More Bank of America suckage.

[austinN4]

@chadbag

The reason they don’t pay Federal income taxes is that they are non profits. There is nothing to tax.

My point exactly. And don’t kid yourself - CU’s don’t manage their P&L to zero. They have what tax-paying businesses would call profits, they just don’t have to pay federal taxes on it. Talk about unfair competition!

Interestingly, I found a list of 30 or so Utah banks. I went to the websites for 6 of them that show branches in my general area (Ogden to Payson) and that were local, not part of a big bank.

As I previously said, Utah only has a small number (56) of banks headquartered in the whole state. And most of the big banks headquartered there are operations of much larger holding companies such as Ally, Morgan Stanley, American Express, UBS, GE Capital, BMW, CIT, Sallie Mae, etc, which are there primarily for the low cost of the labor pool and are not community oriented at all.

The biggest bank with any real ties to Utah is, of course, Zion, and they are far from a small community oriented bank. But there are a handful that are.

Ogden is in Weber County, and Payson is in Utah County.

In Weber County there are only 2 banks headquartered there - TAB and Bank of Utah. Not much to choose from, for sure.

In Utah County there are more, but still only 6 and not a lot to choose from:

Bank of American Fork, American Fork
Central Bank, Springville
Rock Canyon Bank, Orem
Capital Community Bank, Provo
Green Dot Bank DBA Bonneville Bank, Provo
American Bank of Commerce, Provo

I know nothing about any of them. I am only saying there are locally-owned community bank alternatives to banking with the really big banks, and this is true for almost any area of the country. It is not accurate or fair to lump them altogether when bashing (deservedly so) the really big banks which are few in number but give the whole industry a bad name.

[chadbag]

@austinN4

Believe what you want, but I disagree with all of the above statements.

CU’s do not have shareholders in any sense, they have “members”. And the members have no investment at risk. Their deposits do not constitute skin in the game as they are insured and not at risk. As a result, they tend to go along with whatever management wants.

Really? I personally have experience with a CU where the membership revolted and threw out pretty much the whole board and instituted their own board [which in turn hired their own executive team to replace the one the previous board had hired] due to bad “bank like” practices the previous board had been pursuing.

CU memberships don’t go along with the board / management any more than bank shareholders do in my experience (which, in truth, in most matters, means that BOTH of them do most of the time).

BTW, I have never paid a service charge on my small business account either, and it is at JP Morgan Chase, one of the big nasty banks.

[chadbag]

@austinN4

My point exactly. And don’t kid yourself - CU’s don’t manage their P&L to zero. They have what tax-paying businesses would call profits, they just don’t have to pay federal taxes on it. Talk about unfair competition!

Cry me a river. There is no unfair competition. All non profit organization work that way. They don’t have profits. There is nothing to tax.

They have to legally keep certain reserves and rainy day funds. Most CU I have been part of publish their financials. It is there for all to see.

They put those “profits” back into the system by lowering loan rates, having lower and fewer fees, etc.

As I previously said, Utah only has a small number (56) of banks headquartered in the whole state. And most of the big banks headquartered there are operations of much larger holding companies such as Ally, Morgan Stanley, American Express, UBS, GE Capital, BMW, CIT, Sallie Mae, etc, which are there primarily for the low cost of the labor pool and are not community oriented at all.

The biggest bank with any real ties to Utah is, of course, Zion, and they are far from a small community oriented bank. But there are a handful that are.

Ogden is in Weber County, and Payson is in Utah County.

In Weber County there are only 2 banks headquartered there - TAB and Bank of Utah. Not much to choose from, for sure.

In Utah County there are more, but still only 6 and not a lot to choose from:

Bank of American Fork, American Fork
Central Bank, Springville
Rock Canyon Bank, Orem
Capital Community Bank, Provo
Green Dot Bank DBA Bonneville Bank, Provo
American Bank of Commerce, Provo

I know nothing about any of them. I am only saying there are locally-owned community bank alternatives to banking with the really big banks, and this is true for almost any area of the country. It is not accurate or fair to lump them altogether when bashing (deservedly so) the really big banks which are few in number but give the whole industry a bad name.

You still have not answered my question. Why would I want to go to a local bank? Or any bank?

Credit Unions provide all the services a bank does, to the little guy, both small business and consumer, and do it with few fees, lower fees, better loan rates, and are generally more responsive. And with the Co-Op network and the CUSC options that many many CUs belong to, I have nationwide branches and ATM network with my local CU.

You have yet to post one reason one would prefer a bank. There may be local banks that approach the average CU performance. But do they exceed it? Not likely.

[austinN4]

@chadbag

You have yet to post one reason one would prefer a bank.

I have posted reasons why I prefer small, locally-owned community banks. Those reasons don’t work for you? Fine, but just because you reject those reasons doesn’t mean they aren’t valid for others.

[chadbag]

@austinN4

I have posted reasons why I prefer small, locally-owned community banks. Those reasons don’t work for you? Fine, but just because you reject those reasons doesn’t mean they aren’t valid for others.

Would you mind reiterating the reasons in a list, so that I can see them in a clear and concise manner? I must have missed the actual reasons one would prefer a local community bank.

thanks

[austinN4]

@chadbag

Would you mind reiterating the reasons in a list, so that I can see them in a clear and concise manner? I must have missed the actual reasons one would prefer a local community bank. thanks

Yes, I would mind. If you want to see them review my posts. But you aren’t going to convert me to CU’s and I am not going to convert you to small, locally-owned community banks, so we (you and me) are done here.

[chadbag]

@austinN4

Yes, I would mind. If you want to see them review my posts. But you aren’t going to convert me to CU’s and I am not going to convert you to small, locally-owned community banks, so we (you and me) are done here.

I won’t try and convert you to CUs. But I missed actual reasons in your posts. There was lots of background, but I did not see any reasons. Things unique that are not part of the generic offerings of financial institutions that might lead me to be interested in a community bank versus any other sort of financial institution.

All the things you listed, that I saw and understand, are not unique to community banks, so I guess I must have missed something.

–

[Watrdawg]

Both Community Banks and LOCAL CU’s offer advantages that the big banks cannot. I am a member of a local CU and we as a Mortgage Bank provide the mortgage services for that CU. The CU has a portfolio product that greatly benefits members! I have not seen a big bank that would do most of these mortgages that the CU portfolio’s. It’s all about the relationship the member has with the CU. This is the same type of relationship small community banks have with their clients. They both have their Pro’s and Con’s.

[Shawn.L]

Just canceled my card through them.