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

Frolicking Dinosaurs said:

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.

Click to expand...

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?

tessaesque said:

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?

Click to expand...

For most banks yes, taking out your CD early has a huge penalty

VanceMack said:

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.

Click to expand...

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.

VanceMack said:

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.

Click to expand...

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.

MaggieD said:

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."

Click to expand...

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.

Deuce said:

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.

Click to expand...

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...

Mickey Shane said:

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.

Click to expand...

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.

tessaesque said:

I want to see a tally of how much money moves. Then I'll laugh heartily.

Click to expand...

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.

VanceMack said:

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.

Click to expand...

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.

tessaesque said:

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?

Click to expand...

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?

Frolicking Dinosaurs said:

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?

Click to expand...

Oh, that's a good one. The banks will become Socialists and tax the rich. LOL.

danarhea said:

Oh, that's a good one. The banks will become Socialists and tax the rich. LOL.

Click to expand...

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.

Mellie said:

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?

Click to expand...

in the name of religion.

Risky Thicket said:

Actually they are suggesting that you do it between now and 5 November. It should lessen the lines. I'm moving money this Friday.

Click to expand...

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.

MaggieD said:

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."

Click to expand...

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.

1Perry said:

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.

Click to expand...

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.

Mellie said:

So they're just idiots.

Click to expand...

and people with bags of tea hanging from their hats aren't?

1Perry said:

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.

Click to expand...

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.

liblady said:

and people with bags of tea hanging from their hats aren't?

Click to expand...

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.

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?

Objective Voice said:

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.

Click to expand...

And yet...the banks manage to not only survive but thrive. See...thats making a really good point.

jamesrage said:

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.

Click to expand...

Your mistake here is assuming that only poor college kids are the only people behind this Occupy movement. You'd be dead wrong! It's not just young people, 18-28, who are involved with this movement. There are people of all ages involved - college students, their parents and folks from their generation (35-50+), senior citizens. Don't make the mistake of trying to label those among the desentors one way or another. This movement is larger than most people think and cuts across various age groups.

Objective Voice said:

Your mistake here is assuming that only poor college kids are the only people behind this Occupy movement. You'd be dead wrong! It's not just young people, 18-28, who are involved with this movement. There are people of all ages involved - college students, their parents and folks from their generation (35-50+), senior citizens. Don't make the mistake of trying to label those among the desentors one way or another. This movement is larger than most people think and cuts across various age groups.

Click to expand...

No so...most of us recognize that whiny unthinking losers cover the entire spectrum of age and race. While not all or even most of the lower 50% support the 'movement', theres a whole lot of suck in that lower 50% very appropriately entitled 'movement'.

VanceMack said:

And yet...the banks manage to not only survive but thrive. See...thats making a really good point.

Click to expand...

Come, now, VanceMack. Commercial banks have the advantage of being nationwide, available in every community large or small. Credit Unions don't have the luxury. Historically, they've only catered to specific clientle; membership was and still is required. However, credit unions are starting to relax their membership requirements. It use to be that in order to join a Credit Union you had to work for a specific company or be in a certain profession or be related to a credit union member. That's not necessarily the case now. It's becoming easier for more people to join Credit Unions. And because of their connection to their communities AND the better rates they offer, Credit Unions are looking more attractive to people especially since the banks now seem desperate to generate revenue in which way they can.

If this banking initiative does begin to take hold, you will see a significant sea-change in the way People bank. And commercial banks will feel the affect and it won't be pretty for them.

VanceMack said:

No so...most of us recognize that whiny unthinking losers cover the entire spectrum of age and race. While not all or even most of the lower 50% support the 'movement', theres a whole lot of suck in that lower 50% very appropriately entitled 'movement'.

Click to expand...

We promise not to eat YOU, Vance.