Bank Transfer Chatter Goes Global Credit Unions Surging

Hi everyone on here. S&F For this topic, i live in England and the whole OWS has just recently taken place over here in various cities up and down the country which i hope will not just fizzle out.What i would like to see is more and more people moving their hard earned money into other financial institutions like credit unions for example,which will make people in power wake up to the fact the voting public could if co-ordinated properly could have serious consequnces in the world of finance !!

I currently have an account with Bendover America (BOA).....



Only because they took over our local regional bank some years ago and I had no other choice.


I kept an account with my local Credit Union in order to not keep my eggs in one basket but I will soon open another bank account with the local bank now and transfer funds which BOA cannot stop.

This also benefits your local economy because the proceeds are reinvested in the local community vs passed onto other international stockholders who live who knows where !

PEACE

reply to post by ShortMemory


This is from the OWS emails that were released the other day:

I don't know how many of you are aware of this campaign for transferring bank accounts from giant corporate banks such as Bank of America, JPMorgan Chase, etc. to a Credit Union by November 5. The Facebook page has about 19,000 attendees: Considering that the big banks will begin reporting their earnings this week, it would be great if we could write and send out a press release saying that OWS is part of this campaign. This Nytimes article is already making the link between public anger at big banks (as exemplified by OWS) and a possible divestment wave from big banks equities: I think this is the perfect time to push this button. Considering the media visibility we have right now a simple press release saying that OWS invites the American people to transfer their savings to a credit union by November 5 will have a huge impact. Of course, this needs to be discussed in the GA, but I don't think it would be a very controversial subject. >

This particular email was dated 10 October.

I applaud the intelligent and aware folks for changing over to a CU.

I started my protest against the scummy big banks a few years back when I transfered my personal savings, checking, and business accounts over to my CU and I have been doing great since.

Welcome aboard! Those of you who haven't already, get out now before they use their servants in DC to pass a law that stops you from being able to transfer!

All you have to do is set up the new account with the CU, and then do an electronic transfer, no need to even visit the bank. Like to see them stop that!

Originally posted by jefwane
I absolutely endorse this line of protest. However, one should research where they are going to put their money. Here is the link to the NCUA.

NCUA

You can search for a credit union in your area. Also there are links to quarterly financial statements so you can asses the health of the credit union.

I live in a border area between two states. There is a total of one credit union in my area on either side, and about 25 or so different banks. The local credit union is solid on it's assets and performance, but I've banked with one of the larger regional banks for over a decade now. I would've closed my account their in 08 but the CEO of my bank at the time was very anti-TARP, and I believe they would have benefited had the TBTF been allowed to implode like they should have.

I'm on the fence about changing to the local credit union, but I've never heard anything bad about them. Another option I have for a credit union and have considered is PenFed. PenFed stands for Pentagon Federal. It's a credit union available to armed forces members, their family members, but is also accessible to non-military dod through either USAA or AUSA memberships.

Hi Jef, anything with the word 'FED' in the title would be enough top scare me off!

We opened our new credit union accounts the day after the BofA announcement about the new fees. We switched our auto-deposits online through our HR website the next day. It takes a full two pay cycles in my company for that change to be completed so the paycheck I got last was mailed to me as a hard-copy check which I deposited in my credit union account. This Friday's check should auto-deposit to the new account. Took me a couple hours that Saturday to set up all my online bill-pay stuff for the new checking acct so I can do my ebills and so on. Also, our new debit cards took a week to arrive in the mail. After that week, I was completely converted over as far as which accounts I was actively using.

I had some comp time, so I left work a few hours early last Friday and went to BofA to close my accounts. While they were transferring my interest and closing my accounts, the gal who was taking care of this told me they have at her branch had no new accounts opened since the announcement and are closing accounts daily. She said she had five others that day. She also said the customer service reps found out about the new fees the same day the public did and that if we had heard their CEO telling them about their profits, "You would have closed it even sooner."

