The one thing that offends me the most
is when I walk by a bank and see ads trying to convince people to take out
second mortgages on their home so they can go on vacation. That's approaching
evil.
Jeff Bezos
Over the years I’ve banked at
most of the “big banks” and eventually after particularly bad service and/or a
major screw up on their part (for which they accepted no responsibility) I told
them to go screw themselves. After one of these episodes I had a colleague who
told me how happy she was at a credit union. She gave me the contact
information for the person looking after her account, and the rest is history. I’ve
been a very happy credit union member for over 20 years.
What’s the difference
between a bank and a credit union? Credit unions are full service
co-operatives, which means that they are not-for-profit organizations. Unlike
the banks whose primary goal is to produce dividends for their shareholders,
the goal of a credit union is not to make a profit but to further the
operations of the credit union and benefit its members. Like other financial
institutions they provide chequing accounts, saving accounts, foreign currency
accounts, credit cards, lines of credit, mortgages, personal and business
loans, investment advice... And your money is just as safe in a credit union as
in a bank. What has always differentiated the credit unions from the banks is
the exceptional way that they treat their members
– not customers.
Over the last few years I’ve been noticing that more and
more of the “big banks” are bombarding the airwaves with commercials promoting
how much they care about their customers. They’re staying open longer (some
bank branches are now open 7 days a week) and each one is trying to convince
you that they’re the bank that cares.
Now the banks are
running scared of the credit unions. Why else would they have lobbied the Office
of the Superintendent of Financial Institutions (OSFI) to prevent the credit unions from using
the words bank, banker and banking? The Canadian Bankers Association actually
got the feds to agree to enforce an archaic regulation from Bank Act of Canada
from 1871 that governs who, or what can use the words. The act has never before
been enforced – until now. How can the OSFI have prostrated themselves in this
way? It’s nothing short of a national disgrace.
The words bank, banker and banking have always been used
generically for all financial institutions. I don’t say that I’m going to do my
credit unioning; I say that I’m going to do my banking. I don’t do online
credit unioning; I do online banking. These are generic terms for financial
transactions. Credit unions are not trying to fool people into thinking that a
credit union is a bank by using the words. People who come to a credit union are
making a deliberate choice.
Banks have put credit
unions in the penalty box. Canadian credit
unions will have until December to remove the words "bank,"
"banker" and "banking" from their websites. They'll
have another two years to remove the word from all signs and marketing
brochures as the federal government cracks down on any institution that offers
traditional banking services.
I am totally disgusted with federal
government for kissing the asses of the Canadian Bankers
Association. Enforcing this archaic regulation is the height of idiocy! If I
wasn’t already a member of a credit union, I’d be joining one now.
I believe that banking institutions are
more dangerous to our liberties than standing armies.
Thomas Jefferson
Make someone smile today.
Geri
