Bank Transfer Chatter Goes Global Credit Unions Surging

I give this approx. three weeks before we start to hear hints of this movement in the MSM. Just like the OWN movement, no attention paid, until it became a massive event. I actually can't wait until I see a panel of talking heads...."so, what do you think of this bank bailout by customers leaving in droves". Yep, I hear that as one of the first questions...

I like this new meaning of "Bank Bailouts". I "bailed" months ago....

reply to post by Destinyone


I like that. A new meaning for Bank Bailouts, now meaning customers bailing out of these too big to fail banks to smaller banks or not for profit credit unions. That is the beginning of a new meme.

I was very happy today when a co-worker asked me which credit union I use. She's leaving BoA due to their fees. She has over 100K in saving so I think she would have been exempt, but I know my credit union will be thrilled to get her business.
I think the average folks are finally waking up to the financial fraud that's been going on for some time.

Well ,, They sure picked a bad day to do this Transfer Biz...MOST Large banks only have a drive thru open on "Saturday's" ?? Or is my calender wrong?

Bail out on the Banks
by Saturday Nov 5th 2011

These are all - for the most part - great posts. Please keep this thread going!

I took out my $ LONG ago from BROA - er BOA - and only wish my wife would

listen and do the same, but i've kissed her savings goodbye by now, mentally.

This movement is clearly a brainchild of the occupy movement with REAL

economic power, a proverbial RUN on the banks. It may be rigged to give

the govt a reason to clamp down on protesters - or worse - but that would run

the risk of sparking a REAL revolution. Hirohito didn't invade the US in WW2

because "behind every blade of grass, there's a gun" and for the same reason,

a civil war here - with 80 million gun owners with multiple weapons each - would

be a true disaster. United, the 99% stand. Divided, the 100% fall.

Originally posted by wayouttheredude
reply to post by Destinyone

 

I like that. A new meaning for Bank Bailouts, now meaning customers bailing out of these too big to fail banks to smaller banks or not for profit credit unions. That is the beginning of a new meme.

Here's another one....I'm a "bailee" and, proud of it...

reply to post by Destinyone


Here is one, Real capitalism requires that if you are a for profit bank and are too big to fail then you are too big for the 99% to bail your sorry butt out. Bail yourself out!

How about any big bank that is too big to fail that is bailed out by public money is converted into a not for profit institution owned by the public as a cost of the bailout? I like that idea.

Interesting thread. Only time will tell, but having worked in the banking industry for many, many years at both large and small banking institutions, I have significant doubts that there will be a substantial number of depositors that would move their funds to a small community bank to make any tangible difference to the mega-banks.

These banks have trillions - yes trillions of dollars - in assets. Most of the depositors are talking about moving their paltry checking account. The average Joe consumer doesn't carry enough significant balances to make even a dent in the deposit balances that these mega-banks carry.

Remember, the large deposits are carried by business owners, and large corporations. I assure you that the likes of the Fortune 500 corporations are not about to move their deposits to some tiny credit union. Any large corporation with significant deposits and a worldwide presence is not about to move to a tiny credit union, or even a community bank.

This is actually great news for the mega-banks. They lose the low value, unprofitable consumer clients with low deposit balances, and get to keep the high value, highly profitable clients that actually keep the mega-banks in business. I am certain that these mega-banks are more than happy to offload these unprofitable, low value relationships to their competitors.

It might make for bad PR, but it makes great bottom-line business sense - Offload your least profitable clients to your competitors.

look how these greedy banks consume little banks

Corporations gobbling up other corporations happens in other industries besides banking. How about oil companies? Telephone companies? This is not just a trait in the banking industry.

The destruction of the current banking industry is exactly what the globalists would want. By fomenting a "crisis", we will have a one world banking system and one world currency in no time. Your protests are exactly as expected.

reply to post by DavidsHope


You are correct...

The need to go to the bank and transfer the money is not necessary....


For all direct deposit, just transfer to the new account at a credit union... they will gladly take it...

