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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
    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?
    Oh, that's a good one. The banks will become Socialists and tax the rich. LOL.
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    Re: 99%: "Walk Money Out of the Banks to Credit Unions on Bank Transfer Day"

    Quote Originally Posted by danarhea View Post
    Oh, that's a good one. The banks will become Socialists and tax the rich. LOL.
    So where do you think the replacement revenue will come from if so 20% of small depositors decide to leave tradition banks? While I doubt the 99% movement will be the reason this happens, I do believe at least that many will leave to avoid the additional fees once it becomes well-known that credit unions don't charge those fees.
    I don't want to see religious bigotry in any form. It would disturb me if there was wedding between the religious fundamentalists and political right. The hard right has no interest in religion except to manipulate it. ~ Billy Graham in Parade magazine February 1, 1981.

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

    Quote Originally Posted by Mellie View Post
    It's over 20K now, by the way. Guy Fawkes, eh? Wasn't he part of some plot to bring down the government and assassinate a king?
    in the name of religion.

    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 Risky Thicket View Post
    Actually they are suggesting that you do it between now and 5 November. It should lessen the lines. I'm moving money this Friday.
    OK, that would be better.

    Sadly, my little bank was a credit union up until 3 years ago when they started calling themselves a bank. They're not really on the scale of having been bailed out. They did turn me down for a loan last year, so I'll be happy to move away from them.
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    The systems that ensure freedom and liberty are breaking down and fundamentalism is growing. Nobody is righteous anymore.


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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."
    I think it's a good idea and would certainly illustrate to the banks that they can't keep squeezing the people out of the homes and their money, but at the same time you have to be careful and consider the repercussions of such an act.

    A run on the banks if done in large enough numbers - whether done out of justifiable fear because the financial institution is in near collapse or a purposeful run intended just to teach banks a lesson - still has the potential of having a catastrophic affect on our financial system.

    Again, I understand the frustrations here, but you have to really think this through.

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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
    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.
    That kid you are talking about that GROWS UP? Once he reaches that point is grows out of the "look at me I'm a 99% er" and begins to make responsible, reasoned, and rational decisions. He recognizes what it takes to be personally successful. Heck...he probably earns enough to provide for a family. He grows out of the 'evil corproate' mantra and recognizes who provides opportunites for growth and success...heck...he probably BECOMES part of those corporations in some capacity.

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

    Quote Originally Posted by Mellie View Post
    So they're just idiots.
    and people with bags of tea hanging from their hats aren't?

    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
    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.
    I haven't banked with a commerical bank in over 30 years. Sixteen years in the Navy, I banked with Navy Federal. Once I got out, I went straight to a local credit union. Haven't had too many problems with the services received...a glitch here or there, but my credit union worked with me to resolve the problem every time. I'm rather content banking where I am right now. The ROI on savings, CDs, money market accounts and mutural funds are better with most Credit Unions as well.

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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
    and people with bags of tea hanging from their hats aren't?
    Yikes...I hope you agree with her that the people that are clamoring to take their money out of banks and falling all over themselves to protest Wall Street are idiots (like you feel about the Tea Party folks). Otherwise...better duck...Danarhea is going to call you an idiot and a ****ing hypocrite. You disgust him and he will want to puke on you.

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

    I have about $4k in savings and an ADB of around $700. I also have a credit card through my bank that has a significant limit (usually no balance, though). Based on the interviews, signs, and websites I've found for the 99%ers I think I'm in the minority amongst people who would be considering a move away from banks. Taking my money and running?? Chase would laugh at me. I'd be an inconsequential spec. Checking accounts without high balances mean very little to banks. They offer them in hopes you'll take on other services (re: loans, CDs) at a later date. With credit restrictions tightening, they're seeing their potential pool of loan-holders dwindling, so they're not looking at small-time account holders the same way as they used to.

    I've considered switching to a CU for some time now, but only because they offer a 3.25% APR return on your ADB, and only for that reason.

    Chase has always been good to me. When I opened my account with them they helped me create a system of accounts that protected me from overdraft penalities and traps, start saving responsibly and consistently, and provided all of that at no cost. I can go to them for free notary services, they provide free money orders, and they'll even void a money order at no cost to me, despite it's age/condition. They gave me the rewards debit card and waived the annual fee on it. They've waived the annual fee on my credit card every year that I've had it (it earns points redeemable with the debit card points). When I screwed up a transfer between my accounts a few years back and the online system showed that $1500 had disappeared they spent an hour with me trying to correct the issue and assured me that they would make sure that the money didn't stay "lost". They've got amazing fraud protection that I pay nothing for.

    And I'm not a big spender. I'm not a high-value account holder. I don't qualify for half of their loans. Is the CEO part of that "1%"? Oh hell yeah. Do I really care, as long as I'm being treated fairly? Absolutely not. These people can argue about fair treatment all day, but it's subjective. If they feel they've been screwed over because of student loans, overdraft fees, debit card fees, whatever...that's their opinion and their choice.

    But I suspect most of these people just want to penalize somebody because they're in a rough spot, and who better than the people the government decided needed more help than the lowly citizens?
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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