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Home Economics 101

Welcome to the Home Ec Section. Matters of the family sometimes bring joy and other times bring grief. But it is never trivial: Family matters! Feel free to discuss topics such as the sanctity of marriage; the awesome responsibility of raising children; the struggles of communication problems; the grief of losing a loved one; or anything else that relates to the home and family. However, due to the more personal nature of this section, I ask that you would be especially thoughtful of the readers' feelings. My earnest hope and prayer is that the discussions in this section will help families grow in the love of Christ.

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Credit Unions

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  • Credit Unions

    It used to be that you had to be some kind of elite member of an organization to join a credit union.

    Now, it seems, most of them are expanding eligibility so even if you're the cousin of a guy who used to live in the house owned by the brother of a woman whose grandfather's uncle fought in, or was alive during, The Great War, you can be a member.

    When I sold my home in the country, we put the proceeds in a savings account in my bank. For a few months, I watched as a tiny amount of money was credited monthly as "interest", so I decided to look at other options. My local Teacher's Credit Union (my daughter worked there, so she got me a membership) had a very flexible Money Market account that seemed to offer much better rates.

    I moved the money, and watched as, each month, REAL MONEY was being credited to my account!

    Do you belong to a credit union? Should you?
    The first to state his case seems right until another comes and cross-examines him.

  • #2
    How does a credit union differ from a bank?

    Comment


    • #3
      Originally posted by Sparko View Post
      How does a credit union differ from a bank?
      Regulated much differently. Banks are "for profit", credit unions are not. They are financial cooperatives where the members own the money. Think "It's a Wonderful Life"!

      The first to state his case seems right until another comes and cross-examines him.

      Comment


      • #4
        Originally posted by Cow Poke View Post
        Regulated much differently. Banks are "for profit", credit unions are not. They are financial cooperatives where the members own the money. Think "It's a Wonderful Life"!

        Wait, you want to put your money into a company controlled by Mr. Potter?

        Comment


        • #5
          Originally posted by Sparko View Post
          Wait, you want to put your money into a company controlled by Mr. Potter?
          Potter lost.
          The first to state his case seems right until another comes and cross-examines him.

          Comment


          • #6
            Originally posted by Cow Poke View Post
            Potter lost.
            OK.

            Hey, guess what? I am starting a Tweb Credit Union. Just send me your money and I will keep it safe. We all own it! And I promise I won't replace it with rocks or anything.

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            • #7
              Originally posted by Sparko View Post
              OK.

              Hey, guess what? I am starting a Tweb Credit Union. Just send me your money and I will keep it safe. We all own it! And I promise I won't replace it with rocks or anything.


              The first to state his case seems right until another comes and cross-examines him.

              Comment


              • #8
                Originally posted by Cow Poke View Post


                Yeah but that was Joseph Smith, he was a mormon. You can trust ME!

                Comment


                • #9
                  Originally posted by Cow Poke View Post


                  I am Punkinhead.

                  "I have missed you, Oh Grand High Priestess of the Order of the Stirring Pot"

                  ~ Cow Poke aka CP aka Creacher aka ke7ejx's apprentice....

                  Comment


                  • #10
                    I've belonged to a Credit Union for nearly 10 years and I have had less trouble with them than I have banks. I'm a very happy CCU member!
                    I am Punkinhead.

                    "I have missed you, Oh Grand High Priestess of the Order of the Stirring Pot"

                    ~ Cow Poke aka CP aka Creacher aka ke7ejx's apprentice....

                    Comment


                    • #11
                      Originally posted by ke7ejx View Post
                      I've belonged to a Credit Union for nearly 10 years and I have had less trouble with them than I have banks. I'm a very happy CCU member!
                      Credit Unions, across the board, are much more "member friendly" and "customer service" oriented, I think.
                      The first to state his case seems right until another comes and cross-examines him.

                      Comment


                      • #12
                        I've had an account at the local credit union since I was 18.

