Big 6 Banks - Reminder: Get to Yours Nov. 5

Reminder

Just a friendly reminder to all of you who plan to switch from a big 6 bank to a credit union or community bank: tomorrow is the scheduled day to make your transfer.

A Way to Communicate

I almost made the switch today, but I thought more on it and think it would make more of a statement to go about the transfer on the day of Nov. 5. It is my hope that this will be a way to communicate with those who commit fraud and then seek reimbursement for their damages when they lose, while reaping large rewards when they win. We know that most of our politicians get money under the table from the corporations that steal from all of us. I'm sure this is one the list of issues to bring to the public front for the movements around the US and globe.

Hit 'em Where They Can Feel It

Until then, we have a very effective tool, which is to hit them where they can feel it: take your money elsewhere and boycott companies that make their own rules in Washington. Take a look at where your money goes and where you can, spend it elsewhere or minimize your "contribution" to the growth of a problematic corporation.

A Short Story of Ignorance

Today I witnessed one the most intense incidences of a corporate employee lifting his CEO onto a high pedestal and the ignorance of one of the members of the local community to accept what he was being told. A bank manager passed on some news that JPMorganChase had donated $45 Billion to charity. That sounded completely way too high. (Had I been the intended recipient of the news, I would have surely contested this statement.) The local seemed to be just as surprised as I was to hear this high figure, and asked "$45 billion?" to clarify. The bank manager confirmed, still not giving any time frame (since all time, in a year, last week). The manager then goes on to say how the company has done so well under the CEO. The local agrees with more of his tidbits and statements and says the CEO must be a "genius." (...certainly not a fraudster, hmm?)

Why Our Efforts Are Important

One of our goals is to increase public awareness of the plain facts and put an end to this type of blissful ignorance. Maybe it would be an article that shows how much better community banks are doing and why that would cause someone to encounter a taste of the truth that the big banks are finally dealing with a more aware public.

It still is baffling to me that anyone could be living in the general public and refer to the CEO of a big bank as a genius instead of a fraudster. Certain types have a vested interest in ignoring the truth (such as the bank manager), and that is one thing. I expect that from him. Other people are living in times where massive fraud is occurring, and it ceases to dawn on them the blatant players and victims. Maybe they "don't have time"? Maybe their life, sheltered from the truths we see, is good enough for them, so why seek out inconveniences?

I don't know, but we must be the more responsible ones, and we have tools at our disposal. One of them is to vote with our dollar. That is a responsible choice we all have. Forget your regular vote for officials and others for a moment and see the greater power you have to vote with your dollar. Not to do so is to be one of the millions who vote aimlessly, further funding the power of those who abuse and bully the rest of us. Do your part to help starve off the power players whose fuel is money - mine, yours, and that of those around you.

I wonder how long the wait will be for it

Which ones are the "Big Six" again?

Originally posted by IndieA
Which ones are the "Big Six" again?

Here is the approximate asset value of each of the Big 6 Banks:
· JPMorgan Chase--$2 trillion
· Bank of America--$2 trillion
· Citigroup--$2 trillion
· Well Fargo--$1 trillion
· Goldman Sachs--$880 million
· Morgan Stanley--$820 million.

source

Sorry to be ignorant of this subjuct, but would that
also include IRAs? I have an IRA at one of those. Thanks for the heads up.

Cheers
Ektar

Just a warning.

Make sure you get good terms with your new accounts.

I closed an account I had with a local bank because they decided that they were going to begin charging a monthly fee on all previously free checking accounts.

Originally posted by Ektar
Sorry to be ignorant of this subjuct, but would that
also include IRAs? I have an IRA at one of those. Thanks for the heads up.

Cheers
Ektar

Any deposit item, including especially larger ones. The way fractional reserve banking works is that if you give them 10,000 they can loan out 9,000 of that and keep only 1,000. The % varies. For an IRA, they could loan out even more. This is where they get the term "creating money out of thin air" and this is why our entire economy is based on debt. There isn't enough money in circulation to pay off our debt unless more "money" is created out of thin air, which only perpetuates the problem.

