Banks or Credit Unions: Five bank transfer tips for consumers This article was written several years ago, but changing banks happens everyday....This is a reprint.... As a former financial services executive, my professional experience did include exposure to both commercial banks and credit unions. The diverse exposure to both industries does provide insight to the internal differences of technology and organizational structure when transferring a banking relationship. Consumers are exposed to many opinions about the best choice of institution to house a banking relationship, and opinion is irrelevant(i.e. my opinion) when information is a better tool to insure "a change will do you good". However,the following five tips should be explored in a comparison analysis of your current bank and a potential new bank or credit union. 1) Deposit Access to Funds Direct Deposit-Teller deposits, ATM deposits, Incoming Wire Transfers. Review current deposit activity for … [Read more...]
Banks or Credit Unions: Five bank transfer tips for consumers in lieu of legislation
A legislative bill in Congress may allow credit unions to engage in more small business lending, and any consideration of a financial institution change will be a different experience. A few tips are below for a brief comparison analysis of bank to crest union. As a former financial services executive, a diverse professional experience did include exposure to both commercial banks and credit unions. The diverse exposure to both industries does provide insight to the internal differences of technology and organizational structure when transferring a banking relationship. Consumers are exposed to many opinions about the best choice of institution to house a banking relationship, and opinion is irrelevant(i.e. my opinion) when information is a better tool to insure "a change will do you good. Therefore, the following five tips should be explored in a comparison analysis of your current bank and a potential new bank or credit union. 1) Direct Deposit Access and/or Funds Availability: … [Read more...]
Profiteering at the expense of the unemployed
In the new American norm, the unemployed worker is being subjected to many forms of acceptable discrimination in the new economy. However, the widespread impact of many workers losing employment due to consequences beyond the realm of personal responsibility did not illicit empathy in American society. The unemployed masses are facing insurmountable obstacles to return to as part of the mainstream American workforce. One of these obstacles is other entities profiteering on unemployment benefits as the unemployed attempt to obtain the necessary benefit or food stamp support to sustain a household until new employment is obtained As a safety net, unemployment benefits are the lifeline in a transition period for many workers in lieu of employment being terminated. The benefits are substantially less than earnings, and the recipient is dependent on this benefit to provide food, shelter, stability, etc. to self and household. The reality is that profiteering whether by illegal or … [Read more...]
Synopsis: The negative impact of financial reform to the consumer
A synopsis of financial reform exposes the reality of the present and future negative impact to the consumer, and the elements of reform missing that directly affect the consumer. First, the recent debacle over the bank’s proposed debit card fee is a direct result of financial reform. The transparent system of Visa/MasterCard paying banks for every consumer transaction made using Visa/MasterCard was not a contributor or factor in the financial crisis. The financial reform bill cap these exchange fees for banks. The loss of revenue for the banks is a negative for the consumer. The loss of benefit for the consumer include free checking, debit and credit card rewards, and waiver for annual fees for credit/account fees waivers on debit cards are no more in lieu of financial reform. Second, … [Read more...]
Credit Unions revise results downward from Bank Transfer Day
The credit union industry has been the one's laughing all the way to the bank as the industry's commercial banking competition flounders in one mishap, one bad news story, and one more upset consumer after another. The tables were reversed in Washington,DC after the National Credit Union Association (NCUA) made a blunder in the recent success of new customers in November's Bank Transfer Day. The banking industry did gloat in some rejoicing as the credit union threat to commercial banks and the industry's monopoly. Why this revision states the reality of the credit union myth of being the moral and selfless banking bank alternative may just be a half truth in reality. The reality is the credit union employees and representatives are the primary vocal supporters, and the media has given a blank check of blessing the credit unions as good guys and the alternative to banks. Member experience is more credible to the reality of credit unions being the good guys in banking. "They are … [Read more...]
