Credit unions not banks? Nonsense

Keith Sketchley comments on the closure of Sointula's credit union branch.

Dear editor,

The probable loss of a credit union branch in Sointula illustrates problems of bigness and assumptions about collectives.

A common cause of failure is the notion that collectives are better, exemplified by the claim that credit unions are not banks. That’s nonsense – they have owners, and profits are distributed or re-invested (which benefits owners later). They cannot survive by losing people’s deposits. They have the same costs of service and security.

The question for people in Sointula is whether or not a more nimble bank could open a branch there. It needn’t be fancy — for example, it could be done from a small table in the back of a store.

Keith Sketchley

Saanich BC

 

Just Posted

Climate change panel hosted at North Island Secondary School

The panel focused on combating fear, finding solutions, and encouraging youth.

People’s Party of Canada plan to have a candidate in the North Island-Powell River riding

Elections Canada formally recognized the North Island—Powell River PPC Association

NVIATS takes over NIEFS space in Thunderbird Mall

“We were approached by NIEFS, they’re going to be downsizing”

Port Hardy Reigns compete in Nanaimo at Island Championships

“We are very fortunate to have this opportunity for our youth in Port Hardy”

Derina Harvey Band – Heartfelt, Energetic, Celtic rock comes to Port Hardy

Front-woman Derina Harvey leads this Celtic-rock act, who offer an authentic east-coast experience.

Canada privacy watchdog taking Facebook to court

If the court application is successful, it could lead to modest fines and an order for Facebook to revamp its privacy

Oak Bay Sgt. struggles through emotional testimony in double murder trial

Andrew Berry is charged with second-degree murder in deaths of daughters Chloe (6) and Aubrey (4)

New immigrants healthier than Canadian-born population

In 2016, 7.5 million immigrants were accounted for in Canada

One million recyclable bottles “lost” daily in B.C., foundation says

387 million beverage containers didn’t make it back into the province’s regulated deposit refund system in 2017

Sports Talk with Tyson: First round of the season at Seven Hills Golf and Country Club

“I usually golf with my best friend Brian, and it’s always entertaining whenever we hit the links”

VIDEO: B.C.’s waving granny gets incredible send-off from school kids

Tinney Davidson has been waving at students on their way to school for over 11 years, but is moving in a month

Struggling B.C. adoption agency elects new board that intends to keep it open

The previous board announced that Choices would close May 31

Island-born Snowbirds pilot enjoying homecoming in skies over Comox

Logan Reid once stood clinging onto the fence outside the Comox Air… Continue reading

Most Read