Of course Ron Paul says we should all say that they can screw themselves, they aren't getting paid back because they never had the money themselves to lend in the first place. They basically pulled it out of a hat.

reply to post by daynight42


Thank you so much for your reply as I am so ignorant about money issues. I have my IRAs split between these...Vanguard, Hilliard & Lyons, & MFS. Tomorrow being Sat not sure how I can move money. I know my Hilliard Lyons guy won't be in the office tomorrow...only went with him cause my dad uses them & he knows more about this than I do. The others were from places I worked & just kept them there....
Any tips greatly appreciated! My personal bank is not one of the heavy's....Suntrust.

Cheers
Ektar

Originally posted by Ektar
reply to post by daynight42

 

Thank you so much for your reply as I am so ignorant about money issues. I have my IRAs split between these...Vanguard, Hilliard & Lyons, & MFS. Tomorrow being Sat not sure how I can move money. I know my Hilliard Lyons guy won't be in the office tomorrow...only went with him cause my dad uses them & he knows more about this than I do. The others were from places I worked & just kept them there....
Any tips greatly appreciated! My personal bank is not one of the heavy's....Suntrust.

Cheers
Ektar

Do the safe thing and check with your dad. What I'm discussing here, moving money for checking and savings, could have more serious consequences for you, such as fees and penalties. It may not even be possible for you to move your money in such a short time frame. Of course, if you tell your dad the reason you are considering this, he may laugh. Anyway, since you are dealing with larger sums of money, you would be better off making a more calculated move and ensuring you do what's best for you too, which means avoiding potential fees and penalties.

here's another thread that just popped up:
www.abovetopsecret.com...

It seems like there could be something very volatile brewing for Monday. That means, prepare Saturday to avoid the turmoil that is possible.

Someone said (on another site) that the "threat level" could be downgraded from 1 to 5, and that would make this much safer for us Monday. There was also comments that lots of three letter agencies were in NYC, with helicopters and such, lots of cops. If they're telling the truth, maybe something serious is brewing.

This only makes me feel much more secure by opting to do the morally correct thing since it's also safer. People are thinking the the big 6 banks may be in a heap of trouble unless Bernanke rescues them...again.

reply to post by daynight42


Okay I don't have much money anyway....however ~$4600 in Morgan Stanley in an IRA so
do you think it would be safe to call my guy at Hilliard Lyons on Mon morning & transfer? I don't think there are penalties for transfers only withdrawals on IRAs. Reason I'm asking is it's 11 35pm EST & I hv to get up at 5am & won't be back in town until Sun nite. I can definitely try to send an email to him if nec.
Thank you so much for information from anyone. When you raise yourself these are one of the MOST important things in life you don't get taught, not even in school. You are greatly appreciated!

Cheers
Ektar

Originally posted by Ektar
reply to post by daynight42

 

Okay I don't have much money anyway....however ~$4600 in Morgan Stanley in an IRA so
do you think it would be safe to call my guy at Hilliard Lyons on Mon morning & transfer? I don't think there are penalties for transfers only withdrawals on IRAs. Reason I'm asking is it's 11 35pm EST & I hv to get up at 5am & won't be back in town until Sun nite. I can definitely try to send an email to him if nec.
Thank you so much for information from anyone. When you raise yourself these are one of the MOST important things in life you don't get taught, not even in school. You are greatly appreciated!

Cheers
Ektar

The difference is kind of like shopping at a local grocery store versus a big national chain. Both involve a profit made by someone, either the local guy or a corporation. The corporation is already so huge that to me, it seems a little better to support the local guy, even though his prices are higher.

The odd thing is that I think most small banks would be operating the same way as the big ones if they were allowed to. It's probably just a matter of time before they get too big. So, it's like choosing between two evils. You don't want to feed either one of them, but if you will feed one, feed the smaller one.

If I had money sitting in a big bank that could be easily transferred for free to another smaller bank, then I'd do it.

Someone in another thread pointed out that a community bank will loan out about 90% of their deposits just like a big bank, making more debt into our system. The system is just messed up. It sure would be nice if we could all lend out 90% of any money we had while still reporting to ourselves that 100% of it was available.