A liberty credit union

[porcupine kate]

I was wondering if anyone with any banking experience has considerer opening a credit union?

http://www.bankrate.com/brm/news/cu/19990526a.asp

This could be a great way to support local investments and encourage better privacy in financial transactions.  I have no Idea what it would take but it has a good chance of being very successful with all the people moving in and wanting to open businesses.
Kate

[alohamonkey]

I think that's a great idea and would be very interested in pursuing it with other interested individuals.  My dad, in Ohio, ran a medium-sized bank for 27 years.  He could be a wealth of information.  Did you notice how a federal credit union is exempt from income tax while a state credit union has to pay state income tax?  NH would be perfect for a small, locally owned and operated credit union.  I would also think (this is complete speculation) that a state credit union would have more flexibility in protecting individuals' identities and information.  I think many banks are losing money today because they are still focused on highly visible, expensive store fronts on prime real estate.  Most people are migrating toward online banking.  I think a few, small branches of a liberty-oriented credit union in conjunction with a very developed and advanced online banking system would be very beneficial.  Also, an advanced online banking system would allow future FSP-ers to participate. 

[PowerPenguin]

We've been over this topic several times . Search for "credit union" on here and/or the FSP forum. The major roadblock right now I think is not potential clients or operation per se, but just getting enough capital. Of course, if we do 100% backed, that's less of an issue... Still, if you want to do loans and whatnot it will require some significant reserves- I'd say at least 100K.

Ideas about this?

[porcupine kate]

I thought as our membership grew and as we gained more respect by New Hampshire residents that the funding may be possible.

I apologize that I didn't research this before I made the post.

This idealistic longing came from trying to make moving plans.  Looking for banking options and internet/phone options have been driving me crazy. Trying to find real information and all the nut and bolts is a royal pain in the neck. 
I just thought it would be really nice to use FRNS though a institution that was local, for and by liberty individuals who would actually respect my privacy and my money.  Maybe they could take liberty dollars as well. 

[error]

I've got you covered for phone service.

[PowerPenguin]

The best idea for the time being is to find a credible, local CU- Ideally one that is single location and offers 'net banking. This will give you some more privacy, and you'll doubtlessly get better service because you won't just be a # like at a large national bank.

[EthanAllen]

NH would be perfect for a small, locally owned and operated credit union. 

NH actually has the first credit union in the US (St. Mary's) which was started by inviting the catholic social teaching practitioner Alphonse Desjardin down from Quebec to put into place his distributist practices on credit.

http://en.wikipedia.org/wiki/Credit_Union#History

excerpt:
The first credit union in North America, the Caisse populaire de Lévis in Québec, Canada, began operations on Jan. 23rd, 1901 with a ten cent deposit. Founder Alphonse Desjardins, a reporter in the Canadian parliament, was moved to take up his mission in 1897 when he learned of a Montrealer who had been ordered by the court to pay nearly $5,000 in interest on a loan of $150 from a moneylender. Drawing extensively on European precedents, Desjardins developed a unique parish-based model for Québec: the caisse populaire.

In the United States, St. Mary's Bank Credit Union of Manchester, NH holds the distinction as the first credit union. Assisted by a personal visit from Alphone Desjardins, St. Mary's was founded by French-speaking immigrants to Manchester from Quebec in November 1908.

[KBCraig]

Credit unions are owned by the members and controlled by a board elected from the membership. A small group of freedom lovers could have a significant impact if they joined a small liberty-leaning CU and became active in its governance. Stop me if you've heard this one before. 

[alohamonkey]

NH would be perfect for a small, locally owned and operated credit union. 

NH actually has the first credit union in the US (St. Mary's) which was started by inviting the catholic social teaching practitioner Alphonse Desjardin down from Quebec to put into place his distributist practices on credit.

http://en.wikipedia.org/wiki/Credit_Union#History

excerpt:
The first credit union in North America, the Caisse populaire de Lévis in Québec, Canada, began operations on Jan. 23rd, 1901 with a ten cent deposit. Founder Alphonse Desjardins, a reporter in the Canadian parliament, was moved to take up his mission in 1897 when he learned of a Montrealer who had been ordered by the court to pay nearly $5,000 in interest on a loan of $150 from a moneylender. Drawing extensively on European precedents, Desjardins developed a unique parish-based model for Québec: the caisse populaire.

In the United States, St. Mary's Bank Credit Union of Manchester, NH holds the distinction as the first credit union. Assisted by a personal visit from Alphone Desjardins, St. Mary's was founded by French-speaking immigrants to Manchester from Quebec in November 1908.

That's pretty cool.  I never knew that and I drive by it every day. 

I was looking more into opening a credit union and the general rule of thumb is that you should have about 3,000 potential customers before opening.  As of right now, how many free staters have actually moved?  How many are projected to move in the next 2-3 years?  Is there any way to find out where FSP members are geographically located?I could probably find this info myself . . . just haven't looked yet.  I could raise some capital for an endeavor like this . . . but $100k is pretty steep.  Where did you find this figure? 

[EthanAllen]

NH would be perfect for a small, locally owned and operated credit union. 

NH actually has the first credit union in the US (St. Mary's) which was started by inviting the catholic social teaching practitioner Alphonse Desjardin down from Quebec to put into place his distributist practices on credit.

http://en.wikipedia.org/wiki/Credit_Union#History

excerpt:
The first credit union in North America, the Caisse populaire de Lévis in Québec, Canada, began operations on Jan. 23rd, 1901 with a ten cent deposit. Founder Alphonse Desjardins, a reporter in the Canadian parliament, was moved to take up his mission in 1897 when he learned of a Montrealer who had been ordered by the court to pay nearly $5,000 in interest on a loan of $150 from a moneylender. Drawing extensively on European precedents, Desjardins developed a unique parish-based model for Québec: the caisse populaire.

In the United States, St. Mary's Bank Credit Union of Manchester, NH holds the distinction as the first credit union. Assisted by a personal visit from Alphone Desjardins, St. Mary's was founded by French-speaking immigrants to Manchester from Quebec in November 1908.

That's pretty cool.  I never knew that and I drive by it every day. 

I was looking more into opening a credit union and the general rule of thumb is that you should have about 3,000 potential customers before opening.  As of right now, how many free staters have actually moved?  How many are projected to move in the next 2-3 years?  Is there any way to find out where FSP members are geographically located?I could probably find this info myself . . . just haven't looked yet.  I could raise some capital for an endeavor like this . . . but $100k is pretty steep.  Where did you find this figure? 

I would suggest starting something like the WIR Coop Bank instead. First start with Ripple Pay accounts and then grow it into a B2B credit clearing system.

http://en.wikipedia.org/wiki/WIR_Bank

http://en.wikipedia.org/wiki/Ripple_monetary_system

[PowerPenguin]

Do we know any millionares? That would make life a lot simpler 8-).

[Dreepa]

  As of right now, how many free staters have actually moved?  How many are projected to move in the next 2-3 years?  Is there any way to find out where FSP members are geographically located?

There are about 475 in the State of NH
www.freestateproject.org
In the next 1.5 years there should be at least 1200 in NH.
Where are they ?
http://www.freestateproject.org/about/states_count.php

Where are they in NH?
all over no one really keeps track of that.

[Lloyd Danforth]

Or, so we assume

[Dreepa]

Or, so we assume

no place I have access to... 

[PowerPenguin]

I'll be there next year.