Credit Unions: The Best Kept Secret in Banking

[@zelinaworden111]

I belong to three Credit Unions for over 50 yrs now. I don't deal with the banks.

[@joshuapierre4661]

& those are?

[@BlackQueenMagic]

Wow! I thought credit unions were new!

[@MK-zy3yd]

@@BlackQueenMagic I thought my cat liked me, he just stares at me when I sleep. I wonder what he’s up to, think he might be sizing me up.

[@mikeflair6800]

Vanguard (compared to other investment firms like Fidelity) has been set up like a credit union (no investors, just owner depositor, profit distributed as lower cost)...but most people do not know this. This is how Vanguard keeps their fees lower than competitors.

[@vigilfox]

As always, thanks for the important information and the educational breakdown! Valuable stuff.

[@PracticalPersonalFinance]

Thanks for tuning in Lee!! :)

[@veroniquebellamy4741]

In Alberta, Canada, holdings at credit unions are more secure than banks. CDIC insurance only covers a certain amount of money. Credit Unions, however, are fully insured (with exceptions for things like common shares and mutual funds). It's why, even though I work at a big bank, I bank at a credit union.

[@nadiabouchier]

Servus CU here!

[@emsiesenvelopes]

Thanks for the introduction to credit unions - I really had no idea what a credit union was before this video, so it's useful information!

[@PracticalPersonalFinance]

You're so welcome!

[@grantlam9247]

I am considering to get Credit Union!! Very informative

[@j3ffm1s7r0]

Thank you for the clear explanation, I’ve tried to understand through a few videos before yours and your video was the easiest to understand. Cheers mate!

[@shabolakedamilas]

i recently just just gave up on banks i already have my money on stock investments which i made $800k this year that is safer for me than credit unions lol

[@PapilonKai]

that is very good to know , i myself have been investing in stocks for over 2 years now and i have been able to grow my $100k portfolio to $700k portfolio within 7 months through the help of a financial coach who helped me navigated the market i never liked banks at all.

[@fabiankilimani]

that is very interesting please who is your financial coach?

[@PapilonKai]

@@fabiankilimani Selena-Nicole cefaloni.

[@PapilonKai]

you can look her up online, all of her details is on her web and she will provide all the help you need.

[@AlonBayani]

@@PapilonKai i just searched her and all details are valid i reached out and a call was scheduled thank you so much

[@cochetasetalsingh8908]

Love them! Always a member! Great information! I will continue to watch for your vital information. Thanks.

[@suecarolburton1481]

I have been a member at DFCU Credit union since 1994. I love it.

[@iwoww562a9]

Downey federal credit union? 😳

[@christophergould2933]

Good recap of the benefits of a Credit Union.

[@chinoguarcas4205]

Thanks for sharing all your knowledge about credit union.

[@rlemoyne007]

Around 4:20 we finally get to know you are talking about US credit unions. Big differences with banks and credit unions in Canada.

[@tinaportelli7282]

Excellent information, thank you

[@Maggiestar88]

Andrew, good one!! Thank you for that very useful information! I'm going to join a Credit Union! :) Keep up the good work!

[@ExiledQ]

just joined a credit union and am so proud!

[@rayswaves1111]

I’m sold, literally switching over to my local credit union tomorrow!

[@michaelhuber6476]

Navy Federal is pretty good. It has a lot of branches

[@MajesticLawnGnome]

Nope you have endless people faking having a family member who was a vet what happens? endless accounts created and now they can't help people they only accept 16 percent of fraud reports go look up consumer reports or the better business bureau reports it's horrendous! I prefer my local credit union over them. Luckily NFCU has decided to start closing these fake accounts down because good lord I won't even get a response for a message for a week. This is unacceptable to me from NFCU Hence why I prefer USAA I still have my NFCU credit union open but I am very cautious!

[@scootergirl3662]

“They have tens of millions of dollars to invest into an app. So yes, they better have a killer app “ Looking at my Chase app freezing for five minutes

[@stellarv5689]

Thank you for sharing this 🙏

[@PracticalPersonalFinance]

You are so welcome!

