Do you have the benefit of MUTUAL companies in your country?
By urbandekay
@urbandekay (18278)
August 18, 2011 4:19am CST
Here in UK there are a number of Mutual companies, these are companies which instead of paying profit to shareholders pass that money on to the customers.
Recently I went to insure a second car and the thieving scum in the normal insurance market wanted in excess of £600 my own company, National Farmers Union gave a quote of only £250 odd. The benefit of not paying shareholders
Hurrah! for a mixed economy!
all the best urban
2 responses
@andy77e (5156)
• United States
18 Aug 11
Well I'm all for you getting a better deal.
Here in the US, we do have those, but they are not very good. Here they are called "Co-ops" or "Co-operatives". Companies owned by members.
For example, I am the member of a CME Credit Union, which is a co-op. This is a bank. Honestly, it's a small bank, with very little in the way of services. It does what I need, but the company banks are much better.
Similarly, Co-op insurance companies are very few, and often have limited service, and very low benefits. Which if you crash your car, having an insurance companies that is fast, and useful, is really important.
I had a really cheap insurance company, and when my car was crashed, they didn't help. Now I pay more, but the last time I had a problem, they were right there. A hundred dollars more a year, is worth good service.
There are not many co-ops here in the US. Most are tiny, and not many are worth it. Saving a few dollars, to have a useless company, is not a bargain.
I wonder why your Mutual Company was so much cheaper? I hope it isn't that much cheaper because they won't help you when you need them, like my experience. I wasted a month messing with a company that didn't care about me. I'll never do that again.
@urbandekay (18278)
•
19 Aug 11
We also have co=operatives, which are different from mutuals as mutuals are not owned by members, some being very successful.
NFU mutual has won awards for the best service and I chose them because I speak to a human not a machine. When I did have an accident, someone slid into the back of me in the snow, they were most helpful, so different from the scummy, slopey shouldered, of the other insurance companies that I have dealt with
all the best urban
@andy77e (5156)
• United States
19 Aug 11
Interestingly, I choose to use my company because I can avoid talking to humans, and use a machine instead. Machines never get confused, never screw up where my money goes, and always do exactly what I tell them to. If I say draw money from my saving account, and such and such amount, it does exactly that.
Humans are amazingly fault prone.
It's ironic we make opposing choice for the same reason. 
Well... if you have co-ops and mutuals... then I don't understand what a mutual is. Is a mutual just a privately owned business? Who owns or runs a mutual?
Because if a mutual is just a private company (doesn't have shareholders), then often I've found that large companies have bigger benefits than privately owned. Both are fairly good, but generally the large corp, has a bigger pay off.
Well... if you have co-ops and mutuals... then I don't understand what a mutual is. Is a mutual just a privately owned business? Who owns or runs a mutual?
Because if a mutual is just a private company (doesn't have shareholders), then often I've found that large companies have bigger benefits than privately owned. Both are fairly good, but generally the large corp, has a bigger pay off.@urbandekay (18278)
•
20 Aug 11
I got fed up pressing buttons to select the person I wanted to speak to, only to end up speaking to the wrong person. I bank online, which works well but when there is a problem that is complex, humans are bter at dealing with it
A co-op is owned by the workers, a mutual may be privately owned but distributes profits not to shareholders but back to members (Customers)
Here in UK, mutuals work better than regular companies
all the best urban
@Taskr36 (13963)
• United States
19 Aug 11
Well there are a lot of different types of companies in this country. Most companies don't have shareholders. That's primarily for publicly traded companies.
In addition to common private businesses, there are non-profit organizations. The basic rule of non-profit organizations is that any profits must be reinvested into the organization. They can not pay dividends to shareholders, nor can the founder or board of directors pocket money in excess of operating costs. That money can be used only to further the business's mission.
