit unions is that their pool of clients can be too limited. For example, if General Electric has a credit union and it is limited to G.E. employees only then that C.U. could be a great place to deposit your money if you qualify. But what happens if G.E. were to close that local plant? Not only would the community in general suffer but it would focus even more stress on that particular credit union. |
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Think positive. |
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thedrifter
Penny Sorter Member
USA
96 Posts |
Posted - 03/25/2010 : 16:50:11
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| I have one CU and three banks in the town that I will be moving to April 1. I will open accounts at all four. One of the banks is US Bank. They are the one bank that if I cost them some extra expenses it won't bother me even a little. I will just look at it as my taking back some of my tarp money |
The Drifter |
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Credit Unions vs the Big Banks
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