credit union shock

ubeonek

I just got my intrest on my savings 1/2% yes one half percent dividend my god and aloan I had taken out for my son was 8 1/2 %.Has it come to this I need to get out quick help where to ?????

p2kone

just to let you know that the finanical regulator limited the amount of dividend that the credit union could give to their customers this year.

Colonel Sanders

ubeonek wrote: »

I just got my intrest on my savings 1/2% yes one half percent dividend my god and aloan I had taken out for my son was 8 1/2 %.Has it come to this I need to get out quick help where to ?????

No offence but every man and their dog knows credit union's do not pay anywhere near market leading rates of interest

Colonel Sanders

In terms of what products are available try here.

Askaboutmoney also has a 'Financial Best Buys' section where you can chcek out the best rates on Fixed term, lump sum and regular savings accounts

ubeonek

Colonel Sanders wrote: »

No offence but every man and their dog knows credit union's do not pay anywhere near market leading rates of interest

To charge 8.5 and return .5 is to my mind dishonest and not at all what the c.u idea was ment to embelish I know all my friends are getting out as fast as they can and I am next .I wonder will the goverment bail out the c.u.s as I am sure they will be next after all they were the firsr in the US to go . The banks will be happy as they have veiwed them for years with contempt andso will as they have removed themselves from all their original ideals and forgotten the ordinary man. Stock market investment was not what they were set up for but to help those who could not get it from banks,and to get rid of money lenders .It is asad day for Ireland

parsi

In terms of the Credit Unions aren't interest and Dividends different items ?

I seem to recall looking at the proposed dividends for our CU and they were smaller than usual but were in addition to the interest.

CU's have really always been about borrowing and not saving - they offered a straightforward and flexible way to borrow esp in the days when the banks didn't really care about small borrowers.

ch750536

Credit unions are not there to make money and are not there to make you money. They are a safe alternative when looking for finance.

Each branch also has individual terms etc, for example, Listowel is far better than Abbeyfeale and Castleisland in both financial and service terms.

A credit union is good if you have a bit of cash but now & then need to borrow for a purchase. They basically look at how you have saved with them and then make an offer.

It's on the traditional model of the 'old building and loan'.

Right now they are cash rich and I believe they are being restricted to allow the banks not to be punished though I have no source or footing other than using my eyes for the last statement.

abitlonely

Did you get a rebate on interest paid? My local CU refunded 20%
of interest and paid (near certain) 2% dividends. I don't know their lending rate though.

the groutch

ch750536 wrote: »

Credit unions are not there to make money and are not there to make you money. They are a safe alternative when looking for finance.

Each branch also has individual terms etc, for example, Listowel is far better than Abbeyfeale and Castleisland in both financial and service terms.

A credit union is good if you have a bit of cash but now & then need to borrow for a purchase. They basically look at how you have saved with them and then make an offer.

It's on the traditional model of the 'old building and loan'.

Right now they are cash rich and I believe they are being restricted to allow the banks not to be punished though I have no source or footing other than using my eyes for the last statement.

1. I thought credit unions were non-profit

2. the banks should be punished imo, if anything the credit unions are being punished for the mistakes of the banks

ch750536

the groutch wrote: »

1. I thought credit unions were non-profit

Thats what I said, maybe you misread.

the groutch wrote: »

2. the banks should be punished imo, if anything the credit unions are being punished for the mistakes of the banks

I agree, I read somewhere about them having too much cash (which they are not allowed to invest in markets) hence too much really really safe assets. For this they are punished....

the groutch

sorry m8, misread

anyway, will be closing my credit union account as soon as I have picked out a suitable alternative for my savings

of course that's probably what Brian Looney-han wants, for the credit union savers to plough money into the banks rather than the government via more taxes

staf9

as far as i know the dividend payment is a payment on profits the credit union has made, this has nothing to do with interest paid on your savings. your savings in the credit union are essentially shares and this payment is based on your shares/savings in the credit union.

corkandproud

ubeonek wrote: »

To charge 8.5 and return .5 is to my mind dishonest and not at all what the c.u idea was ment to embelish I know all my friends are getting out as fast as they can and I am next .I wonder will the goverment bail out the c.u.s as I am sure they will be next after all they were the firsr in the US to go . The banks will be happy as they have veiwed them for years with contempt andso will as they have removed themselves from all their original ideals and forgotten the ordinary man. Stock market investment was not what they were set up for but to help those who could not get it from banks,and to get rid of money lenders .It is asad day for Ireland

It's a sad day when you make these eroneous statements.

1) Because of the benovalent nature of the movement, they have the highest rate of bad debts.

2) 8.5% is not bad for unsecured lending at small figures (less that 10k)

3) You are a shareholding member of your Credit Union, did you go to the AGM, did you vote on the Directors, did you nominate a director, supervisor, auditor, did you oppose the accounts which were posted to your house, did you accuse them directly of being dishonest?

4) Can you tell me the stock market returns your Credit Union has earned/lost over the past 12/24/36/48 months?

5) How, Why and Whem was the US experience comparable to the experience of the Irish economy?

kingshankly

credit union is not competing with banks they offer a different service imo where it is very easy to obtain a loan,and if you happened to die they cancel your loan and double your savings