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

Its a fair assumption since the '99%' does not actually represent the 99% but rather a percentage of the lower 50%...and those that are in a rush to make a statement may or may not ever actually become significant investors (especially the college students) and if they dont their earnings and bank holdings will ALWAYS cost the banks money. If they DO become significant investors, I'd be willing to bet they grow out of their 'rebellion'.

completely untrue, vance. you have no idea abut the finances of the protestors. in fact, i gentleman i know is putting together atrip to NYC, he's 66 years old. and has plenty of money, btw.
 
that's exactly right. banks will take a loss on small accounts, and remember there are economies of scale.

Not sure you have any idea what you are talking about. Someone who has $500 in a bank account right now, if that money is then sitting at the Fed at .0025% interest would create $1.25 of interest income. Less than the cost of making one entry by a teller.
 
I covered this in another post. Short term. You are assuming that these accounts will always remain small. How many here that have at least a bit of money saved didn't start off with a small account?

if they execute their strategy correctly (big if) then they will put incentives in place to attract larger savers. People these days move money around, do not stick with one bank forever, of course there are exceptions.

Look, these small accounts never made money. In an environment where you want people to view you as the friendly local banker there was a logic of taking some bad business. In the current environment where banks are demonized regardless of any action they take, they might as well not try to coddle losing accounts.
 
Not sure you have any idea what you are talking about. Someone who has $500 in a bank account right now, if that money is then sitting at the Fed at .0025% interest would create $1.25 of interest income. Less than the cost of making one entry by a teller.

wrong. odds are, that money isn't at the fed. FTP rates are around 3.00% for personal dda which would equate to $15 a year. that is far less than what it costs a bank to maintain that account.
 
wrong. odds are, that money isn't at the fed. FTP rates are around 3.00% for personal dda which would equate to $15 a year. that is far less than what it costs a bank to maintain that account.

OK you have the cost breakout for a customer. Let's see what the numbers are.
 
completely untrue, vance. you have no idea abut the finances of the protestors. in fact, i gentleman i know is putting together atrip to NYC, he's 66 years old. and has plenty of money, btw.
Ah well...a fool and his money...

We have a pretty good idea of their finances based on the klowns that keep giving speeches. But do YOU maintain that the 99% represent 'the 99%'? You HAVE seen the income charts Im sure. you DO know what percentage of that 99% are multi millionaires? That are people in the upper income brackets? That make well over 500k? That make over 200k? To quote you...you have NO IDEA if in fact a majority of the lower 50% support the 'movement' or even understand what the hell they are protesting about...right?
 
Ah well...a fool and his money...

We have a pretty good idea of their finances based on the klowns that keep giving speeches. But do YOU maintain that the 99% represent 'the 99%'? You HAVE seen the income charts Im sure. you DO know what percentage of that 99% are multi millionaires? That are people in the upper income brackets? That make well over 500k? That make over 200k? To quote you...you have NO IDEA if in fact a majority of the lower 50% support the 'movement' or even understand what the hell they are protesting about...right?

that's what i said, WE have no idea. 99% is just a tagline, vance. 4% of americans are millionaires. so what if the 99% is a little off?
 
if they execute their strategy correctly (big if) then they will put incentives in place to attract larger savers. People these days move money around, do not stick with one bank forever, of course there are exceptions.

I do not disagree that the game has changed somewhat. To me, it's all the more reason to do all you can to keep and maintain as many customers as possible. The problem is, investors only care about the current financial statement, not next years. It's that thinking that has caused in part the driving of jobs overseas.

Look, these small accounts never made money. In an environment where you want people to view you as the friendly local banker there was a logic of taking some bad business. In the current environment where banks are demonized regardless of any action they take, they might as well not try to coddle losing accounts.

SMall accounts never make money. We are not in disagreement. My position is that small accounts do not always stay small accounts.

If I was a bank that wanted to grow right now I would state over and over that I wanted the business of the OWS crowd and anyone else not happy with the way things were going. I understand that large Wall Street banks have their next financial statement to worry about. That is a short sighted harmful position IMO.
 
If people can squat on Wall St. for weeks on end, they must have money. It's the people who have no money who can't turn out to protest. That seems only logical.

I'm not sure what impact these people are going to have, but they are the first viable movement to actually hone in on the genuine center of power in America: the banks. Even if they don't make a dent, they are still continuing to generate public awareness about where to focus the activism.

