The winning streak my credit union has been on has run so long I can’t remember when they started handing out dividends. Unlike a bank, whenever my credit union turns a profit, the board shares the result with us shareholders! I wish it applied to my money market but I’ll take it with my minimal savings (share) account.
Anyway, CEFCU announced $40 million of success which resulted in my savings account practically tripled. I rolled the money into my money market though, said the $192 went toward paying back what we borrowed to cover the IRS.
This result once again proves my complaint with for-profit banks. It’s not just the dividends which are a pleasant surprise, it’s the mismanagement and greed behind the major banks around the world. Yet the litany about Capitalism gets banded about while credit unions continue to kick their asses.
I’m glad I joined a credit union in 1990. I didn’t stay with my first one due to the move to Illinois. When I had the opportunity to join another in 1993, I pounced on the opportunity and have done everything possible to remain. We them in Austin. I just haven’t been too impressed with the major player UFCU, they behave like a bank a little too often for my tastes. Despite my reservations, they grew during the Great Recession while the too big to jail companies contracted.