                        When I moved out of state to go to trade school, I opened an account with Chase because they had branches where I was moving to. When they started charging me fees because my paychecks were too small, I closed my account. They did other scummy things too, for instance if my account was overdrawn they would clear the day's transactions starting with the one with the highest dollar amount instead of in chronological order, so that the first transaction would put me in the red instead of the last. That way, they could charge me the insufficient funds fee for as many transactions as I had that day, rather than once for the last one.
                        I have an account at the credit union local to my school, because only they handle student loans for that school. The loan is paid off now and I again live where I did before I went to school, but I still have a credit card through them that I use all the time and don't plan on closing any time soon. I get good rewards points for using it, so I use it for gas and groceries and the like. Then I pay it off before it's due so I don't pay interest.
                        Curiosity never hurt anyone. It was stupidity that killed the cat.

                        Comment


                        • #13
                          Originally posted by QuantaFille View Post
                          I've had an account at the local credit union since I was 18.

                          When I moved out of state to go to trade school, I opened an account with Chase because they had branches where I was moving to. When they started charging me fees because my paychecks were too small, I closed my account. They did other scummy things too, for instance if my account was overdrawn they would clear the day's transactions starting with the one with the highest dollar amount instead of in chronological order, so that the first transaction would put me in the red instead of the last. That way, they could charge me the insufficient funds fee for as many transactions as I had that day, rather than once for the last one.
                          I have an account at the credit union local to my school, because only they handle student loans for that school. The loan is paid off now and I again live where I did before I went to school, but I still have a credit card through them that I use all the time and don't plan on closing any time soon. I get good rewards points for using it, so I use it for gas and groceries and the like. Then I pay it off before it's due so I don't pay interest.
                          Yeah I left my last bank because they did the same thing on overdrafts. I am pretty careful with my money but occasionally I have overdrawn. Usually right before a payday. But my last bank would run the deposits last so they could charge me overdraft if I had a check and a deposit on the same day. So I would actually NOT be overdrawn by the time the deposit was posted. Say I had a $20 check and $10 in the bank. I knew I needed more so I put in a deposit from savings for $50. They would cash the $20 check, say I was overdrawn, charge me $30 overdraft fee, then deposit the $50, leaving me back at $10 in the bank. I went in, chewed them out, got them to reverse the charge (they made it sound like they were doing me a favor!) and then the next day I closed the account. My current bank (5/3) has never charged me an overdraft. And no monthly fees, and no per check charges either.

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                          • #14
                            Originally posted by Sparko View Post
                            Yeah I left my last bank because they did the same thing on overdrafts. I am pretty careful with my money but occasionally I have overdrawn. Usually right before a payday. But my last bank would run the deposits last so they could charge me overdraft if I had a check and a deposit on the same day. So I would actually NOT be overdrawn by the time the deposit was posted. Say I had a $20 check and $10 in the bank. I knew I needed more so I put in a deposit from savings for $50. They would cash the $20 check, say I was overdrawn, charge me $30 overdraft fee, then deposit the $50, leaving me back at $10 in the bank. I went in, chewed them out, got them to reverse the charge (they made it sound like they were doing me a favor!) and then the next day I closed the account. My current bank (5/3) has never charged me an overdraft. And no monthly fees, and no per check charges either.
                            A lot of banks are much more lenient if you do direct deposit. My bank - Chase - has all kinds of perks for me and no fees for pretty much anything, and free wire transfers (not that I ever do that) and AIR MILES..... because I keep a minimum balance in savings.... So I keep JUST BARELY their required minimum balance in savings, and keep all my other savings in the Credit Union.

                            The Credit Unions, however, are, pretty much by definition, regional. If you travel a lot, you're not likely to find a branch outside your local area. So, I use both - a "big bank" and a "community" credit union.
                            The first to state his case seems right until another comes and cross-examines him.

                            Comment


                            • #15
                              In Germany, they named their banks after me.


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