Bank Transfer Chatter Goes Global Credit Unions Surging

Originally posted by ShortMemory
i started this movement

good to see its going somewhere
end the power of banks, join a credit union..

edit on 17-10-2011 by ShortMemory because: (no reason given)

Well, thank you! Did you know that Al Gore invented the internet? Peace

Remember the days when banks lured us to open accounts with Interest Rates ? Now it seems they believe they have assumed control. No longer do the rates draw in the accounts - now it is how much are the FEES. Credit Unions are the place to be - seek one out and start/transfer your account. You'll be glad you did.

Originally posted by ShortMemory

Originally posted by VonDoomen
reply to post by ShortMemory

 

thats quite a stretch dont you think? theres people who have advocated this long before you did...
remember its about the 99%, not the 1%

well not really, i know people were talking about it before i did but not in regards to the occupy movement and using it as a method to end the power of banks.
i have emails that i sent to a few of the occupy websites suggesting the idea about a week before anyone heard of bank transfer day.
i also have a thread on ats from that time and glp from that time..
maybe i didnt but i was sure spreading the message before others in regards to occupy.

I closed my BOA checking and savings account two years ago and also transferred my CC to the Credit Union. this movement had been going on long before I chose to do this. What spurred me on was the Zeitgeist movie series.

Also, I have successfully influenced my family members to do the same and they have. I encourage everyone to do the same. The sooner you remove your money from a quasi centralized system of banks, the less they can as readily legislate laws and regulations to control it.

Transfer?

Yes, but Credit Unions don't pay any more interest than a bank on savings.
So, transfer all essential checking, small savings, etc. to the Credit Union.

What about Major savings and investments?

First pay off all debt.
Then buy the equipment to store a months supply of emergency water.
Next buy a years supply of freeze dried foods for your family.
Finally, buy arms and ammo to protect your loved ones.
Any additional funds can be used to buy silver for barter purposes.

Bottom line is the Credit Unions will not stop the economic collapse.

.............................Prepare...........................

Originally posted by haarvik
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.

I addressed this in the other thread on this movement:

Originally posted by FortAnthem
You have to remember that the banks work on a fractional reserve system; that means that they can lend out 10 times the money that they have in their vaults (or computers nowadays). When you take out $10, that is $100 dollars less the banks have to lend out. If everybody were to take out their $1000, that would be $10,000 per customer that the banks would lose in lending power.

Thousands of people removing just a few bucks at a time will add up exponentially against the banks as they will have less and less deposits to back up their fraudulent loans.

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.

www.abovetopsecret.com...

I changed to a credit union yesterday morning. I have been with First Union, wait Wachovia, no Wells Fargo for 12 years. My mortgage is with Wells Fargo so when I found out that Wachovia merged with Wells Fargo that really irked me. So I was going to change anyway, but the icing on the cake was the added fees. The bank teller helping me made the comment that” they have been swamped with new accounts this month”. But I remember back in 1996 just coming out of Job Corp and I had saved about a thousand dollars and Wachovia was my very first bank. I just got a debit card and Wachovia charged 14 dollars a month than so my grand didn’t last long especially being 19 and eating out all the time.

reply to post by LucidDreamer85


Find out more about this emergency situation scheduled for the 9th of Nov. Start a thread on it and PM me I will be sure to subscribe as I would like to know more about that.

reply to post by wayouttheredude


here ya go:

Nov 9th EAS

reply to post by haarvik


Doesn't sound like a very big deal on the surface does it? Thanks for the resource.

second

reply to post by CookieMonster09


you have it backwards. Theres more smaller people, meaning more fees from people than from business owners.

secondly, banks give out premium rates for customers with lots of money, IE, someone with millions of dollars will get a beautiful interest rate for saving at the bank. Where as, someone who is only moving over 5k, will get the basic everyday interest rate that would luckily be on par with inflation.

If you do plan on "moving your money", this list and this site might be of interest:

www.fdic.gov...

Also, If you know how to read the trends you'll know that it's a bad idea to go right from a big bank to a credit union. Go to a community bank first and wait until it settles down a bit. Then switch over to a credit union.

We have too big to fail, there is also too small to survive the huge rush of new account openings...

I know I keep reiterating this but, trust me, I've been in the corporate end of banking for over 20 years.

reply to post by Skorpiogurl

I know I keep reiterating this but, trust me, I've been in the corporate end of banking for over 20 years.

Thanks for that. I nearly fell out of my chair reading that. Trust me I have been in corporate banking for 20 years.

