4 ms·
Every time I hear this I try a different credit union around me. Sometimes they have arcane rules like "oh you don't actually have dollars in this account. You
by PascLeRasc 5y ago
Every time I hear this I try a different credit union around me. Sometimes they have arcane rules like "oh you don't actually have dollars in this account. You have 500 shares. At this time you may sell shares back to the credit union at a rate of $1/share". Or recently a credit union in my area emailed me my password after I signed up, and then they kept sending me it in the mail as a reminder that I hadn't activated my account yet. There's a credit union at my local health foods store run by a professor who self-hosts their website out of there and customer service is just his office hours, so I think that'll be fun to try next.
- immibis 5y agoFWIW this is how banks work. You always have shares. Sometimes they just pretend they are dollars. I am not a customer of one, but I assume that using a CU instead of a bank is like using Linux on your desktop instead of Windows.
- _uy6i 5y agoCU and Bank both have shareholders. The shareholders of a credit union are by law/definition its customers/depositors. The shareholders of a bank can be anyone.
- immibis 5y agoYes, in a bank you have shares in whatever is left over after profit is taken. They try very hard to make it so your shares are worth the same amount as when you bought them, plus a known rate.
- balderdash 5y agoThat’s not how it works