our own currency project

[maxxoccupancy]

It can't be that hard, but it takes some capital to get started. There's a reason why financial institutions tend to have investors 8-).

Who says we have to make our money by lending?  If we own mutual fund based accounts through such a credit union, then those accounts are not used for lending.  The depositer pays the requisite fees for the account.  Mutual funds usually take 2% of your total per year, but index funds take just 0.2%

If membership in this credit union is paid with a flat $8-10 a month fee per customer, then who is to say that this is wrong?  I already pay more than that for "free" checking.

--Max

[Pat McCotter]

It can't be that hard, but it takes some capital to get started. There's a reason why financial institutions tend to have investors 8-).

Who says we have to make our money by lending?  If we own mutual fund based accounts through such a credit union, then those accounts are not used for lending.  The depositer pays the requisite fees for the account.  Mutual funds usually take 2% of your total per year, but index funds take just 0.2%

If membership in this credit union is paid with a flat $8-10 a month fee per customer, then who is to say that this is wrong?  I already pay more than that for "free" checking.

--Max

$8-$10 a month in fees! I'm sorry, I'll keep my money in my mattress!

[Dreepa]

[If membership in this credit union is paid with a flat $8-10 a month fee per customer, then who is to say that this is wrong?  I already pay more than that for "free" checking.

Credit Unions usually have no fees.
Recently Credit Unions have been acting more like banks; trying to grow bigger, gaining new groups that are outside of their core membership, and charge monthly fees.

The minute any account I have charges a fee.. I will close that account.

[PowerPenguin]

I don't have any fees either, as long as I don't get tagged for overdrafts on my checking account. Expenses should be taken out as a small % of income from investments, loans, etc. as existing CUs already do.

[Atlas]

I still like what I here.

[PowerPenguin]

You mean "hear"? Also, what do you mean?

[MattLeft]

Max--

I like the way you're thinking.  The idea might need a lot of work...hell it might be wholy unfeasable.  But it'll be valuable knowledge whether it flies or falls.

[PowerPenguin]

We'll MAKE it work, damnit! 8-)

[Russell Kanning]

No fees goes along with banks that have the advantage of inventing money.
Would this CU be connected to the fed system for check clearing, debit system etc.?

[PowerPenguin]

Perhaps, if it's possible to do it in a non-compromising way. Otherwise no. Do you have any buddies who are creditors? It might come in handy later.