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

Risky Thicket

Risky Thicket

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Now it gets real! People do have have the power.

DEALBREAKER.com

7 Oct 2011

OccupyWallStreet Organizers Planning to Walk Money Out of Banks On November 5

By Bess Levin

Protestors are calling the event “Bank Transfer Day” and are encouraging people nationwide to participate November 5. The Facebook page for the event states the following: “Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren’t able to pay for our rent, food, medication, utilities, student loans, etc.” So far over 6,500 people have RSVP’ed for the event.
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Most of those 6,500 people probably have no money in the bank.
 
It's over 20K now, by the way. Guy Fawkes, eh? Wasn't he part of some plot to bring down the government and assassinate a king?
 
Mellie said:
It's over 20K now, by the way. Guy Fawkes, eh? Wasn't he part of some plot to down the government and assassinate a king?
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**** Guy Fawkes. He was a religious extremist who wanted to overthrow the king and put a catholic monarch in place, under foreign support if needed. He was fighting for a more centralized and more religious government, why he's a hero nowdays I don't know.
 
Risky Thicket said:
Now it gets real! People do have have the power.

[/I]
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So, what's this supposed to accomplish, exactly?

If banks go out of business, aren't people going to lose their jobs? I'm confused as to the motives of the occupiers, exactly.
 
the makeout hobo said:
**** Guy Fawkes. He was a religious extremist who wanted to overthrow the king and put a catholic monarch in place, under foreign support if needed. He was fighting for a more centralized and more religious government, why he's a hero nowdays I don't know.
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I don't get it either. This group Anonymous (one group that organized the WS protests) has him as their "mascot" as well.
 
apdst said:
So, what's this supposed to accomplish, exactly?

If banks go out of business, aren't people going to lose their jobs? I'm confused as to the motives of the occupiers, exactly.
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Who cares! No money in the bank for those rich bankers and their rich wives! Wooooohoooo! Freeeedom!

Seriously, I think they're all just morons.
 
Mellie said:
I don't get it either. This group Anonymous (one group that organized the WS protests) has him as their "mascot" as well.
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Because the movie "V for Vendetta" took the character "V" and turned him from an anarchist to a generic freedom fighter, and it look
s cool.
 
the makeout hobo said:
Because the movie "V for Vendetta" took the character "V" and turned him from an anarchist to a generic freedom fighter, and it look
s cool.
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So they're just idiots.
 
apdst said:
So, what's this supposed to accomplish, exactly?

If banks go out of business, aren't people going to lose their jobs? I'm confused as to the motives of the occupiers, exactly.
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Nobody is going to lose jobs. Even if someone does somewhere, it simply means somewhere else has to hire someone else. If they did lose jobs, they are jobs that should have been lost when they screwed up so badly in the first place.

I imagine this will be like the "don't buy gas on Wendsday" thing but it doesn't bother me. If they accomplish something against all odds, good for them.
 
Mellie said:
So they're just idiots.
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From a certain perspective. However, only people who're never receptive to any kind of cultural symbolism could make that judgment and have it possess any kind of sincerity. Even then, it is still draconian.

The thing is that the historical reality of Guy Fawkes is secondary to his appeal as an anti-authoritarian symbol. People rarely attempted such 'daring' actions against established power structures, so, even if he was trying to create an even more authoritarian society, the extremes he went to provoked wonder among a people whose actions were regulated according to an exacting peerage system. His act of rebellion had an attraction apart from his motive, both for the people of his time and for subsequent generations.

Hitherto, most significant rebellions occurred totally in the logic of the peerage system; that is, find the next most legitimate heir whose political sympathies aligned with your own, declare him king by right of his superior virtue and ability, and then push the claim with diplomatic and military force. There were civic rituals to be observed even in rebellion, and it required a high position in the peerage system to initiate.

Guy Fawkes's efforts challenged that notion.
 
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1Perry said:
Nobody is going to lose jobs. Even if someone does somewhere, it simply means somewhere else has to hire someone else. If they did lose jobs, they are jobs that should have been lost when they screwed up so badly in the first place.

I imagine this will be like the "don't buy gas on Wendsday" thing but it doesn't bother me. If they accomplish something against all odds, good for them.
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The gas thing is different. You can refuse to buy gas on Wednesday, but in the end you buy the same amount of gas because you're probably driving about the same number of miles. Not buying gas Wednesday just means twice as many people will buy gas Thursday.

The bank thing is not the same. An account transferred out is permanent.

You know what? I'm going to a credit union by Nov 5. I wanted to switch banks anyway because Wells Fargo is going to start charging monthly fees for my check card. Viva la revolution.
 
Deuce said:
The gas thing is different. You can refuse to buy gas on Wednesday, but in the end you buy the same amount of gas because you're probably driving about the same number of miles. Not buying gas Wednesday just means twice as many people will buy gas Thursday.

