Credit Unions

[DarinSchmidt]

WHOA, WHOA, WHOA... slow your role... Nothing is being twisted here....

lol - All  i was saying is that prior to my laon, ~$400 in dividends or more and all the int was profit to me till i got my loan.

The part about me paying the loan, yes, that is now conributing to the dividend, but before i got the loan in Dec of last year, i contributed nothing aside from a nice sized checking/savings account. Which in the savings account i earn 7% on the first 500, .25% on the rest roughly (fluctuatees), .25% on my checking, and earned dividends on top of that for the past 4 years. Sure, 100 may not be much over the past year, but how many peopel can even say they made that much on their savings accounts over the past 5 years. But on top of that i make $ on my checking and savings account. So pretty much the money i have made off the CU has paid or close to paid for all the Int i paid on the car loan.

Fed banks can hand out money, but they wont, they never have in my lifetime or my dads (though thats not saying that maybe some banks have, i know USBank hasnt and i havent yet seen chase do it either, but i havent been a member of chase the past 3 years). Have you ever been paid a dividend from a fed bank? Do the savings accounts of an fed bank earn over .5%, how are their CD options looking?

A credit UNION is a union for a reason, splits the profits amung it's members, us. Fed bank doesnt have to do anythig it doesnt want to do and is only interested in building more money for themselfs so they can buy more private jets, have bigger incomes, get bigger bailouts and not loan small businesses money they need to be competative, etc.

Saying you can do one thing is different than actually doing it.

I like USBank, i have only had a couple issues with them in the past 20 years, but i see better resaults with CU's, certain ones. U1CU, i didnt like so much, WPCU i couldnt be happier with.

All i can say to the individual is to look at the #'s. Look at all the headlines in the news about what was going on.


Boon, when i was talking about the empoyee bank account having attached benefits, i mean it just liek it sounds. Like working at McD's and getting a free burger just because you work there.

As far as the statement about the Banks frauding paperwork on the home forclosures and such, theres plenty of news articles out on the net about it. PNC, Chase, Wells Fargo,

[Boonjob]

Ok.

[slandis3]

lol - All  i was saying is that prior to my laon, ~$400 in dividends or more and all the int was profit to me till i got my loan.

I may be wrong but you have to claim dividends on your taxes correct, maybe ,no? If that is true then not only are you paying interest on your loan you then have to turn around and pay taxes on the money they gave you?

[Boonjob]

You are correct slandis

[micki]

This is typically true for an HSA.   Micki, your son is probably refering to and HRA, which is operated by the company.

It could be Paul, I'll have to ask him about it.  Something didn't sound right when he was telling us about it compared to what we considered getting for our employees. 

[micki]

I may be wrong but you have to claim dividends on your taxes correct, maybe ,no? If that is true then not only are you paying interest on your loan you then have to turn around and pay taxes on the money they gave you?

Well, that stinks!   

[slandis3]

You are correct slandis

So its really not free money if you have to pay for it.

[Boonjob]

Yeah it's like buying a used car that someone already paid a tax on, and having to pay tax again when it is purchased by someone else. total drag.

[DarinSchmidt]

So its really not free money if you have to pay for it.

Blowing this out of proporton a little arent you?

So you are telling me that if i just handed you $100, you would say its not free money because you had to claim taxes on it? Its $100 you didnt have to work for, even if $7 of it gets taken away for taxed. Thats still $93 free money. The taxes came out of money given to you by the dividend, so the taxes were paid with free money, do techincally you didnt pay for the taxes on it either. And the money i have been talking about this whole time was pre-my loan, not after. But regardless, i see this  just keeps getting turned around some how.

If you didnt have to work for it, it is free. To you, maybe not to someone else, who actually paid for it. If i give you an xmas gift, it is free to you, but not to me, which i paid the taxes on it. as you would have had to if i would have just handed you the total value to get the gift, same concept.

