Thursday, June 24

Let's Talk Money!

Here you go!  A post out of the blue - non home-decor, fashion or (good gravy) cooking!

Have you ever pulled away from the drive-thru at your bank with a smile on your face thinking how much you ADORE your bank?  Even though they just took all of your money?  Happens to me all the time. I don't get how they make me love them as I hand over my paycheck for my car payment.  Geesh.

I think it's 'cause I leave my pennies at a Credit Union versus one of the big banks.  Why do I do that?  I just fell into it (literally.... grace is no-where in my vocabulary).  A few years ago I bit the bullet and decided the "if I don't have cash for it, I don't need it" philosophy wasn't such a good one when you didn't have good credit or bad credit... just NO credit!  I needed a car and decided to go semi-new... that required financing.  And - I landed at a Credit Union... with the coolest group of people that took me on with no credit history what-so-ever!  Had I ever thought about a Credit Union vs a traditional bank?  No - have you?  Wanna know the difference?

Is A Credit Union Better Than A Traditional Bank?
If you’re not already a credit union member, you may be wondering what the difference is between your local credit union and your local bank -- or perhaps you’re not really wondering at all and you assume they’re pretty much the same. You may be surprised to find out that there are indeed some very substantial differences between credit unions and banks including the way they operate and who they work for.

The Owners
First and foremost, when you’re looking at which institution to bank at, you should take a look at who owns the establishment. When you bank at your local bank, the institution is owned by investors and the bank works to make those investors money. When you bank at your local credit union, the institution is owned by the members of the credit union and if you’re a member the institution is owned, in part, by you. Therefore, the credit card is, in essence, working for you.

Where Do The Profits Go?
Another big difference between credit unions and banks is where the profits go. When you’re doing business with a bank, the investors of that bank are reaping the profits of the institution. However, credit unions are non-profit entities. When you’re doing business with a credit union the profits of that credit union are being returned to the members of the credit union in the form of lower loan interest rates and higher dividends.

FDIC Insured
Many people are leery of putting their funds in the hands of a credit union because they believe the credit union isn’t FDIC insured. This isn’t necessarily the case. All federal credit unions must be FDIC insured. If you’re interested in banking at your local credit union, simply call them to verify that they are indeed FDIC insured.

Personalized Service
While this isn’t the instance in all cases, I have often heard that people who are members of credit unions receive more personalized service than those who are members of large banks. Because credit unions tend to be smaller and cater to a select group of people, there is more personalization between the staff and the members.

I robbed this bank'n site for all of the above info...... sssshhhhhhhhh.... I'm still sportin' my mask!  When I had to update to my duct tape mobile - I refused to talk finance with the dealership - I made it clear that I would only finance through my Credit Union.  Business and personal accounts, any financing - I moved it all over.  I love my Credit Union - and when I grin they grin back at me!  Even better than that?  They know my name!!!

The next time you're shoppin' the banking market I think you should definitely look into your local Credit Union.  I'm just a normal girl who makes signs by day - purses and various other stuff by night... my name is Robelyn, and I'm a proud member of a Credit Union! Did I mention that they know my name?

And they love me even when I don't have two pennies to rub together but a full roll of duct tape!  Uh huh! Sew... do you have a preference - bank or credit union?

Comin' to you LIVE from a single-wide (that does NOT go through the drive-thru - just the duct tape mobile makes that trip)... hee-hee
;-D  robelyn

P.S. You KNEW I wasn't going to be able to post without fashion, home decor and/or cooking, right? ha!
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