Our government is controlled by business, the banks, and money. Protesting the White House is not effective, but protesting by a mass withdrawl of funds is bound to garner some attention.
 
that's what i said, WE have no idea. 99% is just a tagline, vance. 4% of americans are millionaires. so what if the 99% is a little off?
A 'little'? I dont make millions annually...Im low end where I live. I guarantee you...not a one supports the 'movement', we certainly arent counted in the '99%' and I can also guarantee you that a good chunk of that lower 50% may agree with changes but object to theb actions of the protesters (largely because they are living on a fixed income and smart enough to know their retirement income is tied into those banks and markets they are trying to adversely impact. They actually bother to THINK.

But I will absolutely give you that reality...the '99%' nothing more than a tagline...a fable. We really dont know how many people actually support these people that pretend to speak for the 99%
 
OK you have the cost breakout for a customer. Let's see what the numbers are.

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.
 
whats your bank?

ING Direct, but there are others with equally good services like, Capital One Banking, Ally Bank (formerly GMAC), Fidelity Cash Management, PerkStreet, + lots more.

Edit:
I get interest on checking and savings no matter the balance, plus instead of an overdraft fee, you get a modest line of credit with a low percentage rate, to cover any overdrafts.

If anyone is interested, I do referrals,
Full disclaimer, they give bonuses to people who make referrals.
 
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Harry Guerilla works for ING Direct.
 
banks dont exist for your pleasure. They dont exist for my pleasure. Banks dont exist to serve. They exist to turna profit for their board and their shareholders. You arent going to change that.

We can reduce our tax backed risk by reinstating the Glass-Steagall Act that worked in that capacity after the Great Depression until its repeal in 1999.


The Glass Steagall Act: Where a Libertarian and a Liberal agree over dinner


"quick refresher on the Glass-Steagall Act:

It separates commercial banks from investment banks, isolating the risk inherent in investment banks from the deposits of everyday consumers. ‘It was enacted as an emergency response during the Great Depression and made permanent in 1945. The Glass-Steagall Act was eviscerated in 1999 under criticisms that the boundaries it drew were outdated, and the change repealed the restrictions on bank and securities firm affiliations."

It also happens to be at the top of the list of demands on the Protester's proposed list here:

"CONGRESS PASS HR 1489 REINSTATING GLASS-STEAGALL ACT. Glass --- Wiki entry summary: The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm–Leach–Bliley Act in 1999 effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. Most economists believe this repeal directly contributed to the severity of the Financial crisis of 2007–2011 by allowing Wall Street investment banking firms to gamble with their depositors' money that was held in commercial banks owned or created by the investment firms. Here's detail on repeal in 1999 and how it happened: Glass . If we wanted to have a BIG IMPACT and we were able to have only one slogan that we could paint on signs and chant during marches within earshot of press, it would be "PASS HR 1489. REINSTATE GLASS-STEAGALL" or "RE-IN-STATE the ACT GLASS-STEAGALL. IT MAKES THE WALL STREET GAMES ILLEGAL"
 
Who uses big financial banks? Their fees are exorbitant and excessive. I have always used small banks with free checking, free atm withdrawals, no maintenance fees, no limitation on transactions, no penalties for not keeping a certain amount in your accounts, etc.

I was going to sign up for a BoA account when I was a student, but was appalled at all the fees. I had to have $5,000 in my account at all times or I was going to get penalized. I could only use my card 6 times a month for credit transaction and then I was going to get charged, there was a charged everytime I used my card as a debit card, and there was a $10 a month maintenance fee, and I had to pay for my first checks.

I am really surprised that these banks stay in business, never mind rake in billions for profit.
 
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.

how wacky are you! I said that banks do not make money on small accounts you argue that they do, then you say above that they make no money on small accounts.

Let's make this easier, cut out the middle man and just debate yourself!
 
Who uses big financial banks? Their fees are exorbitant and excessive. I have always used small banks with free checking, free atm withdrawals, no maintenance fees, no limitation on transactions, no penalties for not keeping a certain amount in your accounts, etc.

I was going to sign up for a BoA account when I was a student, but was appalled at all the fees. I had to have $5,000 in my account at all times or I was going to get penalized. I could only use my card 6 times a month for credit transaction and then I was going to get charged, there was a charged everytime I used my card as a debit card, and there was a $10 a month maintenance fee, and I had to pay for my first checks.

I am really surprised that these banks stay in business, never mind rake in billions for profit.

I use big banks and pay zero fees.
 
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.
 
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.

If your dear old dad had his account at BoA then I would say the above post is incorrect. Not sure what you know or don't know so can't call you a liar.

The BoA charges are not going to be imposed on larger accounts, and I am pretty sure they start in January.
 
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?
 
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.
 
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.
 
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.
 
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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