CD - Certificate of Deposit Interest Rates --Ugggg !

[two_bit_score]

Mine is like that except they are making money...

Charges for everything and some charges have more than doubled in the last year...

I don't know how long it will last... there is a huge push from Banks to rein in Credit Unions... kind of like the Bailey Building and Loan in the classic "It's a Wonderful Life"

Banks have been trying to do that since credit unions were created.

I can't afford to borrow money from my bank on a retail loan because of the fees they try to charge. And even owning stock in the bank does not help. They tack on so much unreasonable charges to a loan that it just made it better to do a CD loan and be done with it.

But they have paid good dividends every quarter for over 20 years, stock splits and other things have made it a pretty good investment, actually.

Credit union just went to 1.75% on new auto loans!

 

[ultrarunner]

Credit union just went to 1.75% on new auto loans!

Almost makes a person want to go out and borrow money... I did say "Almost"

First home loan was the bargain rate of 12.5% with 2 points...

My goal is to pay off my remaining two mortgages..4% for 7 more years on one and the other is at 3% and can adjust up every 12 months... so far it's gone down every 12 months.

 

[scoutcub]

I'm kinda curious if most folks here contributing have any debt? My current mindset is to not have any more low-interest savings/money markets, but to pay down loans/mortgages at 4-8%. I think this is a better use of money. By the time I get everything paid off (if ever):laughing: hopefully savings rates will be higher.
I recently had a MM fund that I was going to move to to a local bank for easier access. The local bank had a rate of 0.92%, which was better (ha) than the last one. When I went to sign up, they informed me I had to ALSO have a checking account, and 5 transactions per month or a fee would apply. I was steamed....but politely thanked them for the effort and walked out.
No thanks!

 

[300UGUY]

Banks have been trying to do that since credit unions were created.

I can't afford to borrow money from my bank on a retail loan because of the fees they try to charge. And even owning stock in the bank does not help. They tack on so much unreasonable charges to a loan that it just made it better to do a CD loan and be done with it.

But they have paid good dividends every quarter for over 20 years, stock splits and other things have made it a pretty good investment, actually.

Credit union just went to 1.75% on new auto loans!

Local bank was a good investment, one of the few that survived the Depression here in Michigan. I think there were 2 that survived in the whole state. But thier stock price has fallen from $35 per share to <.50c pe share. The problem was loaning to real estate developers and commercial development. Some of the developers, like Pulte & Centex, left developments partially completed, walked away and left the banks and local governments to clean up the mess.

 

[300UGUY]

I'm kinda curious if most folks here contributing have any debt? My current mindset is to not have any more low-interest savings/money markets, but to pay down loans/mortgages at 4-8%. I think this is a better use of money. By the time I get everything paid off (if ever):laughing: hopefully savings rates will be higher.
I recently had a MM fund that I was going to move to to a local bank for easier access. The local bank had a rate of 0.92%, which was better (ha) than the last one. When I went to sign up, they informed me I had to ALSO have a checking account, and 5 transactions per month or a fee would apply. I was steamed....but politely thanked them for the effort and walked out.
No thanks!

I got everything paid off about 10 years ago. Around here, the local banks suck. Better off with a big bank or a cu.

 

[dmccarty]

We have been in a CU for years.

Our first house and raw land loans were with the CU.

The lot was under five acres and the house in a subdivision in a city.

When we went to build on the small lot, the CU did not like my ideas, we had a change of plans, so no house was built.

We sold the lot to buy more land.

The CU would not help us buy more land.

So we went with a Big, Bad Bank. The BBB had better rates, better service and would actually loan us the money. When we went to build a house, the BBB rates and terms was better than the CU.

Our accounts are in the CU. Our loans are with the BBB. The CU removed all of their tellers this year and replaced them with TV sets, phones and modified ATM machines. Yes you heard that right. When I go to the CU I have to talk to the teller on a video feed.

I do not like it. The only reason we are still at the CU is that it is very convenient. Having the tellers remote has somewhat worked out in that they now are open until 1900 instead of closing at 1630.

The local CU in our town as well as the BBB have real live people we can talk too in person not via video.

Later,
Dan

 

[two_bit_score]

I'm kinda curious if most folks here contributing have any debt? My current mindset is to not have any more low-interest savings/money markets, but to pay down loans/mortgages at 4-8%. I think this is a better use of money. By the time I get everything paid off (if ever):laughing: hopefully savings rates will be higher.
I recently had a MM fund that I was going to move to to a local bank for easier access. The local bank had a rate of 0.92%, which was better (ha) than the last one. When I went to sign up, they informed me I had to ALSO have a checking account, and 5 transactions per month or a fee would apply. I was steamed....but politely thanked them for the effort and walked out.
No thanks!

It's always good to ave a safety cushion saved up. But, you are exactly correct about paying off notes with 4-8% rates when you are only getting less than 1% on your savings being the better route.

It's very nice to be debt free.

 

[two_bit_score]

Local bank was a good investment, one of the few that survived the Depression here in Michigan. I think there were 2 that survived in the whole state. But thier stock price has fallen from $35 per share to <.50c pe share. The problem was loaning to real estate developers and commercial development. Some of the developers, like Pulte & Centex, left developments partially completed, walked away and left the banks and local governments to clean up the mess.

Yeah Michigan has had a lot of problems. Mostly brought on by uncontrolled government spending, federal, state and local as I understand it. Going to be a long slog back to recovery but with some financial conservatism it can be done. Good luck. Hang in there. It will begin to get much better when the government changes in 2012.

 

[300UGUY]

Yeah Michigan has had a lot of problems. Mostly brought on by uncontrolled government spending, federal, state and local as I understand it. Going to be a long slog back to recovery but with some financial conservatism it can be done. Good luck. Hang in there. It will begin to get much better when the government changes in 2012.

I have lived here all my life, so maybe I am biased. lol!!! But our problems have not been with spending, we are not a high tax state, and have been pretty fiscally conservative in the past. And we have been, historically, sucking hind teat on federal spending, we get very little back compared to what we send in. Seems that most milatary bases are in the south. Our problem is that as of 2000, we had the highest concentration of manfacturing jobs in the country. And from 2000 - 2009, we lost about 1 million jobs. In a state of 10 million. Most of the jobs went to China or Mexico. The lure of easy money ( cheap labor ) has a very strong appeal. I don't think Texas or any other state would be doing too well if they had that going on. It really is more of a depression here that recession. BTW, we have had a Republican governor since last year. So far he has increased taxes on pensions. I personally don't see how that makes thing better....(((

 

[two_bit_score]

I have lived here all my life, so maybe I am biased. lol!!! But our problems have not been with spending, we are not a high tax state, and have been pretty fiscally conservative in the past. And we have been, historically, sucking hind teat on federal spending, we get very little back compared to what we send in. Seems that most milatary bases are in the south. Our problem is that as of 2000, we had the highest concentration of manfacturing jobs in the country. And from 2000 - 2009, we lost about 1 million jobs. In a state of 10 million. Most of the jobs went to China or Mexico. The lure of easy money ( cheap labor ) has a very strong appeal. I don't think Texas or any other state would be doing too well if they had that going on. It really is more of a depression here that recession. BTW, we have had a Republican governor since last year. So far he has increased taxes on pensions. I personally don't see how that makes thing better....(((

States with high concentrations of labor unions really took hits.