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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"

    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'.
    completely untrue, vance. you have no idea abut the finances of the protestors. in fact, i gentleman i know is putting together atrip to NYC, he's 66 years old. and has plenty of money, btw.

    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 liblady View Post
    that's exactly right. banks will take a loss on small accounts, and remember there are economies of scale.
    Not sure you have any idea what you are talking about. Someone who has $500 in a bank account right now, if that money is then sitting at the Fed at .0025% interest would create $1.25 of interest income. Less than the cost of making one entry by a teller.

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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?
    if they execute their strategy correctly (big if) then they will put incentives in place to attract larger savers. People these days move money around, do not stick with one bank forever, of course there are exceptions.

    Look, these small accounts never made money. In an environment where you want people to view you as the friendly local banker there was a logic of taking some bad business. In the current environment where banks are demonized regardless of any action they take, they might as well not try to coddle losing accounts.

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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
    Not sure you have any idea what you are talking about. Someone who has $500 in a bank account right now, if that money is then sitting at the Fed at .0025% interest would create $1.25 of interest income. Less than the cost of making one entry by a teller.
    wrong. odds are, that money isn't at the fed. FTP rates are around 3.00% for personal dda which would equate to $15 a year. that is far less than what it costs a bank to maintain that account.

    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 liblady View Post
    wrong. odds are, that money isn't at the fed. FTP rates are around 3.00% for personal dda which would equate to $15 a year. that is far less than what it costs a bank to maintain that account.
    OK you have the cost breakout for a customer. Let's see what the numbers are.

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

    Quote Originally Posted by liblady View Post
    completely untrue, vance. you have no idea abut the finances of the protestors. in fact, i gentleman i know is putting together atrip to NYC, he's 66 years old. and has plenty of money, btw.
    Ah well...a fool and his money...

    We have a pretty good idea of their finances based on the klowns that keep giving speeches. But do YOU maintain that the 99% represent 'the 99%'? You HAVE seen the income charts Im sure. you DO know what percentage of that 99% are multi millionaires? That are people in the upper income brackets? That make well over 500k? That make over 200k? To quote you...you have NO IDEA if in fact a majority of the lower 50% support the 'movement' or even understand what the hell they are protesting about...right?

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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
    Ah well...a fool and his money...

    We have a pretty good idea of their finances based on the klowns that keep giving speeches. But do YOU maintain that the 99% represent 'the 99%'? You HAVE seen the income charts Im sure. you DO know what percentage of that 99% are multi millionaires? That are people in the upper income brackets? That make well over 500k? That make over 200k? To quote you...you have NO IDEA if in fact a majority of the lower 50% support the 'movement' or even understand what the hell they are protesting about...right?
    that's what i said, WE have no idea. 99% is just a tagline, vance. 4% of americans are millionaires. so what if the 99% is a little off?

    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 washunut View Post
    if they execute their strategy correctly (big if) then they will put incentives in place to attract larger savers. People these days move money around, do not stick with one bank forever, of course there are exceptions.
    I do not disagree that the game has changed somewhat. To me, it's all the more reason to do all you can to keep and maintain as many customers as possible. The problem is, investors only care about the current financial statement, not next years. It's that thinking that has caused in part the driving of jobs overseas.

    Look, these small accounts never made money. In an environment where you want people to view you as the friendly local banker there was a logic of taking some bad business. In the current environment where banks are demonized regardless of any action they take, they might as well not try to coddle losing accounts.
    SMall accounts never make money. We are not in disagreement. My position is that small accounts do not always stay small accounts.

    If I was a bank that wanted to grow right now I would state over and over that I wanted the business of the OWS crowd and anyone else not happy with the way things were going. I understand that large Wall Street banks have their next financial statement to worry about. That is a short sighted harmful position IMO.

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

    If people can squat on Wall St. for weeks on end, they must have money. It's the people who have no money who can't turn out to protest. That seems only logical.

    I'm not sure what impact these people are going to have, but they are the first viable movement to actually hone in on the genuine center of power in America: the banks. Even if they don't make a dent, they are still continuing to generate public awareness about where to focus the activism.

    Our government is controlled by business, the banks, and money. Protesting the White House is not effective, but protesting by a mass withdrawl of funds is bound to garner some attention.

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

    Quote Originally Posted by liblady View Post
    that's what i said, WE have no idea. 99% is just a tagline, vance. 4% of americans are millionaires. so what if the 99% is a little off?
    A 'little'? I dont make millions annually...Im low end where I live. I guarantee you...not a one supports the 'movement', we certainly arent counted in the '99%' and I can also guarantee you that a good chunk of that lower 50% may agree with changes but object to theb actions of the protesters (largely because they are living on a fixed income and smart enough to know their retirement income is tied into those banks and markets they are trying to adversely impact. They actually bother to THINK.

    But I will absolutely give you that reality...the '99%' nothing more than a tagline...a fable. We really dont know how many people actually support these people that pretend to speak for the 99%

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