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

Originally posted by xX aFTeRm4Th Xx
Wow the fact that this thread has gotten so many flags and stars tells a lot about the collective intelligence of this forum, and the FACT that most if not many of you have ABSOLUTELY NO IDEA what you are talking about.

This would send the country into another GREAT DEPRESSION, worse than the one before from the cause of massive bank runs.

Sure the first million or so people to withdrawal their money would be fine, but as soon as the banks ran out of money, the rest of us would be completely screwed. What then? Your great idea to withdrawal all this money would completely bankrupt the WORKING CITIZENS of this country.

You all who flagged this thread and think its such a great idea are ALL UNEDUCATED MONKEYS

DENY IGNORANCE!! And do your reseach about economics and banks runs so you can understand how terrible of an idea this is

edit on 14-10-2011 by xX aFTeRm4Th Xx because: (no reason given)

edit on 14-10-2011 by xX aFTeRm4Th Xx because: (no reason given)

Monkeys? slow yer roll.

You DO realize this is only affecting LARGE banks right?
If everyone stopped buying McDonalds and started buying burgers from smaller mom and pop shops the economy would not change.
Same here.
The money is still in the system.. just in more responsible smaller institutions.

This is not technically a bank run.. so stop the fear mongering posts.
It's a boycott of corrupt banks, not all banks.

Suggesting you remove money from BOA and put it in a local Creadit Union will NOT cause even a ripple in the economy, but it will cause BOA to default, file BK, and get it's assests sliced and dealt like a deck of cards.
*** Hmmm.. that bank managers desk was nice.. wonder how much it'll go for at the BK sale?

I went to a local bank a long time ago after one of the Biggies screwed me too hard. I decided I would go with a little guy who is local in my city and state only. They offer less perks but typically side with me when there is an issue. It is more personable and less of System of control and automation.

GO VOTE WITH YOUR DOLLARS!

reply to post by FortAnthem


Interesting idea.... just another form of a bank run. The problem is that these big banks could choose to close for business that day and prevent it from happening. Now that word is spreading the Fed could reasonably act in such a way to defend the economy against such an action, and they would be justified in doing so (at least in their opinion) The other problem is that the word "Federal" is always before the words "Credit Union". What makes you think that a Credit Union is any better than a bank, at least in the grand scheme of things? they answer to the same master as the big banks. Small local banks do not have the financial power or clout to go up against the big banks, and they also answer to the same master. If you take your money out of a big bank and put it in a small bank or credit union you are acomplishing nothing, because the small banks are still regulated by the Fed. Instead, why don't you take your money out and put it in a safe in your house. If everyone did that it would have the desired effect.

Originally posted by BadNinja68

Originally posted by xX aFTeRm4Th Xx
Wow the fact that this thread has gotten so many flags and stars tells a lot about the collective intelligence of this forum, and the FACT that most if not many of you have ABSOLUTELY NO IDEA what you are talking about.

This would send the country into another GREAT DEPRESSION, worse than the one before from the cause of massive bank runs.

Sure the first million or so people to withdrawal their money would be fine, but as soon as the banks ran out of money, the rest of us would be completely screwed. What then? Your great idea to withdrawal all this money would completely bankrupt the WORKING CITIZENS of this country.

You all who flagged this thread and think its such a great idea are ALL UNEDUCATED MONKEYS

DENY IGNORANCE!! And do your reseach about economics and banks runs so you can understand how terrible of an idea this is

edit on 14-10-2011 by xX aFTeRm4Th Xx because: (no reason given)

edit on 14-10-2011 by xX aFTeRm4Th Xx because: (no reason given)

Monkeys? slow yer roll.

You DO realize this is only affecting LARGE banks right?
If everyone stopped buying McDonalds and started buying burgers from smaller mom and pop shops the economy would not change.
Same here.
The money is still in the system.. just in more responsible smaller institutions.

This is not technically a bank run.. so stop the fear mongering posts.
It's a boycott of corrupt banks, not all banks.

Suggesting you remove money from BOA and put it in a local Creadit Union will NOT cause even a ripple in the economy, but it will cause BOA to default, file BK, and get it's assests sliced and dealt like a deck of cards.
*** Hmmm.. that bank managers desk was nice.. wonder how much it'll go for at the BK sale?

