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Thread: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    What's going to happen when the credit unions--because of the sudden massive increase in volume--have to hire more personel to handle the increase and then have to start applying the same fees to afford the increase in payrolls?
    Quote Originally Posted by Top Cat View Post
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by Josie View Post
    Or if everyone with a mortgage just stopped paying. That would be ossum!
    So are you the type of person who goes back on thier word? Not saying Banks should not help those who are in trouble. but for those who are not, to stop paying on a loan you agreed with is pretty low in my opinion. It the old "not my fault" stance.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by apdst View Post
    What's going to happen when the credit unions--because of the sudden massive increase in volume--have to hire more personel to handle the increase and then have to start applying the same fees to afford the increase in payrolls?
    People wil move to another credit union with smaller fees, and the bigger ones will shrink again. It'll be a never ending cycle.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by mike2810 View Post
    So are you the type of person who goes back on thier word? Not saying Banks should not help those who are in trouble. but for those who are not, to stop paying on a loan you agreed with is pretty low in my opinion. It the old "not my fault" stance.
    Tongue-in-Cheek 101 - take it sometime. :P


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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    If the big banks are driven to insolvency... then what? The taxpayers are left to pay off the FDIC insurance on the money lost by people who have CD's, IRA's, 401K's and savings accounts.

    The problem isn't the banks. It's congress and it's been 25 years coming. It all started with deregulation under Reagan, moving up the administrative chain to later include the removal of protection of public funds, allowing municipalities and public entities to invest in junk bonds, bonds from which previous regulations and protections had already been removed. I've watched this coming since the mid-1980's. Anyone with a brain knows that when regulations are removed from public entities and corporations, the watchdog has gone home and it's party time. It just took a couple of decades for all the pyramid schemes, public and private, to collapse.

    Don't forget, just about everything that these public and private entities have been doing can be laid at the feet of congress. Oh, and also the campaign finance laws, which allow corporations to buy these "deregulations" in the first place by the legal bribes we laughingly call campaign contributions.
    Last edited by DiAnna; 11-04-11 at 10:55 PM.

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by Josie View Post
    Tongue-in-Cheek 101 - take it sometime. :P
    my bad. I tend to be sarcastic sometimes also. I will take not for future reference.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by apdst View Post
    What's going to happen when the credit unions--because of the sudden massive increase in volume--have to hire more personel to handle the increase and then have to start applying the same fees to afford the increase in payrolls?
    Considering that credit unions for the most part don't get taxed like banks, they have a sizable advantage. Furthermore, increasing deposits itself doesn't require more staff, and in today's world where many people bank online the additional costs from more customers isn't that sizable. They'll probably just amp up the amount they invest and increase loans, but that's about it. There isn't a good reason to foresee a big spike in operating costs. This isn't 1950 where most things were still done by hand.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by DiAnna View Post
    If the big banks are driven to insolvency... then what? The taxpayers are left to pay off the FDIC insurance on the money lost by people who have CD's, IRA's, 401K's and savings accounts.
    That really depends. If this is done over time, then either the big banks will get die or will change their behavior to either something that doesn't piss off consumers or become very focused banks, like focusing on corporations or high net individuals. IMO, lots of small banks is preferable to big banks as the damage one bank can do on the system is real minimal. If the decline is done slowly, big banks will restructure and no one should be on the hook other than the bank's management and board.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    FYI. basically the only reputable bank offering a "decent" savings rate is American Express FSB. 1%. Ally and ING cut their rates to 0.9%. Most savings and big banks are between 0.5~0.4%. I moved a flaggable amount of cash out of my ING after the rate cut.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by spud_meister View Post
    People wil move to another credit union with smaller fees, and the bigger ones will shrink again. It'll be a never ending cycle.
    And, before you know it, everyone will be charging fees and what will have been accomplished? The fees exist because of the government, you won't escape them.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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