[BWM] the main differences with banks vs. credit unions are these: 1)banks will all offer the same services, where the credit unions will vary greatly by location the services AND interest rates they provide. 2)membership of some kind is required at credit unions whether it be employment or relation to employment. 3) many credit unions may not have a wealth management or offer protection for large deposit accounts (see local availabilities) 5) the NCUA is managed in part by the PACA which is the Office of Public and Congressional Affairs
[BWM] oops... 4)you maintain a Membership with the credit union which may have maintenance or minimum requirements...
[BWM] in looking locally... the credit union here was not a good option if you had more than a million dollars to deposit and were looking for growth (only offered a max of .75% interest but others did offer higher) while it is a great setup if you were a small depositor looking for the protection of a large group of smaller accounts, if you are looking for protection for large amounts of cash you need to look at your local area and determine if perhaps they have made arrangements for those type of accounts...
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[olesailor] BWM AndieZ what about starting your own bank?
[AndieZ] olesailor - I don't think I want that headache - but some people are thinking about it
[BWM] olesailor there are very specific guidelines for that.. mostly about protection of funds and such... but I know several ppl who have considered that post RV...
[olesailor] AndieZ I've looked at an offshore bank cost about $100,000 but gives you a lot of options
[AndieZ] olesailor - $100,000? is that to purchase a 2nd citizenship?
[BWM] olesailor BE CAREFUL with offshore... there are limitations in the (yes, highway bill) legislation for the next couple of years to add additional taxes to offshore accounting in an effort to keep monies here in the U.S.
[olesailor] AndieZ nope set up bank and biggest thing is the management software, about $60,000
[BWM] hopefully, much of the legislation put through the last four years will be overturned
[AndieZ] BWM - highway bill?
[BWM] AndieZ yes, hidden in the highway bill is language about moving your money out of the U.S.
[BWM] I believe there will be evolving options that will offer many ppl protection for their circumstances... you just have to be careful and perhaps allow some time to let things settle down between elections and the influx of new capitol into markets
[olesailor] AndieZ no they have their own accounts in a bank which they have a share of. not tricky at all just like having an account at Bank of America and owning stock in BOA
[BWM] olesailor I'd rather get a truckload of coffee cans than have an account at BOA
[BWM] well... and most of the south still uses coffee cans anyway..
[BWM] the folgers cans seem to hold up the longest...
[greyhawk] BWM I like mason jars, no rust except the lids. Lol
BWM] greyhawk yeah but you could have to break the jar to get lid off... danger danger
[BWM] you got to think safety first when burying money...
[BWM] remember... call before you dig