Originally posted by wayouttheredude
reply to post by Skorpiogurl

 

I know I keep reiterating this but, trust me, I've been in the corporate end of banking for over 20 years.

Thanks for that. I nearly fell out of my chair reading that. Trust me I have been in corporate banking for 20 years.

If you've also been in corporate banking then you already know the phrase I am going to use next right?

At the end of the day... All banks are pretty much tied into one another. Your typical consumer will spend a good time of energy moving from one bank to another to another to another. As mergers and aquisitions happen they are either forced out or worse, after an aquisition they end up with a letter from their NEW financial institution saying how much they value their customers blah, blah, blah. The sad part is most people read the first line and stick it in the trash. Two months later they're mad because the terms of the loan changed. Well... as far as I am concerned, as a consumer, it's "your" responsiblity to make sure you understand the regulations, guidelings, policies, loan terms, underwriting, organizatoinal structure and history of the financial institution you select.

Do you remember when Citizens Bank was Not Your Typical Bank, back when Larry Fish was at the helm? They were a great bank back then but got too big too fast. I can see that happening with the credit unions. If you only have five people who service loans and you suddenly have 1,000 loans, what do you think will happen to your customer service? Believe me, they're not going to hire people based on the demand.

reply to post by Skorpiogurl


What about from a regional bank to a CU?

Just switched from a regional to a CU. I had actually been thinking about doing this for months but reading about this movement inspired me to actually go through with it.

This is good to hear! I personally switched to Credit Unions over 25 years ago after the bank I was with screwed me by not posting my automatic deposit paycheck for 2 days, then 'fining' me $18 a pop for overdrafts on all the checks for my bills. I immediately closed my accounts with them and moved them to my local credit union. One of the best decisions I ever made, and I haven't done business with a bank since.

If you really want to screw the whole banking system from the ground up, then buy a fireproof safe and keep your cash in it. They aren't paying enough interest anyway so not like you are going to miss.50 a month.

November 5th is a Saturday on my planet and the banks are closed. Another dumb idea by the same people that decided to start protesting in the fall

Originally posted by The Sword
reply to post by Skorpiogurl

 

What about from a regional bank to a CU?

Just switched from a regional to a CU. I had actually been thinking about doing this for months but reading about this movement inspired me to actually go through with it.

Really it all comes down to the type of services you need from your bank. Personally I like both community (regional) and credit unions vs. national banks but that is because I don't own/operate a large profitable business.

Just have to remember that community banks (regional banks) serve local businesses and "local" is often determined by the bank’s charter and regulator’s sign-offs when the bank organizes. Most of the time, deposits say local, that is why they can afford to provide all the services of a national bank while the loan officers and customer service rep's tend to be accessible to their local customers. Also decisions about loans are typcially made locally as well. By definition, regulators, legislators and bankers refer to community banks as having less than $1 billion in assets under management. But that is not always the case. The common disadvantage for businesses working with community banks is the number of loan options and funding limitations.

Credit Unions are non profit financial cooperatives. By definition, they do not issue stock or pay dividends. What would normally be profit dividends are instead returned to members through lower loan rates, higher interest on deposits, and lower fees. Credit unions are exempt from Federal and most State taxes because credit unions are member-owned, nonprofit organizations generally managed by volunteer board members. People qualify for credit union membership through their employer or affiliations such as churches or social groups.

Just keep in mind that if you're a member of a Board of Directors of a credit union chances are you are working for free or maybe getting some kind of monthy fee as payment for attending board and committee meetings.

You can't make the mistake of thinking a credit union is safe. Credit Unions still have audits and If a credit union doesn't have enough operating capital they basically have two choices... go public and be acquired by a regional or national bank, or go out of business.

Originally posted by Ferris.Bueller.II
This is good to hear! I personally switched to Credit Unions over 25 years ago after the bank I was with screwed me by not posting my automatic deposit paycheck for 2 days, then 'fining' me $18 a pop for overdrafts on all the checks for my bills. I immediately closed my accounts with them and moved them to my local credit union. One of the best decisions I ever made, and I haven't done business with a bank since.

I changed to a Credit Union back in 1986 after having too many issues with then Nations Bank. Nothing but Credit Unions since then.

reply to post by Skorpiogurl


Thanks for adding this info to the thread. I like everything I read about CUs for the most part. Their exposure to the downturn in home values is their Achilles heal but if you do a little research on the union you want to join first that can be avoided.