Torvy
Super Member
True, but that does not change the desire to keep money local.Credit Unions are non-profit.
True, but that does not change the desire to keep money local.Credit Unions are non-profit.
So now we are talking about Bank accounts. Yes, I agree that you should do your checking and savings at a local bank. The volume in deposits and withdrawals does keep people gainfully employed. How much "volume in business" is there with a monthly payment that goes to a different zip code or made electronically over the internet as many people do? The deposits to make those electronic payments still have to be made, unless you have have direct deposit like I have for the past 15 - 20 years. The processing of loans is much different than it was even 5-10 years ago. Things change and banks seem to have adapted well to the changes.No different than any other retail business. Volume of business supports income, income pays wages and benefits to employees, fixed expenses, variable expenses and excess which is reinvested or taken out as profit.
If the OP's CU (or bank) has fewer deposits and writes fewer loans the business shrinks and dies.
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they are telling me I need to have the brand new tractor appraised by someone other than the dealership I am buying it from. I am not sure how to go about this. . .
Sorry if you take it that way, I was not trying to be argumentative, I was replying to the comment you made on my post, about banks providing jobs. I thought of it as a friendly debate. Quite simply, I don't think that tractor loans come anywhere close to where home mortgages, auto loans and personal loans make profit for the bank. The OP and I both have given examples where our CU (or bank?) have been unable, unwilling, or have at least made it difficult to write a loan for a new tractor. It seems likely that this has contributed to tractor manufacturers making it easier for consumers to get these loans for their own business interest, that is to make it easier for customers to buy their tractors. That is a good thing. In fact, the competition among the tractor manufacturers has gotten to the point where they offer either low or zero interest for their customers. Hard to compete with "free". There is a similar trend with cars, furniture and appliances, and all sorts of other major purchases. The banks still hold their niche in their core business, mortgage and personal loans.I was referring to loan volume primarily. Now you're just being argumentative. I'm out.