Banks or Credit Unions

Reply #24

st.germain — Thu, 13 Jan 2011 01:35:48 GMT

I hear a lot of people do not trust banks anymore and are stashing at home...doesn't sound safe...mattresses;behind floorboards etc,etc. Sounds like the old days. Personally I have credit union...freindly;efficient;personal service;NCUA and very little stashed at home....and free checking and savings.

I have a friend who found a 100 dollar bill hidden behind a electrical outlet cover plate.

Reply #23

Dee88 — Wed, 12 Jan 2011 02:58:25 GMT

Reply #22

dallascowboyfan — Wed, 12 Jan 2011 01:58:16 GMT

I work at a Credit Union so I am a little bias yes you can withdraw your money in the same day.....Stack47 those people that had to wait if they deposited a check didn't have matching funds the CU put's a hold on the check meaning they cannot withdraw the funds till the check clears....... I have never had any problems withdrawing money from the Credit Union. and I have 3.......

Reply #21

Fla386 — Tue, 11 Jan 2011 14:05:34 GMT

mason jars better way to bank

Reply #20

myturn — Tue, 11 Jan 2011 09:22:48 GMT

A Better Way to Bank? There's a Credit Union for That.

Credit Union Locations in the United States.

creditunionsonline.com

Reply #19

kjanine — Tue, 11 Jan 2011 09:15:28 GMT

Credit Unions...is my vote BECAUSE they generally pay better interest rates on their money market accounts - than banks do.

Reply #18

iGlenn — Tue, 11 Jan 2011 04:33:32 GMT

So I guess you assume that there are no Bernie Madoffs that work at banks or credit unions? Thieves and crooks are everywhere.

There is a difference between depositing your assets into a brokerage firm and depositing your assets into a brokerage firm with an adviser managing your funds. Most people self manage their brokerage accounts. I manage mine online, I buy/sell stocks and bonds with only a few clicks of the mouse just like millions of other Americans. It's even easier than buying a lo... [ More ]

Reply #17

socalgal — Tue, 11 Jan 2011 03:57:51 GMT

That's what I'm afraid of.

Reply #16

time*treat — Tue, 11 Jan 2011 02:45:50 GMT

Well, yeah. Would you want to keep your money at a place called Arg!! Gone

Reply #15

MADDOG10 — Tue, 11 Jan 2011 01:51:10 GMT

Geez,

My first thought was that of Bermie Madoff and the brokerage firm...

Reply #14

MADDOG10 — Tue, 11 Jan 2011 01:47:51 GMT

Credit union , hands down...

Reply #13

iGlenn — Tue, 11 Jan 2011 01:36:28 GMT

I'm always surprised by the answers people give to this question. I wouldn't deposit my winnings in a bank, I'd deposit it in a brokerage account at either Schwab or Fidelity without an advisor. SIPC (much like the FDIC) protects brokerage accounts with higher limits. Both Schwab and Fidelity purchased additional insurance from Lloyds of London and other insurance companies to provide additional coverage for those accounts above the SIPC limits.

Do you honestly think wealthy people (lets say... [ More ]

Reply #12

socalgal — Mon, 10 Jan 2011 23:48:05 GMT

Thanks for all the reply. My credit union is insured to $250K by NCUSIF (National Credit Union Share Insurance Fund). There is a little blurb on the notice, but I need to ask in person at the branch.

For most accounts, the $250,000 in deposit insurance provided by the NCUSIF is sufficient. It may be possible for the few accounts that exceed the $250,000 federal limit to remain fully insured by restructuring them to increase the amount of NCUSIF insurance coverage available.

I guess havin... [ More ]

Reply #11

Rick G — Mon, 10 Jan 2011 22:41:33 GMT

Jack, my credit union (Abri, used to be named Argonne) is insured by American Share Insurance. $250K per acct.

Reply #10

Jack-C — Mon, 10 Jan 2011 18:00:41 GMT

OK. Well, I belong to 3 different credit unions and they are all insured by NCUA. Thanks for the info, Rick.

Reply #9

Rick G — Mon, 10 Jan 2011 17:54:09 GMT

Some are insured by FDIC, others not. My credit union dropped FDIC and opted for private insurance coverage. I'm glad they did. The FDIC is currently unable to guarantee all of the accounts they 'cover'.

Socalgal, my advice is to choose the credit union. I've had my accounts with one for 8 years and never had a problem withdrawing any amt. of money on demand. Also, they provide much better service.

Reply #8

Jack-C — Mon, 10 Jan 2011 17:15:36 GMT

Credit unions are not insured by FDIC. They are insured, but by a different group.

Reply #7

savagegoose — Mon, 10 Jan 2011 17:10:36 GMT

isnt fdic only insured on 1st $250k , would need a bank account with every bank in usa to keep all the 81 millwon recently insured.

then they'll prob close faster than you can open them

Reply #6

Stack47 — Mon, 10 Jan 2011 16:45:21 GMT

That's fine if your credit union isn't 40 miles from where you live like mine was. Other banks' ATMs charge fees for using them even if your credit union doesn't. Credit unions have made bad loans too and their size determines the affect on their membership.

Reply #5

Stack47 — Mon, 10 Jan 2011 16:37:35 GMT

Just ask the credit union manager if after a year could you withdraw your $10 million in winnings on the same day. Most credit unions and savings and loans will use your money as loans to other members. It might take several days or even weeks before you could withdraw your money. I heard many stories about people who had to wait a week just to withdraw $1000.

Personally, I would open an account with the same bank lottery uses

Reply #4

myturn — Mon, 10 Jan 2011 10:27:51 GMT

Why bank when you can credit union?

I haven't had a bank account for years, but I do have two credit union accounts.

Reply #3

myturn — Mon, 10 Jan 2011 10:18:13 GMT

A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members.

Reply #2

sully16 — Mon, 10 Jan 2011 10:12:32 GMT

I like my credit union, we don't have a bunch of crazy fees.

Reply #1

gy65 — Mon, 10 Jan 2011 04:52:36 GMT

Google . . fdic maximum . . investing 101 . . morningstar.

Banks or Credit Unions

socalgal — Mon, 10 Jan 2011 02:15:53 GMT

Hi Folks. I searched and couldn't find this topic. I just opened a credit union account. Do you think it's better to place your winnings in a credit union or a regular bank? I know they're both FDIC insured. Since credit unions are member owned, is there more benefit than a regular bank?

I appreciate any feedback. Thanks