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

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

    WASHINGTON --- Reacting to rising fees at banks, hundreds of thousands of consumers have rushed to credit unions over the past four weeks, and have joined existing credit union members in depositing or shifting billions of savings to credit unions, according to estimates released today by the Credit Union National Assn. (CUNA), the nation’s largest credit union advocacy group.
    Based on the responses of a nationwide survey of 5,000 credit unions, CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee). Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.
    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.

    Article is here.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by danarhea View Post
    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.

    Article is here.
    LOL...I made the move, but not for the reasons suggested in the article. I moved to a credit union because I get 2.75% on my checking, free advice on investing and they manage my son's college plan. Plus I get to use all kinds of free ATMs, $20 a month in refunded fees on other ATMs and great rates if I ever need a loan.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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

    Quote Originally Posted by danarhea View Post
    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.

    Article is here.
    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.

    Credit unions, on the other hand, are not-for-profit institutions. Technically, credit unions are owned by their account holders, known as members. Any profit earned by a credit union is either invested back into the organization or paid out to members as a dividend [source: Federal Reserve]. As a not-for-profit institution, credit unions pay no state or federal taxes, meaning they can charge lower interest rates than banks for most financial services.
    Credit unions were designed to be cooperative financial institutions for people who share a common bond. Members of a credit union may work for the same company or organization, attend the same college, serve in the armed forces, belong to the same church or live in the same community. Credit unions have become more popular in recent years. Nearly 90 million Americans are members of a credit union, and credit unions hold more than $615 billion in savings. Worldwide, there are more than 46,000 credit unions with about 172 million members [source: WOCCU].
    But the growth of credit unions has met strong resistance from the banking industry, which sees these not-for-profit agencies as unfair competition. In 1998, the U.S. Supreme Court handed a victory to the banks, saying that some credit unions had signed on members with no common bonds in an attempt to increase their size and power [source: New York Times].
    Last edited by MaggieD; 11-04-11 at 06:15 PM.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by danarhea View Post
    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.

    Article is here.
    1) I was planning on moving until they rescinded the fees. I might still move because BoA is slimy and will try to recover their losses in some underhanded way.

    2) Unless you are lazy or forgetful then use credit cards!!! Just don't hold a balance on them. Its free money because most offer 1% cash back rewards. Some high such as discover cards.

    Every purchase possible goes on my card. Same with bills. I just pay it off every month and every couple of months I cash in my rewards points for money. Plus, credit cards have fraud protection (US only). You are only liable for $50. And the bank has a vested interest in getting your fraudulent charges handeled and getting a new card in your hand ASAP.

    If someone steals your debit card (or pin) then you are stuck with no money in your account and little support from the bank until its resolved.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    It would be more impactful if everyone at OWS maxed out their credit cards and bank loans, and then declared bankruptcy. A lot of them are poor or long-term unemployed anyway, and if their goal is to hurt the banks then that's one way they could do it.

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

    Quote Originally Posted by Temporal View Post
    It would be more impactful if everyone at OWS maxed out their credit cards and bank loans, and then declared bankruptcy. A lot of them are poor or long-term unemployed anyway, and if their goal is to hurt the banks then that's one way they could do it.
    That would consistent. They would be bailed out by the bankruptcy court while hurting the credit worthy consumers that ultimately pay the bills for those that refuse to do so.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by Temporal View Post
    It would be more impactful if everyone at OWS maxed out their credit cards and bank loans, and then declared bankruptcy. A lot of them are poor or long-term unemployed anyway, and if their goal is to hurt the banks then that's one way they could do it.
    It costs a couple thousand dollars to file for bankruptcy and they better hope they don't hold significant assets or have an income level where they can reliably pay the debt back.
    You can't just wipe it out that easy anymore.
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    Re: Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

    Quote Originally Posted by scourge99 View Post
    1) I was planning on moving until they rescinded the fees. I might still move because BoA is slimy and will try to recover their losses in some underhanded way.

    2) Unless you are lazy or forgetful then use credit cards!!! Just don't hold a balance on them. Its free money because most offer 1% cash back rewards. Some high such as discover cards.

    Every purchase possible goes on my card. Same with bills. I just pay it off every month and every couple of months I cash in my rewards points for money. Plus, credit cards have fraud protection (US only). You are only liable for $50. And the bank has a vested interest in getting your fraudulent charges handeled and getting a new card in your hand ASAP.

    If someone steals your debit card (or pin) then you are stuck with no money in your account and little support from the bank until its resolved.
    That takes some discipline. We use a cash method to keep on our budget. We just withdraw $200 at the beginning of every week and once it is gone, it is gone. We do pay for gas on our credit card because we get 5% cash back for gas.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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

    Quote Originally Posted by Temporal View Post
    It would be more impactful if everyone at OWS maxed out their credit cards and bank loans, and then declared bankruptcy. A lot of them are poor or long-term unemployed anyway, and if their goal is to hurt the banks then that's one way they could do it.
    Or if everyone with a mortgage just stopped paying. That would be ossum!


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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!
    That's a great way to separate the middle class from the upper class.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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