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Credit Unions

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Re: Credit Unions

#41

Post by latchkey »

1123581321 wrote: post #33
latchkey wrote: post #31

Earlier quoted context omitted.

> I don't know about it, therefore it's scary! What's wrong with that? Seriously, belittling someone because they don't know about something, so therefore they'd rather avoid it, doesn't seem right either. I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, because I'm already protected at the bank th…

It’s wrong because you weren’t just trying to avoid it personally; you were trying to scare others away by confidently declaring a problem (“a big one”) while knowing you were ignorant about it.

Wow, HN is really bringing out the asshats today.

This is what I was responding to:

> I could not tell you whether it's more or less vulnerable to market instability or bank runs than a larger bank.

There was no 'confidence'. What I said was true, it isn't FDIC insured. Geez, I'm not trying to "scare" anyone, you're making that shit up.

Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but don't be a dick about it.

Re: Credit Unions

#42

Post by toast0 »

latchkey wrote: post #31
kerkeslager wrote: post #15

Earlier quoted context omitted.

This post made me chuckle. It's basically: I don't know about it, therefore it's scary! But like, what do you know about the FDIC that you don't know about the NCUA? I suspect to most people they're both just opaque blobs of the US Federal government that insure deposits up to $250,000, and that's the limit of most people's understanding of either organization. If you're not confident in the NCUA, I'm not sure what e…

> I don't know about it, therefore it's scary! What's wrong with that? Seriously, belittling someone because they don't know about something, so therefore they'd rather avoid it, doesn't seem right either. I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, because I'm already protected at the bank th…

> I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn,

The rules are pretty much the same. A credit union is likely to have the same kind of explainer that tells you the same stuff, except there's magic words like 'share account' instead of 'savings account' and 'member' instead of 'account holder'. And credit unions have to have some 'affinity' requirement. Most credit unions these days just have a geographic requirement (live, work, or worship in a list of counties), but some require a connection to some company or organization, but for otherwise national credit unions, there's often a 'loophole' way to get affiliated; you can often make a trivial one-time donation to become a member of an affiliate supporting organization and then get into the credit union. There's a little bit of smoke and mirrors there, to support the creative fiction that credit unions aren't just banks, but they pretty much are. Just like banks, some are good and some are bad, some will fail in the near future, some won't, and deposits under the $250k threshold are explicitly insured. Updates to rules that affect banks usually lead to updates that affect credit unions, but it sometimes takes a little while longer.

You'll also get notices about board of supervisors elections, which you won't for a bank with stockholders, but might get for a mutual bank.

Re: Credit Unions

#43

Post by Apocryphon »

latchkey wrote: post #41
1123581321 wrote: post #33

Earlier quoted context omitted.

It’s wrong because you weren’t just trying to avoid it personally; you were trying to scare others away by confidently declaring a problem (“a big one”) while knowing you were ignorant about it.

Wow, HN is really bringing out the asshats today. This is what I was responding to: > I could not tell you whether it's more or less vulnerable to market instability or bank runs than a larger bank. There was no 'confidence'. What I said was true, it isn't FDIC insured. Geez, I'm not trying to "scare" anyone, you're making that shit up. Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but do…

> I don't really want to find out

Why use this sort of language?

> What I said was true, it isn't FDIC insured.

But it is a banal truth, because they are simply insured by a different agency.

> I don't know anything about NCUA and I don't care to learn

So you were motivated by apathy and content in ignorance, rather than trying to scare people, with your language. Still a bad choice because it shows that you're not seriously trying to engage in a discussion and learn about a subject.

Re: Credit Unions

#44

Post by Apocryphon »

toast0 wrote: post #42
latchkey wrote: post #31

Earlier quoted context omitted.

> I don't know about it, therefore it's scary! What's wrong with that? Seriously, belittling someone because they don't know about something, so therefore they'd rather avoid it, doesn't seem right either. I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, because I'm already protected at the bank th…

> I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, The rules are pretty much the same. A credit union is likely to have the same kind of explainer that tells you the same stuff, except there's magic words like 'share account' instead of 'savings account' and 'member' instead of 'account holder'. An…

They're essentially non-profit banks, which is a significant difference.