[@jacobbonilla1968]

Im not too sure i had wells Fargo they were charging my checking account when i didn't put money into it and they will close your account if its inactive same with chase bank thank god for RBFCU credit union ivebeen with them for almost 2017 i think

[@PracticalPersonalFinance]

Sounds like some classic big bank shenanigans!

[@GravInducedSleepTrac]

Considering what is now happening with BIG banks credit unions are the better route for SURE! Thanks for the great information. Do credit union HOLD certain deposit amounts? I really get frustrate with big banks when they do that, especially when I have been banking with the same big bank for years & years!

[@DroneConflict]

Often the immediate access restrictions to deposit funds are done as a fraud/laundering measure and may be required. Many banks and CUs do waive these restrictions if you set up a business account and provide more information about yourself and the entity

[@neeraatkins6091]

I do work for one for 2yrs. Everything you said is true

[@theresaparsons1157]

I absolutely enjoy Credit Unions, In Florida we have several.

[@shortyg1018]

Yeah there's so many here in Texas I don't know who to choose from lol.

[@MK-zy3yd]

I live in Florida too, my mom has several boyfriends.

[@diegocenteno8835]

@shortyg1018 any updates on who you went with ?im in texas too and im considering energy capital

[@apologeticinsights]

Thank you for this video. I'm trying to determine if the NCUA is more solvent than the FDIC relative to the possibility of a "Bail-In". Do you have any information on that? Keep up the great work.

[@definitelynotobama6851]

Credit union employee here. All credit union accounts in the United States are insured against the failure of the credit union in the same way bank accounts are.

[@gunblade7610]

​@@definitelynotobama6851 yikes, then that begs the question do we trust either then in case of a bail-in. There was that video leak where the FDIC members say that essentially FDIC does not have enough assets to liquidate to make people whole when it comes to their deposits and with that law being passed where banks will not get bailed out by taxpayers (in a sense I'm ok with that...) Banks will bail-in the deposits of our us little guys to shore up the funds of their whales and then we are left holding the bag. I was hoping NCUA operated differently in that maybe since they are smaller and more local they don't do fractional reserve and only loan out what they have and maybe their accounts don't offer HYSA but that is because they want to be able to ensure people's deposits... If you are saying NCUA is pulling from the same sinking ship of FDIC... Then it seems like on at least how secure your deposits are, it's the exact same thing as the big banks? Hmmm.... Maybe I need to get me a big mattress?

[@DroneConflict]

​@definitely not obama and CUs have higher demand deposit requirements I believe

[@Lenny4400]

Credit Union s have helped me more than 🏦 s!

[@robertchildress4354]

Would recommend a local credit union or a bigger credit union

[@jonnovember2136]

5:55 If you bank with #MeridianCU💳 then your assets are safer and better interest rates than most big banks🇨🇦! 🌎💘💰

[@tonightwerideee]

what's a credit unions relationship with fractional reserve banking?

[@Drknnja]

The same as a bank.

[@rochellehughie1455]

I am a member of a credit union.i send a shout-out to South Carolina State Credit Union

[@ALEXANDERUJANG]

In Indonesia especially west kalimantan, credit union very helpfull to our local. Most of farmers become members and credit union not only a place for them to save money , credit union also teach farmer how to manage their family finance.

[@rockarollawmn]

I need to ask- what place JUST focuses on keeping my $ safe & secure? I DGAF about smiles, extras, equity, focusing on races, genders, giving to the community, voting for whatever employees, loans, donating, coin counting, paper shredding, etc. I JUST want a place to put my $ that will NOT EVER "not" have it when I want to withdraw it partially or in it's entirety. What place is essentially a locker with a COMPLETELY non-pickable, non-destroyable lock that has ATM access & online access ONLY?

