Yeah, The for-profit banks need to find Peters to rob. AKA "bailouts". The for-profit banks lying "everyone" can earn interest rates is a scheme. Just because Paul saves money doesn't mean Peter has to pay intrest rates borrowing money. The two accounts have nothing to do with each other. For-profit banking is rob Peter to pay Paul economics, and everyone can't be Paul. And the for-profit banks need to find Peters to rob. AKA bailouts. AKA the Glass-Steagall Act AKA Passive Income Communism AKA ponzi scheme
My family got me into a CU and I don't have much experience with banks but it does seem nice that there are democratically-run organizations that you can use to store the money you need to (if you meet the requirements) in a world that is slowly requiring you more and more to store your money with a third party. I will say though that the biggest problem is how regional they are; if I moved to a different City I can find banks with offices across the country but most CU's seem to be limited to one metro area. This means transferring funds might have a stressful transition period from one CU to another.
Just wanted to add that you don't have "money" in the bank, you have "currency". Money is a store of value and what you have in the bank does not keep its value due to inflation. Stop calling it money and then ask yourself, what is real money? I will leave that for you to figure out so that it doesn't seem like I am promoting "real money". However, good for you for using CU's. Banks are corrupt!
Interesting stuff of banks/credit unions… local and larger contexts. There’s also other realities to community and larger investments. It’s true globally and other avenues of taxations and levels of connections. The grand avenue of streets and main and global… fascinating really. Stocks and risk investments. The retail and commercial And the real and also perceived competitions of influence of streams of risk and investments there’s other things like CDFI’s and on and on… Getting through crust into real… takes a bit, but it’s also people and organizations, like everything. There’s a lot of subtlety and obviousness. Just easy, it all matters.
Stop looking at banks. Stop depositing in banks. Middle class Americans are better off using Credit Unions. Credit Unions are owned by their depositors. Interest paid exceeds your local bank, insured for the same amount as the bank. Normally interest charged is lower than banks. Use bank reward cards, carry no monthly balance. Let corporations and the rich fiancé your rewards.
I'm with navy federal. Top tier credit union. My first credit card with them at a disgusting score of 580 they gave me an unsecured credit card of $3500 and they based that off how much money I was bringing in myself and my spending habits which is how it should be done vs a credit score I completely ruined when I was younger and had no intentions on fixing because they were all things that were gonna fall of over the next 1-2 years.
@@daMillenialTruckersorry I miss under stood you. Yes it's nice that the let you start out that way. Credit unions also care more about helping people learn financial literacy, because they care more for members
Hey man, been thinking bout joining the military but I already have a bank account. I wanna use NavyFed too. What do you think should I do with my current account?
@@cvleb777Hey there, talk with a recruiter about it, they will probably have an answer for your question and any other question you have about joining.
@@cvleb777close it and im bootcamp(basic training) your instructors will get your backing set up people from different banks come in and u do paperwork for it its easy
For those who are wondering all of the cons she presented for credit unions are circumvented by finding an open / large / well serviced credit unions! The phone app for the larger credit unions are amazing and they offer all the services of a bank.... she dint really give the reality of credit unions they are a LIFE changer. And some of the BEST credit unions only need non profit membership to join!
Why be careful when you're a bank, when feds give you endless cash. Credit unions have insurance and investers that cover costs. So they have to be more carefull with money. Ya credit unions are better.
I have used many different banks and credit unions over the years. Definitely recommend using a cash back credit card as the payment on all the auto payments and this way you just need to link a new account to the credit card to pay off the bill to make changing main money receiving account easily changed. Credit unions have always offered myself a lot better apr on credit cards as even their highest apr is 18% whereas some cards have with major banks are now at 29 and 30%. The most i have ever kept in an account was 15k and at major bank, i was treated like I my business didn't matter to them whereas at credit union I have always been treated like a customer. I imagine if you have 100k or more the big banks may treat you a little better, idk. Anytime I look for a loan, I always check with credit union first bc their rates are usually lot lower than what I get offered from a bank.
Thank you for this video. I would like to understand more about Credit Union dividends versus APR and APY and how they work together. I have noticed that some credit unions offer both an APR and dividend on the same account
Credit unions are better for the people, while banks are better to large businesses and corporations. My personal experience, I've had trouble with both, but banks were more costly.
I deal with 2 banks. Santander bank. Checking / savings. Middlesex savings. Checking only. This a local bank where I live. 2 Credit Unions. DCU. Checking / savings. Align credit union. Checking / savings.
