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

  1. #171
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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
    in fact, i am a relationship profitability analyst for a very large bank. 1 teller transaction costs about 2 bucks. and my rates are correct, as well. banks do not make money on small accounts.
    Teller or ATM/debit card transaction?

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

    Quote Originally Posted by Josie View Post
    I don't get it either. This group Anonymous (one group that organized the WS protests) has him as their "mascot" as well.
    The Guy Fawkes mask was popularized by the graphic novel (and its movie adaptation) V FOR VENDETTA. That's actually where this comes from, as opposed to Guy Fawkes himself.

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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.
    Actually, until the regulations that were set in place after the Great Depression were overturned, what banks did was hold money for customers and then loan money out for home and auto purchases. Their activities were largely risk-averse, and banks were community based.

    Stock investment, and other (relatively) high-risk transactions were done through separate entities.

    Once those things were combined through the relaxation of regulation and the massive mergers of the 1980s to the present, we created the massive boom-and-bust cycles that we've been going through and financial sector profits rose from what used to be an annual average of approximately 8% of all corporate profits in America to nearly 32% of all corporate profits.

    All of this, of course, coincides with the massive rise in CEO salaries and the stagnation of labor wages and the decline of tax rates for the highest earners.

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

    What astonishes me is that they think they speak for 99% of the people, when their "protests" are pitifully tiny and most average Joes and Janes seem to be barely aware of their existence (if at all).

    If they actually get, say half a million people to do this I'll be VERY surprised, but it still won't 'break the bank' or be more than a blip on the balance sheet.


    Most people have barely heard of OWS and most will only hear about this as a 5 second soundbite on the news that goes in one ear and out the other.


    pipe dreams.

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

    Quote Originally Posted by Frolicking Dinosaurs View Post
    I'm sure accusations of lying will follow, but my dear old Dad got his bank statement yesterday and there was a $5 fee for his debit card. He had my brother take him to the bank this morning ask if this was some sort of error. Teller told him it wasn't - that everyone with a debit card was being charged regardless of the amount in their checking account. My brother tells me Dad just calmly ask him if he had time to run him over to the credit union. The bank had to issue him a cashiers check because they did not have the funds on hand to give him as he closed his checking, savings and trust accounts. He also stopped the auto-renew on his CDs.

    The bank president called him when they got home from the credit union. BP was very concerned that sizable chunk of change walked away from his bank and more would be following as the CDs mature.

    The banks believe they are too big to fail, but if they don't get their act together that is exactly what will happen - and no one is willing to bail them out again.
    We did much the same thing a few years ago. Pulled out all our accounts plus CD's and rolled it into one check and went down the street to the credit union where we already were members and had other accounts.
    Bank of America lost us as a customer.
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    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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