MoveYourMoney.Info: Save Your Country

Neil, George Jr., George Sr., and Jeb Bush

No, the Bush's aren't the only people involved in fleecing the American people by ruining the banking system, but they always seem to be involved. Neal was heavily involved in the Savings and Loan scandal that cost US taxpayers billions and George II was the one who initiated the recent banking bailout, although many believe that was Barack Obama.

"The Savings and Loan industry had been experiencing major problems through the late 60s and 70s due to rising inflation and rising interest rates. Because of this there was a move in the 1970s to replace the role of S&L institutions with banks.

In the early 1980s, under Reagan, regulatory changes took place that gave the S&L industry new powers and for the first time in history measures were taken to increase the profitability of S&Ls at the expense of promoting home ownership.

A history of the S&L situation can be found here:

http://www.fdic.gov/bank/historical/s&l/

What is important to note about the S&L scandal is that it was the largest theft in the history of the world and US tax payers are who was robbed.

The problems occurred in the Savings and Loan industry as they relate to theft because the industry was deregulated under the Reagan/Bush administration and restrictions were eased on the industry so much that abuse and misuse of funds became easy, rampant, and went unchecked."

See bibliography for the rest of this story.

So, which is better a small bank or a credit union? There are pros and cons to both.

1. Credit unions don't always have all the functions of banks. But that does change. A year ago, I didn't move all my money because my credit union didn't have business accounts, however, when I opened my checking account last week, they now do do business accounts, so I can use it for full service.

2. Local banks can be bought out by the big guys. In fact, that is still happening at an alarming rate, so you would have to move your money again. Credit unions don't get bought out.

3. Not all credit unions are federally insured, but that is rare. Just make sure before you open up.

4. You have to have an association to join a credit union. However, many of them are easy to find. I got into the RTP Credit union because I worked in a place that was located in the Research Triangle Park. Once you belong, you are in for life, even if you leave the association.

5. Moveyourmoney.info only gives names of banks, but I would look for a credit union and then find a way to join. But a local bank is better than nothing.

Banks are still banks and in this day and age, they can be loose. Even after all the problems with defaults because banks gave loans to unqualified people, they are still making these loans. Recently a client of mine got a loan to buy a washer and drier. She has taken bankruptcy, can only find part time work and struggles every month to pay her mortgage. She is a hard working, good person, but hardly a candidate for a loan, yet she got one.

In the process of opening my credit union checking account I asked for my over draft protection. Instead of the usual 'instant approval' my application is in the hands of the officer who has called me twice to ask about my various sources on income. Multiple Streams are unusual to him and he wants to understand circumstances of someone who is asking for money. Its a bit of a pain, but it is also confidence producing. This institution is not going to get into trouble making bad loans.