Credit Unions, A Safe Port In A Storm

[Marc Martyn]

With all that is going on in the financial world, people are wondering if their money is safe. As a credit union member (actually two) I investigated out of curiosity. I ran across the following article:

CNN, Forbes on Credit Unions: “Grab them while you can”
(Published by: CUNA News Now, Sept. 19, 2008, www.cuna.org)
ATLANTA (9/19/08)--"If there's a calm in the economic storm, it may be credit unions, whose investors are sleeping through the night," reported Susan Lisovicz of CNN Thursday during an interview with Neil Weinberg, senior editor of Forbes Magazine.
"We've had mergers and bailouts and a lot of us are nervous. Tell us why we should take a second look or in some instances a first look at credit unions," asked Lisovicz, amid banner headlines that said, "Credit unions weather rough seas."
Weinberg's answer focused on two reasons why "credit unions are a safe harbor":
•
Credit unions are operated as a "stable and profitable business, taking deposits from you and me through our savings and checking accounts, and lending out money for car loans, which earns a spread that is profitable."
•
Most credit union accounts are federally insured by the government up to $100,000.
"They tend to be conservatively managed and federally insured, which in this day and age is what you want," advised Weinberg.
He explained that through lobbying in Washington, credit unions have "managed to open the doors of membership quite a bit" and in many cases a person related to someone in an affinity group can join a credit union.
"You want to jump on board," Weinberg advised.
When asked what is it about credit unions that doesn't lead to the same kind of forecast for other commercial institutions, Weinberg said credit unions haven't got into the same trouble as commercial banks that specialized in mortgages and made risky home loans.
"Typically, credit unions have federal charters and federal inspectors, with strict, tougher rules. Because they began as agricultural cooperatives, they are run conservatively. You want to go for those credit unions."
"I got the message," said the Lisovicz. "You want to go for a credit union. Grab them while you can."

[kevinb]

Great article Marc,thank you

[Marc Martyn]

Congress is working on raising the FDIC limit from $100,000 to $250,000. This will most likely be put into law in the next couple of days.

[VHMLLC]

thats where my money is




:viking:

[dilbert]

Congress is working on raising the FDIC limit from $100,000 to $250,000. This will most likely be put into law in the next couple of days.

The NCUA (for credit unions) limit is also going from $100,000 to $250,000 if this is passed. It will, however, expire on 12/31/09 and go back to $100,000 for both.
source

[The Quadfather]

I'm really glad that you posted this subject Marc. We have been with Wash.Mu. for years, and now with all this change going on I was just thinking maybe i'd like to switch up. Can anyone in the Puget Sound area recommend either a good credit union, or a bank that they feel comfortable with, and for both CU's and banks, one that you feel you aren't nickled and dimed to death with fees, ATM's etc.

[christopherbeebe]

I'm really glad that you posted this subject Marc. We have been with Wash.Mu. for years, and now with all this change going on I was just thinking maybe i'd like to switch up. Can anyone in the Puget Sound area recommend either a good credit union, or a bank that they feel comfortable with, and for both CU's and banks, one that you feel you aren't nickled and dimed to death with fees, ATM's etc.

i'm with qualstar credit union they are free, but there are only like 3 or 4 branches in the whole puget sound area. luckly i work near one. lol.. also they were the only bank that let me even get an account cause i've had some issues with banks in the past. even though i was "black balled" from other banks, qualstar gave me a chance, and now i have a checking and a savings account... and i've been with them for the last 3 years. :thumright

[Marc Martyn]

I'm really glad that you posted this subject Marc. We have been with Wash.Mu. for years, and now with all this change going on I was just thinking maybe i'd like to switch up. Can anyone in the Puget Sound area recommend either a good credit union, or a bank that they feel comfortable with, and for both CU's and banks, one that you feel you aren't nickled and dimed to death with fees, ATM's etc.

You can try looking up your location here:

http://www.creditunion.coop/cu_locator/quickfind.php

[ndn]

The Boeng Employees Credit Union ,in My opinion, is a terrific place to Bank.

Loan rates are reasonable and credit card interest rates are hard to beat.

Also, I believe You do not hve to work at Boeing to Belong.

[TheOne]

nothing is safe the economy will collapse verry soon so start stocking up on food. and start saveing money

[iPodrodder]

Cup o Noodles vs. Economic Collapse.

Don King, can you help us out here?

[Mike Carey]

I'm really glad that you posted this subject Marc. We have been with Wash.Mu. for years, and now with all this change going on I was just thinking maybe i'd like to switch up. Can anyone in the Puget Sound area recommend either a good credit union, or a bank that they feel comfortable with, and for both CU's and banks, one that you feel you aren't nickled and dimed to death with fees, ATM's etc.

We bank at WaMu and now the lobby is empty when we go in. No more lines. Pretty sad for the employees. Since they were taken over by Chase (or is it City Bank) I don't really have any worries.

[Gringo Pescador]

Can anyone in the Puget Sound area recommend either a good credit union, or a bank that they feel comfortable with, and for both CU's and banks, one that you feel you aren't nickled and dimed to death with fees, ATM's etc.

The Boeng Employees Credit Union ,in My opinion, is a terrific place to Bank.
Loan rates are reasonable and credit card interest rates are hard to beat.
Also, I believe You do not hve to work at Boeing to Belong.

I've been with BECU for years and agree with ndn. You only have to live in Washington state to become a member. The only downside is that there are only two actual branches. One in Everett and one in Tukwila. But they have a bunch of satellites in local Safeway stores where you can do anything except deposit cash money. And all of their ATM's are no-fee, and the only "fee" I can remember paying is when I originally signed up and had to buy my checks. It is kind of weird to go to Safeway to by eggs, milk, & a car loan though..

They also have a great electronic banking setup. You can pay bills and even cut personal checks all online. I haven't used a stamp for a bill or wrote a check in probably 3 years!

[Marc Martyn]

I'm really glad that you posted this subject Marc. We have been with Wash.Mu. for years, and now with all this change going on I was just thinking maybe i'd like to switch up. Can anyone in the Puget Sound area recommend either a good credit union, or a bank that they feel comfortable with, and for both CU's and banks, one that you feel you aren't nickled and dimed to death with fees, ATM's etc.

We bank at WaMu and now the lobby is empty when we go in. No more lines. Pretty sad for the employees. Since they were taken over by Chase (or is it City Bank) I don't really have any worries.

It was take over by JP Morgan Chase.