Yes they nice as long as they don't do risky investing and collapse . Only this time they will do a bail in. Using your deposits to bail their selves out of trouble. And you get a paper of ownership in their failed bank.
Inflation is causing interest rates to go up so it's wise to put your money in a savings account...I got 2...1 with Alliant credit union and another with credit karma...1 of the fed also announced they expecting interest rates to go up more before they come down...so I advise to ride out this year with putting your money in a savings account...you not really losing money you always gaining
Well I don't have to really worry about any of this cuz I don't have a bank or a credit union. So my money is safe no matter what. I don't care about Car loans because I don't make payments on cars. I buy cars and car so I own it the same day I buy. And I don't have to worry about no fees of any kind because well I don't have a bank or credit union.
Considering in 2008 the banks needed a bail out and credit unions did not. You already know the best choice
Yeah, The for-profit banks need to find Peters to rob. AKA "bailouts".
The for-profit banks lying "everyone" can earn interest rates is a scheme.
Just because Paul saves money doesn't mean Peter has to pay intrest rates borrowing money. The two accounts have nothing to do with each other.
For-profit banking is rob Peter to pay Paul economics, and everyone can't be Paul.
And the for-profit banks need to find Peters to rob. AKA bailouts.
AKA the Glass-Steagall Act
AKA Passive Income Communism
AKA ponzi scheme
Credit unions are the way to go!! That’s how you really invest and keep money within the community!
My family got me into a CU and I don't have much experience with banks but it does seem nice that there are democratically-run organizations that you can use to store the money you need to (if you meet the requirements) in a world that is slowly requiring you more and more to store your money with a third party. I will say though that the biggest problem is how regional they are; if I moved to a different City I can find banks with offices across the country but most CU's seem to be limited to one metro area. This means transferring funds might have a stressful transition period from one CU to another.
Just wanted to add that you don't have "money" in the bank, you have "currency". Money is a store of value and what you have in the bank does not keep its value due to inflation. Stop calling it money and then ask yourself, what is real money? I will leave that for you to figure out so that it doesn't seem like I am promoting "real money". However, good for you for using CU's. Banks are corrupt!
Interesting stuff of banks/credit unions… local and larger contexts. There’s also other realities to community and larger investments. It’s true globally and other avenues of taxations and levels of connections. The grand avenue of streets and main and global… fascinating really.
Stocks and risk investments. The retail and commercial
And the real and also perceived competitions of influence of streams of risk and investments there’s other things like CDFI’s and on and on…
Getting through crust into real… takes a bit, but it’s also people and organizations, like everything.
There’s a lot of subtlety and obviousness. Just easy, it all matters.
They really don’t want you to go to a credit union
👍
Stop looking at banks. Stop depositing in banks.
Middle class
Americans are better off using Credit Unions.
Credit Unions are
owned by their depositors. Interest paid exceeds your local bank,
insured for the same amount as the bank.
Normally interest charged is lower than banks.
Use bank reward cards, carry no monthly balance.
Let corporations
and the rich fiancé your rewards.
I just used our local credit union when I started working because that's what my parents used.
I'm with navy federal. Top tier credit union. My first credit card with them at a disgusting score of 580 they gave me an unsecured credit card of $3500 and they based that off how much money I was bringing in myself and my spending habits which is how it should be done vs a credit score I completely ruined when I was younger and had no intentions on fixing because they were all things that were gonna fall of over the next 1-2 years.
@@daMillenialTruckerthat sounds more like a spending problem, rather than a financial institution problem.
Do your research you may be losing out on some crucial banking relations / funding
@@daMillenialTruckersorry I miss under stood you. Yes it's nice that the let you start out that way. Credit unions also care more about helping people learn financial literacy, because they care more for members
Same here my mom join me in my GECCU credit union since i was 4 years old now i am 20. I'm happy she did ☺️
Which is safer? Credit Unions! Look at the SVB and other banks failures and you already know the answer.
I use Navy Federal and I am very proud to be part of their community of members, Banks try to bleed me out.
Hey man, been thinking bout joining the military but I already have a bank account.
I wanna use NavyFed too. What do you think should I do with my current account?
@@cvleb777 You can keep it and open s new one of move your money, always your choice, navy federal is amazing
@@cvleb777Hey there, talk with a recruiter about it, they will probably have an answer for your question and any other question you have about joining.
