November 5th WITHDRAW! Whos in it with me?

For the past month i have been slowly withdrawing my money from Bank of America (BofA) due to fees that have been withdrawing from my account adding up to $30 a month!

Ive been getting wind of a movement that a large number of people will be withdrawing there money from large banks on the 5th of November. I wanted to start a thread and see who is going to be joing this movement and there thoughts on it.

Im tired of getting raped by fees so i can have a bank hold my money.... they should be paying me!!!!!

reply to post by camaro68ss


So...where are you going to put your money now? In a credit union?

Originally posted by caladonea
reply to post by camaro68ss

 

So...where are you going to put your money now? In a credit union?

I have a small town local bank I will be putting my money in. They provide all the services the large ones do and there family owned.

Why are people waiting for that day? Why not do it right now?

reply to post by camaro68ss



Alrady removed my pittance from the bank, now only keep enough in to cover dd's etc, i bought a lovely heavy solid safe that would take a few people to carry it away, my money is safe now!.

I am thinking of switching over to a credit union , but they do not seem as advanced, certainly a better idea though and i think when i have read enough then that will be where my money goes. . . .

I think it is a great idea. I changed to a local credit union a few years ago because I got tired of ever increasing bank fees. I think there will be quite a few people willing to dump BoA without hesitation but my advice? Don't wait until the 5th in case this movement takes off. If there are large lines at branches then they'll either run out of cash in the vaults and/or claim 'civil disobedience' and get the cops to haul you away before you even step in the door.

Honestly why wait until the 5th... do it now!

Originally posted by topdog30
Why are people waiting for that day? Why not do it right now?

like i said, ive been doing it for a month now but i want to be part of the "dent" of funds to be withdrawed that day. I think a large Withdraw in one day says more then a low withdraw amount everyday

reply to post by topdog30


It may have something to do with "remember, remember the 5th of November"? That's all I can think of.

Originally posted by camaro68ss
Im tired of getting raped by fees so i can have a bank hold my money.... they should be paying me!!!!!

Not sure what BoA's policy is, but most banks don't charge you if you keep a few thousand in your account. The theory is that if you keep a few thousand in there, then they do make some money off of it and in effect they do "pay you" in the form of charging no fees for maintaining your account. Is BoA charging all account-holders regardless of the size of their balance?

All banks used to charge for checking accounts, the concept of no fee accounts only goes back a few decades, and only if a certain balance was maintained, but back then the percentage rates were such that banks could make decent interest off their account holders. These days money markets and other "safe" investments render very, very low (historically low) returns and frankly I'm surprised all banks haven't gone back to charging for accounts because they sure aren't making anything off of interest.

reply to post by camaro68ss


This. As I just said in a different post, I too am in the process of consolidating accounts and moving my money out of BoA. I want the final account closed and the cash withdrawal to hit on November 5 to be counted as a statistic.

Check out the FB page for the November 5th action HERE.

If it were my I'd get my money out now. Like NOW! If they have a bank run they can just shut and lock the doors.

Even though I am with a local bank..I plan to withdraw all but 1 dollar. I am actually considering doing it sooner.

I am so f'ing pissed off at the banks right now I could spit.

Originally posted by brommas
I am thinking of switching over to a credit union , but they do not seem as advanced, certainly a better idea though and i think when i have read enough then that will be where my money goes. . . .

I do 100% of my banking online and through ATMs. As long as I use my bank's ATMs I don't get charged, and that's a HUGE convenience because they have ATMs all over the country. Credit unions are great for small loans, but they are lousy for banking in my opinion. The ones I've had accounts with all had slooooooow customer service, and charged for any ATM use that wasn't at their particular branch.

Luckily my bank isn't such an evil organization. Nevada State Bank has been pretty conservative with the way they do business and they've been good to my wife and I.

However, I support withdrawing all you money from B of A, Wells Fargo, Citi, Chase Bank, and all the other bailout zombie banks.

They are insolvent, and when the time comes the FDIC won't be able to cover these loses.

I'd say go with small community banks that don't engage in the kinds of practices that Wall St. banks are involved in. Credit unions as well. Or maybe regional banks like the kind I use. Just be sure to vet them out first.

Here soon I'll be switching to USAA(Banking services geared toward service members). From what I understand they maintain sound lending practices and don't gamble with depositor money.

Wow, people are involved in planned and organized bank run....not that I blame anyone for getting out of BoA but this is planned financial anarchy.

Don't wait. Do it now. If the movement gets traction then they flat out won't be able to cover all the withdrawals. My bank isn't even one of the big ones (Bancorp South) but I'm still withdrawing my $ until the uncertainty blows over. Other than one stupid occurrence where they processed a debit before a deposit I haven't had a problem with them. The bank admitted a foulup and refunded what they charged me for that one incident, too.-*+

Projectvxn I haven't heard a single negative thing about USAA. Most of the guys I've trained with use USAA and they give glowing reviews.