I cannot believe the conversation I just had with one of our credit unions and wonder what is going on in the background that we aren't aware of. I was calling to see about getting our interest transferred to a local savings account instead of being mailed and the rep said he was going to switch me over to one of their "investment counselors first". I asked what did their investment counselor have to do with this request and was told "have you considered investing in stocks or bonds? They can guide you with better investments than CDs."
Well I told him their investment counselors should check the "age" of their customers before suggesting riskier investments to them and I was much older than my youthful voice. I also told him "if" I had been with their stocks maybe I would not have had the money to put in their CDs now or at any time. He said he never thought about it that way and decided to check on my original request.
What I am concerned about after that conversation is whether or not banks and credit unions are maybe trying to get out of the CD business so they won't have to pay us any interest. Could this be the reason they are now even trying to push phone call customers on to their "financial advisors"? Is the day of the CD coming to an end?? Where will they get money for their loans if they don't sell CDs? I know they can get some from the government but not all if they ever have a lot of people needing loans. Just wondering if anyone else has had such an odd experience. Thanks.
