Why switching money to a credit union might be a good idea.

[JDPriestly]

Caution. You have to be very careful about picking a credit union with a solid financial clientele, one that is well managed and in the black. Not all credit unions are the same.

But, assuming you have carefully picked a credit union that is well managed, credit unions are more likely to make loans to people in the community in which they are located and even more likely to give loans to their regular depositors, lenders and to people who work for the companies or in the communities they serve.

Thus, money placed in credit unions is more likely to help build up your community.

Placing your money in any institution, making any investment is very risky right now in my unprofessional, lay opinion, but if you don't have a lot of money, putting it in a credit union and then demanding accountability from that credit union for where it puts its money, is a better bet than some other choices we have.

Invest in your community. Buy locally -- especially food.

We all buy a lot on the internet. It's cheap and easy, but let's remember that every time we buy from some huge company on the internet, a person from our city or home town has less to do at his or her local job.

[dkf]

1. One thing though...a credit union is capped in the amount of business loans they can make.

A good bank with a reputation for small business loans might also be worthwhile.

[no_hypocrisy]

2. How can you tell if a credit union is well-financed, has made prudent

loans, is well capitalized, etc.?

[JDPriestly]

3. Ask for a prospectus, an annual report and talk to other people who

belong to it. You can go into the credit union and check it and, of course, Google it.

You can never be sure, and if our whole economy or just our national economy collapses, neither a bank nor a credit union will be secure.