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Thread: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

  1. #131
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by haymarket View Post
    taking into account that everybody has different situations and conditions.... for the life of me I do not know why anybody who is NOT in a commercial business deals with commercial banks and not with the local credit union.

    Its just one of those mysteries of life like why anybody takes up chewing tobacco .
    Here is one reason why.
    FDIC ensures up to 250K for a single person assigned to the account. So if I have more than that, I choose to have savings, etc, in more than one financial institution. Got the keep the funds insured.
    By the way, yes I use CC and I use commercial banks.
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by haymarket View Post
    taking into account that everybody has different situations and conditions.... for the life of me I do not know why anybody who is NOT in a commercial business deals with commercial banks and not with the local credit union.

    Its just one of those mysteries of life like why anybody takes up chewing tobacco .
    My commercial bank is 100x better than any of the local credit unions.
    They don't hold a candle to the benefits I get and I don't pay any fees for all my accounts, to boot.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    I think this will have an unintended benefit all together.
    Hopefully people will move to more, 21st century style banking, instead of the old school brick and mortar type banking.

    You can open a bank account with a brokerage house, like Fidelity and get all sorts of bennies like, scanning checks with your cell phone for deposit, unlimited ATM withdrawals, no fee debit cards, etc.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by 1Perry View Post
    There is risk involved in being traded on Wall Street. We back the money in these banks through FDIC. Because of that, all risk that can be removed should be removed from any bank that wishes FDIC backing. If your desire is riskier investments, great. Just stay the &*$% away from the money of those who don't.
    I think you have it wrong where FDIC insurance is concerned. Consumers don't back the risks banks take against the loss of consumer deposits. Those deposits are insured by the FDIC against a bank's default due to insolvency (they go bankrupt). You might want to read more about it directly from the FDICs website.

    Quote Originally Posted by VanceMack View Post
    Great idea! lets pretend it actually HAS some sort of relative bearing on anything financially. Lets suppose we have a run on the banks. Thats going to have what kind of an impact on the economy...on the job market, on the stock market, and on...say...your 401k? Who exactly are you hoping to cripple again?
    I've already said the Occupiers need to exercise caution on this issue otherwise they risk doing harm to our national economy. As you're following my posts rather closely (which I don't mind), do try to pay closer attention.

    Quote Originally Posted by apdst View Post
    I'm talking about the Durbin amendment, that dumped millions in fees on the banks. Now, they have to recoup that money. How, you must be pondering? By passing it on to the customer, of course.

    If you don't like the fees that banks are now charging, you have no one to blame but the government.
    I agree, the Durbin Amendment didn't pan out as expected. But that's why people should switch from banks to credit unions as they are not impacted by the Durbin Amendment.

    Banks make money off of loaning money and by those loans going to term. They don't make money on loans that do not go to term. So, tell me how are banks being greedy, by making loans that they know they won't make money off of.
    You're talking a completely different issue now. Debit/Credit Card swipe fees have nothing to do with bank loans....completely different subject matter.

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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by 1Perry View Post
    That's a question that opens another whole can of worms. I argued as to why it's stupid to run any customer off but the banks didn't create record profits in such a short time with all of these small fee's.

    The reasons for how all these record profits were made is why people are protesting.
    You're eluding to bank profits off questionable home loans and investments of collateralized debt obligations, mortgage backed securities and credit default swaps. Still, bank fees were a large part of it. From the article adpst linked to:

    Swipe fees have risen substantially in the past decade, and now amount to nearly $48 billion a year, with $17 billion coming from debit cards.
    Not hundreds of thousands or millions of dollars, but BILLIONS! I'd say the banks were making a good piece of chump change off fees!

  6. #136
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by Harry Guerrilla View Post
    My commercial bank is 100x better than any of the local credit unions.
    They don't hold a candle to the benefits I get and I don't pay any fees for all my accounts, to boot.
    whats your bank?
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  7. #137
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by 1Perry View Post
    I was against TARP even before the Tea Party. Member Perfectstorm will verify if need be.



    Bush was an idiot for signing it and while I was never going to vote for McCain because of McCain/Feingold his vote for it sealed it. Obama is sort of like the slow kid that get's in trouble by hanging with the group. He knows no better.

    Discarding well established lending principles, while highly encouraged by Congress is also the fault of the banks. I'm not sure how you can get so snippy with me for blaming all involved while you are excusing a major player.
    I cant think of a more apt description. I dont fault the banks because banks are doing precisely what banks do. I also believe the banks should have been left to deal with their own problems.

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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by Objective Voice View Post
    I think you have it wrong where FDIC insurance is concerned. Consumers don't back the risks banks take against the loss of consumer deposits. Those deposits are insured by the FDIC against a bank's default due to insolvency (they go bankrupt). You might want to read more about it directly from the FDICs website.
    And why might they (or why were they on the brink of) go bankrupt?

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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by Objective Voice View Post
    You're eluding to bank profits off questionable home loans and investments of collateralized debt obligations, mortgage backed securities and credit default swaps. Still, bank fees were a large part of it. From the article adpst linked to:
    Not hundreds of thousands or millions of dollars, but BILLIONS! I'd say the banks were making a good piece of chump change off fees![/QUOTE]

    Point taken but it's not how they went from ruin to record profits.

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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by VanceMack View Post
    I cant think of a more apt description. I dont fault the banks because banks are doing precisely what banks do. I also believe the banks should have been left to deal with their own problems.
    Yes, I do not care what banks do (outside of fraud) as long as they are willing to live with the repercussions on their own.

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