Or, more realistically, BOA wouldn't default because the Fed would bail them out, and BOA would take that bailout money and buy the small bank you just put your money in, and you would be double screwed because not only are you back with BOA, but you are also on the hook for another bank bailout, assuming that you are part of the 53% that actually pay taxes.

reply to post by xX aFTeRm4Th Xx


I seriously doubt this would have the effects of "a run on banks". It won't cause another great depression. Money represents goods and property. The fact that the amount of printed money in circulation doesn't represent the equal amount on the books is ok.

Most of the money is in real estate, commodities and other investments. No one can go to the bank and ask to withdraw their house. No one expects people to close their investment accounts. No one is asking that people default on their loans and mortgages.

By asking people to close their checking and savings accounts with the big banks it's making a statement. By putting it back into a credit union the money is still available to be loaned to small business in your local community.

If all of a sudden everyone stopped paying their bills and their mortgages to the big banks then that might cause the scenario you speak of. But by simply withdrawing the cash accounts won't cause a great depression.
However that's not to say that this won't effect the economy. It most certainly will. It may effect the amount of foreclosures. I would expect to see a rise. Also this would effect small business loans and interest rates would go up.

It's time to stop depending on credit. The fact is that the people owe the banks more in credit debt than the banks owe the people in cash. We should support this movement and make a statement that we the people do not like the business practices of the current banking system and will no longer support it.

Yes! I've started changing from Wells Fargo to a local credit union. I think I'll make my final move on Friday, November 4th. Not only do I want to stick it to the big banks, I want to keep my money in my community as much as possible. Next, I want to move a loan that I have on some real estate from BofA. If nothing else, I'm afraid those nuts will do one of their shady foreclosures on me!

reply to post by Lookingup


Why not Nov 5th pray tell? Why do you say Nov 4th? It is kind of curious. Are you in solitary or not. Please explain if you will to clear this up.

reply to post by wayouttheredude


They want everyone to make the move on or BY the 5th. If everyone waits to do this on the 5th, they just might try something sneaky like a bank holiday or just plain refuse to let you close your account.

You also have to keep in mind that it may take time to get your direct deposit transferred over to the CU. You don't want to close your BOA account until they start putting your money into the new account.

Like most people, I live from paycheck to paycheck and couldn't wait for my work to figure out that the deposit didn't go into the closed account and eventually get around to cutting me a check. I get paid bi-weekly and may have to wait until the next pay period to get my money in a worse case scenario which would mean a whole month without any money in my account.

I plan to open a CU account and then, after the first direct deposit goes into the new account, close all my accounts with my old bank. If that happens before or after Nov 5th then so be it. I'm sure they'll still get the point.

reply to post by wayouttheredude



It is not supposed to be a one day event. But an ongoing movement that will be evaluated on that date. After all Nov. 5 is a Saturday and most banks close early. You don't want a hundred or more people knocking on the bank doors at 9am on Nov 5th. They won't open the doors to protesters. Instead they are asking people to do it anytime they can from now until Nov 5th

The Bank Transfer Day article from Yahoo listed these three steps.

finance.yahoo.com...

Consumers who want to join in only have to take three simple steps, organizers say:

• Open an account with a credit union.

• Transfer your funds to the account (online or in person) by Nov. 5.

• Follow your bank's procedures to close your account.

Originally posted by xX aFTeRm4Th Xx
Wow the fact that this thread has gotten so many flags and stars tells a lot about the collective intelligence of this forum, and the FACT that most if not many of you have ABSOLUTELY NO IDEA what you are talking about.

This would send the country into another GREAT DEPRESSION, worse than the one before from the cause of massive bank runs.

Sure the first million or so people to withdrawal their money would be fine, but as soon as the banks ran out of money, the rest of us would be completely screwed. What then? Your great idea to withdrawal all this money would completely bankrupt the WORKING CITIZENS of this country.