[Boonjob]

IT'S NOT FREEEEEEEEE... IT'S WHAT YOU AND EVERYONE ELSE IN YOUR UNION OVER PAID/ACCRUED THROUGH OUT THE YEAR(s)... IT'S ALL YOUR(union) MONEY TO BEGIN WITH, YOUR JUST GETTING IT BACK BECAUSE YOUR BANK(UNION) CAN'T KEEP IT FOR THEMSELVES........ I DON'T KNOW HOW SIMPLER TO PUT IT.... LOL

It may seem that you may not have personally paid $400 worth of interest/interest accural/nsf/overdrafts/penalties or whatever, but you did... you had an account there, that account made them interest, just like it did for you(they keep a % of what you see in your savings account etc).... not to mention the money they made off of lending your savings for other loans etc... IT IS ALLL YOUR MONEY, ROFL.

If you draw .5% on a savings acount its safe to say your union is actually drawing 1-2% percent on your funds and your only seeing the .5% from that... saying they make 2% they take the remaining 1.5% after they give you your .5% of your money  and pay their lights, salaries, yadda yadda. and what ever is left that they didn't need to pay their bills they add to a big "pool"... then at the end of the year(or whenever your dividends are paid) they take that pool of extra money and give it back to the union(the people whose money it was to begin with)... I just used these numebrs to keep it simple, it may not be the exact numbers for your bank.


Yes, a Federal bank may keep this money(profit) where as a Credit Union has to give it back in the form of dividends, but this doesn't make it free(as in it was yours to begin with)... and a federal bank can still give it all or some back in the form of a points program, or cashback, or cash rewards, yadda yadda yadda

[slandis3]

If you gave me $100 yes it would be free, but if I in return give you $1000 dollars in interest on a loan then no its not free.

[Boonjob]

SEE SLANDIS GETS IT!!!!


and even though they aren't directly keeping it for themselves, they in a way actually are, because they are giving it back to you the shareholders, who are going to keep in in your accounts or use some or all to pay your bills to them, in turn restarting the whole cycle over... this is how they grow.... Did I blow your mind?

[micki]

Ok, I'll settle this...All you boys just give me your money and I'll divide it between me, myself and I and call it dividens (or anything else I can think of at that moment) then I'll go fish shopping!  However for your time in giving me your money, I will buy and deliver each of you a small blue/green chromis!     

[Boonjob]

We will call you MCU, Micki Credit Union.

[micki]

I've been called worse!   

[slandis3]

Lol

[Boonjob]

LOL

[DarinSchmidt]

actually, i'm just going to pull myself away from this argument, you havent listened to a single thing i have said. you just love to argue, i get it, but i'm not going to be a part of it.

[Boonjob]

                     

[DarinSchmidt]

If you gave me $100 yes it would be free, but if I in return give you $1000 dollars in interest on a loan then no its not free.

this i agree with, but, you are talking about a different situation than the one presented. The money discussed was before having a loan, which pretty much paid for the interest on the current loan i have, so i broke even, so any future money, will be, to me, free earned money.

[slandis3]

actually, i'm just going to pull myself away from this argument, you havent listened to a single thing i have said. you just love to argue, i get it, but i'm not going to be a part of it.

Looks to me like there is more than one person arguing here. 

[HUNGER]

i have 3 acounts 1 at wpcu and 1 at abby cu and pnc but i never keep money in the bank why let any ank make money off your money id rather have cash in hand than a piece of paper saying i have money but the bank has it

[micki]

i have 3 acounts 1 at wpcu and 1 at abby cu and pnc but i never keep money in the bank why let any ank make money off your money id rather have cash in hand than a piece of paper saying i have money but the bank has it

So we need to sneak over to your house when your not home and see where you hide the cash!      

[DarinSchmidt]

i have 3 acounts 1 at wpcu and 1 at abby cu and pnc but i never keep money in the bank why let any ank make money off your money id rather have cash in hand than a piece of paper saying i have money but the bank has it

That's a good point but to me I look at it like this. If I keep any money out of the bank that I plan so save for a rainy day, anything over $1000, keeping it out of the bank depreciates because of the economy, ~3% each year. But if you put it in the bank, it earns a little helping it not depreciate as fast, or you could invest it but then its tied up and may not be easily accessible.

[Sunny]

So we need to sneak over to your house when your not home and see where you hide the cash!      

Ohhhhhhhh   stop by and pick me up ....  ROAD TRIP !!!!!