I never understood why people keep using banks when credit unions are available.
Banks are predatory, credit unions are not. You are doing business with someone who wants to hurt you, maybe you should stop.
I never understood why people never explained to me that credit unions were even a thing, let alone the difference between them and banks.
Please elaborate what the difference is, what makes one potentially better than the other, and above and beyond all, why should I have my money invested in any electronic system?
Credit Unions are generally not-for-profit, less interested in shareholder numbers and more on account stability.
Depending on how they're set up (i am not an expert, mind, this is just my limited experience with some credit unions), as an account holder, you are effectively a shareholder. So the goal is to maintain your economic status, not just some group of randos who thought investing in something was worthwhile... for now.
I mostly agree with you, but I would caution that not all credit unions are the same. Mine for instance has enshitified hard over the last 10 years. For instance they’ve removed all tellers from every branch except their main one and replaced them with ATMs.
Like any other service company they can go down hill. Also wall street and the banking industry. HATE them because they giver better service at a lower cost. The for profit finacial industry keep getting laws passed to lock credit unions out of sectors.
Plus you should always check their health scores. https://www.depositaccounts.com/banks/reviews.aspx
I belong to three different ones, they all have plus and minus.
Some belong to the credit union coop and you can access your account all over the country.
Some have really great rates on CD's.
Some have International reach, and great phone support, like the Navy credit union
I don’t get why people use banks/ credit unions with low yield savings accounts. Isn’t that the most important part? I get 3% in my savings. I honestly dont get choosing something with a low yield account
IMO the most important part of a bank or credit union is to hold an easily accessible cash reserve worth several months pay. This will cover you if you get fired or wreck your car. You can get a higher return outside the bank.
For the record I don't like how we're forced to do this, I'm just offering a survival strategy. As the average person builds up some savings, it will become easier for us to provide mutual aid during strikes.
I'm getting over 4% at suncoast credit union and Vanguard Vusxx is paying 3.65%
You need to shop around.
VUSXX is the ticker symbol for the Vanguard Treasury Money Market Fund, a mutual fund designed for capital preservation and liquidity rather than stock-like growth.
Thanks for the tips! I gotta look into those. 4% is fantastic!
Or building societies like Nationwide
Yes to building societies. But like credit unions do your research before joining.
I didn't know whether to mention them because they don't exist everywhere. And they had some scandals a while back. I'm not current about their situation in all the different countries that operate them.
Banks were more relevant when an actual middle class existed
Never thought I would feel grateful that the bank notifications I got so far in my live have been practically 100% inquiries to go see my bank clerk so he can sell me an underperforming pension scheme...
Ok so this is German but still very relevant: https://youtu.be/BDsQ8t4mRLc
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