Now the hat trick....

For savings...


go to a branch with no protesters present...

and find out your options....

I used the line of

"I decided to keep my checking and savings separate"

reply to post by DavidsHope


You are correct...

The need to go to the bank and transfer the money is not necessary....


For all direct deposit, just transfer to the new account at a credit union... they will gladly take it...

Now the hat trick....

For savings...


go to a branch with no protesters present...

and find out your options....

I used the line of

"I decided to keep my checking and savings separate"

reply to post by wayouttheredude

Last year, TD Bank, with the blessing of the FDIC, gobbled up the only local bank in my area that advertised "lifetime free checking", even for business accounts. I have a small computer consulting business that I created when I got laid off about a decade ago. I have another day job, but I keep the business open, primarily for one handicapped client who needs house calls and says I don't charge him enough for the work I do for him a couple of times a year.

Buried in the back of the TD Bank "welcome" packet I found that they were going to charge $25 a month for each business account that had its balance drop below $5,000. Since my local credit union had started offering business accounts, it didn't take a genius or conspiracy theorist to tell me what was in my best interest to do!

It was about two weeks after I got the "welcome" packet, that I had the time to go to the local credit union to open the account. As he was finishing up, I asked teller if he knew why I was opening the account then. His response was "TD Bank's fees?"

He said he personally normally opened 2 business accounts a month, but in the previous 2 weeks, he had opened 3 or 4 a day.

The credit union has been thriving, because they don't charge outrageous fees or give out risky loans with their members money.

I was talking to my banker last week and asked him if they were getting any of the BoA customers. He said there was a trickle at first, but the last week or so it has turned into a flood gate. People are not just switching from BoA, but from all the major banks. BoA, Wells Fargo, Citi bank, etc.

And yes, our puny savings and checking accounts will have an impact on them. Banks also make money on the forex, and our deposits are what they use. Take away our deposits and they don't have as much to play with. BoA has an estimated 25 Million online banking customers. If they take their deposits elsewhere, that's a lot of cash they are going to lose!

The next step is for anyone who has a loan through BoA to refinance them through their new financial institution. This is where you really hit them, and hard! This is their bread and butter, income from charging interest on loans. Take those away and they lose income streams. Combine the two movements, and too big to fail will do just that!

So what if it doesn't SEEM it will affect/effect the Big Banks if we take our paltry little accounts to a locally owned CU, or locally owned bank.

I say it will make a difference. One it empowers the individual, whose paltry to the Big Bank sum in their checking means the world to them, and their family. It is one person making a statement.

But it also benefits a local business, and that could mean more employees, which means more money/income to spend in OUR community, stimulating our own economy.

On its own, a single raindrop will not do much more than evaporate. But take trillions of raindrops, and you can grow acres of food to sustain a nation.

reply to post by wayouttheredude


funny you mention nov 5th. because last night there was a national emergancy broadcast and mentioned something about an actual emergency on nov. 9th. ...it said something was going on that day don't remember what though but it was a practice for that day i think they said, which made it sound ( the way the voice said ) like there would be something going down on nov.9th and we would be notified via tv..

Makes sense for all the digital stuff...( even though i understand the EBS has been around for decades )

and right after the banks stuff going down ?

I'm surprised that the MSM is reporting on this one. I first heard about it in an MSM article. and now, it seems that anonymous has hopped on board with the movement.



Considering the fact that this has the potential to do some real damage to the banks, I'm surprised the MSM hasn't been studiously ignoring this movement or trying to demonize it as an attempt to bring down the economic system.

If this really takes off, look for pundits on the MSM preaching about how this is going to create a "bank run" and plunge us all into depression. Like the policies of the banksters and gubment weren't heading us in that direction already.

Another line of thought, or something for nay sayers to ponder, if our paltry deposits are such a puny amount, and would have no affect on them if pulled, then why do they advertise so heavily to get our business? They must have good reason to need us to become their customers.