Now here's a form of protest that just might work: Bank Transfer Day

Originally posted by Propulsion
When you applied for that loan and were accepted, you SIGNED a contract. It is your responsibility to uphold the agreement put forth in the contract. If you get a loan for a car, you sign a contract which determines how long, how much you will be paying. (There are a lot of other details of course). Either way, if you don't pay it, they will come and repo your vehicle. Do you think you shouldn't have to pay for that as well? You can't get a free ride for one and not the other. If you don't abide by a document you agreed too and signed, that says a whole lot about a person, and how responsible they are...

Oh, I forgot to add........And how old are you?

edit on 13-10-2011 by Propulsion because: (no reason given)

Before you pop off, you better read more carefully.
My friend has no loans, no credit cards,.. and he isnt me.





I personally am 44, basically debt free and semi retired. ( I have a revolving credit account for my business that has a $47.00 balance)
I do not have a mortgage, I own a sevice based business...a consulting firm, and do quite well thanks.
I also sell goods I make from my workshop.
Im happily married, with kids, and like long walks on the beach.

I know better than to borrow invisible dollars that put me into huge debt.
I used to slam your local PD's into decade long contracts for a living.. that's why I left that career.

Im the last guy you want to try and stereotype. :tup:
I fit none of your predetermined molds
Now.....
Here's how important that money is:
When you don't pay that note, they reposess if they can to try and recoup their output.
any deficient balance is then sent to in house collections.
When they can't collect.. they write it all off as a loss, and get a tax credit.
Then, they sell your oh-so- important account to a smaller finance company or collector( mouse house) who buys the loan for $0.50 cents on the dollar.
when they cant collect, the resell it for $0.10 cents on the dollar.

So your debt is worth about 10 cents on the dollar... but the banks already made their money back in write offs before they sell the loans.
This is why banks WANT you to default.

You think the bank gets dollar for dollar when they sell your mortgage?
they get at best half . They do this when you arent even late.
Your debt is false...whether you signed a contract or not is irrelevant, that only shows you agreed to be screwed.
your still getting screwed out of imaginary wealth, that you are placed in debt over.

Now I'm only half way through page 2 but one important question comes to mind if no one has already asked. If you all rush to the banks and pull out your cash in the hopes of collapsing the banks, then what happens to all of the other people's cash that got there after you? Just a thought...

Originally posted by xX aFTeRm4Th Xx
reply to post by FortAnthem

 

TERRIBLE IDEA!!!

If everybody did this we would be MUCH MUCH worse off than before. Causing catastrophic Bank Runs...?!? ....and what cause another Great ... You do realize that the banks don't have all the money on hand that is stored in savings dont you...?

This is a great concept, but most certainly would never work! You can tell the mastermind of this genus plan isn't the sharpest tool in the shed

edit on 13-10-2011 by xX aFTeRm4Th Xx because: (no reason given)

Doh! I asked this question two posts before I read yours. This is a great concept in theory and I wish it would work but sadly...

Originally posted by ziggyproductions05

Originally posted by xX aFTeRm4Th Xx
reply to post by FortAnthem

 

TERRIBLE IDEA!!!

If everybody did this we would be MUCH MUCH worse off than before. Causing catastrophic Bank Runs...?!? ....and what cause another Great ...

I see where your coming from but people are fed up. The financial situation millions of us are in is catastrophic and the banks adding additional fees is not helping. Like in the Great Depression, the citizens werent the root of this problem (the decision making of the Federal Reserve was IMO). The bankers, bailouts, and inflation from continuously printing worthless money in all actuality is causing this. This demonstration will hopefully show the people are in charge and taking this very seriously.

You do realize that the banks don't have all the money on hand that is stored in savings dont you...?

Of course they dont necessarily have all the money, its credit. Even if people cannot withdrawal all of their savings or checking accounts, many are planning on writing checks to family members to remove their funds or simply removing as much as they are allowed. Heck, maybe people could go out and buy a pre paid debit card.

This is a great concept, but most certainly would never work! You can tell the mastermind of this genus plan isn't the sharpest tool in the shed

Do you have a better idea?

Gradually.

reply to post by FlySolo


money.howstuffworks.com...

Gradually? Care to elaborate?

Originally posted by BadNinja68

Originally posted by Propulsion
When you applied for that loan and were accepted, you SIGNED a contract. It is your responsibility to uphold the agreement put forth in the contract. If you get a loan for a car, you sign a contract which determines how long, how much you will be paying. (There are a lot of other details of course). Either way, if you don't pay it, they will come and repo your vehicle. Do you think you shouldn't have to pay for that as well? You can't get a free ride for one and not the other. If you don't abide by a document you agreed too and signed, that says a whole lot about a person, and how responsible they are...

