Many of the accounts that are walking off are not accounts with $50 balances. I took a neighbor who does not drive to the bank to close her account. She, like us, has five figures before the decimal point in her checking account and at least 6 (if not 7) figures in her savings accounts / bank held CDs. The people at church who were discussing which credit union was best for their moves enjoy similar circumstances. The banks cannot afford to hemorrhage these types of clients for long.As I think about it, banks may be delighted to have small accounts close. Absolutely delighted. Debit cards have got to be "transaction nightmares" for banks, as an example. If they can't make money on them, they'll be glad to get rid of them. Checking accounts that carry a small balance? Same deal. We'll probably find out they've been handling these accounts at a loss as a community service.
then they should by all means express their impotent rage by doing so. Good riddance. But who are they going to bitch about when they find out they have to pay back their loans to the credit union just like the banks?The credit unions they switch to will be happy to make their next loans to them. No, they do not profit on small accounts but they deal with them to keep them as customers when they do make more money or want a loan.
Oh God. Can we tell these young people to stop taking V for Vendetta that God damned seriously?
As credit unions grow in number of small accounts that this movements wants. Who wants to bet the credit unions will eventually change their service fees?
The movements new slogan.
"money for nothing and , chicks for free".
Who cares! No money in the bank for those rich bankers and their rich wives! Wooooohoooo! Freeeedom!
Seriously, I think they're all just morons.
Many of the accounts that are walking off are not accounts with $50 balances. I took a neighbor who does not drive to the bank to close her account. She, like us, has five figures before the decimal point in her checking account and at least 6 (if not 7) figures in her savings accounts / bank held CDs. The people at church who were discussing which credit union was best for their moves enjoy similar circumstances. The banks cannot afford to hemorrhage these types of clients for long.
then they should by all means express their impotent rage by doing so. Good riddance. But who are they going to bitch about when they find out they have to pay back their loans to the credit union just like the banks?
How the hell do you know how much money they have? Is this what Glenn Beck says?
I want to see a tally of how much money moves. Then I'll laugh heartily.
If many of them are protesting because they are not making what they claim is a livable wage then how will they have money to withdraw from the bank on the 5th of November? Don't you need money in the bank to actually withdraw it and a substantial amount of money in the bank so that withdrawing it actually make a difference? Because if they are making below what they consider a livable wage then that means they are living from paycheck to paycheck so they should have no cash in the bank to withdraw.Now it gets real! People do have have the power.
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Most of those 6,500 people probably have no money in the bank.
then they should by all means express their impotent rage by doing so. Good riddance. But who are they going to bitch about when they find out they have to pay back their loans to the credit union just like the banks?
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.
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.Those who hold those views hold as much sway as Obama releasing a program to Congress but it really didn't have much to do with me noting why banks keep these customers on.
You are being dishonest if you deny a good percentage of the whiners out there are complaining about having to pay back student loans. You can bitch and moan about the banks all you want...they are a business, in business to make money. They will laugh at the guy that takes his $47.32 balance out of his 'savings' account and goes to a Credit Union. You are doing them a favor. Run along now. You gots some bankin to do!What the **** are you talking about? Where has anyone said that Bank Transfer Day was about not having to pay back loans? It doesn't. It hasn't been said unless it was on Fox or NewsMax. You are being dishonest to yourself or to everyone else. No matter few here put any stock in anything you say.
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.
Whats silly is the fools that continue to chant the '99%' mantra as if you actually represent the '99%' or the '99%' supports the OWS. At best you represent the lower income 50% that pay little to no income tax and have absolutely zero relative bearing on the banks. You are a burden. Those that make above 50%? You think they are clamoring to support the 'movement'? And how many of those college students that are bitching and moaning are living off of their +50% mommy and daddy's credit card?Yes, it's funny ha-ha how little money the 99% have. The little people are so silly thinking they matter.
Oh...there may be...there are a lot of people willing to spend hours of their day, pull out their $278.32 total bank account, then walk over to a credit union and spend more hours of their day opening a new credit union account. Lots. And hopefully they will do it in a respectful and orderly manner. Good on them.You've got to be kidding me. How naive are people that they actually think there will be lines?
Yes, it's funny ha-ha how little money the 99% have. The little people are so silly thinking they matter.
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.It is difficult for me to believe with the dollars you claim she has that she would pay any fees at the Bank. Are not the Banks targeting the basic low amount accounts with fees. Mid to High end are not.
Unless she is clueless or your not stating true facts. With her money, she could have free checking/credit/debit accounts with most likely any bank.. Just pulled up Wells Fargo fee schedule. With a Premium Account they don't charge for debit transactions, credit card annual fee or checking.
This is such a non issue for a lot of people. You just have to educate yourself.