The credit union motto is “people helping people.” Yet credit unions, like big banks, collect billions of dollars through excessive overdraft fees — and the Trump administration just made it easier for them to do so.
Well, yeah. To me it’s a bank still, but a smaller one. Bank is gonna do bank things.
yeah its really more a factor of size. The small banks and credit unions pretty much can’t do much but work within the system at hand and hopefully leverage their localness to know their customers better and do something to make it a better experience. Large is what controls the rules (I mean it should be an impartial government making the rules. Like independent agencies or something).
Credit unions are usually local though. So instead of profits going to some already insanely rich areas, the profits are kept local.
Credit unions are non-profit orgs. That’s not to say they don’t also give outrageous salaries to executives, but they don’t answer to a board of investors.
This is why they generally have few, or lower, fees. They aren’t profit driven, as an entity, like a corporation is.
Many large companies and unions have their own credit unions that are quite large
I worked on a credit union and it was extremely profit driven. They would pay lip service to “serving our members” but it was always about “growing assets profitably”, as they put it.
And it really just felt like an American work culture thing more than anything else. Like one of the previous CEOs had his house paid for, his car; his wife and him even had free health insurance for the rest of their lives. I know all this because he had an affair with a secretary(he forgave a loan she had for $20,000+) and there was a court case.
The people saying it’s non-profit or it all stays local I think don’t realize how much greed is still there and active.