Oh, I forgot to add........And how old are you?

edit on 13-10-2011 by Propulsion because: (no reason given)

Before you pop off, you better read more carefully.
My friend has no loans, no credit cards,.. and he isnt me.





I personally am 44, basically debt free and semi retired. ( I have a revolving credit account for my business that has a $47.00 balance)
I do not have a mortgage, I own a sevice based business...a consulting firm, and do quite well thanks.
I also sell goods I make from my workshop.
Im happily married, with kids, and like long walks on the beach.

I know better than to borrow invisible dollars that put me into huge debt.
I used to slam your local PD's into decade long contracts for a living.. that's why I left that career.

Im the last guy you want to try and stereotype. :tup:
I fit none of your predetermined molds
Now.....
Here's how important that money is:
When you don't pay that note, they reposess if they can to try and recoup their output.
any deficient balance is then sent to in house collections.
When they can't collect.. they write it all off as a loss, and get a tax credit.
Then, they sell your oh-so- important account to a smaller finance company or collector( mouse house) who buys the loan for $0.50 cents on the dollar.
when they cant collect, the resell it for $0.10 cents on the dollar.

So your debt is worth about 10 cents on the dollar... but the banks already made their money back in write offs before they sell the loans.
This is why banks WANT you to default.

You think the bank gets dollar for dollar when they sell your mortgage?
they get at best half . They do this when you arent even late.
Your debt is false...whether you signed a contract or not is irrelevant, that only shows you agreed to be screwed.
your still getting screwed out of imaginary wealth, that you are placed in debt over.

I agree with what you are saying. But like I have told others here….“They should make it a necessity in high school to take financial management class. That way, when they get to college, they will think twice before they sign on the dotted line”….It’s all about being educated, making the right decisions. When it comes to money, I read everything! I have very little debt as well. I save, and then purchase everything up front to avoid interest.

I meant no disrespect…

Cheers

reply to post by ziggyproductions05


I mean, just ironically use capitalism against the banks, gradually wean off and move into credit unions. Even though the FDIC will insure your money, where does the FDIC get their pillow from? The Gov. And what happens when the Gov begins to default?

reply to post by rottensociety


I'm in the same situation as you. I made the right decisions when I was young and I made my money when I was young. That being said I still feel bad for the kids that paid 100k for their piece of paper. They did what they were told, go to college and get a degree and the rest of it is history.

I didn't go to college, I worked my -snip- off. I was frugal with money. My body is destroyed from working a 40 hour week doing labor and picking up side jobs on the weekend. I'm young and my knee's and hips are total junk. Do I complain? No. I'm all paid up now and I'm watching the kids protest about their huge debts.

Do they have a point? Well sure, you followed the american dream. Is that an excuse to not pay your dues? No.

Originally posted by BadNinja68
I was going to close out my old business accnt with BOA this week.... I'll hold off and wait till the 5th.

Im all for this!!
This is intelligent protest!

Are you sure you want to wait until a day that the masses have it coordinated and not beforehand. Lets face it, the buildings may be big, everything looking fancy inside, but honestly, how much cash do they actually have "physically " on hand. Remember, I believe a bank is allowed to loan out 9x what it actually has (correct me if I am wrong with this exact figure, but I know they are allowed to lend out much more percentage wise they they actually have).
So if a bank is rich, it is rich technically on paper (not the paper they use for money..lol).

So for instance, if a bank has $1,000 physical cash, they can lend out $10,000. So you can see where this goes exponentially, considering that on most loans the poor suckers are paying only interest for the first 80%.
So if the bank lends you a 30 year mortgage you see that out of $1,000 per month payments, you will notice that the first years most of it goes to interest and maybe a few dollars go to principle. Of course as you pay, each month slightly more goes to principle and less to interest, but the first 20 years most goes to interest.

So now the banks get 'physical' cash from money they never really had; then when they foreclose, they have 'real property' from money they never had.

But basically what I am trying to say is, if I have $100 cash and I make loans on paper legally for $1,000 and every bank is practicing this same scenario; there will never be enough physical cash in the world to pay back all the loans and the interest because they were allowed to loan fake (fiat) money.

