Guess How Much Money Angry Customers Moved Out Of Banks In Support Of Bank Transfer Day

Business Insider ^ | 11/07/2011 | Linette Lopez

[NRA1995]

I moved out of BOFA a year and a half ago.

I quit doing business with them in the 90's when I learned that they gave George Stephanopolous (sp?) a sweetheart loan on a $650K home in DC while he worked for the Clinton administration.

[Buckeye McFrog]

Just like these numnutz to schedule this thing on a Saturday.

My credit union is only open till noon on Saturdays.
A lot of new customers could not have opened an account
there if they wanted too.

[Baynative]

But the media said their message was clear from the start. I’m a bit slow, I guess.

[cripplecreek]

My point was that the government will be along shortly to force credit unions to make high risk loans.

This is contrived.

[Graewoulf]

” To Big to Fail” is Volker code for” We Will Crush You!”

Volker probably stole the idea from Nikita back in the 1950’s. I’ll bet my shoe on it!

Looks like the “2011 Run-on-the-Banks” is going according to the Obama/Dodd/Frank/Durbin?Reid/Porky Pelosi Bolshevik Plan.

Lenin would be SO proud!

[Buckeye McFrog]

I see trouble ahead for the credit unions. After all, they don’t want to loan money to high risk people either.

The President of my credit union has gone off on me several times about heavy-handed regulations from the Obama Administration impacting his ability to manage the place properly. He also claims they have helped themselves to assets that were used to bail out less successful banks.

I suspect if credit unions get into trouble we will see the Libs push for "public option" banks. Several states are eying the Bank of North Dakota as a model. We could even see the Postal Service getting into the business of handling savings and checking accounts, as they do in many countries in Europe. They are desperate for the additional revenue and it would give the Dems an awfully big "public option" hammer in the banking industry.

[ctdonath2]

So what does OWS in fact take credit for here? A slight reshuffling of a large process already underway means little. A few people decided to transfer their funds on day X instead of day X+N ... so what?

[Georgia Girl 2]

I had my business account there but always kept my personal accounts in a smaller local bank.

[CodeToad]

1,487...for a total of $14.97.

[exit82]

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.

wow, November 5th was two days ago, and already they are trying to re-write history. Nov. 5th was the date of transfer, not the end of a time period for transfer.

And there is no way of knowing before noon on Monday morning, how much money was transferred from all the banks the previous Saturday. They don't just post that information on the internet.

The numbers in the article are for the entire month of OCTOBER, not November 5th. Is that amount larger, smaller or avergae for a month's time. I don't know.

My suspicion is that this was a massive failure, because libs don't act on principle--they just talk a good game.Plus, the bulk of the Fleabaggers have no or few assets.

[NautiNurse]

If the numbers are accurate...

$4.5B divided by 650K customers = $ 6923.08/customer

That's a lot of low dollar customers.

[Vaduz]

Agree Obama&Co. greed will stop at nothing,they want total control.

[FReepaholic]

Move Your Money

[FReepaholic]

...The President of my credit union has gone off on me several times about heavy-handed regulations from the Obama Administration impacting his ability to manage the place properly. He also claims they have helped themselves to assets that were used to bail out less successful banks...

Ditto here. My CU was forced by the Feds to bail out other CU's.

[TheBigIf]

I almost wonder if there could be an opportunity here for conservatives. Bank of America is known to be a supporter of the ‘homosexual special perversion rights’ movement. Being that their own left-wing base is now attacking them maybe it is a good time for conservatives to start making it clear to BoA that if they want conservative support that they had better drop all of their support for public perversions and all other left-wing policies.

[Clay Moore]

There was some big down sides to using community banks which is all there were until what, the late 70’s?

Remember when no-one would accept a check when you were more that about 50 miles from home?

Remember when you were broke down 1200 miles from home and basically had no way to get it fixed except cash? Did you have enough cash in your back pocket to replace the transmission?

[Can i say that here?]

I am torn on this issue. I started receiving notices from my bank, Regions, about new fees a few weeks ago.

When I discovered this was response to Dodd-Frank, I told my wife I wanted to move our business to the local bank who holds our mortgage. They are a strong, solid bank which hasn’t instituted any policy changes due to new regulations.

I didn’t do it to punish Regions. I did it because I didn’t feel comfortable anymore with a bank large enough to be at the mercy of federal regulation.

Then I hear about these idiot liberals calling on people to leave their banks and nearly changed my mind. I don’t want to be associated with their reasoning. But at the end of the day, I think we are better off supporting a good local entity with only minor inconveniences.

[Oberon]

There was some big down sides to using community banks which is all there were until what, the late 70’s?

Remember when no-one would accept a check when you were more that about 50 miles from home?

Remember when you were broke down 1200 miles from home and basically had no way to get it fixed except cash? Did you have enough cash in your back pocket to replace the transmission?

That's true... but these are two of the few legitimate uses of credit cards, to my way of thinking.

[thefoundersrock]

This is one of the few things I can agree with, but we did it 3 years ago when the credit crunch first happened.
I wonder if anyone has pointed out to them that this is the free market at work?

[moovova]

I moved $100 out of Wells Fargo* this weekend...

...from the ATM to my pocket.

(*formerly Wachovia...formerly First Union Natl Bank)

---

All seriousness aside. We do both the Big Bank Of Evil for the ATM availibilty and daily checking, and a credit union for money market, car loans, HELOC.

Our other retirement investments are done with a money guy that frankly, has made less than we would’ve made if we’d left those investments in the Bank of Evil’s savings account.

Here-to-fore, we pay no fees either place except purchasing books of checks at Wells Fargo (rarely purchsed though, ‘cause a lot of our banking is electronic/direct pay). Yes, savings rates are LOUSY!