Lets start our own CRH credit union up. Im 100% serious

[50cent]

Let's start our own CRH credit union up. I'm 100% serious

Citizens of T-net, readers, posters, mods, admins, and homies,

In light of recent events, I propose a new idea. But first, these recent events must be described. People are seeing organizations like Bank of America denying them service, refusing to exchange cash for bagged coins, refusing to order it. And we as coin roll hunters are starting to be nickeled and dimed by banks the world over, just for ordering and exchanging cash.

So, what is to be done? Well, we in theory could open our own credit union. We have 1000s of members on this site, 10x this amount in readers. I think it's doable. We will setup contracts with garda, loomis, dunbar, and every darn carrier out there. Install coin counting machines in every location. Late hours. Weekend hours. Cherry pickers will be fired. Rude people will not be considered for employment. Fair wages to good tellers. Silver safety deposit boxes. Services to dump and pickup at the same location using different carriers. Keurig Machines and Free coffee. I can see it now.

Treasure and Coin Hunters Federal Credit Union will be the name. I will a make motion, right now, to appoint Jeff-of-PA president of the CU if it ever comes to fruition.

Please post if you are interested. If we get the ball rolling, we can do this. Below are the steps. Let's do this.

How to start a credit union

1. Find something in common. Credit union members are a collective group having a common bond:

Occupation -- Employees of the same company.
Association -- Members of a professional and trade association, fraternal order, labor or church group.
Community -- Residents of the same well-defined neighborhood, community or rural district.
Income -- Low-income members can contact the National Federation of Community Development Credit Unions. Click here for more information.

2. Get together. As a rule, a "yes" vote by 500 potential members warrants continuation of the process to form a credit union. The National Credit Union Administration requires that a credit union with fewer than 3,000 potential members provide more evidence of support, since only about one-third of potential members will join and credit unions with less than 3,000 members may not be economically justified. Survey your potential members to determine whether they have an interest in supporting a credit union.

3. Do the paperwork. You should order the Interpretive Ruling and Policy Statement 98-03, which redrafts the NCUA's Chartering and Field of Membership Manual. The NCUA also has material on how to start a credit union. You may obtain this document from the NCUA's Web site.

4. Meet the membership requirement. If you want to discuss your potential field of membership, you should contact state or federal regulators. You must ensure that your survey covers a defined membership group and meets the definitions as required by state and federal regulations. It is suggested that you get your proposed FOM in writing.

5. Find a financial expert. A CPA or a person with a strong financial background needs to be on your organizing committee. This person will be responsible for developing realistic pro forma financial statements based upon your survey responses and the degree of sponsor assistance you will receive.

6. Form a committee. Your organizing committee should be comprised of individuals with very good credit. Both the state and federal regulators will obtain a current credit bureau report on each organizer and will take a dim view of a bad credit bureau report. Furthermore, the state will not allow someone who has had a bankruptcy within the past seven years to participate on the organizing committee or in the future operation of the credit union.

7. Set up a board of directors. The board is responsible for the general direction of the entire credit union, and its members should be able to understand the general and social environment in which it operates.

8. Collect some money. To help the credit union offset the cost of enrollment forms, a membership fee (typically $5) is charged. Additionally, each member is required to purchase at least one share (usually at a cost of $5 to $25) to help provide a base from which loans can be made.

9. Get by with a little help from your friends. It is recommended you obtain assistance from a credit union consultant in your area. This service is provided free of charge and, by utilizing this service, it will make the chartering process simpler and less time-consuming, since the consultant will be familiar with the necessary paperwork that must be completed.

10. Apply for status. Petition your state's Comptroller's Office or the National Credit Union Administration for official status.

Credit Unions: Ten steps to starting your own credit union

 

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[el padron]

Your idea is so crazy that it actually would work.

You won me over when you mentioned how important the yearly audited CPA certified financials are .
I myself think that the benefits of owning a credit union would far outweigh any potential benefits garnered from coin roll hunting.

If you catered to Coin roll hunters, that alone might establish your customer base
You might be onto something,
If boxes of currency didn't weigh so much you could actually start an Amazon style mail-order supply house for unsearched currency,

The shipping would make it prohibitive, but if the branch was located one of the three biggest cities in the US, it is very possible there might enough coin roll hunters to establish the charter.

I used to own a mortgage bank, boy has that game changed.

I'm still in touch with the people that made it all possible.

OK, Im in, PM me and lets take it from there

 

[lovewiibrew]

If the credit union advertised specifically about CRH, then it would be even more publicity for CRH, and bad for the hobby, imo.

 

[TheMastermind]

Cool idea!

 

[G.I.B.]

I tried CRH but found that dump banks were my main detraction.

If you start this can I use you as a dump bank for loose coins?

I'd love to be able to go through 5K a week.

 

[AgeofDiscovery]

And I am no where near any location to benefit from this... Just my luck...

 

[starkizzle]

I am in- and if it works, you can always open other locations..

 

[Dozer D]

Thanks, but NO thanks to the idea.

 

[Darth Walker]

Not a feasible idea by all business standards.

 

[50cent]

Thanks for your input my man, el padron.

I tried CRH but found that dump banks were my main detraction.

If you start this can I use you as a dump bank for loose coins?

I'd love to be able to go through 5K a week.

Of course, the whole goal of this institution would be to welcome this activity.

