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our own currency project

Started by maxxoccupancy, April 19, 2006, 06:34 PM NHFT

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maxxoccupancy

Quote from: powerpenguin on May 03, 2006, 12:28 AM NHFT
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

Quote from: maxxoccupancy on May 04, 2006, 02:56 AM NHFT
Quote from: powerpenguin on May 03, 2006, 12:28 AM NHFT
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

Quote from: maxxoccupancy on May 04, 2006, 02:56 AM NHFT
[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


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.