Welcome Guest
Log In | Register )
You last visited January 16, 2017, 9:56 am
All times shown are
Eastern Time (GMT-5:00)

Banks or Credit Unions

Topic closed. 24 replies. Last post 6 years ago by st.germain.

Page 1 of 2
PrintE-mailLink
socalgal's avatar - bobblecars3
California
United States
Member #103560
January 3, 2011
56 Posts
Offline
Posted: January 9, 2011, 9:15 pm - IP Logged

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!

    Avatar

    United States
    Member #34931
    March 9, 2006
    98 Posts
    Offline
    Posted: January 9, 2011, 11:52 pm - IP Logged

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

      sully16's avatar - sharan
      Ringleader
      Michigan
      United States
      Member #81740
      October 28, 2009
      41845 Posts
      Offline
      Posted: January 10, 2011, 5:12 am - IP Logged

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

       HyperBe Happy.

        Bondi Junction
        Australia
        Member #57242
        December 24, 2007
        1102 Posts
        Offline
        Posted: January 10, 2011, 5:18 am - IP Logged

        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.

        We all get a lot out of lotteries!

          Bondi Junction
          Australia
          Member #57242
          December 24, 2007
          1102 Posts
          Offline
          Posted: January 10, 2011, 5:27 am - IP Logged
          Why bank when you can credit union?
           
          I haven't had a bank account for years, but I do have two credit union accounts.

          We all get a lot out of lotteries!

            Avatar
            Kentucky
            United States
            Member #32652
            February 14, 2006
            7340 Posts
            Offline
            Posted: January 10, 2011, 11:37 am - IP Logged

            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!

            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

              Avatar
              Kentucky
              United States
              Member #32652
              February 14, 2006
              7340 Posts
              Offline
              Posted: January 10, 2011, 11:45 am - IP Logged
              Why bank when you can credit union?
               
              I haven't had a bank account for years, but I do have two credit union accounts.

              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.

                savagegoose's avatar - ProfilePho
                adelaide sa
                Australia
                Member #37136
                April 11, 2006
                3315 Posts
                Offline
                Posted: January 10, 2011, 12:10 pm - IP Logged

                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

                2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

                keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

                  Jack-C's avatar - us
                  San Diego, CA
                  United States
                  Member #61467
                  May 24, 2008
                  28146 Posts
                  Offline
                  Posted: January 10, 2011, 12:15 pm - IP Logged

                  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

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

                    Rick G's avatar - avatar 1766.jpg
                    FEMA Region V Camp #21
                    United States
                    Member #520
                    July 27, 2002
                    5699 Posts
                    Offline
                    Posted: January 10, 2011, 12:54 pm - IP Logged

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

                    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.

                    Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).


                      Jack-C's avatar - us
                      San Diego, CA
                      United States
                      Member #61467
                      May 24, 2008
                      28146 Posts
                      Offline
                      Posted: January 10, 2011, 1:00 pm - IP Logged

                      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.

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

                        Rick G's avatar - avatar 1766.jpg
                        FEMA Region V Camp #21
                        United States
                        Member #520
                        July 27, 2002
                        5699 Posts
                        Offline
                        Posted: January 10, 2011, 5:41 pm - IP Logged

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

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

                        Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).


                          socalgal's avatar - bobblecars3
                          California
                          United States
                          Member #103560
                          January 3, 2011
                          56 Posts
                          Offline
                          Posted: January 10, 2011, 6:48 pm - IP Logged

                          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 having several CU accounts is fine. I'll have to ask about the waiting period for withdrawals.  Overall, it does seem like CUs aren't as high risk as regular banks.

                            Avatar

                            United States
                            Member #61232
                            May 16, 2008
                            126 Posts
                            Offline
                            Posted: January 10, 2011, 8:36 pm - IP Logged

                            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 those worth at least $10 million) have their money sitting in a couple of dozen different banks?  No, they have the majority of their assets with a brokerage company, either with or without an advisor managing their funds.

                              MADDOG10's avatar - smoke
                              Beautiful Florida
                              United States
                              Member #5709
                              July 18, 2004
                              20225 Posts
                              Offline
                              Posted: January 10, 2011, 8:47 pm - IP Logged

                              Credit union , hands down...!

                                                                           

                                                                             " You can not control the Wind, but you can direct the Sail "