And I am no where near any location to benefit from this... Just my luck...

We in theory should be regulated by the NCUA, and in effect be federally chartered, meaning we can open up a branch wherever we please. Even Skunksesota.

Not a feasible idea by all business standards.

How so?

 

[el padron]

Not a feasible idea by all business standards.

Its feasible if it was run by professionals, a credit union first, that used the CRH concept to attract members and thus issue federally insured bank accounts, home loans and conventional car loans to its members. It needs to be thought out, but yeah, its feasible.
I mean, what good is a toaster?

 

[starkizzle]

I think its a brilliant idea, I'm sure we've all had that thought of, i should be teller.. be on the front lines- but if your like me, you can't afford to take a lesser paying job to fuel a hobby lol,

But there is something here, and ran professionally with some crhers in the right positions, honestly we could really corner the CRHing market, the guys that have done 20k+ a week in halves really hurt the game, but in the long run, a lot of it ends up back in circulation. Having someone on the front lines... priceless.

I do believe openly CRHing out of this bank is too small... we need to think big picture, like you said 50, bunch of coin counters, and we get the reject chute this time!! and just the connection with the delivery company is a huge advantage. Not to mention the legit side of being in banking, and being the ones to start a CU, you could make a good living with that alone.

I am 100% in. Im 27, have been working in aviation for the last 9 years, enlisted right out of high school, and just got out 2 years ago, moved back home to maine with my wife, and am going to start going back to school for business management starting this summer, because I want to start a new career path, and am planning on trying to own my own business in the long term anyway. The possibility's are endless, from a CRHer p.o.v. or just in general, it HAS to be good to own a bank.

Sign me up 50, even if it starts in a different state, we just need to get the door opened.

P.S. Good credit helps, I have good credit

 

[HenryWaltonJonesJr]

Typical Loans charge 8-20% and they pay what, .0025 on your savings account?
Charge a flat 10% interest on loans
Pay 5% on savings
Then you have 5% for administrative costs.
Sites like lending club do this now, people invest and its that money that is loaned out.

Having a friendly CRH location would be gravy.

 

[starkizzle]

I do feel like the crhing tellers would look a lot like drug addicts everytime someone dumped a jar of chamne into a coin counter tho

 

[starkizzle]

And a easy way to get the foot in the door would be to just get a couple coin counters and put it in a local store.. start small..

 

[Avago]

And a easy way to get the foot in the door would be to just get a couple coin counters and put it in a local store.. start small..

Just get a couple coin counters... One of my dump banks just got a brand new one after someone dumped wet coins in. You know how much? $30,000. +maintenance, replacement parts, bags, etc... I mean, I know that convenient dumping is part of the end game but where does that kind of capital come from?

 

[agme]

A suggestion for a name: "The Rich Hartford Memorial Credit Union". Or something like that.

 

[starkizzle]

Just get a couple coin counters... One of my dump banks just got a brand new one after someone dumped wet coins in. You know how much? $30,000. +maintenance, replacement parts, bags, etc... I mean, I know that convenient dumping is part of the end game but where does that kind of capital come from?

when you put it like that it sounds hard lol, but if your talking about getting a bank together, then it would be considerably easier for the same people to get just a machine, and not a 30k one either..

 

[el padron]

Typical Loans charge 8-20% and they pay what, .0025 on your savings account?
Charge a flat 10% interest on loans
Pay 5% on savings
Then you have 5% for administrative costs.
Sites like lending club do this now, people invest and its that money that is loaned out.

Having a friendly CRH location would be gravy.

Bankers think in terms of cumulative future value.

We also think of currency in terms of the partial output of our clients remaining life energy and work output.

Typically a mortgage bank evolves from a successful mortgage broker.
After obtaining government approval ( FHA approval entails minimum net worth requirements background and credit checks,and certification of company principals as DE underwriters., They then get access to the online systems that reserve case numbers and the like)
Loans are processed and submitted to banks that typically pay a 2.5% premium for the right to underwrite, fund and service them.
That really adds up , just $5,000,000 dollars worth of loans closed in a month can easily generate 45,000 dollars profit.

This profit is made possible because basically early mortgage payments consists entirely of interest.

In states like California that is just a few home loans.
Typically an average small California HUD approved mortgage broker clears about $250,000 or more in monthly profit.
.

After a few hundred or a thousand loans processed, full Approval, known as "Direct endorsement unsupervised" or "double eagle" in the biz) is applied for, (Higher net worth requirements and an in depth evaluation of quality of former loan closed, etc...) if successful, typically a 5,000,000, warehouse line of credit is obtained from a large bank, for the purpose of funding government insured loans.

The warehouse bank reserves the right to buy closed loans from the client FHA corespondent, again for 2.5 to about 4% premium above face value. (So 5 million in funded closed loans , yields about $250,000 or so in profit, but as the closed loans get eagerly purchased by large banks and servicers on the secondary market, The warehouse line of credit is once again replenished, the overage is taken as earned profit and the cycle continues..(after they are underwritten by the new corespondents direct endorsement underwriter, they typically get issued FHA insurance certificates subject to spot reviews and audits for Quality control.

The government agency (FHA) typically insures the first 25% of the buying banks principle losses in the case of a default or foreclosure.

In good times it is extremely profitable.

 

[Darth Walker]

How are you going to deal with hundres of crh dumping and tellers not interested in anything than culling silver