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Tongue-in-Cheek 101 - take it sometime.
my bad. I tend to be sarcastic sometimes also. I will take not for future reference.
Tongue-in-Cheek 101 - take it sometime.
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?
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.
People wil move to another credit union with smaller fees, and the bigger ones will shrink again. It'll be a never ending cycle.
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.
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.
That'll all change, once the revenue stream from banks goes down and the golden goose becomes the credit unions.
And the bloodletting will continue. Oh, I am sure that the apologists for the elitist banksters will continue to shill "Those big banks have so many assets, that your mosquito-assed self moving your paltry sums away means absolutely nothing". Of course, the shills might be right, but in my life, my paltry sum is no longer in their banks. And on top of that, I am debt free to the point where I have cut up every single one of my credit cards. I only carry a debit card now, THROUGH A CREDIT UNION. So, each and every time, an apologist for an elitist bankster tells me I don't mean jack **** to them, I will say "Fine, and those bloodsuckers don't mean jack **** to me either". My money is no longer with them, so they will need to find another victim to go vampire on. And as long as others feel the same way as me, the bloodletting is not going to stop. LOL.
Am I a happy camper? You bet your ass I am. **** the banks.
And Bank Transfer Day has not even arrived yet. :mrgreen:
Article is here.
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.
Based on what line of reasoning..... (This outta be good)
For a credit union to get that large it would need to have an inclusive membership that frankly does not exist. While there are credit unions that are largely open to anyone, they tend to have downsides that limit their appeal. Hence why the limited membership credit unions are the dominant ones. So, no, your reasoning is wrong as usual.
The largest credit union is the Navy Federal. Which is pretty tiny with assets less than $50 billion.
Navy Federal Credit Union - Wikipedia, the free encyclopedia
Considering that's fairly exclusively, there's not much chance that Credit Unions will take on a size similar to the big banks. Adpst is probably wrong on this as usual.
If all the bank customers tranfer to credit unions, it highly possible.
The biggest question, is how is the government going to replace the revenue that will be lost from banks losing income.
Move Your Money Project
link has a useful bank finder to help you locate a regional bank / credit union.
i found a couple, but none which offered a better deal than my own bank, which is also on the list.
Dan, just curious. What do you think credit unions do with all their money?
I just looked it up. I think I'll move my money as well.
Is the saving rates offered better than Amex? I'm pulling money out of my own credit union and putting it into my Amex bank account.
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.
Another straw man - There are NO fees NOW. Whether there will be in the future is nothing but speculation by someone who supports the banksters.
Another straw man - There are NO fees NOW. Whether there will be in the future is nothing but speculation by someone who supports the banksters.
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?
The fees exist because of the government, you won't escape them.
What makes you think they will have to hire more people in branches simply because they have more deposits? And if they do, what makes you think that they cannot operate under the exact same business model that has served them well for decade after decade growing their business the entire time?
Therefore we are more likely to believe their claims that the Durbin Amendment will force fewer benefits and higher fees. A survey by the National Association of Federal Credit Unions found that nearly half of respondents are considering eliminating free checking to make up for lost fees. A similar proportion indicated that they would eliminate or cut back on rewards programs, and almost 9% professed that they might have to lay off staff members.
Let's not resort to scare tactics. The liberals think a CU's not for profit status means the CU doesn't have to make any money so the services will be free.Oh there have been changes. Some have added fees, others have dropped rewards. Your statement is flat wrong. I was at Compass Bank and our debit card transactions used to get 1% cash back if we used them like a credit card (signature). Now they get nothing. Other banks have added ATM fees and removed free checking account options. There are fees NOW.