[@Skitsandgiggles]

So which union would you guys recommend? At least for someone with no big financial plans anytime soon, just want low rates and good service

[@basedbulgarian511]

Credit unions often have membership requirements (geographic area or employment in an industry or company), so look on Google see what you can find for your area. One of the larger credit unions in the US only has one requirement: a US-based address. It's called the Pentagon Federal Credit Union (PenFed for short)

[@MrRyanlipp1980]

Don’t the big banks take your money and invest in the world markets like the stock market and the bond markets? So when the bond market completely fails your bank will freeze

[@markanthonyabejoro2537]

Yes I'm a member ocean floor credit union

[@newbeginnings9457]

Navy Federal 😎

[@PracticalPersonalFinance]

Oh yeah!!!

[@josephzhang2492]

In New Zealand, major banks changed the their policy of accessing other banks ATMs (I think in early 2018). BTW, New Zealand Banks does not accept Cheques anymore (normal cheques, international cheques and traveller cheques). New Zealanders use online banking and card payments (both debit and credit card) cheques. (My friends, family and acquaintances are shocked when some people from other countries that does not have any bank account. Receiving wages and salaries by cheques are unheard-of in New Zealand)

[@PracticalPersonalFinance]

Always interesting to hear about what it's like in another corner of the world. Thanks for sharing!!

[@dmc1806]

Sounds like you find hard 2 get small jobs tax free in the hand work is off the table also working state job no side jobs. No work for wait prison sounds alot more free than that. You make it sound like your all in a cult. Excuse me I do NOT mean 2 offend you or anyone else. Just free market getting controlled by big tech. Which runs off poor who work for cash day here or their for food or lodgings it's sad 😔 my friend. GOD BLESS YOU AND YOUR'S AMEN ✝️. FROM DUBLIN CITY REPUBLIC OF IRELAND 🇨🇮.

[@HffMtrg]

What is the prosse to become member of the credit union?

[@musashidanmcgrath]

Not so many decades ago, there were ONLY community credit unions in Ireland. There were no fiat fractional reserve based banks at all. I've always been a community credit union advocate. Fractional reserve banking is one of the worst things to happen to humanity. The world would be a much better place if fiat banking had never enslaved humanity in an eternal cycle of debt enslavement.

[@chapluck]

I recently became a alliant member,and let's see what happens 🎉

[@sorahweiss5821]

the one I joined only allows you to draw $2,500 ... otherwise, takes weeks to get more. Tricky for a main account, if you are paying your rent.

[@ColtenGarrett]

My credit union has more features and that actually help then any big bank I know of.

[@thatredheadguytv]

I’m glad I switched back to a credit union a few months ago. I’m at a very good one! #FMFCU

[@FUNNYMANERICWHITE]

Thanks

[@PracticalPersonalFinance]

You’re welcome thanks for watching! 😃

[@289cobra9]

I'm with DCU and Aligh credit union.

[@israelisreal7781]

At a credit union, would I be able to take out ALL the money I have in savings with no problem?

[@ahmaniwesley3316]

LakTrust Credit Union out of Michigan 〽️😎

[@roygorman6624]

Much better than any banks!

[@Harmansehgal5]

Where i can find this? Any site? Any location in my city?i need loan for my house

[@Michael-y3z5h]

I want to be a member of the credit union, How can I join?

[@icemizul]

❤️PenFed and 👍🏾GreenState credit unions

[@IBHIPRU]

Are credit unions subject to bail in laws? To what extent is the NCUA funded? Just curious

[@tallblackguy9993]

Joined my job’s credit union when I started and I don’t even use my regions account anymore

[@markanthonyabejoro2537]

Is ocean floor credit union a legit image??? Please anyone in give an idea.thanks

[@owascoshaw]

If I wanted to apply for a car loan, do I need to be a member first? Is there a fee?

[@basedbulgarian511]

You do have to become a member. There's no fees usually with credit unions, but when you become a member, you usually automatically get a basic savings account opened for you, and you may need to keep a minimum balance on it. With most credit unions, the minimum is pretty low. Mine is $5

[@bonniedisney9663]

Credit unions make big profits for senior management. Most CU Presidents and CEOs make 7 figures.