You all who flagged this thread and think its such a great idea are ALL UNEDUCATED MONKEYS

DENY IGNORANCE!! And do your reseach about economics and banks runs so you can understand how terrible of an idea this is

edit on 14-10-2011 by xX aFTeRm4Th Xx because: (no reason given)

edit on 14-10-2011 by xX aFTeRm4Th Xx because: (no reason given)

So you believe we should do nothing, prolong the suffering and support these theives that will eventually collapse the system anyway? Even if they do nothing there is no way that this system can be maintained! Even now these banks have to hide their liabilities to make themselves appear solvent. If this is such a bad idea why don't you come up with a better one!
There are no bad idea's just those of us that believe they are!

reply to post by OptimusSubprime


I did'nt know banks could purchase non profit credit unions! Can i see your source for this supposed fact or do I just have to take your word for it?

Originally posted by xX aFTeRm4Th Xx
reply to post by getreadyalready

 

Ok well said, I can definitely respect that.

But do you want to be the one to lose your entire life savings? Because I certainly dont.

Guess I'll just have to be one of the first few to withdrawal my money, and screw the other citizens who that fail to act immediately out of their hard earned savings

More so a catch 22. A lot of people are going to lose either way and realistically this would never happen. Not sure what the solution is, but it seems like a reformation and policy of transparency between big banks, policies and spending would be a much more viable solution.

edit on 14-10-2011 by xX aFTeRm4Th Xx because: (no reason given)

Wow they see but don't understand! You withdrawing your money wont matter unless you purchase physical precious metals. You should understand that when this happens FDIC will have to print all the monies that these banks don't have, hence hyperinflation, hence the monies you withdraw will end up not being worth the paper it's printed on. Though as someone said before "better for this to happen when we make it or the elitist to at their time"! I know not many people believe the fact that our system is a systemic failure because it has become a rigged game & this did not happen over night! TPTB have been setting this up for several centuries & what i'm trying to say is resetting this corrupt system will still not change things! As long as there is a system based on rules that can be manipulated to funnel wealth to those that can get their feet in the door first, we will always have a problem with theft, manipulation and systemic destruction based on profiting off of it! The system is the problem because it's destructive, wasteful and there's no way to regulate it! Until we accept this as fact we are just confused people fighting for something we don't understand or know how to fix and until we do we will never have the support of the majority, as such we will always be slaves to the minority who wrote the rule book for this game and already have a plan to respond to our obviously predictable actions!

I don't have the figures to back it up but I would bet that customer deposits are only a tiny fraction of what is coming to the big banks through home mortgages and car loans.
Every bit helps but I wouldn't hold my breath over it in terms of how much it will affect the big banks.

Originally posted by Asktheanimals
I don't have the figures to back it up but I would bet that customer deposits are only a tiny fraction of what is coming to the big banks through home mortgages and car loans.
Every bit helps but I wouldn't hold my breath over it in terms of how much it will affect the big banks.

Like I said earlier, because of fractional reserve banking, for every dollar we remove from the big banks, that is ten less dollars they have to back up further lending. Each person who takes their money out of the system is hurting the banks ten times worth the value of the money they had in deposits.

With less money in deposits, the banks lose the power to create money out of thin air. With the lending power going to the credit unions, the money will be invested locally, instead of going to some foreign venture which may end up stealing away local jobs. Putting your money in the local credit union ensures that it will be invested locally where it is more likely to create jobs for people in your own back yard.

I have been staring at the screen for ten minutes trying to figure a way of putting this delicately so as not to be overly flamed but there is just no way around it.
This action of taking from peter banker and giving to paul banker will have no effect beyond wasting half of your day. The deposits of the average citizenry equate to a very small fraction of transactions and deposits of the major banks, so beyond the annoyance factor there will be little effect.
Although I do not live in the US I have some recommendations to those who do of action that will cause change;
1. Stop paying personal income tax.
Personal income tax in the US is collected illegally. Now I would not suggest that one should do this unless they are prepared for a major fight, nor will it be effective when it is a unilateral action. In otherwords, in order to create the desired effect, a majority of US citizens must stop paying tax. This concept is called a tax revolt and has proven very effective in history at restructuring governments.

