Right now I bank at CIBC and I pay through the nose for fees, and they give no interest for savings accounts even though they have zillion dollar profits every year. I was thinking about ING Direct because apparently they have low fees and high interest, but then my mom told me, "The reason they have high interest might be because they're speculating with your money - so you're still helping the stock market indirectly." I thought about that, and it bothered me.

In another thread, Zatamon told us he uses a provincial bank - I forget what it's called - Ontario Trust or something like that? But when I looked it up on the web, not only were there no branches anywhere near me, but they also said they were planning to privatize.

So now I've been thinking about using the Kingston Community Credit Union. I have to bank somewhere, because the government has to have some place to put my OSAP payments. I can't just opt out entirely. But I hate using the big banks. I called the Credit Union and they said they are like a financial co-operative, and you have to pay $150 to join them. Hmm. Well, it's still tempting. I can't do it now, but maybe when my next OSAP installment comes in, I'll join.

As for retirement, I don’t intend to. I am in the process of setting up a local educational enterprise (GED, tutoring, university prep.) and intend to phase out computers as soon as the teaching part kicks in. Between my wife and myself, we cover all the GED subjects. I intend to work and earn my living as long as I can.

If and when I get disabled and can not earn my living any more, I am counting on help from those I have helped in the past. There are quite a few of them. I believe in the concept of extended family and support group. That is the way it is supposed to be. We are supposed to be part of a community that helps and cares for each other. We are not supposed to be charity objects, dependent on impersonal social ‘moods’.

[ July 19, 2002: Message edited by: Zatamon ]

A socially-responsible, democratically-run, non-profit bank. How good is that?

Metro Credit Union is the local institution with which I do my banking. We have our mortgage there, my housemates all have accounts there and when JB had a business, he had his business account there.

I've had no complaints about using a credit union: while there are still service charges and such, they are competitive with the big banks and don't go towards lining someone else's pockets. Also, credit unions can offer services that the big banks can't, such as car loans.

Credit Unions give back to the community, allow members to participate directly in their governance and, most importantly, aren't a big bank. Did I mention that they are non-profits?

As for the $150...it's not a "cost" per se, it's your share in the co-operative. I'm not sure if this is true everywhere but you probably don't have to pay the whole amount upfront. I think you can usually pay a portion of the share and then pay up the rest over time. And it should be refundable, if you ever close your account (check into that, I could be wrong).

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If and when I get disabled and can not earn my living any more, I am counting on help from those I have helped in the past. There are quite a few of them. I believe in the concept of extended family and support group. That is the way it is supposed to be. We are supposed to be part of a community that helps and cares for each other. We are not supposed to be charity objects, dependent on impersonal social ‘moods’.

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I can see your point here, and it's one that I hope most families would take to heart. But I'm thinking about my family - my grandparents are both very old and frail. My grandfather has Parkinson's and my grandmother, who is quite frail and not in the best of health, has had to do the majority of his care. They have three children, but one of them has a full time job and helps as much as possible on weekends, but she can't help anywhere near as much as needed. Another is also working, but he's not inclined to help much because he's always been kind of the irresponsible type. The third one, the eldest, helps them a lot, but she is also in very poor health.

Not to mention that all three of them have lives outside of their parents. Now, of course, my grandmother could do a lot to help herself, arranging transportation, etc., but she seems to have moved to town with the idea that everyone in the family would drop their entire lives and spend all their free time entertaining her.

Of course, part of planning for stuff like this is recognizing that you have to be resourceful enough to try and help yourself as much as possible.

But for instance, if my grandmother dies, and my grandfather is left alone in advanced stages of dementia and Parkinson's, what would happen to him if my grandparents didn't have their life savings? The eldest couldn't possibly nurse him - she's not in good enough health. The second eldest couldn't do it either - she works full time and isn't retired yet. The youngest is not capable mentally or emotionally of caring for an incapacitated elderly person. The grandchildren aren't able to do it either - I have a small child of my own to take care of as well as full time school (or a full time job once school is over), and their one other grandchild is incapable of even looking after herself, much less an elderly Parkinson's patient.

As for me myself - I am a single woman with one child, no brothers or sisters. If I become incapacitated, who will look after me? My son, while working full time and likely with children to look after? What if he is not so inclined to do it? What if he becomes sick? What if he dies?

Zatamon, what you said about being addicted to "owning stuff" - that's so true, isn't it?

Oh, I know Zatamon. I guess I was just looking at your plans to see if there's anything I can use in my own retirement plans, so that's why I was comparing my situation.

Personally, I was thinking that I would invest in real estate. I figure a house and yard is a house and yard. If I own my own house, plus a couple of other houses to rent out, I will at least have my house and a bit of income from the others, and unlike investments in dot-com plans scribbled on paper pub napkins, a house is something real that you can always sell if you get desperate.

[ July 19, 2002: Message edited by: Michelle ]

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Michelle: Personally, I was thinking that I would invest in real estate. I figure a house and yard is a house and yard. If I own my own house, plus a couple of other houses to rent out, I will at least have my house and a bit of income from the others

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[ July 19, 2002: Message edited by: chemelle ]

As well they've been nickel-and-diming people in subtle ways; it used to be you could redeem PC Points for as little as 5000 at a time. Now it's 10000 minimum.

And they've been jerking around on interest rates. Now they pay out in a stagewise manner; if you have a balance over $x, they pay the interest rate payable on balances up to $x and only pay the higher balance on $x minus the threshold.

Eg - you have an account holding $1500. The first tier interest rate is 0.5% on balances up to $1000. So they pay 0.5% on $1000 and then I think 2% on the difference.

Cheap bastards.

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P. C. Financial

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[ July 19, 2002: Message edited by: DrConway ]

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But then again, maybe not. My mother was trying to remember whether family members
of civil servants are allowed to use the Civil Service Credit Union - if so, then I might
look into that too.

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[ July 22, 2002: Message edited by: vickyinottawa ]

ccec is where i'd like to bank, but i live too far away so it's a bit inconvenient.

four corners is jim green's baby.

community savings is what formed when the iwa credit union merged with something or other.

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Welcome to Last Week, Captain Obvious!

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VanCity Community Foundation
Using community economic development strategies, the VanCity Community Foundation acts as a catalyst for positive change in communities. By partnering with local organizations to support a community's capacity for development, the Foundation uses grants, lending and technical assistance to support
affordable housing
employment development
and non-profit enterprise initiatives.

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And great service! (For a bank...)