The xXx Gloom & Doom Report

Yep. Most folk I know are moving to credit unions. I'm planning on doing so once I move.
 
old fashioned said:
On another note......last night DH was saying he heard on NPR that banking customers were transferring accounts to Credit Unions because of impending bank fees and their efforts to avoid it. I can't find anything about it on NPR website to validate this info, so I dunno. BUT if this is happening now, then the future of major banks will be even more shaky than ever before with the possibilities of eventually closing.....atleast I would think happening in a cause & effect :hu
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Mad At Bank Fees? Credit Unions Get Another Look
 
We've had a credit union account for the last 10 years, and only recently did we come up against a disadvantage. When my mother died, she had a small account in Merril Lynch; when I tried to close it, I was told that I needed a 'signature medallion' (?) and I've found the only way I can get one is through a bank, not a credit union. I will have to come up with enough money to open an account in a bank, and let it stay open for a minimum of 6 months before I can get the medallion thingy and close out that account (which means, I'm gonna have to file ANOTHER tax return for her next year, I think)
 
And not all credit unions are created equal, so shop around...

The CU I was in in VT only required a $5 balance, while the CU here in NC requires $25 plus deducts $1 every month for some kind of fee. Still a better deal than most banks, tho.
 
Isn't it funny that you need a bank so that you can live life. HMMM No really think about it. How do u cash checks?? How do you pay bills not in your area?? Where can you get a loan if you need one?? How do you establish credit if you need to?? Even department store credit is backed by a bank. Banks and Insurance companies run the world and will destroy the world. I only use banks to cash my checks and pay 3 bills a month. Other than that they can go to hell!! So awsome I have to pay to us my own money. My fav thing to do is when my local bank has free food days for some celebration I go in and clean them out. I figure I should get some of my fees back some how. :) Yes people look at me funny but I ask them " How often do you get anything free from a bank?" If they run out they'll just make more. Is't that there magic trick??
 
With our debt based monetary system (fractional banking), banks actually create most of the "money" in existence. When banks receive a deposit (say $100), the bank deposits a percentage (usually about 20%) of the deposit into a central bank. The banks then lend out the other $80. The scary thing is that once this this $80 of loaned out, that $80 is now treated as a deposit, so the bank can again make a loan for 80% ($64) of that amount. This can be done over and over, until that original original $100 has now created (on paper) a total of $457.04 of deposit recorded, and $357.05 in loans. All from a single deposit of $100.
 
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