Comments on: Talk is Cheap, Move Your Money

By: Michael Ferreira

Michael Ferreira — Thu, 11 Mar 2010 09:32:34 +0000

Other tangible benefits include
Community based-many credit unions are located within communities and support the residents and local businesses. They have a vested interest in the success of their community.
Attractive rates on deposits coupled with generally more favorable rates on loans. Credit unions do not seek to maximize the "spread".
Credit unions have the same features as banks, such as:
Online banking services
ATMs (they have a network of "no-fee" automatic tellers
Convenient branch locations-for employer Credit Unions they are typically located within the business location.
Many provide financial services such as insurance, investments and wealth management.

By: uberVU - social comments

uberVU - social comments — Thu, 11 Mar 2010 02:31:00 +0000

Social comments and analytics for this post…

This post was mentioned on Twitter by bsaren: Talk is Cheap, Move Your Money! I ask all my friends to at least learn about it… http://bit.ly/brtKQT...

By: bsaren

bsaren — Thu, 11 Mar 2010 01:34:22 +0000

Oh very cool Michael! More great stuff. Seems to me that a CU is more personal than even a community bank. What are the other more tangible benefits though?

By: Michael

Michael — Thu, 11 Mar 2010 00:50:56 +0000

I have embedded two articles that compare the virtues of credit unions and banks. Credit unions are not well understood by the public and surely disliked by the banks. In a nutshell, credit unions are: Owned by its members (the depositors) Credit Unions are not-for-profit organizations. So, if you want to walk into your financial institution and be treated like an owner, join a credit union. http://tinyurl.com/ydlltfv http://tinyurl.com/yadwr2e

By: Ben Saren

Ben Saren — Wed, 10 Mar 2010 22:20:00 +0000

Awesome again, thanks for the great info! Its really valuable information for those who dont know anything but big banks. And thanks for the comments!

By: James Robert Lay

James Robert Lay — Wed, 10 Mar 2010 22:14:34 +0000

Thx for the kind words Ben and apologies for the confusion. There is a big misconception that credit unions are exclusive but quite the opposite as a majority of them are now open to the communities they serve. Unlike the old days, many credit unions offer membership to those who work, worship, live or go to school in a particular region. Some may be city based while other extend to counties or even state wide. However, there are still some credit unions that serve a specific group as you had noted above.

It really all depends on the charter that the credit union has. However, one thing is constant regardless if membership is closed or open to the community, the credit unions are still owned by the membership and are not for profit.

Check out http://www.isyourmoneyinthebank.com where you can do a zip code search to find a credit union near you and the requirements for membership.

By: Ben Saren

Ben Saren — Wed, 10 Mar 2010 22:04:09 +0000

Pretty awesome James. Can you explain the big difference between a local bank and a credit union? Some people think that credit unions are exclusive, as you eluded to. But how are some credit unions open and available to the public, and others are not? For example, DCU (Digital Credit Union) used to be only for Digital employees and families. Now anyone can bank with them. How does that happen and how can they still call themselves a credit union??

By: James Robert Lay

James Robert Lay — Wed, 10 Mar 2010 21:54:01 +0000

We have joined the fight and encourage people to move their money to a local owned credit union.

Credit unions are all about the community and giving back to their member owners. They are owned by the people and for the people… not just an elite few shareholders.

There is a great video contest in the voting stages right now to complement the Move Your Money campaign and show the power of credit unions and people helping people: http://www.youngfreehq.com/blog/music-video-conte…

By: Ben Saren

Ben Saren — Wed, 10 Mar 2010 17:11:41 +0000

Check out the welcome letter from Wainwright Bank. I haven't received my debit card yet, havent even started using the account, but a nice personalized welcome letter just says so much already. And the contents of the letter are equally impressive. http://farm5.static.flickr.com/4069/4422933872_e22aacd7b2.jpg" width="386" height="500" alt="Wainwright welcome letter" />

By: Ben Saren

Ben Saren — Wed, 10 Mar 2010 15:24:27 +0000

Hey Garfield, thanks for the comment. I could not agree more. That very sentiment is what drives my company, CitySquares.com. It's all about helping the small business, these small brick and mortars, compete with the big boys online and attract qualified local consumers to THEIR business instead of the national chain across the street. Consumers mostly shop with their wallets, and SMBs can compete, they just need to do a better job of reaching these consumers where they are – online.

The numbers are staggering. Something like 70 cents on every dollar spent at, say, Wal-Mart, leave the community. Yet if you shop locally, that amount stays within the community, and in some instances even more. I'm 100% with you, I preach this every day, and do my best to demonstrate it with my consumer behaviors.

We can't complain about potholes, broken streetlights, lack of community policing, crime, etc if we cant also be responsible with where we, as consumers, spend our money. If you shop locally, that money is used locally and eventually goes right back into the neighborhood. I think you and I even spoke about this a few months ago.

Check out this post from my other blog: http://yoursuspect.com/2008/01/21/locally-owned-b…

And check out this video about the Multiplier Effect. http://www.youtube.com/watch?v=sq4RpJdnzkQ

http://www.youtube.com/v/sq4RpJdnzkQ&hl=en_US&fs=1&rel=0"> name="allowFullScreen" value="true">http://www.youtube.com/v/sq4RpJdnzkQ&hl=en_US&fs=1&rel=0" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385">