[@bertrandlah4465]

Victoria Customs corporative credit union. VICCUL Cameroon 🇨🇲

[@jeaninebrown3889]

Desert Financial in Phoenix

[@Concretejungle01]

How do I get in one

[@Al_Camino77]

I’ve dealt with both. The difference is minimal. If you like shitty tech and apps that barely function and like watching you credit union reinvest in mergers and building massive new buildings than redistribution to members or better interest rates have at it.

[@Imhim247]

Nice. It's safe to keep million of dollars in credit union?

[@PracticalPersonalFinance]

Hey Imhim! The most you should ever keep stashed in an account at a bank or credit union is $250,000. That's the amount you're insured for by the FDIC (for banks) and the NCUA (for credit unions). Of course, you could maintain multiple accounts at multiple financial institutions, but if you're dealing with that kind of cash, I feel you're much better off investing that money in a brokerage account, into something like index funds or bond index funds.

[@Imhim247]

@@PracticalPersonalFinance Thank you so much! I really appreciate you for telling me about this

[@iamapigeyedtraitorthatisin1319]

If you had that kind of money I'd doubt you would ask someone on KZbin for advice.

[@2020Bookworm]

Do credit unions accept anybody off the street?

[@antoniogriffin5716]

Luv credit unions

[@davidwilkinson6099]

Golden1 CU rocks!

[@HffMtrg]

How can I get the money from you credit union

[@DJSTOEK]

❤❤

[@desiroo279]

Genesis Credit Union, Minnesota

[@scrutinizethis]

Everwise Credit Union

[@Raquel-xm8cb]

Good morning my name is Raquel and I felt in my spirit to find about banks or where to Open am acct. We are creating a ministry for homeless and I need an honest opinion in reference to bank. I want to thank you for your information. God bless

[@HungNguyen-se8dn]

My choice is the Lake Michigan CU❤

[@JohnDoe-bh8bt]

What credit union do you recommend?

[@Stopp200]

St.Louis community credit union

[@iggydagawd7287]

Need Help I have a Question!!

[@PracticalPersonalFinance]

What's your question Iggy?!

[@sharimcleod4719]

@@PracticalPersonalFinance how can I find out which credit unions in Canada have any ties to WEF

[@antoniogriffin5716]

I LUV MY CREDIT UNION.

[@kelbysiebeneich3215]

A credit union is a "NON PROFIT ORGANIZATION."... a fuckin BANK....that is non profit.... if you heard that and are still considering whether to bank with credit unions or not... you should have your answer.

[@deejay4837]

"how sophisticated their mobile app is"....Life does not revolve around a mobile app kid, just say how well their online presence is....

[@joeyparra3937]

APPLE FCU ❤️💯

[@CC-3888]

👏👏👏👍

[@Imtussel]

How does competition affect this? If credit unions aren’t obligated to a shareholder, then they can set the rate however they decide. Banks have to compete, and so credit unions have to compete with bank rates. Banks seem more reliable in the sense that they have a built profit-based model, that is obligated to financiers. Credit systems run on something a lot less stable it seems.

[@deshannonfitzgerald7952]

do i take all of my money out of my bank close the accounts and put my money in a credit union? or do i keep the accounts open and leave the minimum amount in the bank? Cancel Comment

[@capps2015]

Banks have Utility. If its a small community bank keep the account. If its a big national/regional close it unless your getting a nice rate.

[@tlbx57]

Gain real money, God's currency, gold, silver, land and cattle (commodities that people need to survive).

[@thomasnewman6811]

Venturing into the trading world without the help of a professional trader and expecting profits is like turning water into wine, you would need a miracle, that's why i trade with mrs Eva heather, her skills set is exceptional.

[@michealstackhouse9618]

I'm surprised you know her too! I've been making a lot of profits investing with her a few months now.

[@rolfmontalbano9002]

I was skeptical at first until I decided to try. It’s huge returns is awesome! I can’t say much

[@thomasnewman6811]

Gram, with the username

[@MrEjblanco]

Y'all know eva Heather too!?!?

[@jonmiller19845]

Why does this guy add an h to every s word he says. Shtop, shavings, shubscriber....