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Banks or Credit Unions

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

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MADDOG10's avatar - smoke
Beautiful Florida
United States
Member #5709
July 18, 2004
20244 Posts
Posted: January 10, 2011, 8:51 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.


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


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

    time*treat's avatar - radar

    United States
    Member #13130
    March 30, 2005
    2171 Posts
    Posted: January 10, 2011, 9:45 pm - IP Logged

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

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

    In neo-conned Amerika, bank robs you.
    Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

      socalgal's avatar - bobblecars3
      United States
      Member #103560
      January 3, 2011
      56 Posts
      Posted: January 10, 2011, 10:57 pm - IP Logged


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

      I Agree!  That's what I'm afraid of.  Disapprove


        United States
        Member #61232
        May 16, 2008
        126 Posts
        Posted: January 10, 2011, 11:33 pm - IP Logged


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

        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 lottery ticket.
          New Member
          United States
          Member #104140
          January 10, 2011
          22 Posts
          Posted: January 11, 2011, 4:15 am - IP Logged

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

            Bondi Junction
            Member #57242
            December 24, 2007
            1102 Posts
            Posted: January 11, 2011, 4:22 am - IP Logged

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

            Credit Union Locations in the United States.

            We all get a lot out of lotteries!

              Fla386's avatar - nw sorc2.jpg
              United States
              Member #99664
              October 29, 2010
              3332 Posts
              Posted: January 11, 2011, 9:05 am - IP Logged

                          mason jars LOL  better way to bank


                dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                United States
                Member #82391
                November 12, 2009
                6305 Posts
                Posted: January 11, 2011, 8:58 pm - IP Logged

                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

                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.......

                  DEE88's avatar - animal doggy2.jpg
                  United States
                  Member #69849
                  January 18, 2009
                  15095 Posts
                  Posted: January 11, 2011, 9:58 pm - IP Logged


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

                  Green laugh            Green laugh              Green laugh

                    st.germain's avatar - Tarlor
                    chicago ill.
                    United States
                    Member #3600
                    February 4, 2004
                    337 Posts
                    Posted: January 12, 2011, 8:35 pm - IP Logged

                                mason jars LOL  better way to bank

                    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.