@@cvleb777close it and im bootcamp(basic training) your instructors will get your backing set up people from different banks come in and u do paperwork for it its easy
@@cvleb777keep it, but start a Navy Fed account and direct deposit with them. Navy Federal is leagues better
For those who are wondering all of the cons she presented for credit unions are circumvented by finding an open / large / well serviced credit unions! The phone app for the larger credit unions are amazing and they offer all the services of a bank.... she dint really give the reality of credit unions they are a LIFE changer. And some of the BEST credit unions only need non profit membership to join!
DO you have any suggestions for credit unions
Banks are collapsing
Why be careful when you're a bank, when feds give you endless cash. Credit unions have insurance and investers that cover costs. So they have to be more carefull with money. Ya credit unions are better.
* Aggressive banks are failing* *Regional aggressive banks *
Problem is my credit union gives hardly nothing of APY. Transferring my direct deposit to Sofi for the APY.
I have used many different banks and credit unions over the years. Definitely recommend using a cash back credit card as the payment on all the auto payments and this way you just need to link a new account to the credit card to pay off the bill to make changing main money receiving account easily changed. Credit unions have always offered myself a lot better apr on credit cards as even their highest apr is 18% whereas some cards have with major banks are now at 29 and 30%. The most i have ever kept in an account was 15k and at major bank, i was treated like I my business didn't matter to them whereas at credit union I have always been treated like a customer. I imagine if you have 100k or more the big banks may treat you a little better, idk. Anytime I look for a loan, I always check with credit union first bc their rates are usually lot lower than what I get offered from a bank.
They spent just a min on credit unions and never once said anything negative about banks
I feel like everyone knows about banks tho
What’s wrong with using my mattress?
Inflation. As your money doesn’t grow it’s actually decreasing in value.
Bed bugs
Good savings rates? Where?
There's plenty try credit karma they current APY is 3.75 some banks offer a 4% APY just search around...I would go with Alliant credit union as well
NOWHERE
Open up 2 or more...find away to beat the odds...create your own APY
Right! That was definitely a Lie!
This was extremely helpful Thanks for teaching me what higher education has not!
Thanks for sharing this information! It helped me a lot.
PD. Jesus Loves You! 😊🔥
Thank you for this video. I would like to understand more about Credit Union dividends versus APR and APY and how they work together. I have noticed that some credit unions offer both an APR and dividend on the same account
Credit unions are better for the people, while banks are better to large businesses and corporations. My personal experience, I've had trouble with both, but banks were more costly.
Incredible information, as always!! Soooo, credit unions >>>>>>
I deal with 2 banks.
Santander bank. Checking / savings.
Middlesex savings. Checking only. This a local bank where I live.
2 Credit Unions.
DCU. Checking / savings.
Align credit union.
Checking / savings.
I couldn’t concentrate on what you were saying because of your beautiful everything!
Yes they nice as long as they don't do risky investing and collapse . Only this time they will do a bail in. Using your deposits to bail their selves out of trouble. And you get a paper of ownership in their failed bank.
Online Banks like chime, and SOFI are the way to go now a days
Thats all some people have ever done is exploit those they victimize and then call it business .
What a fantastic explanation. Thanks as always Nerd Wallet!
This was such a great video! Thank you so much
SHES PRETTY
😂😂😂 really! wanna date her lol
Can you have both a bank and credit union
Why couldn't you?
👍👍👍
I love her
wow you ripped off pbs two cents
How do you animate your video.
❤❤❤❤❤
Credit Unions are BANKS.... and Banks are investment institutions.
Have you ever heard of inflation ? Keeping money in a savings account is probably the dumbest thing you could do right now.
Inflation is causing interest rates to go up so it's wise to put your money in a savings account...I got 2...1 with Alliant credit union and another with credit karma...1 of the fed also announced they expecting interest rates to go up more before they come down...so I advise to ride out this year with putting your money in a savings account...you not really losing money you always gaining
ever heard of high yield online only savings accounts look it up
@@bionicwoman9884 you speaking facts Alliant credit union offer High Yield checking and Savings account...it's a win win situation
Actually right now interest rates are up, therefore a savings account would be much better for when a recession happens.
@@Digbong96 I see you did your research... your future gonna amazing if it's not already
Man this did not help at all😂
Well I don't have to really worry about any of this cuz I don't have a bank or a credit union. So my money is safe no matter what. I don't care about Car loans because I don't make payments on cars. I buy cars and car so I own it the same day I buy. And I don't have to worry about no fees of any kind because well I don't have a bank or credit union.
I’m interested in your method, would you care to share!