Also, for those of you saying to tranfer your autodeposits and never walk into the bank - you DO need to at least call and close your account over the phone, even if you don't go in and do it. If you leave your accounts open and just take all the money out, they will still charge you fees, which will then bounce, and you will get charged for the bounces and eventually get sent to collections. So don't neglect that last step of actually getting the bank account officially closed.

in argentina, during the financial collapse and the devaluation of the peso, which was pegged on par with the american dollar, hundreds of thousands of citizens ran to the bank to withdraw their money.

guess what happened. all the banks closed their doors and there was mass riots.

the same thing would happen in america. all the banks have to do is close, shut down their websites and plan the next strategy or wait for government intervention, which without doubt would rule in their favour.

in the end, the federal reserve note is not your property. you may have earned it and are in temporary possession of it, but ultimately is belongs to the private enterprise, the fed reserve, which printed it and put it in circulation.

it's time the american people printed their own currency, like 99% of the free and democratic world does.

reply to post by randomname


The difference here is that most people are opening up Credit Union or small regional bank accounts first then withdrawing the money and then finally closing the too big to fail bank account. With a devaluation and bank run the situation is different.

BOofA for instance is just thinking that they are safe from this practice because they are so convenient, people are lazy, easily distracted well you get the picture. They just do not believe people will move their money out in any real numbers to worry about it.

We shall see I guess.

for the immediate future (until Jan 2012) i will keep my direct deposits going to BAC (thats BoA in colloquial)

because it takes an individuals submission of a Form request to transfer Direct Deposits...
the CU or local small time bank cannot submit the request in your behalf...


in any case .... my transfer of Direct Deposit would not occur in the 30 day time-frame...
thus i would need a 2 months accumulation of money/expenses to pull this off without penalties !


the best way is to create a new $100. deposit account with your next CU or local bank
then submit the transfer for your direct deposits to your new CU/Bank (usually a several week process, with SS involved)


in the mean time--- i will avail myself of BAC services, with the existing checking account ---but absolutely refrain from using the Debit/Visa Card issued~~~ thus avoiding the $5.00 debit card fee for use


i will take appox. $500. in $50s in cash for the month... use checks at the grocery (thus clogging up the cashier aisles with approval time) and that's about all the accomodations i will need to make to avoid giving BoA another $5 month revenue stream from my monies.



please, don't you all over react---- unless the CU pays you Interest on the money deposited...
if BoA needs some $100 billion in bailouts as a TBTF bank because we all scrammed like scaredy cats--- then we have done ourselves a greater dis-service--- with even more worthless dollars down-the-road

reply to post by St Udio


Actually, you have plenty of time. The debit card fee does not go into effect until January.

The fees I was talking about being charged if people just withdraw all their money, switch their autodeposit, and don't use the accounts, but fail to close the accounts ==> are the fees that already exist. For example, in my case, if I did not have an autodeposit going to my checking account monthly, there was a fee. Some accounts require the account holder to maintain a certain balance or be charged a fee. I meant those fees. Of course if it did stay open and unused until January, then you could add the new debit card fee to the pile.

All I can say, this is an interesting time to be living in America. I'm all giddy and have my bets on the people vs corporate America.

Originally posted by WeRpeons
All I can say, this is an interesting time to be living in America. I'm all giddy and have my bets on the people vs corporate America.

It's not juswt the USA though dude, a lot of other countries are getting behind you guys too, people will be mirroring you all over the world, you have a lot of support globally!

It's not juswt the USA though dude, a lot of other countries are getting behind you guys too, people will be mirroring you all over the world, you have a lot of support globally!

reply to post by 4hero


I hear that! The people of the world have to stand together on this. There's strength in numbers!

Amazing to me, people only, or finally heard ,of credit unions to this time? Been a member for 4 yrs.trust not any banking institution except the credit unions were you are directly a shareholder,along with the rest of the members.

reply to post by mugger


I remember hearing the BOofA president explaining the $5 per month ATM card fees and talking about how they were allowed to make a profit for their share holders and I thought about the credit unions. If I am a shareholder then and it is a not for profit that means they have the least amount of reason to big me with BS fees and charges.

I'm moving to a non profit financial institution. Then when the president of the bank says we deserve to make our profits I can just smile and say to myself "not on my sweat you aren't".

Isn't this the same as a run on the banks?

reply to post by godfather420


Not really. It is our tiny redistribution or our meager wealth to more local and less central banks. It is not the same. It is kind of a defunding of our own enslavement.

As stated in another post rolling around here on ATS, please be careful and research the CU you switch to. It could be that the larger more popular just re-deposit right back into the Big Bank you just successfully left...

reply to post by marzabeth


Are you sure that was on the 10th?
I still have emails and posts from before then, i can promise you that i sent emails before people were talking about it..