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Bank Transfer Day

Bank transfer to non profit ... are you supporting/participating?


  • Total voters
    28
I have always done my banking with Credit Unions and urge all my friends and family to do the same! Anyone in New Hampshire should make the switch over to Service Credit Union, such a great credit union with no fees, no minimal balances and no atm fees worldwide. Got to love it!

I also use credit union and USAA a banking, Credit card and insurance agency for military and veterans....I dumped Bank Of America when it gave credit cards to illegal immigrants without them having to produce a social security number or a credit check.....they wanted my SS number and did a full credit check on me..I dumped them and when I called to dump them, they asked why I told them and they said Oh but thats just a pilot program to see if it will work...I said this isnt a pilot program...Im dumping you forever...say goodbye
 
There are many reasons why someone would be with a big bank and not know to avoid it. Maybe it just doesn't occur to them. Who cares? People are noticing now and that's what matters most. Better late than never, right?

If enough people dump them and show their disdain for being robbed by them with ridiculous fees...then they will change it....HEY YO big banks...we dont want to feed your quest for disgusting bloated profits anymore at our expense.
But look out for the big banks to "PAY" the teaparty types to go after credit unions again..
 
If enough people dump them and show their disdain for being robbed by them with ridiculous fees...then they will change it....HEY YO big banks...we dont want to feed your quest for disgusting bloated profits anymore at our expense.
But look out for the big banks to "PAY" the teaparty types to go after credit unions again..

I'm not a fan of the big banks, but they are in business to make money.
When they offered free checking, they did it as a loss leader for most people.

Now that they can't make up some of the loss through the debit transaction system, they're charging a nominal fee for securing your money.
Damned if they do and damned if they don't.

Would you rather them take another bail out, because they continued to offer "free" checking, when they could no longer afford it?
 
I have no intention of moving away from my bank. I'm fairly happy with it.
 
I already bank with a small regional.
 
I'm not a fan of the big banks, but they are in business to make money.
When they offered free checking, they did it as a loss leader for most people.

Now that they can't make up some of the loss through the debit transaction system, they're charging a nominal fee for securing your money.
Damned if they do and damned if they don't.

Would you rather them take another bail out, because they continued to offer "free" checking, when they could no longer afford it?

Id rather they stop giving their ceo's multimillion dollar salaries and bonus's when taking bailouts for FAILING ...and I would like for banks to stop hiding ju st how much money they really make and start paying their fair share of taxs....this whining and bemoaning the fate of big corporations is beyond laughable anymore...any moron can readily see what the real truth is and who really got screwed...hint: it wasnt the rich and corporations....
People who keep cheerleading for them are making themselves look naive...when all the real evidence shows the truth
 
Id rather they stop giving their ceo's multimillion dollar salaries and bonus's when taking bailouts for FAILING ...and I would like for banks to stop hiding ju st how much money they really make and start paying their fair share of taxs....this whining and bemoaning the fate of big corporations is beyond laughable anymore...any moron can readily see what the real truth is and who really got screwed...hint: it wasnt the rich and corporations....
People who keep cheerleading for them are making themselves look naive...when all the real evidence shows the truth

The banks aren't innocent by any means, but then again, neither are a lot of "the people."

How many people got a HELOC, drew out all the cash and then walked away, letting the house go into foreclosure?
How many people decided to make strategic defaults and walked away from their homes?
How many people engaged in the borrower side of stated income mortgages and bought too much house for their real income level?

Answer: A lot.

It's easy to toss crap at the banks.
Not so easy to see regular janes and joes acting in an equally reckless manner.
 
I'm not a fan of the big banks, but they are in business to make money.
When they offered free checking, they did it as a loss leader for most people.

Now that they can't make up some of the loss through the debit transaction system, they're charging a nominal fee for securing your money.
Damned if they do and damned if they don't.

Would you rather them take another bail out, because they continued to offer "free" checking, when they could no longer afford it?
I think this touches on the reality, but leaves some out. Yes, free checking was a loss-leader, but... banks were able to offer free checking because regulations had been loosened that allowed them to make gobs more money in other areas that they had previously been unable to. Then when everybody (banks and consumers alike) abused their new found freedom, regulations tightened back up. Thing is, the banks did not view those few years with unusually huge profits as an aberration as they should have, they considered it the "new norm", and are trying to stay at that level. IMO, it's unrealistic.
 
