Home › Forums › Financial Markets/Economics › Who knew there “were” so many banks, what about the credit unions?
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davelj.
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August 15, 2011 at 9:07 PM #19036August 15, 2011 at 9:43 PM #719704
GH
ParticipantMy feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?
BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…
August 15, 2011 at 9:43 PM #720916ParticipantMy feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?
BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…
August 15, 2011 at 9:43 PM #720553ParticipantMy feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?
BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…
August 15, 2011 at 9:43 PM #720397ParticipantMy feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?
BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…
August 15, 2011 at 9:43 PM #719797ParticipantMy feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?
BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…
August 15, 2011 at 10:33 PM #720965poorgradstudent
Participant“U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations.”
Credit Unions had no incentive to heavily leverage themselves chasing higher profit margins. A lack of apatite for risk meant avoiding the whole sub-prime problem. While I’m sure most have some underwater mortgages thanks to the overall meltdown, they probably weren’t giving out nearly as many “liar loans” and weren’t sunk as a result of the mess.
August 15, 2011 at 10:33 PM #719848Participant“U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations.”
Credit Unions had no incentive to heavily leverage themselves chasing higher profit margins. A lack of apatite for risk meant avoiding the whole sub-prime problem. While I’m sure most have some underwater mortgages thanks to the overall meltdown, they probably weren’t giving out nearly as many “liar loans” and weren’t sunk as a result of the mess.
August 15, 2011 at 10:33 PM #720446Participant“U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations.”
Credit Unions had no incentive to heavily leverage themselves chasing higher profit margins. A lack of apatite for risk meant avoiding the whole sub-prime problem. While I’m sure most have some underwater mortgages thanks to the overall meltdown, they probably weren’t giving out nearly as many “liar loans” and weren’t sunk as a result of the mess.
August 15, 2011 at 10:33 PM #719754Participant“U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations.”
Credit Unions had no incentive to heavily leverage themselves chasing higher profit margins. A lack of apatite for risk meant avoiding the whole sub-prime problem. While I’m sure most have some underwater mortgages thanks to the overall meltdown, they probably weren’t giving out nearly as many “liar loans” and weren’t sunk as a result of the mess.
August 15, 2011 at 10:33 PM #720601Participant“U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations.”
Credit Unions had no incentive to heavily leverage themselves chasing higher profit margins. A lack of apatite for risk meant avoiding the whole sub-prime problem. While I’m sure most have some underwater mortgages thanks to the overall meltdown, they probably weren’t giving out nearly as many “liar loans” and weren’t sunk as a result of the mess.
August 16, 2011 at 3:42 AM #719864Bubblesitter
ParticipantThere have been a few cases of credit unions in bad shape, but generally they were not making risky investments like the Savings and Loans in the 70s and 80s and many current banks with bubble hangovers. The problem bank list is still enormous.
I’ve never worked for a credit union, and am proud to say I’ve never had a Bank account in traditional sense (excluding brokerage cash accounts).
http://piggington.com/i039ve_never_had_a_bank_account
Bubblesitter
August 16, 2011 at 3:42 AM #719956ParticipantThere have been a few cases of credit unions in bad shape, but generally they were not making risky investments like the Savings and Loans in the 70s and 80s and many current banks with bubble hangovers. The problem bank list is still enormous.
I’ve never worked for a credit union, and am proud to say I’ve never had a Bank account in traditional sense (excluding brokerage cash accounts).
http://piggington.com/i039ve_never_had_a_bank_account
Bubblesitter
August 16, 2011 at 3:42 AM #721075ParticipantThere have been a few cases of credit unions in bad shape, but generally they were not making risky investments like the Savings and Loans in the 70s and 80s and many current banks with bubble hangovers. The problem bank list is still enormous.
I’ve never worked for a credit union, and am proud to say I’ve never had a Bank account in traditional sense (excluding brokerage cash accounts).
http://piggington.com/i039ve_never_had_a_bank_account
Bubblesitter
August 16, 2011 at 3:42 AM #720556ParticipantThere have been a few cases of credit unions in bad shape, but generally they were not making risky investments like the Savings and Loans in the 70s and 80s and many current banks with bubble hangovers. The problem bank list is still enormous.
I’ve never worked for a credit union, and am proud to say I’ve never had a Bank account in traditional sense (excluding brokerage cash accounts).
http://piggington.com/i039ve_never_had_a_bank_account
Bubblesitter
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