I'm picking up the thread of another post I wrote for "Empty Nest Evolution", my other blog. It concerns the Move Your Money movement. CBS Sunday Morning produced an interesting feature today and I thought I'd follow up to see what's been happening to the movement since I first heard about it on ABC's World News Tonight.
My husband and I have moved the majority of our money to a credit union and a private financial institution. We've encouraged our sons to move their money and I'm telling my friends and colleagues the same thing. This feature covers the finer points of why you're better off in a smaller institution.
6 comments:
And do the smaller institutions have the same warranties? Aren't they more likely to go broke or something?
Just a question from a financially not too educated woman..
This is good advice. I've belonged to a Credit Union for over twenty years and have no complaints about services or credit card rates.
Minka: credit unions are owned by the people who invest in them, that is, if you put your money there, you are a shareholder, you may attend meetings (they're usually within driving distance as opposed to a public co where the mtg may be across the continent), elect or fire the board of directors, etc. They are protected by the FCUSIF which insures the savings of each account up to $250,000. For more info:
www.cuna.org/download/CUs_Secure_Strong.pdf
btw, smaller institutions are also protected by the federal govt.
e: yes. the movement is about raising awareness of the value of these institutes run by people you tend to know from your community and telling the big banks with their usury-styled fees and rates to "Take a hike".
I couldn't get the video to work, but I'm very interested in moving our accounts to a smaller institution. We like USAA, but are also open to credit unions. I need to get on the research, I guess.
Nancy: go to
http://www.youtube.com/watch?v=uI1tqeuXy80&feature=player_embedded
very personal and helpful post!
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