Banksters vs. Credit Union?

[treatment]

I don't think I've ever posted here, but I figured I might as well harass StP with a question instead of being nice and introducing myself..

Long story short I have to open up a bank account. No, it's prolly not crust punk to have a checking account, but I have no choice here. So I wanted to pose the question to you all of whether a local credit union is a more desirable alternative (in your opinion) to a large bank in terms of community-orientation, keeping money local, etc. Or is it just lies? I really don't like the idea of putting my money into like a Chase or BoA, so I was looking for alternatives. Any opinions?
Thanks all.

ps. feel free to rant about bank lies, corruption, fascists and whatever else.

 

[Pheonix]

small local banks are more customer and community oriented were as the big banks don't give a shit about you. I'd rather not give my money to the thieves in the first place but it sounds like you don't have a choice.

 

[treatment]

Yeah the credit union I'm looking at seems like it's not a horrible option.
I don't have a choice, at all. I'm at a halfway house and in order to be there I have to have a bank account. And I have to be there.

 

[Pheonix]

I'd try to keep only the minimal amount of money in it so if we ever have another bank run you won't get screwed to hard.

 

[treatment]

I won't have much anyway. Under a hundred most all the time, prolly.

 

[Gudj]

I don't know if your money is actually used in a less fucked up way with a credit union. But from my experience, they are easier to deal with than banks, and are at least partially locally owned.

 

[menu]

well here in colorado we had a credit union called norlarco and they actually went broke because they were taking peoples money "investors" is what they called em and we're buying up forclosed houses in FL and ended up losing all the peoples money.

I have a bank account with wells fargo. mainly cause its a big bank that hasnt had problems and honestly you prolly wont have to worry about it going under as much as a smaller bank run by people who might know the best things to do with it. but the thing with wells fargo is they are dicks about over-drafting and what not. but as long as you stay on top of your funds it should be fine......in my opinion

 

[Pheonix]

yea and if wells-fargo does go under the government will just bail them out

 

[menu]

exactly. and honestly if banks like that start going under I think money isnt gonna be my biggest worry.

 

[cranberrydavid]

Don't worry about the safety. The credit unions are insured by the NCUA just like the big (and small) banks are backed by the FDIC. If a bank or credit union goes under, the insurance pays off every account up to $250,000, so it's only the millionaires who get screwed. And believe it or not it actually works that way!

I like to keep my money in a small local bank because my friend's wife works there, and I know the money's going back into this community rather than feeding the Evil Empire.

 

[treatment]

Small local bank as in credit union? Or what? Sorry I'm a total bank nub. I've never had a bank account..or any money to put in one. So I know nothing.

 

[cranberrydavid]

Small local bank as in credit union? Or what? Sorry I'm a total bank nub. I've never had a bank account..or any money to put in one. So I know nothing.

No, it's a real bank but it's small like a credit union. It's locally owned, there are only something like 4 branches, and they're all within an hour or so of here. They mostly loan to small businesses and farmers around in this part of the state. I think these kind of banks are more common in rural areas because the Big Banks chains aren't that interested in us.

 

[cranberrydavid]

If I didn't know somebody I trusted there I'd probably have my money in the local credit union. Just as safe.

 

[farmer john]

i went and sold out to the big corporaitons got a flagstar account at the walmart (cheap dog food) and i have to say it is nice not to have to carry cash and be able to acces it on the road