Break "em Up

[Ibanez]

Cool story, bro.

Don't worry. It wasn't.

[danefan]

While borrowing is sometimes "tiered", there's very little difference in COF when borrowing from the Fed as a general rule. The REAL competitive difference is CONVENIENCE. Every year there's a national survey done and every year credit unions blow away banks in nine of the ten categories...trustworthiness, friendliness, helpfulness, product offerings, knowledge, etc., etc. Banks win in only ONE category: convenience. And banks hold 94% of all $$ on deposit in financial institutions.

Several years ago the credit union industry launched the Shared Branching Network to combat this competitive advantage...it's slowly catching on, but it will take years to put a dent in that 94% number. Some people just can't be taught.

So credit unions have better wealth management services, especially those geared towards big fish?

Every gazillionaire I know is with a bank. 90% of the very wealthy are with a bank. Most of the wealthy are with banks.

Most super wealthy people don't use banks for anything other than pooling cash and a quick and easy way to move cash.

Wealthy people use a Famiy Office structure for wealth management. They create their own investment vehicles and hire people to work exclusively on managing their wealth.

[AZGrizFan]

Yes, I'm shocked....SHOCKED, I say....who knew we didn't provide adequate wealth management?

Thanks for the heads up, D.

You also don't have adequate Mortgage/Home/Businesss services either. I had to go with a bank on my morgage and handle my retirement. Wish I could've gone with a CU, but you guys are just too complacent.

By "you" you mean the mom and pop CU down your street? Because there are tons and tons of credit unions across this country who have excellent mortgage/home/business services. Sounds like you are using anectodal evidence yet again to try and prove a lame-ass point.

[D1B]

You also don't have adequate Mortgage/Home/Businesss services either. I had to go with a bank on my morgage and handle my retirement. Wish I could've gone with a CU, but you guys are just too complacent.

The Credit Unions here offer great mortgage rates as well as retirement management, investment advice and management, college planning, asset management, estate planning as well as debt solutions and credit counseling and customer service. Heritage Trust Federal CU, Navy Federal and South Carolina Federal CU are great businesses. I've used HTFCU in the past and have always thought they treated me better than First Federal or Wachovia. I don't use a CU just b/c I get great service from USAA and have no need for multiple banks.

You don't use a CU. next.........

[D1B]

You also don't have adequate Mortgage/Home/Businesss services either. I had to go with a bank on my morgage and handle my retirement. Wish I could've gone with a CU, but you guys are just too complacent.

By "you" you mean the mom and pop CU down your street? Because there are tons and tons of credit unions across this country who have excellent mortgage/home/business services. Sounds like you are using anectodal evidence yet again to try and prove a lame-ass point.

Oh, you mean those mega-CU's that are really banks and are essentially operating outside their charter, thus illegal?

[89Hen]

Not so much a conservative thing. Dodd/Frank went further than anything so far to set up the banks to be as large as they are. Enshrining too big to fail into law was a centerpiece of the Democrats response to the recession. I'm not too sure I'd want to set a limit as to how big you can be, but I'd certainly take away the parachutes that exist for those big banks that take the risks away.

You missed the point. Less competition is bad from the conservative perspective. And I agree. But so is regulation. Both sides pander to big banks. It's a conundrum for sure.

FWIW, Dodd/Frank did more to hurt competition in the mortgage industry than anything else in my career, BY FAR. The moment I read about what they wanted to do it was evident this would be the case.

[89Hen]

You also don't have adequate Mortgage/Home/Businesss services either. I had to go with a bank on my morgage and handle my retirement. Wish I could've gone with a CU, but you guys are just too complacent.

By "you" you mean the mom and pop CU down your street? Because there are tons and tons of credit unions across this country who have excellent mortgage/home/business services. Sounds like you are using anectodal evidence yet again to try and prove a lame-ass point.

I beat CU's in rate 95% of the time and in service 100% of the time. I am always happy when I have a referring agent tell me their client was working with their CU... that means I'm getting the deal.

[kalm]

You missed the point. Less competition is bad from the conservative perspective. And I agree. But so is regulation. Both sides pander to big banks. It's a conundrum for sure.

FWIW, Dodd/Frank did more to hurt competition in the mortgage industry than anything else in my career, BY FAR. The moment I read about what they wanted to do it was evident this would be the case.

I don't doubt that. Honest question, was it a matter of unintended consequences or are there entities that will benefit from Dodd/Frank?

[89Hen]

FWIW, Dodd/Frank did more to hurt competition in the mortgage industry than anything else in my career, BY FAR. The moment I read about what they wanted to do it was evident this would be the case.

I don't doubt that. Honest question, was it a matter of unintended consequences or are there entities that will benefit from Dodd/Frank?

So far, I've benefitted in compensation, but lost some months/years of my life because of the stress it's created. Long story short, I can't cut my commission to give you a better rate. The bank has to pay me the same % on every deal, no matter where I bring the price in. That means my window for pricing has been shrunk dramatically.

[D1B]

By "you" you mean the mom and pop CU down your street? Because there are tons and tons of credit unions across this country who have excellent mortgage/home/business services. Sounds like you are using anectodal evidence yet again to try and prove a lame-ass point.

I beat CU's in rate 95% of the time and in service 100% of the time. I am always happy when I have a referring agent tell me their client was working with their CU... that means I'm getting the deal.