Marcellus & Utica Shale Credit Union

I am just thinking out loud here and maybe my Adult ADD is kicking in a little as well, so maybe you all might want to help me formulate and complete this thought through the next several steps, for better or worse.

I am and have been pretty much over the last eighteen years, self-employed, or an entrepreneur, and as that goes it has often been feast or famine in our household. My credit rating has run the range from very high to average. I have farmed this whole while (without taking any government money), and as well as having started up several other small business's from nothing, i have been continually frustrated by the inability to obtain business credit or at least not at decent rates.

I have also been frustrated by banks charging so many fee's and sometimes using high-handed loan contract language. This has led me to here in the present, soon to be walking into my local bank with a large check from an O&G company for Bonus Money and hopefully soon after with Royalty payments in hand.

Now the shoe is about to be on the other foot.

With so many of us sharing in these experiences and having these same frustrations, now about to have money sometimes exceeding many times over our yearly wages, why should we not look to maybe those among us that have banking and sound financial experience to charter a credit union catering to those of us who have been caring for the land for so long, and just now about to get our just rewards. Does this rant have any merit, let's hear your thoughts on this please.

 

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Permalink Reply by James Kerns on February 3, 2012 at 5:08pm

Really folks, not one reply?

I am not by any means a financial wizard but i do know there is money to be made in banking. I would also hazard a bet that we have readers here that are probably employed by or management of banks. I am sure this is do-able in some fashion.

There are firefighters, teachers and government workers credit unions. There are credit union's for different labor unions, but i guess no one will show any interest in being a member of a credit union and reaping the rewards in profits made from the daily balances of our cash deposits. Let's just let Charter One (Royal Bank of Scotland) or Bank of America or whatever continue to profit from your money.

Go ahead and continue preaching to the choir about fracktavists, or arguing with flippers, and i will go back to reading Peterson's Hunting magazine.

Permalink Reply by Billy Park Whyde on February 3, 2012 at 6:33pm

 Just saw it , the idea is as Nobel as any I have heard laced with compassion. However there would be no way in H the banking industry would let you do such a thing. However if your wealth becomes a abundance you could create a foundation and issue grants for studies for anything your feel as worth while. 

Permalink Reply by James Kerns on February 4, 2012 at 5:37am

Hi Billy, Yes the good Lord willing we will all have alot more money to invest, and while i know we all have our individual plans on how to spend our cash, we should maybe consider this.

There are only so many outbuildings, home improvement projects and equipment purchases we can reasonably make.

Money not invested will be taxed out of existence. We can maximize our IRA contributions and Life Insurance, Long-Term Care Plans and Annuities.

It is reasonable to think we will have cash in the banks. We, as members of a Credit Union, can profit from our's as well as our neighbors; Average Daily Balances, the Interest Rates charged for Lines of Credit, Home Improvement Loans, Auto Loans, etc. 

Remember this, banks don't often lend to cash strapped people, they extend the best credit terms to those who have the most cash. Hopefully we will all be in this most favorable position soon. As i understand it, BANKS are responsible to their shareholders. CREDIT UNION's are responsible to their members. FOOD FOR THOUGHT.

ONE more thing i would like to mention is this.

How much DEBATE do you hear from Chesapeake, Gulfport, and all the other O&G companies, how much argument are they having with the FRACKTAVISTS. The answer is almost none, WHY SHOULD THEY, they have the Leases and the Equipment, as well as the Politicians all in their pocket. OH YEAH and one more thing they have is YOU, the LAND_OWNERS, arguing their case for them, at no cost or risk to them.

Why not save your breath and concentrate on doing something constructive, and that will actually benefit yourself and the others that are in your camp. Do some good for the community and your future, by getting together on some project or investment, as a unit. We already have a voice together in this online community, and some of us are personally known to eachother, so why not use it in some positive manner. There, i will step off the soap box and allow the next a turn to rant.

Best of Luck to everyone here as always. Jim

Permalink Reply by Billy Park Whyde on February 4, 2012 at 5:50am

 I was a member of a credit union  and it was great! If say I saw a  weekend farm auction and it had a piece of equipment I was interested in,  could afford but didn't have the funds at that time it was just a phone call away, my checking account was at the credit union I'd just give a call and tell the manger  who I knew on a personal basis hey I might get a deal on whatever, how much he would say well I might bid up to whatever ok  your covered if ya get it sign the papers monday cool! The CU was later taken over by business only and then it was 45 minutes of paper work and days for the board to approve a loan grr.  

 The idea though is good James but you would have to have to keep control with a mission at its heart.

Permalink Reply by James Kerns on February 4, 2012 at 6:36pm

Hi Michael, Thanks for your reply. I chime in now and again mostly to try to stimulate thought outside the box, or to attempt a call to action by my fellow landowners to unite and look at more than their own situation's, and to the bigger picture, but often can't find the right words. Together we have a huge voice and so many diverse talents and strengths, i would like to see us do something more than just debate, often with fools, and share information on here.

I am certain there is much more to it to charter a credit union than i think, it is way outside of my experience level.

 I am not suggesting myself for this task, but we all know people that we might kick this idea up to, and if we as individuals and as a group show an interest in such a thing, who's to say it won't be offered to us. We do in many ways vote with our dollars, dont we?

A petition or something much like a letter of intent, could be circulated for signatures expressing an interest in such a thing, yes. There is a huge sum of money going to be in play here, as we all start and continue to receive checks in the mail, and the accrued interest alone will likey be mind boggling. Don't we one and all wish to invest our money in something? A membership application with a small fee to set things up and then to make our deposits, and there it is. Yes this is an oversimplification, but to each member it may be that simple, the man or woman behind the curtain, will do the technical stuff.

Many people get the wrong idea where profit and non-profit are concerned. A business may profit, may be a break-even proposition, may operate at a loss, or may qualify as a non-profit, not to say money was not made and expenses were not covered.

Also one might consider this, as a member of an organization one may be on the receiving end of many benefits and services that would enhance the experience. As a customer of an organization one may find themselves being serviced in ways that they may find shocking and unacceptable, and the one receiving benefit is the shareholder. 

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