Non profit organization Bank? - off topic

[utilitarian]

hi all,

would a non profit organization bank be possible and do you think it would change the world for better?

This is already happening on a large scale.  Haven't you ever heard of credit unions?

[z.monkey]

This is already happening on a large scale.  Haven't you ever heard of credit unions?

Howdy Utilitarian,

Credit Unions are just baby start up banks.  Once they have over a certain amount of cash flow they must declare themselves banks.  They are subject to the same laws and regulations as banks.  I suspect that both Credit Unions and Savings-and-Loans were created by bankers for when the people were totally fed up with banks it would seem like they had an alternative.  Which they are not.  Same stuff different name.  And yeah, the people are fed up...

Blessed Be Brothers and Sisters...

[utilitarian]

Howdy Utilitarian,

Credit Unions are just baby start up banks.  Once they have over a certain amount of cash flow they must declare themselves banks.  They are subject to the same laws and regulations as banks.  I suspect that both Credit Unions and Savings-and-Loans were created by bankers for when the people were totally fed up with banks it would seem like they had an alternative.  Which they are not.  Same stuff different name.  And yeah, the people are fed up...

Blessed Be Brothers and Sisters...

No, credit unions are not baby start up banks.  They are fundamentally different.  They are non-profit orhanizations.  And if they are ever forced to become banks, that is news to me.  I would love to see some evidence of this.

[z.monkey]

Howdy Utilitarian,

My credit union (Community Credit Union) became a bank (Viewpoint Bank) a couple of years ago.  Service went straight down hill, fees went up and they started engaging in questionable actions.  Needless to say, I switched to another bank.

Blessed Be Brothers and Sisters...

[FreeEnergy]

great info guys! thanks! keep 'em coming