So when you wait until the 5th and there is a run (or mini run) on the bank, they may lock the doors and you'll be SOL. Why wait? Even if everyone does it BY the 5th, the same thing will initially happen, just maybe not the initial shock. I would do it now and make sure I got it out. BAC ripped me off so bad. I owned a home in FL worth 200k in 2005 and only owed about 50k (so about 150k equity) and put it on the market and moved to WA. The market took a hit so bad, especially in FL with all those hurricanes and the home insurance companies not writing policies. The only way to insure was through Citizen's Insurance (a subsidiary of the govt) and the prices skyrocketed for insurance and that wasn't including flood insurance. My house market value kept going down to where I couldn't even get 80k for it. I was juggling that house while an apt in WA (personal reasons warranted it), until BofA harassed me to where I had to give it away or foreclose. I ended up with 4k cash for an attorney to save my ex from taking my 4 & 6 yr old across the country with some young kid she just met on World of Warcraft.

I remember talking to the BofA guy on the phone as I was pissed off. I told him one day everyone will drop your S**T bank treating people like this and told him where to go. Justice is happening hopefully. (I hope that guy remembers me saying that; it was last year)

~ Noah

money money money, i just be simple and have no banking as much as possible, self service ( no job) and, cash and barter only. wait until the puppet realizes there's strings to everything.

reply to post by ShortMemory


Nah. I believe this is the second phase of Anonymous' three phase plan.
36,000 + people on facebook support and are "attending" (doing this) event.
Bank Transfer Day

If anyone is going to do this I suggest doing it before the 5th (even the official event suggests doing it anytime between now and the 5th) if this catches on (as it already appears to have with over thirty thousand supporters) it will be hard to do on the 5th.

If you do this, the small banks will become big and then bocome the same assholes as the currently big ones are.

Edit to add:
The only real protest would be to burn all your money and go to live in the woods.

Ko3

Also.. for anyone planning do pull their money form one of the big 4 banks (Wells Fargo, Citi, Bank of America, and JP Morgan Chase) here are sites to find credit unions.

FIND A CREDIT UNION
USA: www.findacreditunion.com...
CANADA: www.locator.cucentral.com...
UK: www.findyourcreditunion.co.uk...

reply to post by kid_of_3NKi


Thats why they are suggesting you put your money into a credit union rather than a bank.

reply to post by FortAnthem


Finally an intelligent protest. I have been saying to boycott the system now for the longest time but the only problem is with all the bank buy ups who even knows whether these small banks are even owned by these huge banking conglomerates. I think this is a great beginning but why stop here why not boycott in other ways as well? For one abstain from purchasing gas at certain preferably the largest gas stations or even drive less, grow our own foods if at all possible, eat less meat, ECT ect. Not only will we hurt these large corporations and banks but we save money as well. People have to realize to get our freedom back there will have to be much sacrifice.
Unfortunately most are not too keen on taking away from their fun time, luxuries and vacations. If we are slaves to a material world then we can't be free from systemic slavery! many people don't realize that the only real power we have is to boycott, cause walking in protests accomplishes nothing but jail time and corns on our feet!

Originally posted by GogoVicMorrow
reply to post by ShortMemory

 

Nah. I believe this is the second phase of Anonymous' three phase plan.
36,000 + people on facebook support and are "attending" (doing this) event.
Bank Transfer Day

im universoul and this has nothing to do with anonymous, this started about a fortnight ago when i emailed almost all the occupy groups suggesting the idea. fact is no one was talking about this before then and the reason people listened to it is because it was an answer to the problem, not just raising the issues.
im glad the idea got picked up just annoyed someone put their name behind it.
im sure you and others wont believe me and im not going to say i was the reason behind the movement because its just pointless to argue about, but i was defineltey talking about it before others. i have emails and posts on ats to prove that i was spreading the idea before they did.
anyway
im just happy some people are going to be saved from the banks

There is also a german non-profit-orientated bank called GLS which did get several prizes.
www.gls.de
´best german bank of the year 2010´, ´Portfolio Institutionell Award 2009´, ´Future Award 2009´
´The New Economy´: ´Most Sustainable Bank, Germany ´

I'm 20 years old and my first account was opened with a Credit Union. Credit Unions are SO awesome. I was going to open up one with Wells Fargo just because I travel quite a bit and they had all these "rules" and stuff I was like uhmm no thanks, I changed my mind.

I'm about 300 miles from my bank and I've been just fine. Some have co-op participants which allow you ease of access while traveling about. The "rules" are very fair and not dumb or complicated. I love Credit Unions. I'd never go to a Main Branch...... EVER.

This is a great movement. Lets hope this "Run on the banks" go over smoothly, if people even decide to participate.

Kinda like this idea and I have been considering doing this for a while now.
Problem im having, I live in holland and really have no other clue where to go to besides the big main banks.
Dont really think there are any credit unions here.
Correct me if im wrong or provide me with some information about this if you know so!