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The banks aren't innocent by any means, but then again, neither are a lot of "the people."

How many people got a HELOC, drew out all the cash and then walked away, letting the house go into foreclosure?
How many people decided to make strategic defaults and walked away from their homes?
How many people engaged in the borrower side of stated income mortgages and bought too much house for their real income level?

Answer: A lot.

It's easy to toss crap at the banks.
Not so easy to see regular janes and joes acting in an equally reckless manner.
Totally agree with this. To use an old cliche, it takes two to tango... but people don't like to hear that.
 
How many people engaged in the borrower side of stated income mortgages and bought too much house for their real income level? Answer: A lot.
We bought a house in the late 1990s - a move to downsize as we were no longer the old-woman-who-lived-in-a-shoe. We requested approval for a loan amount that was far below what we could afford based on our income. The bank approved us for a loan that was >3 times the amount we requested and then sent that figure to our realtor. Of course we were being shown and pressured to buy more house than we wanted by the realtor. We had to switch realtors and tell them we were only approved for the original amount we requested to be shown houses in the range we wanted and finally buy a house in that range. As soon as the realtor found out what amount we were approved to receive, she wanted to show us more houses in the approved range and encouraged us not to buy the house we bought.

Based on the above (and a number of friends who have had similar experiences), I have to put most of the fault at the banks' feet. Younger people often don't have the experience to realize that having a cushion is important and they shouldn't be pushed into a position that while result in them losing their homes to learn that valuable lesson.
 
We bought a house in the late 1990s - a move to downsize as we were no longer the old-woman-who-lived-in-a-shoe. We requested approval for a loan amount that was far below what we could afford based on our income. The bank approved us for a loan that was >3 times the amount we requested and then sent that figure to our realtor. Of course we were being shown and pressured to buy more house than we wanted by the realtor. We had to switch realtors and tell them we were only approved for the original amount we requested to be shown houses in the range we wanted and finally buy a house in that range. As soon as the realtor found out what amount we were approved to receive, she wanted to show us more houses in the approved range and encouraged us not to buy the house we bought.

Based on the above (and a number of friends who have had similar experiences), I have to put most of the fault at the banks' feet. Younger people often don't have the experience to realize that having a cushion is important and they shouldn't be pushed into a position that while result in them losing their homes to learn that valuable lesson.
I had a similar experience (as did some friends of mine).

I bought my present home 6 years ago. I told the broker in no uncertain terms that I would not even consider an ARM (I know that I'm the type that needs certainty in stuff like this). Fixed-rate only. To his credit, he understood and never presented me with an ARM option. I was also approved for about 20% more than I eventually spent.
 
We bought a house in the late 1990s - a move to downsize as we were no longer the old-woman-who-lived-in-a-shoe. We requested approval for a loan amount that was far below what we could afford based on our income. The bank approved us for a loan that was >3 times the amount we requested and then sent that figure to our realtor. Of course we were being shown and pressured to buy more house than we wanted by the realtor. We had to switch realtors and tell them we were only approved for the original amount we requested to be shown houses in the range we wanted and finally buy a house in that range. As soon as the realtor found out what amount we were approved to receive, she wanted to show us more houses in the approved range and encouraged us not to buy the house we bought.

Based on the above (and a number of friends who have had similar experiences), I have to put most of the fault at the banks' feet. Younger people often don't have the experience to realize that having a cushion is important and they shouldn't be pushed into a position that while result in them losing their homes to learn that valuable lesson.

I just bought my home 2 months ago, we too were offered more than what we wanted to use to purchase a house.
However, I've spent the greater part of 2 years preparing to purchase a house and I told the Realtor exactly what I was comfortable spending.

I didn't accept anything else.
In actuality, we shopped for houses and told the Realtor what we wanted to look at, she arranged the visits and communicated with the seller for us.
Much like a court of law, "ignorance is no excuse."
 