Re: Credit Unions

#45

Post by latchkey »

Apocryphon wrote: post #43
latchkey wrote: post #41

Earlier quoted context omitted.

Wow, HN is really bringing out the asshats today. This is what I was responding to: > I could not tell you whether it's more or less vulnerable to market instability or bank runs than a larger bank. There was no 'confidence'. What I said was true, it isn't FDIC insured. Geez, I'm not trying to "scare" anyone, you're making that shit up. Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but do…

> I don't really want to find out Why use this sort of language? > What I said was true, it isn't FDIC insured. But it is a banal truth, because they are simply insured by a different agency. > I don't know anything about NCUA and I don't care to learn So you were motivated by apathy and content in ignorance, rather than trying to scare people, with your language. Still a bad choice because it shows that you're not s…

I've already learned about the subject from the other helpful comments that didn't dig into what I was saying. Now, you're the 3rd person to come quote my statements, instead of being helpful. Geez, what is wrong with you?

Re: Credit Unions

#46

Post by latchkey »

toast0 wrote: post #42
latchkey wrote: post #31

Earlier quoted context omitted.

> I don't know about it, therefore it's scary! What's wrong with that? Seriously, belittling someone because they don't know about something, so therefore they'd rather avoid it, doesn't seem right either. I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, because I'm already protected at the bank th…

> I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, The rules are pretty much the same. A credit union is likely to have the same kind of explainer that tells you the same stuff, except there's magic words like 'share account' instead of 'savings account' and 'member' instead of 'account holder'. An…

Thanks, this is a helpful answer.

Re: Credit Unions

#47

Post by Apocryphon »

latchkey wrote: post #45
Apocryphon wrote: post #43

Earlier quoted context omitted.

> I don't really want to find out Why use this sort of language? > What I said was true, it isn't FDIC insured. But it is a banal truth, because they are simply insured by a different agency. > I don't know anything about NCUA and I don't care to learn So you were motivated by apathy and content in ignorance, rather than trying to scare people, with your language. Still a bad choice because it shows that you're not s…

I've already learned about the subject from the other helpful comments that didn't dig into what I was saying. Now, you're the 3rd person to come quote my statements, instead of being helpful. Geez, what is wrong with you?

I am being helpful. I'm helping you understand what kind of unsubstantiative language cause others to object to your statements. Now you know what the faux pas is. Perhaps next time, you won't check out of your own conversation by saying, "I don't really want to find out" and "I don't care to learn." A spirit of inquisitiveness is necessary for any productive discussion.

Re: Credit Unions

#48

Post by [deleted] »

Apocryphon wrote: post #47
latchkey wrote: post #45

Earlier quoted context omitted.

I've already learned about the subject from the other helpful comments that didn't dig into what I was saying. Now, you're the 3rd person to come quote my statements, instead of being helpful. Geez, what is wrong with you?

I am being helpful. I'm helping you understand what kind of unsubstantiative language cause others to object to your statements. Now you know what the faux pas is. Perhaps next time, you won't check out of your own conversation by saying, "I don't really want to find out" and "I don't care to learn." A spirit of inquisitiveness is necessary for any productive discussion.

[deleted]

Re: Credit Unions

#49

Post by 1123581321 »

latchkey wrote: post #41
1123581321 wrote: post #33

Earlier quoted context omitted.

It’s wrong because you weren’t just trying to avoid it personally; you were trying to scare others away by confidently declaring a problem (“a big one”) while knowing you were ignorant about it.

Wow, HN is really bringing out the asshats today. This is what I was responding to: > I could not tell you whether it's more or less vulnerable to market instability or bank runs than a larger bank. There was no 'confidence'. What I said was true, it isn't FDIC insured. Geez, I'm not trying to "scare" anyone, you're making that shit up. Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but do…

Hey, sincerely sorry to hurt your feelings. I was trying to explain to you what everyone is seeing in your series of comments. I will think how to write it better next time (or just not.)

I appreciate the irony of coming across wrong in an attempt to tell you how you came across wrong. :)

Re: Credit Unions

#50

Post by starkparker »

Is there a reason why startups or VCs burned by SVB wouldn't go in on forming a credit union for a successor? Even if it's not safer, but for the access and transparency of being more than customers?
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