50 years ago banking was dominated by community banks (so called because they cared about the community they were in). These were the people who looked after you as much as their bonuses. Someone you could trust because they shared your risk, who could say the financial system has no clothes because their livelihood depended on you succeeding not failing. Community banks prospered if you kept your house not foreclosed on it. If your small business did well, the community did well.
In short where is the Bailey S&L from “It’s a wonderful life” now? Given the way our banking system is set up the modern day equivalent seems to be the Credit Union. It is not for profit, so has no motive to see you fail, and cannot be bought so it does not need to pad its balance sheets with risky investments. Thanks to my friend Brewster Kahle I have been given an opportunity to help right my country by starting a totally transparent Credit Union. But I will need your help, and from my travels I still believe we are fundamentally a kind generous nation willing to help our fellow citizens. Our simple mission is to restore fairness to the financial system, start a work place where your job is contingent on your work not office politics, and provide jobs across America. How this can help all of us will be the subject of future blogs but right now I need your help in naming the credit union since the current working name, “We Don’t Suck,” makes my mom cringe. Write me suggestions and please come along with me for the Journey. It may be trying – it may make your blood boil but I promise it will be entertaining and worth your while. As Margret Meade once said: “Never doubt that a small group of thoughtful committed citizens can change the world. Indeed it is the only thing that ever has”.
Jordan
IAFCU Ownership Statement
At a credit union, you are not a depositor, a debtor, or a simple customer. You are a member of the cooperative and an owner of the financial institution.
You are a voting voice in the decisions of the credit union. You can attend the membership meetings and participate in the decisions. You can speak directly to the CEO and the directors. You elect your board of directors and may even decide to run for a director position yourself or volunteer on one of its committees.
There is true equality at the Internet Credit Union. Every member benefits from the credit union’s success through better rates on savings, lower rates on loans, fairer fees, and certainly better customer service.
The funds in the credit union come from the local community and return to the local community, not some vault at some corporate office in a far-away metropolis or foreign country. Make your money work for you, your friends and your neighbors. When you access your credit union through either the Internet-door or the front door, you are entering your financial institution, your home.