Yeah, and nary a clue that government did something to create that fee.
LOL
The banks were already charging you fees. the govt just said that the banks had to tell us about the fee and fee structures. The upshot was that some banks decided to do this.
Not all banks do it.
This is the free market in action.



My bank is already awesome. I have no need to change banks.
 
Would you rather them take another bail out, because they continued to offer "free" checking, when they could no longer afford it?
Yet some banks still manage to afford it.

I suspect that it's not a binary option and that there may be a middle that's excluded here
 
The banks aren't innocent by any means, but then again, neither are a lot of "the people."

How many people got a HELOC, drew out all the cash and then walked away, letting the house go into foreclosure?
How many people decided to make strategic defaults and walked away from their homes?
How many people engaged in the borrower side of stated income mortgages and bought too much house for their real income level?

Answer: A lot.

It's easy to toss crap at the banks.
Not so easy to see regular janes and joes acting in an equally reckless manner.

Watching the free marketeers fume and tremble at the possibility that the banks might reap what they've earned is deliciously ironic
 
There are many reasons why someone would be with a big bank and not know to avoid it. Maybe it just doesn't occur to them. Who cares? People are noticing now and that's what matters most. Better late than never, right?

True, but it's really late for them. My main account is with a decent size local credit union and its rates are bad. Not as bad as Bank of America, but enough so that when I moved large chunks of money into my ING, I earned more in a three months then I did with my credit union in a year on the same amount of money. It really doesn't matter what your politics are when the return on holding money in a big bank is just appalling low.

I honestly don't see a reason why anyone that doesn't have a large actively managed brokerage account would stay with a big bank. If you're in an area with a big bank, you have other options. And odds are they are better for you.
 
I've been with an independent local bank since I was 17 years old so I'm already 2 steps ahead..
 
Yet some banks still manage to afford it.

I suspect that it's not a binary option and that there may be a middle that's excluded here

A lot of the smaller banks offer extra benefits, to gain the customers.
A couple of locals offer $5 a month, but you get an accidental death insurance policy, with the service.

Depends on scale and the number of offices too.
It's a trade off.

Although where I used to live, it was the local banks with a hand full of sometimes inconvenient branches or online banks.
I chose the latter and have been satisfied in large part.

My level of satisfaction will increase many times over, when they finally finish bug testing remote deposit and release it for my phone.
 
True, but it's really late for them. My main account is with a decent size local credit union and its rates are bad. Not as bad as Bank of America, but enough so that when I moved large chunks of money into my ING, I earned more in a three months then I did with my credit union in a year on the same amount of money. It really doesn't matter what your politics are when the return on holding money in a big bank is just appalling low.

I honestly don't see a reason why anyone that doesn't have a large actively managed brokerage account would stay with a big bank. If you're in an area with a big bank, you have other options. And odds are they are better for you.

I'm kinda irked that Capital One bought ING, the ING logo will disappear in the future, but hopefully the level of service will largely stay the same.
The sale was part of the conditions of the European bailout of the Euro ING, which is bull crap in my opinion.

If Capital One screws things up, I've been eyeing Fidelity with cash management + an Amex savings account.
 
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Just like an Obamabot. Crash systems for the promise of utopias that can never be.
I believe your right on this one, basically don't through the baby out with the bath water.
 
True, but it's really late for them. My main account is with a decent size local credit union and its rates are bad. Not as bad as Bank of America, but enough so that when I moved large chunks of money into my ING, I earned more in a three months then I did with my credit union in a year on the same amount of money. It really doesn't matter what your politics are when the return on holding money in a big bank is just appalling low.

I honestly don't see a reason why anyone that doesn't have a large actively managed brokerage account would stay with a big bank. If you're in an area with a big bank, you have other options. And odds are they are better for you.

I do business with a credit union since I dumped BOA...I have super credit..my score is just about as high as it can get...I pay zero fees and I have their visa at 8% fixed rate...with BOA they raised my visa to 13.9 ...stay tuned though the big banks are going to make a huge push to attack credit unions...they will be throwing pac money around like candy
 
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