Posted on 11/07/2011 7:14:29 AM PST by SeekAndFind
The found of Bank Transfer day has claimed has claimed that the whole "day" was misunderstood.
The idea was never to have a massive one day move from big banks to credit unions, but rather for the day, November 5, to be the deadline of a broader movement.
It turns out that the movement actually had some heft behind it...
According to ABC News, In October alone Credit Unions around the country gained 650,000 new customers and $4.5 billion were moved out of major banks.
That is obviously a sliver of total bank deposits, but banks have been sent a clear measure.
You can check out the report here, and you'll see what is the most important point.... The report briefly profiles David Meinert, a Seattle small business owner who, after being denied another line of credit, moved $3 million out of Chase and Bank of America and into a local credit union.
In his own words, he did it because, "That kind of money and my level of business doesn't really matter to them (the banks)."
That's probably not what banks want small business owners around the country to be thinking. Credit Unions, on the other hand, are jumping on the opportunity to grab more customers.
(Excerpt) Read more at businessinsider.com ...
Occupy supports illegal immigration.
...confusion abounds
Do I see a judo move here? Barney Frank et al pass regulations about debit card charges. The banks try to pass that loss on to consumers, and there is a huge movement (OWS is in part about that) that causes a huge shift in capital from these big banks. Was that the original goal? Is the Obama economics team going after the big, too big to fail, banks?
I see trouble ahead for the credit unions. After all, they don’t want to loan money to high risk people either.
Indeed.
“I see trouble ahead for the credit unions. After all, they don’t want to loan money to high risk people either.”
That’s where all of my non-invested money is. Please inform us if the Frank-N-Furter trys his sleeze on the credit unions...I’ll just have to go into gold only.
You can keep the Credit Unions, I’ll keep my Bank of America account, thanks anyway.
The customer service is outstanding, and twice BOA has saved me from ID theft. The freaking credit union can’t even provide a debit card that works right.
I moved all of our business and personal accounts 6 months ago to a credit union from a BIG bank. Best move I’ve ever made!
They can make it back fast. I hear one-year Greek bonds are paying 200%. :)
These guys are behind the curb. I bailed out of B of A 8 years ago. Piss-poor service. Union Bank is gettin it done.
I will fix your confusion for you then.
Bank transfer day was happening apart from the flagging OWS movement. It is caused by a few big banks leveling new fees for every debit card transaction - a fee people see with every ATM withdrawal.
OWS needed something not kooky to try claim credit for.
Do you understand this now?
650,000 new customers for credit unions? I actually find that hard to believe.
Maybe some people bailed on BOA due to the debit card fee.
Maybe October is the month for new teachers to join.
I dunno...but it actually seems high to me.
Which makes sense if your purpose is to assign credit for the size of the effect to drugged out hippies pooping on police cars.
God, the bi-blog writers are awful!
I would like to see a return to those days. I do not understand why today, when transactions are handled electronically at a tiny fraction of the cost of using a human teller, the multinational corporations that have replaced the local banks have to charge a fee to me every time I want to use my money, in order to have a business model that provides enough cash flow to keep them afloat.
Ideally, I'd like to see Glass-Steagall reinstated, and once more draw that hard regulatory dividing line between investment banks and service banks, and a small community bank can provide for me the service I need in return for the privilege of holding my money. Until that day, my local credit union is a reasonable facsimile of that community bank.
I regret that I was unable to participate in Bank Transfer Day. This was impossible for me because I'd already transferred our accounts to the local credit union away from RBC/Centura back in May. I was tired of the poor customer service and endless fees.
Should the local credit union not work out to my satisfaction, we'll go back to using cash for all in-person transactions. Heck, stuffing it in the mattress may not be secure, but at least the mattress won't charge you a few dollars every time you take cash out of it. No, the mattress doesn't pay interest, but then again neither do the banks just lately either.
I moved out of BOFA a year and a half ago. My fiancee’ recently moved his accounts to a credit union. Life after BOFA is a lot less stressful. LOL!
After all, they don’t want to loan money to high risk people either.
That’s a good thing they won’t end up like the housing market,they make loans to low risk people what a novel ides.
Unlike banks they are under far more regulation when it comes to loans,Ive used a credit union for over twenty yeare and not one problem.
Then you are lucky. I haven't had a checking account with them, but they have just taken over one of my credit cards (I think it had been handled by one of their subsidiaries before). The idiots killed off web access to the card accounts for everyone on that card and will mail new cards "sometime in November". How about switching over once the card is mailed or registered? "Couldn't find their butt with both hands and a map" is my opinion of them so far.
Luckily for them (unluckily for us), biology makes it possible for them to breathe without being conscious of doing so.
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