Donttaxmycu.org: Big Banks Start Campaign To Destroy Credit Unions

[Ellis]

I'm really curious to hear some opinions from ES...

 

http://www.donttaxmycreditunion.org/big-banks-start-campaign-to-destroy-credit-unions/

 

The Move Your Money project was born out of the Occupy Wall Street movement, which began in September 2011. The impetus was the announcement by Bank of America that they were going to impose a $5 dollar monthly fee for debit card users. On November 5, 2011, customers were to close their accounts at major banks and open new ones in community banks or in credit unions.  Already infuriated by Wall Street’s recklessness leading to the 2008 financial collapse, the idea caught on like wildfire across the nation.

The effort worked, and Bank of America abandoned the debit card fee plan.

For the months leading to November 5, 2011 — and for several months after – millions of customers closed their accounts at the major banks and transferred their deposits to smaller ones and credit unions. Since then, credit union membership has been steadily growing. As of March of this year, credit union membership has increased to more than 95 million members and they hold 6 percent of the financial assets of United States to the tune of $1 trillion dollars.

Now the major banks want to destroy them.

This month the banking industry, via their lobbying group the American Bankers Association, started a huge lobbying effort to end the tax break credit unions receive as non-profit organizations – a tax break that allows them to run as a non-profit and offer their members services at a much lower rate. Credit unions received federal tax exempt status due to the 1934 Federal Credit Union Act, which was established in large part due to the economic collapse of the Great Depression (they still pay state and local taxes). The banks feel that the federal tax exemption is giving credit unions an unfair advantage.

more at the link...

[Slateman]

I love my credit union. I hope Navy Fed doesn't go anywhere for a while.

 

Also love USAA. I don't know if they count as a bank or a credit union, but they're extremely dependable and helpful whenever I need them.

[twa]

I love my credit union too, the competition is good and they do more to help the individual than banks

 

I remember when banks started jacking up fees "because" most personal accounts were a drain....till they left 

[HOF44]

Just another example of the Corporate Oligarchy rigging the system to redistribute wealth.  All the tea party people talk about socialism, the real redistribution of wealth has been from the middle class to the very top.  It has been done by changing laws to allow for more influence, then utilizing that influence.  Socialism is alive and well in the USA just not in the form they think.