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

danarhea

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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650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee).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. :mrgreen:

Article is here.
 
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.

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.
 
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.

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].
 
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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.
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.
 
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 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.
 
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.
 
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.
 
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!
 
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.
 
Need to run a class action lawsuit against some banks. They will rearange your transactions in a seperate order other than what you did in order to shove all the micro transactions into the far end EVERY SINGLE TIME without fail. As in if you plan on going in the negatives for a week do to an unseen circumstance they change your plan. They take that last transaction you made during the weekend. And shove all those 1-2$ transactions you made during the middle-friday part of the week and stick them behind your big one that made you negative. Turning 30$ worth of transactions (made in lets say.... 7 different sources) into seven 31 dollar overdraft fees. That **** is pure theft. And thats what my bank was doing to its customers before it got absorbed and force merged by the government.

/rant off
 
Need to run a class action lawsuit against some banks. They will rearange your transactions in a seperate order other than what you did in order to shove all the micro transactions into the far end EVERY SINGLE TIME without fail. As in if you plan on going in the negatives for a week do to an unseen circumstance they change your plan. They take that last transaction you made during the weekend. And shove all those 1-2$ transactions you made during the middle-friday part of the week and stick them behind your big one that made you negative. Turning 30$ worth of transactions (made in lets say.... 7 different sources) into seven 31 dollar overdraft fees. That **** is pure theft. And thats what my bank was doing to its customers before it got absorbed and force merged by the government.

/rant off

Use cash! It is the perfect balance sheet. Either it is in your hand or it is not.
 
Need to run a class action lawsuit against some banks. They will rearange your transactions in a seperate order other than what you did in order to shove all the micro transactions into the far end EVERY SINGLE TIME without fail. As in if you plan on going in the negatives for a week do to an unseen circumstance they change your plan. They take that last transaction you made during the weekend. And shove all those 1-2$ transactions you made during the middle-friday part of the week and stick them behind your big one that made you negative. Turning 30$ worth of transactions (made in lets say.... 7 different sources) into seven 31 dollar overdraft fees. That **** is pure theft. And thats what my bank was doing to its customers before it got absorbed and force merged by the government.

/rant off

Don't overspend. Problem solved.
 
Or if everyone with a mortgage just stopped paying. That would be ossum!

Most of the people who were given untennable mortgages have already stopped paying in the first place, or weren't you paying attention to the mortgage crisis that started us down this path?
 
i like the idea of a couple percent interest on a checking account. my bank is pretty good, but the interest on savings is nearly nothing.
 
Most of the people who were given untennable mortgages have already stopped paying in the first place, or weren't you paying attention to the mortgage crisis that started us down this path?

I mean everyone with a mortgage should just stop paying for them. What would the banks do then?
 
I mean everyone with a mortgage should just stop paying for them. What would the banks do then?

They would be sitting on a huge pile of houses, and demanding that the government give them more welfare payments.
 
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.

I shredded my BofA credit card 2 years ago. I only used it once in a while to keep it active, paying it off each time, when they arbitrarily raised my rate 5 points. I called to complain since I had a great credit record with them going back decades. The rep on the line acknowledged that and said she couldn't do anything, but gave me an address and a name to write snail mail to so that the right people would hear why I would no longer be using the card. She had listened to angry customers all day and wanted the powers that be to get an earful. LOL

I opened a credit card account with my credit union that evening, over the phone, for lower than my original rate at BofA. Buh bye! :2razz:

Guess you could say they weren't getting anything from my account anyway, but it's the principle. I played by their rules and earned that rate and lost it through no fault of my own.
 
Don't overspend. Problem solved.

Try not to overspend when you live in Longbeach and have a car stolen, then a car go out on you. Still doesnt change the fact that the bank will bend the truth, rearange your purchase orders. And charge you hundreds of dollars because of it. I think that the forced government merger of WaMu was a buying out from the top down in order to give it a new name, therefore avoid lawsuits. They straight up changed their rates at whim with no re-agreements and see if it slides on through.

When you get a letter in the mail saying "This is your new bank, they now have all your money." You know the banks and government are in bed.
 
Need to run a class action lawsuit against some banks. They will rearange your transactions in a seperate order other than what you did in order to shove all the micro transactions into the far end EVERY SINGLE TIME without fail. As in if you plan on going in the negatives for a week do to an unseen circumstance they change your plan. They take that last transaction you made during the weekend. And shove all those 1-2$ transactions you made during the middle-friday part of the week and stick them behind your big one that made you negative. Turning 30$ worth of transactions (made in lets say.... 7 different sources) into seven 31 dollar overdraft fees. That **** is pure theft. And thats what my bank was doing to its customers before it got absorbed and force merged by the government.

/rant off

I called my credit union on this practise a few times. The excuse given: "We process transactions as they come in from the retailer." So, to combat the "cross-transaction miscue", I just started keeping a closer watch on my ebank statements instead of waiting until my montly paper statement came in the mail and managed my checking account alittle better. It also helps to pay in cash as often as possible.
 
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?
 
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.
 
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.
 
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
 
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.
 
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