quote:
Originally posted by muspamaddy:
Thank goodness for Listerhill Credit Union
Maybe we should all consider banking with a Credit Union to show "we don't like it".
I don't use a credit union to protest of the Big Banks, I just get a lot better deal from the one I use. They do not advertise as much as the Banks, that saves them money, they are Local giving them a better understanding of the fine distinctions in the area. They provide all the services a person needs, and that includes car loans, home financing and small business loans. There is a disadvantage if you are operating a fairly large company, because their resources are limited.
To get financing on operations I have found the investment bankers to be the best from both sides. The Gramm-Leach-Bliley Act of 1999, seriously hampers the investment banking industry by allowing commercial banks to trade and underwrite securities. It is one of the New Conservative measures that needs amending, but the field is pretty esoteric, and sensitive.
In a nutshell, investment banks do not offer security on deposits, making them risk averse. They seek out capital for loans and investment, broker the deals, and provide seed and expansion funds. Gramm-Leach-Bliley allows commercial banks to underwrite equity securities, in effect allowing much higher risk investment of depositors money. It is argued that this particular change in the S&L industry was the cause of the massive failures in that financial market.