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

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

    Way ahead of them. I get anywhere from 4-7% interest on my first 1000 dollars in my credit union anyways. Let's see the banks beat that!

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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
    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.
    My position...as if it had any relevance...was that the ONLY action congress should have taken was to insist the banks work out their own problems, to prohibit the sale of mortgages, and that if a bank defaulted the mortgage would be dissolved and the property would go to the homeowner free and clear.

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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
    My position...as if it had any relevance...was that the ONLY action congress should have taken was to insist the banks work out their own problems, to prohibit the sale of mortgages, and that if a bank defaulted the mortgage would be dissolved and the property would go to the homeowner free and clear.
    If a bank defaulted *I* would have been responsible for their deposits because of the FDIC. With that being the case, I'm not interested in releasing debts free and clear. I'm selling them off to recoup the money paid out.

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

    In the low interest rate established by the Fed, large banks will do better financially if small depositors move their money to Credit Unions. While they can't come out and say it, that seems to be the message that BoA gave with their new fee structure.

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

    Quote Originally Posted by washunut View Post
    In the low interest rate established by the Fed, large banks will do better financially if small depositors move their money to Credit Unions. While they can't come out and say it, that seems to be the message that BoA gave with their new fee structure.
    Short term. Which is what causes so many of our problems. Short term solutions at the expense of long term ones rule the day.

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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
    Short term. Which is what causes so many of our problems. Short term solutions at the expense of long term ones rule the day.
    You are wrong. With Dodd-Frank the cost of maintaining a small account will just never be profitable again for these guys. They need to reposition their business along with an eye towards the new rules of the road.

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

    Quote Originally Posted by washunut View Post
    You are wrong. With Dodd-Frank the cost of maintaining a small account will just never be profitable again for these guys. They need to reposition their business along with an eye towards the new rules of the road.
    I covered this in another post. Short term. You are assuming that these accounts will always remain small. How many here that have at least a bit of money saved didn't start off with a small account?

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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 covered this in another post. Short term. You are assuming that these accounts will always remain small. How many here that have at least a bit of money saved didn't start off with a small account?
    that's exactly right. banks will take a loss on small accounts, and remember there are economies of scale.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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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 covered this in another post. Short term. You are assuming that these accounts will always remain small. How many here that have at least a bit of money saved didn't start off with a small account?
    Its a fair assumption since the '99%' does not actually represent the 99% but rather a percentage of the lower 50%...and those that are in a rush to make a statement may or may not ever actually become significant investors (especially the college students) and if they dont their earnings and bank holdings will ALWAYS cost the banks money. If they DO become significant investors, I'd be willing to bet they grow out of their 'rebellion'.

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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
    Its a fair assumption since the '99%' does not actually represent the 99% but rather a percentage of the lower 50%...and those that are in a rush to make a statement may or may not ever actually become significant investors (especially the college students) and if they dont their earnings and bank holdings will ALWAYS cost the banks money. If they DO become significant investors, I'd be willing to bet they grow out of their 'rebellion'.
    I am not discussing the OWS crowd. I'm discussing if it's actually wise long term for banks to run off customers.

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