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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 Frolicking Dinosaurs View Post
    Many seniors decided the stock market was no place for their savings and pulled 401K funds out of mutual funds and put them in CDs. The banks do offer fee-free checking, debiting, credit cards to to people in this range, but two banks here have started tacking on fees when those using a bank receive dividends on their CDs - the fee is something like 1% of interest drawn. I checked and Wells-Fargo does not do this - also the closest location is 61 miles from here.

    Seniors noticed the deduction of that fee on their dividend checks. Enter a movement that is telling people to pull money out of banks and move it to credit unions and you have seniors talking at church about which credit union is best and planning to make a move.
    Isn't there a penalty for withdrawing a CD early in like, almost every instance? They're willing to lose money to make a point?
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by tessaesque View Post
    Isn't there a penalty for withdrawing a CD early in like, almost every instance? They're willing to lose money to make a point?
    For most banks yes, taking out your CD early has a huge penalty
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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
    The reality is that the banks lose money on the lower 50%. the investment income and earning potential resides with those that have significant holdings. Guess which part of the '99%' the bank will be happy to lose. Fight the power baby.

    OH...that is of course unless you have a loan through the banks. Then you can hide your stash under a mattress...as long as you still pay your bill.

    Like I said before...this is just another indicator that people supporting this movement dont THINK.
    Actually I decided with my thinking brain long ago to only use credit unions.

    Money deposited in credit unions remains in the community and is used to provide loans to members of my community.

    **** international banks. Right in the neck.
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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
    Banks keep all customers on because they cant discriminate and tell those lower 50% folks they cant bank there. But they wont miss you when you decide to leave. The credit unions wont love having you there. They wont make any money off you.You may force them to change their banking proactices and increase fees. Time will tell. I use both. I have home and property loans through both. The Credit Unions are just as invested in financial success as are the banks.
    Credit Unions are not run like banks. You don't have a grasp on what companies do to keep customers. 20 year old doesn't have much money but opens a small account.....No, the bank is not making money on it, they may even be losing on it.

    He moves along in life and makes a little more, saves a little more. He buys a car and gets his loan through his bank. Bank profits. He gets a better job and gets married. His wife combines her money with his. They buy a house using their bank for the loan. THey have 2 kids. Take out a loan on their house to pay for college.

    Kids get a job and opens an account where his folks banked and it all starts over. If banks prefer to piss off a large percentage of potential customers that will never come back, good luck to them.

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

    Quote Originally Posted by MaggieD View Post
    If it were highly successful, which I don't for a minute think it will be, it would cripple our banking system.

    What a bunch of jerks. IMO, I think this will cause many people to lose complete respect for their "movement."
    The banking system crippled itself with it's own corruption. If you and I were to do that, we would go broke, and have to start over. If a bankster does it, he gets welfare. The banks are America's REAL welfare queens. Want to end welfare? Start with the banks.
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by Deuce View Post
    The gas thing is different. You can refuse to buy gas on Wednesday, but in the end you buy the same amount of gas because you're probably driving about the same number of miles. Not buying gas Wednesday just means twice as many people will buy gas Thursday.

    The bank thing is not the same. An account transferred out is permanent.

    You know what? I'm going to a credit union by Nov 5. I wanted to switch banks anyway because Wells Fargo is going to start charging monthly fees for my check card. Viva la revolution.
    You have to be careful with this. Think about what happened in both 1929 when there was a run on the banks and in 2008 when it appeared there'd be a duplication of this panic-driven action. I understand the People want to send a strong message to the financial sector, but if large numbers of depositors pulled their money from the banks - the very institution at the top of the economic/job inducing chain - we could be right back where we started from in 2008 only the situation could be much worse.

    It's better to make the switch from commercial banks to credit unions in a more methodical way than all at once. You have to be real careful about this...

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

    Quote Originally Posted by Mickey Shane View Post
    It's not just the money. There will be lines around the buildings to get to a teller all day long. The banks would be wise to close for Nov. 5th, or close period.
    LOL...I doubt it.


    Although, it is a good idea to use Credit Unions. I've been mulling over the idea for some time now and may have found a good one close to my house. It pays 0.35% interest on checking.
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by tessaesque View Post
    I want to see a tally of how much money moves. Then I'll laugh heartily.
    LMFAO. Since most of the occupy morons claim they are unemployed, I am willing to bet the total amount of money that is transferred is less than $10m across the entire country......and these are money losing accounts for the banks. This stupid stunt will probably make bankers happy and credit union management miserable.

    What's next with these fools, are they going to go on a hunger strike? We can only hope.
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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
    The reality is that the banks lose money on the lower 50%. the investment income and earning potential resides with those that have significant holdings. Guess which part of the '99%' the bank will be happy to lose. Fight the power baby.

    OH...that is of course unless you have a loan through the banks. Then you can hide your stash under a mattress...as long as you still pay your bill.

    Like I said before...this is just another indicator that people supporting this movement dont THINK.
    I wouldn't be too quick to disgard the meager bank desposits of the common man. After all, how have the banks been able to make so much money over such a short period of time? Bank fees, transactions fees of all sorts, signature loans, etc., even direct deposit. Your thinking seems to be limited only to savings accounts and ignores the larger picture of ALL financial transactions by everyday bank customers. Imagine how the banks would be crippled if every Average Joe pulled his/her money out of the banks in one foul swoop? It would have the affect of a run on the banks and that would set our economy back even further. A strong message to the banks to be sure, but at what cost to the nation?

    Think it through, folks.

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

    Quote Originally Posted by tessaesque View Post
    Isn't there a penalty for withdrawing a CD early in like, almost every instance? They're willing to lose money to make a point?
    These people are not looking to move on November 5th. They were discussing the penalty as a reason they were not making this move soon. They have already told their banks to remove them from the automatic renewal program for CDs and are looking at the options for movement. Since CDs have various lengths of deposit this won't happen on a single day or likely even within a single year, but that they removed themselves from auto-renewal indicates they are serious.

    Also re: Objective Voice's post - if many of the small depositors leave the banks, where do you think the money they currently pay in fees will come from?
    Last edited by Frolicking Dinosaurs; 10-12-11 at 11:44 AM.
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