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

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

    Quote Originally Posted by lpast View Post
    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.
    I understand why "banks" would insist that the same regulations be placed on credit unions that are placed on them, and I understand why that might affect the gop. But, why would the Tea Party pick that up? That makes no sense to me.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by GreenvilleGrows View Post
    I understand why "banks" would insist that the same regulations be placed on credit unions that are placed on them, and I understand why that might affect the gop. But, why would the Tea Party pick that up? That makes no sense to me.
    Because groups like ALEC and the Americans for Prosperity people which fund them want it as a part of their corporatist right wing agenda.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by apdst View Post
    If all the bank customers tranfer to credit unions, it highly possible.

    The biggest question, is how is the government going to replace the revenue that will be lost from banks losing income.
    Damn, I thought you believed in Capitalism, but your post here shows you believe in Socialism, at least for some. Here's the deal:

    1) A bank, according to Capitalism, is just like any other business. It must compete with other financial institutions for the money that consumers deposit.

    2) If a bank cannot stay competitive, then it deserves to go under.

    3) And here you are, asking how the GOVERNMENT is going to replace the revenue that the banks lost? The Government should not be in the banking business in the first place.

    The irony here is that you call Obama a Socialist in one post, and then, in the next post, you support Socialism. So, let me see if I have this straight - If you call Obama a Socialist, and you also support Socialism, this can only mean that you are a closeted Obama supporter. It's OK, you can come out of the closet now.
    Last edited by danarhea; 11-06-11 at 12:11 PM.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by danarhea View Post
    Damn, I thought you believed in Capitalism, but your post here shows you believe in Socialism, at least for some. Here's the deal:

    1) A bank, according to Capitalism, is just like any other business. It must compete with other financial institutions for the money that consumers deposit.

    2) If a bank cannot stay competitive, then it deserves to go under.

    3) And here you are, asking how the GOVERNMENT is going to replace the revenue that the banks lost? The Government should not be in the banking business in the first place.

    The irony here is that you call Obama a Socialist in one post, and then, in the next post, you support Socialism. So, let me see if I have this straight - If you call Obama a Socialist, and you also support Socialism, this can only mean that you are a closeted Obama supporter. It's OK, you can come out of the closet now.
    I don't think you understood what he was saying, but don't let that ruin your "point".

    His question was, how will the government replace the tax revenue lost due to the banks loss of revenue. He possibly could have worded it a little better, but it still seemed pretty darn obvious.
    Last edited by buck; 11-06-11 at 01:19 PM.

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

    I've considered doing this when my wife and I move next month. I've done a little bit of looking and none of the credit unions or regional banks nearby offer a clear financial advantage for switching, so if I did it, it would be strictly for the intangible benefits. I'm relatively satisfied with the bank I have now though, so I'm debating if it's worth the trouble.

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

    Quote Originally Posted by buck View Post
    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.
    An additional 1,000 customers will not change an audit. And investing another 10 million won't increase investment staffing requirements. Loan departments might increase but considering how lending is so low right now, that likely won't change for the foreseeable future. There's no real reason why CUs will have to increase staffing as the increasing in new accounts will be geographically diverse. Apdst has this crackpot idea that CUs will become just like banks and have the same kind of size problems. He does not understand how CUs are different. As for new branches, that doesn't make sense considering how CUs have branches in areas they already serve. You're not going to go to a CU that's far away from you.

    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.
    But that as a function of what apdst was arguing is a different animal.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by obvious Child View Post
    An additional 1,000 customers will not change an audit. And investing another 10 million won't increase investment staffing requirements. Loan departments might increase but considering how lending is so low right now, that likely won't change for the foreseeable future. There's no real reason why CUs will have to increase staffing as the increasing in new accounts will be geographically diverse. Apdst has this crackpot idea that CUs will become just like banks and have the same kind of size problems. He does not understand how CUs are different. As for new branches, that doesn't make sense considering how CUs have branches in areas they already serve. You're not going to go to a CU that's far away from you.
    Many CU's have multiple branches. So, I don't know why you wouldn't think that with the additional money (billions of dollars) flowing in some CU's might open additional branches. I still don't buy your argument just as you don't buy mine, but we won't know for certain until the dust has settled. I would expect stories to come out over hte next few months.

    But that as a function of what apdst was arguing is a different animal.
    He indicated that CU's would be charging fees. Even blamed it on the government, if I recall correctly. The CU's themselves have indicated that more than 90% of CU's that offer debit cards will be charging fees or eliminating free checking (just another fee) in the same way banks have. There is no difference. When revenue is taken away from someone or some business, they will do their best to make up for it. It's the same whether you are a non-profit CU, a for profit bank or just a regular joe living pay check to pay check.

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

    I've been using Credit Unions for a very long time. I also belong to USAA... so you can imagine how this news surprises me not.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by buck View Post
    Many CU's have multiple branches. So, I don't know why you wouldn't think that with the additional money (billions of dollars) flowing in some CU's might open additional branches. I still don't buy your argument just as you don't buy mine, but we won't know for certain until the dust has settled. I would expect stories to come out over hte next few months.
    Considering that people generally open accounts with CUs that are close to them, it doesn't make sense to open additional branches when the branches you currently have are already in the right geographical locations. No one goes 50 miles to open a CU branch when there's a closer different CU. That's crazy. Furthermore, it's highly doubtful that any individual CU will actually see a billion dollars in new deposits. Remember that the biggest CU, Navy Federal is a bit over 46 billion in assets. That's small compared to the big banks. While the rush of military personnel into backing the OWS movement may lead to increases in military related CUs, it's unlikely that a civilian CU would see the same impact. We'll have to see, but the geographical nature of CUs and their exclusive membership suggest that no single CU will actually see the kind of new deposits that require new branches.

    He indicated that CU's would be charging fees. Even blamed it on the government, if I recall correctly.
    Actually I recall him blaming it on the functioning of them getting new deposits and having new associated costs from rising membership that was jumping ship from the big banks. I recall he specifically tied it to the large amount of deposits being withdrawn from the big banks.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Considering that people generally open accounts with CUs that are close to them, it doesn't make sense to open additional branches when the branches you currently have are already in the right geographical locations.
    How about to get depositers, loans, etc from different geographical locations that still meet membership requirements? If move your money really proves to be a success of any type, current CU's will chase the money to different locations.

    Quote Originally Posted by obvious Child View Post
    Actually I recall him blaming it on the functioning of them getting new deposits and having new associated costs from rising membership that was jumping ship from the big banks. I recall he specifically tied it to the large amount of deposits being withdrawn from the big banks.
    Actually, in looking through the thread, he blamed both the number of deposits to CUs and he also blamed the government. However, I am stating that CU's and banks will both be charging fees due to the government. They have stated as such. Almost all CU's will start charging fees, probably even yours and any CU that you might want to move to.

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