Monday, April 21, 2008

Move That Cash

This is a repost because I have recieved many qustions from maidens asking why credit unions are safer. Well Bank of America just posted a 77% drop in income which includes 6.01 Billion Dollars in writedowns.
Again, I am encouraging all of the squires and maidens, my name for friends of King George, to move or open new accounts to credit unions insured by the National Credit Union Administration, not the Federal deposit Insurance Corporation. There are many reasons, the first of which is credit unions have more capital and make less risky investments, second they offer more educational information about savings, checking and the use of credit, and third they are democratic institutions which mean if you are so inclined, you can run for a seat on the Board.
Credit Unions have also expanded their offerings for business loans, and lets face it, a banks are in survival mode and are not in a position to extend credit for the next 3 quarterers. As a matter of fact, Suzy Orman said what many whites think on Oprah's Show on Monday, March 29, 2008. She stated and Oprah nodded in agreement that minorities and President Bush were responsible for the sub prime crises.
So friends, the first thing to do this month is to move that money to a safer financial institution and start enjoying lower fees and higher interest rates on your accounts.

King George Farrell
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