When the "b-worders" claim there is no difference between b@*ks and credit unions, it's much like claiming there is no difference between a Palestinian and an Israeli. May look the same and have some similarities, but...
.... the differences in language, culture, religion and philosophy are definitely real and decidedly
important !!
Credit Unions - Distinctly Different !!!
Non-profit by choice, not by accident!
Non-profit by choice, not by accident!
3 comments:
OK, not for profit but for service. We get that. Member owned. We get that too. But then what about all the similarities and the effort of credit unions to look like a bank? What about their names? Look how many have taken the words credit union not only out of their name but their literature, web site and promotions. And service charges. Have you looked at some of those later. Equal to or greater than some banks. An NSF check at most credit unions costs a member/owner more than a payday loan. Boards of Directors? Volunteers? Not compensated? Well not really. Those four day training sessions with maybe an hour of two of talk in a warm place during the dead of winter would create a lot of concern with the member/owners IF they knew. But then again they really know little what goes on with management and directors. Sorta like a bank.
Credit Unions are Not-For-Profit by choice. The difference between credit unions and banks is who has a claim on the profit. With credit unions after paying all necessary expenses including dividends and providing a reasonable reserve for potential losses, the excess should be distributed to the members in a fair system of either bonus dividends, interest refunds, or reduced fees. The profit is owned by the shareholders in a bank. Be non-profit for too long and even NCUA can not be blamed for taking an interest in the operation of a credit union. Vive La Difference~Bill Brooks
So then what you are saying is that is the only difference.
Post a Comment