COINS bank charges for them?

[Larry Caldwell]

Actually, credit unions earn billions in profits every year that are not taxable. Community banks, on the other hand, pay billions of dollars in income taxes each year. Billions of dollars are added to the national debt each year to subsidize credit unions. So, why aren't they paying taxes like every other type of financial institution?

Who told you that fairy tale? If they make all those profits, where do they go? I'm sure you know that it is illegal for nonprofits to benefit shareholders or corporate principals in any way.

What credit unions do with their income is return it to their communities in the form of improved low cost or free service to their customers, and donations to local charities. If the megabanks did that, they wouldn't pay any taxes either, but instead they rip off their customers and local communities with fees, penalties and high interest rates.

No one in their right mind patronizes a commercial bank.

 

[sfloggie]

Larry,

Add Farm Credit to the list of "good" such as Credit Unions. I have brought raw land in OK and VA through Farm Credit.

They were all good "down-home" personnel with both acute business and common sense. I also worked though one rep at each location who worked with us from beginning to end. Also both times they became like friends (you just could not help liking them!)

Each year we receive a share of profits from them as I do from USAA. All are tidy sums that we feel Blessed to receive and we put all back to work (money received).

Best to all, Jim

 

[Daronspicher]

We try to not build up way too much in Coins through the year, but we get some in the pile.

Each year around mothers day, a local non profit does a drive to fill up baby bottles with the change to raise money for struggling moms in the area to buy diapers and formula for newborns. We have been fortunate to have a decent income through our baby years and still shake our heads at the price of diapers and formula, so can't imagine those on McWages.

We toss in a check, then fill them up with the change pile. That gets the kids excited so they empty their piggy banks into their own baby bottle.

We slip a 20 back into the piggy banks so they have some hot wheels money and they are learning to do a good thing.

Another way to use the coins...

 

[creekbend]

Our Credit Union doesn't charge for this service.

 

[Gator6x4]

Owners of Car Washes and Laundrymats for years would empty the coin boxes, dump the coins on the counter of the Bank and expect the Bank to pay someone to count and roll the coins. The Banks because of being used and abused have started charging a fee, good for them. I have been caught in Banks with a single teller and someone with sacks of coins demanding they be counted. I left and went looking for another bank. I look at it like this, their money let them count it. If they do not want to count the coins, hire someone to do it not expect someone else, Bank to spend thousands on a machine to count the coins or hire someone.

 

[firemanpat2910]

Who told you that fairy tale? If they make all those profits, where do they go? I'm sure you know that it is illegal for nonprofits to benefit shareholders or corporate principals in any way.

What credit unions do with their income is return it to their communities in the form of improved low cost or free service to their customers, and donations to local charities. If the megabanks did that, they wouldn't pay any taxes either, but instead they rip off their customers and local communities with fees, penalties and high interest rates.

No one in their right mind patronizes a commercial bank.

BS i had a credit union it sucked a nice local bank now handles my money. I should have known better, after all it said UNION right there in name

 

[coveredbridge]

Who told you that fairy tale? If they make all those profits, where do they go? I'm sure you know that it is illegal for nonprofits to benefit shareholders or corporate principals in any way.

What credit unions do with their income is return it to their communities in the form of improved low cost or free service to their customers, and donations to local charities. If the megabanks did that, they wouldn't pay any taxes either, but instead they rip off their customers and local communities with fees, penalties and high interest rates.

No one in their right mind patronizes a commercial bank.

Larry, I only deal in facts. According to the National Credit Union Administration, the Primary regulator of Federally Insured Credit Unions, Credit Unions earned $4.6 billion in profits in 2010, all tax free. If you don't believe me, look it up. Those profits go into retained earnings to sustain the institutions' capital. However, among the expenses in arriving at net profit is millions of dollars paid in salaries and benefits to executives that operate these credit unions. If credit unions are nonprofit, why aren't they required to file Form 990's with the IRS, like other non-profits? Is it because they don't want members like you to know that their executives are earnings sweet compensation packages and getting a tax break that your children will have to pay for in the future?

I won't defend megabanks, but there are hundreds of community banks across the country that are every bit as involved in and committed to their communities as credit unions, and they are paying their fair share in taxes. Why would you want to support a group of wealthy executives who run a credit union that you subsidize with your tax dollars?

 

[dmccarty]

Why in the world are you still using banks? Move your money to a credit union like everyone else. Credit unions are nonprofit. They won't try to nickel and dime you to death. :laughing:

Nah, the CU won't nickel and dime you to death, they will just ROB you.

We are looking to ReFi. 30 years rates are at 3.75%. Our current banks is 4.25. Our local CU is 3.75. Another local CU is 5.0%. YES, I said 5.0%! I can't believe that anyone would use the CU for 5% rate!

The bank with our house loan has been very good to us. No complaints. We are with them because the CU would not help us buy land. But their 30 rate is too high. Surprisingly the CU is lower which is the first time I have ever seen that happen.

Pays to shop around!

Later,
Dan

 

[chucko]

I think I will make people start paying me in gold

 

[Larry Caldwell]

Larry, I only deal in facts. According to the National Credit Union Administration, the Primary regulator of Federally Insured Credit Unions, Credit Unions earned $4.6 billion in profits in 2010, all tax free. If you don't believe me, look it up. Those profits go into retained earnings to sustain the institutions' capital. However, among the expenses in arriving at net profit is millions of dollars paid in salaries and benefits to executives that operate these credit unions. If credit unions are nonprofit, why aren't they required to file Form 990's with the IRS, like other non-profits? Is it because they don't want members like you to know that their executives are earnings sweet compensation packages and getting a tax break that your children will have to pay for in the future?

I won't defend megabanks, but there are hundreds of community banks across the country that are every bit as involved in and committed to their communities as credit unions, and they are paying their fair share in taxes. Why would you want to support a group of wealthy executives who run a credit union that you subsidize with your tax dollars?

$4.6 billion in profits for the whole USA is not a big amount of money. Consider that last year J. P. Morgan Chase (the same bank that just squandered $2 billion of depositor's money) earned a profit of $5.6 billion last year, and that's just one bank. And if you expect anyone to work for free, dream on. Can you name one credit union employee who makes more that $1 million a year? Commercial banks have thousands of them.

I don't know for a fact that all credit unions are nonprofit. Mine is. I do know that if they make a profit they have to pay corporate income tax just like any other business.

Meanwhile, my credit union gives me free checking, free ATM use, and reimburses me up to 10 ATM fees from other banks, plus pays 4% interest on the first $5000 balance in my checking account. They offer a Visa card with a flat 10% interest rate and no annual fees. The current rate for personal loans is 2.4%. Instead of bilking the customers and raking off obscene profits and salaries, they provide exceptional service. Face it, any bank should pay you for keeping your money there. Without you, they are out of business. Instead, they charge ridiculous fees, like charging you to run coins through their coin counting machine.

I will say that before I moved to this area I banked at a small local savings and loan that had very similar service to the credit union I use now.