My credit union was originally for the teachers and instructional support people of our school district. They’re now the largest credit union in Florida, I believe. We don’t pay fees and have stupid low interest on credit cards, like 6%-8%. Their mortgages are competitive, but like most banks and credit unions, the process is stupidly slow so whatever you might gain by using them you lose in the ability to act quickly.
We’ve used a national mortgage broker for the last three home purchases and they blow through the process like you can’t believe. Good deals on car loans, too, if I ever needed one. Very competitive and will loan on “older” vehicles, too. -D > On Aug 23, 2020, at 12:53 PM, Allan Streib via Mercedes > <mercedes@okiebenz.com> wrote: > > Mitch Haley via Mercedes <mercedes@okiebenz.com> writes: > >> Commercials for credit unions and mutual insurance companies are the >> first obvious sign that management is running it as a for-profit >> business, instead of for the mutual benefit of the member-owners. At >> that point, the best you can hope for is demutualization with a chunk >> of free stock shares going to you as a prior owner. > > My employer credit union was originally open to Indiana University > employees only. Then they started accepting anyone employed in education > at any level. Now they are open to anyone, and even offer business > accounts and business lending. They've basically turned into a > commercial bank, complete with punishing fees for overdrafts, minimum > balances, etc. They are generally not competitive on mortgage or auto > loans anymore. Due to inertia, I haven't looked at alternatives, but > occasionally think that maybe I should. > > Allan > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
