Letter to the Editor: Throw your support behind a Vashon credit union
May 25, 2010 · 3:21 PM
There are plans for a credit union on Vashon. I’m excited. The minute it becomes available, I’ll cast my vote for bank reform right here on the Island!
How? I’ll move my funds from WaMu, or rather Chase, immediately.
Why? I’d like to deny J.P. Morgan Chase my deposits and all they support — ridiculous compensation for their board, CEO and other executives; their ability to distort our national politics; their classification as too big to fail. If I have an alternative, I’d let ’em fail.
Smug perhaps, but I’ll admit, I seldom need Chase’s other services: derivatives, CDOs, CDSs, SIVs, ABSs, MBSs. Oh, I might need a car loan, but a good credit union can provide that.
A chartered CU is a nonprofit cooperative in which your deposits are insured. If it has enough depositors, it’s hard to distinguish from a bank: It can provide saving accounts (with a better rate), checking, credit cards (with better rates), an ATM and loans — for cars, homes and other needs. All from money deposited on the Island, held here and made available to the members of our own community.
I’m ready to vote with my money. If that sounds good to you, encourage a credit union’s existence. Take the Vashon Credit Union survey; they need it in their application. Go to www.cuvashon.org:80/joomla/. They need a response by June 1.
— Ward Carson