My credit union is issuing depositor dividends! Money for nothing...
By dragon54u
@dragon54u (31633)
United States
January 10, 2010 7:43am CST
Nothing except using their services! I use a credit union for my main savings account and sometimes I use the checking account. The only reason I belong to a bank at all is because my regular income requires me to use that bank for direct deposit.
The bank gives me nothing. Because I have direct deposit I have a free checking account and some other free things that I don't use. But they don't give me dividends.
My credit union is issuing a dividend because they have excess profits. Since every member of the CU is a shareholder-they own the credit union-all profits are divided and returned to the depositors. Checking is free and the CU pays more interest than the banks.
Are you a member of a Credit Union? I think they are much better than banks and more invested in their depositors. I wonder why anyone would use a bank except, as in my case, they are required to for some reason.
5 responses
@3SnuggleBunnies (16374)
• United States
10 Jan 10
We do belong to a credit union & I used to work for one. Banks invest in their stocks and are concerned with paying their shareholders rather than the depositors like a credit union does. I have been offered to buy shares in the bank we belong to BUT we don't have money to buy stocks though since like most places theres a minimum & 1 or 2 would of been all we'd get. Oh well.
Enjoy your dividends!
1 person likes this
@dragon54u (31633)
• United States
10 Jan 10
I don't think I'd want stocks in banks right now, as I doubt very much that the hard times are over. And the FDIC is broke according to some rumors as well as some articles I've read.
I'll enjoy my dividend in my savings account! I treat all windfalls, big and small, as if they never existed. They go into savings so I'll be ready for the inevitable disasters of life. 
@3SnuggleBunnies (16374)
• United States
10 Jan 10
I would of liked to of treated my windfalls as if they never existed but if you need those windfalls to survive then so be it. If you can save them then more power to you!
I try not to think about the markets and banks. I know it helps our economy be what it is... but sadly what has happened had started a few years back it just turned into a "surprise" for those too blind to see. My SIL was a manager for a mortgage company they downsized & closed her office & left her w/ no job a few years back before the "crisis" hit. So now she's working for another bank and makes 50-75% less than what she was doing mortgages. Nonetheless the issues with our import and export shortfalls are not making the matters any better.
1 person likes this
@uath13 (8192)
• United States
10 Jan 10
I use my employee credit union now. I've had the banks screw me over too many times.
A deposit would go in at the same time as a bunch of checks & they'd rearrange the order to benefit them. First the biggest check ( so all the smaller ones would bounce ) then the others & finally the deposit. By the time they tacked on the overdraft charges for each of the small checks the deposit was gone. Then a few days later when they finally notified me of this B.S. they'd have added daily overdrawn fees & other checks ( which would have been covered had they simply processed the deposit first ) had bounced. By the time I knew what was going on they'd charged me hundreds of dollars...
How evil do you have to be to pull this crap on people?
How evil do you have to be to pull this crap on people?1 person likes this
@cher913 (25781)
• Canada
6 Jul 10
i agree. my hubby grew up in the credit union system (his dad was a cu manager and hubby worked for him, then subsequently other cu's) and we still have our money there. the top 5 banks here in canada are raking in millions and the cu cares more about the little guy.
1 person likes this
@dorannmwin (36392)
• United States
13 Jan 10
I have a savings account at one of the local credit unions and I haven't touched that money in several years. I had to have an account that allowed direct deposit when I worked at the hospital and so I joined the credit union. When I quit working there, I just left the last check that they sent to me in the credit union and there it has remained ever since.
Now, my husband does not yet have a savings account with a credit union, but we intend to do it in the near future. There are very many benefits of having a savings account with a credit union. They pay a better interest rate for one. Ours also has travel clubs and discounted rates for attractions that are near here. Right now he uses a local bank and they have many of the same benefits, but not all of them. However, one of the things that they look for when you need to borrow money is how long you've had your account so he continues to use that one.
1 person likes this