2. Adopt an alternative currency.
No, I don't suggest converting US dollars to Yen and then try spending. I do suggest adopting a method of renumeration that removes banks and government from everyday transactions. This could be as simple as a Barter system or perhaps just a new currency at the street level. Gold has always been my favorite alternative to money.
3. Occupy the right institutions.
Occupying Wall street sounds like the right move, until you realize the very nature of wall street makes it water off a ducks back. Those whom work on wall street pay little regard to the whims of the non elite.
Now, who remembers the million man march? Now imagine if the agenda of that march was to re-aquire government. If we were to "occupy" our centers of government and deny access to the elite in such quantity as to be a virtual sea of people, real change can be effected.
4. Always be prepared to use or counter force.
Your government excels at this concept. Regardless of how you choose to demostrate, you should expect it will be attended and eventually dispersed by either your local police force, an army or both. Anyone who seeks power must immediately recognize that in order to obtain or defend power, force will be required. Your government has police and soldiers for this purpose, how will you counter that? Well there is always the option of armed revolution. But to avoid that, the only answer would be force of numbers. Even the most battle ready soldiers tend to shy away from an encounter when outnumbered by as little as a 2:1 ratio. For unarmed citizens, the ratio must be 4 or 5 to one. Also unarmed citizens must remember to remain so, and that the objective is to avoid open conflict not to incite it. In most cases, the numbers must be in the 100's of thousands before the counter of police or military action is ruled out. The proof of this concept has been displayed during the recent "Arab Spring" against some of the most ruthless powermongers of the world.
5. Have precisely defined objectives and stop when they have been reached.
The most vocal critisims I have heard regarding the OWS movement have been a complete lack of understanding by the protesters of why they are there or hope to achieve. Ok so now you have occupied Wall street, now what? What have you achieved in any concrete fashion? Beyond venting your frustration, how has it changed things?
In short, it hasn't. Beyond giving Wallstreeters an extra day off and getting some media coverage little effect was achieved. Stocks continue to trade and money continues to be pocketed. One thing you can be sure of is that the forces sent to counter your efforts will have a plan to do so. Organizing Protestive action must go beyond gathering up a bunch of people in one place and chanting slogans. Identify the goal, identify how it is defended, plan and pratice effective methods of neutralizing those defences and above all move of one mind. These are the tactics used by anyone conducting a successful campain or counter.

I am denying ignorance by recognizing the FDIC for what it actually is: A Con.

Does everyone realize if all the banks crash that the FDIC will get you an average of 60 cent on your dollar?


Oh one more thing.....(at the risk of sounding like Colombo)

The FDIC will not pay your children. Only the original account holder. And they changed the laws a couple of years back. The FDIC has up to 99 years to pay off.

Con-fidence....do yourself a favor and GTFM.

The biggest difference you make with a change to a union bank is what people you are giving your money to operate. This is MAJOR.
Basically its a good point, but its more important to get a picture of society as a whole, because its not only about money. Money is actually just a document of rights. ( at the moment its a piece of paper, not backed up ) .

Its about setting the fields of culture, economics and rights properly, for-, with and through themselves.
CAPITAL HAS TO BE SEPARATED FROM MONEY.
enonomic streams have to work properly, money is NOT capital. Humans are capital.

IT IS TIME TO THINK CAPITALISM TO ITS END.

I think social threefolding is the answer to that:
en.wikipedia.org...
www.threefolding.org...

The german union bank GLS has gotten many awards for their work, they didnt take any bailout money from german government.

It looks like Anonymous had gotten behind this movement and has put out a video in support of it.

www.facebook.com...

There's the facebook page if anyone's interested.

Well, it looks like all of this has got the banks running scared. All those greedy banks are dropping their plans for bank card fees.

I hope this doesn't cause people to change their minds about Bank Transfer Day though. Just because they blinked this time doesn't mean that they don't have more sneaky fees lying in wait to spring on their customers. The sooner people leave the big banks, the safer their money will be.

I recently opened my account at a local credit union. Had to smirk when I saw they had posters advertizing Bank Transfer Day hanging right behing the customer service desk. Can't wait to go down to my old bank and close everything out this Saturday.