Tired of big banks paying foolish executives millions of dollars with your tax money?

Tired of wondering if your bank will lose another $6 billion by making risky trades?

Do what I do… Get off the conventional banking grid. Get your money out of the corrupt government/financing complex.

Do you remember earlier this year, when JPMorgan (JPM) lost billions of dollars in a trade the CEO said was “poorly reviewed, poorly executed, and poorly monitored?”

[ad#Google Adsense 336×280-IA]Or last year, when Bank of America (BAC) paid two executives millions of dollars in severance?

If you’re tired of handing your money to guys like that… join a credit union.

You’ve probably heard of credit unions.

But if you’re like a lot of folks, you figure there’s no real difference between them and a big, name-brand bank… at least not to you, the small, private account holder.

But they are different.

And at times like this, the benefits of joining a credit union are important.

Very simply, credit unions are nonprofit companies that act as local community banks. They are some of the best places in the world to keep your cash. They often pay the best rates on savings accounts – like money-market accounts and certificates of deposit.

Some people ignore credit unions because they see no difference between them and a typical bank. Others have trouble finding a credit union they’re eligible to join. Many credit unions have employment requirements to open an account… such as working for a specific state, county, or organization. But some credit unions don’t have these employment requirements.

For example, I just told my Retirement Millionaire readers about how the Connexus Credit Union – based in Wisconsin – only requires a $5 donation to the Connexus Association (a nonprofit organization) to get membership.

With a membership, you can earn up to 1.75% on a checking account on balances up to $25,000. You don’t even need to live in Wisconsin to open an account. Just visit www.connexuscu.org to open an account online.

There are many other deals like this with credit unions. To find out more about joining a credit union and research if you’re eligible to join one, go to www.findacreditunion.com.

Aside from the higher rates of interest, I like it that Wall Street doesn’t have access to my money. You see, the credit union turns around and loans my money to other members. Rather than investing in insider shell games, like mortgage-backed securities, the credit union’s bread and butter is car, boat, and housing loans that charge 5%-8%.

That’s how they make money to pay their employees and rent. They borrow from depositors at 2% and get 5%-8% from their lending. Unlike Wall Street, the board members meet locally in a credit union conference room, not on some island resort, spending the shareholders’ money. Even better, the board members are usually volunteers. Is this sounding good or what?

As for risks, they are minimal. In a credit union, your money is as safe as – if not safer than – it is in the larger commercial banks.

The Federal Deposit Insurance Corporation (FDIC) is supposed to insure your deposits in a commercial bank… Credit unions have the National Credit Union Share Insurance Fund (NCUSIF). This fund is backed by the “full faith and credit of the United States government,” too. Just like commercial banks, each individual is insured up to $250,000.

The way I see it, by banking with a local credit union, I’m giving my capital to local people and businesses, instead of the big Wall Street firms that get bailed out with our taxes… and then give out lavish bonuses and severance packages to executives. I don’t know about you, but I don’t want to pay for any more big bonuses, golf trips, or million-dollar office decorations.

Credit unions don’t keep plush offices or send their board members on luxury vacations. They exist solely to turn deposits into small business loans, home mortgages, and car loans. And if you take your money away from Wall Street and keep it local, you’ll support small business ventures near you.

Together, let’s stop the fraud of Wall Street and support our local community banks and credit unions… and get paid solid rates of interest for doing so.

Here’s to our health, wealth, and a great retirement,

Dr. David Eifrig

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Source: DailyWealth