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Thread: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

  1. #51
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by buck View Post
    If they have more customers, they will have to hire more people to service them
    Not really:

    http://www.debatepolitics.com/breaki...post1059931732
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by conservativeguy View Post
    Let's not resort to scare tactics. The liberals think a CU's not for profit status means the CU doesn't have to make any money so the services will be free.
    Lie much? Where did anyone say that? Where did anyone argue that? Where did you get that other than from your butt?
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Watch very shortly and mark these words...the teaparty starts efforts to go after credit unions to protect their banks right after the election.

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by lpast View Post
    Watch very shortly and mark these words...the teaparty starts efforts to go after credit unions to protect their banks right after the election.
    LOL...why would the Tea Party protect banks from credit unions? I suppose next you are going to tell us that OWS is going to protect the FDA?
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by obvious Child View Post
    So, you actually believe you've managed to find some magical industry that takes in billions of extra dollars in money and hundreds of thousands of extra customers not having to hire additional people. You're free to that beliefe, but I find it rather silly.

    Anyway, the main point I was trying to make is that CU's will start charging fees or eliminating other services they currently offer - just like banks. The CU's themselves have told us.

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by conservativeguy View Post
    Let's not resort to scare tactics. The liberals think a CU's not for profit status means the CU doesn't have to make any money so the services will be free.
    no of course they have to make money but the majority of the profit is invested back into the credit union or the local economy. For example my cu is Service Credit union in new hampshire they are one of the fastest growing Cu's in the country and all the profit has gone into creating more branches and starting jan 2nd 2012 free atm withdraws worldwide!

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by buck View Post
    So, you actually believe you've managed to find some magical industry that takes in billions of extra dollars in money and hundreds of thousands of extra customers not having to hire additional people. You're free to that beliefe, but I find it rather silly.
    Like adpst, you clearly do not understand the business. No single credit union is going to get overwhelmed by billions in deposits. Right now some are reporting excellent months...where new accounts went from 10 a month to 55. That's hardly cause to hire more people. Especially when bill pay is online, statements are automatic, many people get their money from ATMs and bank investments are simply going to expand the amount invested. IF this was 1950 where things were done manually, yes costs would significently rise. But with so much of banking done these days in an automated form, there really isn't a reason to expect costs to rise or the need to rapidly expand workforces. Some credit unions may hire more, but the cost to service a few thousand more automated accounts is largely nil. Navy Federal is the largest credit union. And it's assets are less than the write downs the big banks took during the worst of the financial collapse. Spread billions of dollars and a dozens of millions of new accounts over the huge number of credit unions and it's hardly a concern to hire more people. The firms that should be worrying about this are the big banks as they are losing deposits and will have to change their capitalization allocations up to be in compliance.

    Anyway, the main point I was trying to make is that CU's will start charging fees or eliminating other services they currently offer - just like banks. The CU's themselves have told us.
    Then your CU is poorly run. Not all CUs will follow. Most probably won't.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by obvious Child View Post
    Like adpst, you clearly do not understand the business. No single credit union is going to get overwhelmed by billions in deposits. Right now some are reporting excellent months...where new accounts went from 10 a month to 55. That's hardly cause to hire more people. Especially when bill pay is online, statements are automatic, many people get their money from ATMs and bank investments are simply going to expand the amount invested. IF this was 1950 where things were done manually, yes costs would significently rise. But with so much of banking done these days in an automated form, there really isn't a reason to expect costs to rise or the need to rapidly expand workforces. Some credit unions may hire more, but the cost to service a few thousand more automated accounts is largely nil. Navy Federal is the largest credit union. And it's assets are less than the write downs the big banks took during the worst of the financial collapse. Spread billions of dollars and a dozens of millions of new accounts over the huge number of credit unions and it's hardly a concern to hire more people. The firms that should be worrying about this are the big banks as they are losing deposits and will have to change their capitalization allocations up to be in compliance.
    Yeah, I don't buy it. The internal auditers are going to have more to audit. The investment team will have more money to invest. The loan department will have more loan requests to review. Individual CUs may not hire or just hire 1 new employee, but as an industry, CU's will be hiring. With the influx of money, I would also expect some CU's to be more likely to open new branches, which will require staffing.

    Then your CU is poorly run. Not all CUs will follow. Most probably won't.
    Can't say most, but many will. By the time it's all done, I would expect that most will have increased fees or reduced services.

    I lost the link, but you can just copy the following into yahoo.

    According to CUNA’s 2010-2011 Fee Survey, 91% of credit unions offering debit cards anticipate making some sort of change to their rates, fees, and/or services as a result of the negative impact of the regulation. The most common changes credit unions anticipate making will be to introduce or increase debit card fees and to increase nonsufficient funds (NSF)/overdraft protection fees. About 40% of credit unions cite these potential changes ... Beyond this, 25% to 30% of credit unions say they might eliminate free checking accounts and/or lower deposit rates as a result of the regulation.
    Last edited by buck; 11-06-11 at 12:57 AM.

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by lpast View Post
    Watch very shortly and mark these words...the teaparty starts efforts to go after credit unions to protect their banks right after the election.
    That would be extremely unfortunate and a betrayal of their supposed concern for the average person. However, it would be very consistent with what we have seen from them so far. Here in Michigan, there is a huge fight over the issue of building a new international bridge crossing from Detroit to Windsor. The main current bridge is privately owned and neither the USA nor Canada likes it that way and wants governmental control over their border crossing.

    In the Spring, Dick Morris came to the state on the payroll of the current bridge owner and they targeted the tea party crowd with money and propaganda and have succeeded in capturing their support on the issue. They were simply bought off lock, stock and barrel.

    http://buildthedricnow.com/2011/06/0...ge-tyrant-now/

    So this prediction of them coming out on the side of the big banks would not surprise me if it came to pass.

    Some people just seem to like being toadies and sycophants of large corporations. Its sad but true.
    Last edited by haymarket; 11-06-11 at 08:02 AM.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by ksu_aviator View Post
    LOL...why would the Tea Party protect banks from credit unions? I suppose next you are going to tell us that OWS is going to protect the FDA?
    I guess you havent been reading much...the banks have already been insisting the same regulations be placed on credit unions that are placed on them...and the gop will certainly be the ones to pick up that mantra for them.

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