The bank thing is not the same. An account transferred out is permanent.

You know what? I'm going to a credit union by Nov 5. I wanted to switch banks anyway because Wells Fargo is going to start charging monthly fees for my check card. Viva la revolution.
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If it even makes a dent, great. I'm just not getting my hopes up.
 
Mellie said:
Most of those 6,500 people probably have no money in the bank.
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I have some money in the bank, and it will be getting transferred to a small local bank on the 15th.
 
Transferring my money to a credit union even though my bank is a really cool local outfit. The credit union is just a better deal.
 
1Perry said:
If it even makes a dent, great. I'm just not getting my hopes up.
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The reality is that the banks lose money on the lower 50%. the investment income and earning potential resides with those that have significant holdings. Guess which part of the '99%' the bank will be happy to lose. Fight the power baby.

OH...that is of course unless you have a loan through the banks. Then you can hide your stash under a mattress...as long as you still pay your bill.

Like I said before...this is just another indicator that people supporting this movement dont THINK.
 
If it were highly successful, which I don't for a minute think it will be, it would cripple our banking system.

What a bunch of jerks. IMO, I think this will cause many people to lose complete respect for their "movement."
 
VanceMack said:
The reality is that the banks lose money on the lower 50%. the investment income and earning potential resides with those that have significant holdings. Guess which part of the '99%' the bank will be happy to lose. Fight the power baby.

OH...that is of course unless you have a loan through the banks. Then you can hide your stash under a mattress...as long as you still pay your bill.

Like I said before...this is just another indicator that people supporting this movement dont THINK.
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The credit unions they switch to will be happy to make their next loans to them. No, they do not profit on small accounts but they deal with them to keep them as customers when they do make more money or want a loan.
 
VanceMack said:
Like I said before...this is just another indicator that people supporting this movement dont THINK.
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They are always talking about not having much money, not beng able to pay for their student loans, or rent....so taking their non-existent money out of banks is going to do....what?

And I'd love to know if the major players in this (the ones who DO have money) are going to take it out of the bank. My guess is no.
 
MaggieD said:
If it were highly successful, which I don't for a minute think it will be, it would cripple our banking system.

What a bunch of jerks. IMO, I think this will cause many people to lose complete respect for their "movement."
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Who would have thought that a relatively small percentage of customers could have forced Netflix into completely changing their business model? Netflix had a ton of time and money invested into changing the way they did business.

Enough people said eff that and walked. Netflix did a 180.
 
Risky Thicket said:
Now it gets real! People do have have the power.

[/I]
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Oh God. Can we tell these young people to stop taking V for Vendetta that God damned seriously?
 
Locally, two banks made changes in their pricing in July. One upped the monthly fee for an account with a debit card from $5 to $17. The other started charging $5 per month for having a debit card.

My area is blessed with many fine credit unions and a lot of people left those two banks for credit unions because it was all over the news that all the banks were planning to charge more. Since July, the bank that started charging $5 for debit cards has closed two of its nine branches here. The other bank has announced last week it will be closing several branches soon (no number given).

While the kids camping out may not have a lot of money in banks, some of us that support them do. Ironically, several seniors were discussing moving their 401Ks to credit unions during breakfast at my church Sunday. It seems banks are raising their fees as well.

I don't have a dog in this race because I moved my retirement funds to a European investment firm when GWB was elected to a second term because it was obvious to me where things were headed. I was surprised it didn't hit before 2008. My local accounts have been with two credit unions since 2007.
 
Frolicking Dinosaurs said:
Locally, two banks made changes in their pricing in July. One upped the monthly fee for an account with a debit card from $5 to $17. The other started charging $5 per month for having a debit card.

My area is blessed with many fine credit unions and a lot of people left those two banks for credit unions because it was all over the news that all the banks were planning to charge more. Since July, the bank that started charging $5 for debit cards has closed two of its nine branches here. The other bank has announced last week it will be closing several branches soon (no number given).

While the kids camping out may not have a lot of money in banks, some of us that support them do. Ironically, several seniors were discussing moving their 401Ks to credit unions during breakfast at my church Sunday. It seems banks are raising their fees as well.

I don't have a dog in this race because I moved my retirement funds to a European investment firm when GWB was elected to a second term because it was obvious to me where things were headed. I was surprised it didn't hit before 2008. My local accounts have been with two credit unions since 2007.
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As I think about it, banks may be delighted to have small accounts close. Absolutely delighted. Debit cards have got to be "transaction nightmares" for banks, as an example. If they can't make money on them, they'll be glad to get rid of them. Checking accounts that carry a small balance? Same deal. We'll probably find out they've been handling these accounts at a loss as a community service.
 
As credit unions grow in number of small accounts that this movements wants. Who wants to bet the credit unions will eventually change their service fees?

The movements new slogan.
"money for nothing and , chicks for free".
 
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