Stunning Number: Big Banks set to lose 70,000 accounts today

Originally posted by Riffrafter

Originally posted by Ferris.Bueller.II

Originally posted by Riffrafter
reply to post by Sauron

 

650,000?!?

That is an amazing number and will definitely have a big impact on their bottom-lines.

Really? Again? 650,000 of how many total? How do you know how big of an impact it's going to be without having all the information?

Do you actually believe that losing 650,000 customer accounts will not have an impact? Every dollar they lose means $7-$10 less they can lend.

or have already lent

gotta love the banking industry SHILLS, and the SNAKES who are benefiting on the current flawed system here who are desperately trying to convince folks that this HUGE impact is nothing big at all.

Gotta laugh at them and their pitiful attempts.

Their horror and pure desperation is so painfully obvious on the ATS forums with these SHILLS and SNAKES. Its GOING TO EFFECT THE SNAKES and they are afraid... very afraid.

HOORAY. Lets STICK IT to them folks!!!!!!!

Stick it to them like they have been doing to us for a LONG time!!!!

Power to the PEOPLE!!!!!

The lives of our children and grandchildren is riding on this folks. The time is NOW!!!!!!!!!

reply to post by Riffrafter


If im not mistaken I thought I saw where BOA has lost a crap ton of accounts, way more than the 70+k being talked about. Did anyone else see what I am talking about or did I confuse soemthing.

Originally posted by Ferris.Bueller.II
reply to post by Fractured.Facade

 

I personally see this as a positive sign of Americans finally waking up to what commercial banking is. So far it's small, but hopefully it grows as more and more people see the benefits of doing business with credit unions. I learned this lesson back in the 80's and have not used a commercial bank since.

Do you think commercial banks started out big?

Until the laws are changed the game wont change. Players might, but game wont.

reply to post by Adamanteus


It's a start.We've got to start somewhere.If as you say, these 650k can atrract/convince others to join credit unions or mutual banks, such institutions could grow to a point whereby they can start attracting small business accounts, followed by larger ones as they are offered more and more services.

When you look at the success of Paypal, operating as a webbank only, you can see that it is not that difficult to compete with the big boys. A Paypal account with a paypal debit card is extremely versatile and I've never had a problem using it anywhere.Surely a network of credit unions and or mtual banks could devise a similar platform, a common one through which they could all operate.

The problem still remains though that we are still dealing in the same corrupt currency. This makes us vulnerable regardless of the type of bank we use. Ultimately, a new currency would be needed and if it was implemented, it would be a real gamechanger.

Account holders in a unified system of credit unions and mutual banks could be issued new currency based on the amount of dollars in their account. Meanwhile their dollars would remain but be kept in escroe as a fallback if needed or for bank running costs payable only in dollars.

Originally posted by peck420

Do you think commercial banks started out big?

Until the laws are changed the game wont change. Players might, but game wont.

Here's the big difference that a lot of people don't understand.

Commercial banks = For profit. Your money works for them. Unless you buy stock in that bank you are not an investor, just a source of money for them to use.
Credit unions = Not for profit. Your money works for the members of the credit union and yourself. Every member is an investor.

Yes, the laws have to be reformed also, but this is a good start.

I have left only what I think I might need to cover any "dangling" expenses to be paid from Chase bank. I now have transferred the bulk of the money to a community bank.

I guess I didn't look around enough, though. The community bank charges $12 for an ATM card. Chase gives the debit card for free. This actually doesn't matter in my case because I moved money into a savings account, but $12 versus $0 puts the community bank as more expensive. The fees on overages might be less, but I am beyond the stage where I live on the verge of a zero balance and overspend. (Happened to me enough while I was younger though.)

So, I'm still in search of a better community bank. The credit unions are only open to certain employees of certain institutions (like schools). They aren't open to anyone and everyone.

Anyway. Just a reminder to people to read the details. I'm all for sending a message to the large banks, but extra fees are to be avoided of course.

Great news! Now I can have real peace today knowing that the bank I have my money in is going to be in trouble! Yea! As if I didnt have enough other crap to worry about. Thank you all you OWS weirdos and now these bank busters, you are helping out the 99% so much! I am so proud of you and your smelly unwashed hippy arm pits, your stinky dogs pooping all around your camps, and the buckets and buckets of poo that the cops are finding in the OWS camps. You are all a credit to civil society and once again thank you for making my financial stability just a little more.....solid.

reply to post by Rockstrongo37

Think of it this way. If it really was your money, and the bank is only looking after it in good faith and doing nothing unscrupulous, you have nothing to worry about.

Originally posted by Fractured.Facade

Originally posted by Ferris.Bueller.II


Congratulations for sending more working class people into unemployment and poverty.

Just in time for Christmas.

Well done.

I guess some credit unions may be hiring.

Hmmmm.
Just out of curiosity... what's gonna happen when all the credit unions start to raise their fees due to an overload of processing so many new accounts?
Is everyone going to keep their cash hidden at home?
Then what?
Home robberies go up?

Originally posted by Xcathdra
reply to post by Riffrafter

 

If im not mistaken I thought I saw where BOA has lost a crap ton of accounts, way more than the 70+k being talked about. Did anyone else see what I am talking about or did I confuse soemthing.

Check out Sauron's post. The number is actually 650,000 and is probably higher than that. The 70K number was from one groups website only.

Here's his post with link:

Sauron's post from CUNA

reply to post by Riffrafter


This week I opened an account at a local community bank and changed the direct deposit for my work check to go in there. I left $20 in BOA account, but it no longer will get my paychecks or savings anymore. I'll close it soon, but for my part BOA can't count on my salary as a reliable, reportable source of money on the books.

Originally posted by Rockstrongo37
Great news! Now I can have real peace today knowing that the bank I have my money in is going to be in trouble! Yea! As if I didnt have enough other crap to worry about. Thank you all you OWS weirdos and now these bank busters, you are helping out the 99% so much! I am so proud of you and your smelly unwashed hippy arm pits, your stinky dogs pooping all around your camps, and the buckets and buckets of poo that the cops are finding in the OWS camps. You are all a credit to civil society and once again thank you for making my financial stability just a little more.....solid.

pot,meet kettle

Feel entitled much? To say that 650,000 people are wrong for moving THEIR money because it may affect where YOU bank is no different than those "OWS weirdos" with the signs wanting the government to pay for their college education because they decided to major in UFOlogy and can't find a decent paying job with their degree.

Get up,walk over to the window and look outside. There's a whole world out there and it doesn't revolve around You no matter what Your mommy told You.

Originally posted by Fractured.Facade
"Moving" your money from the big banks to credit unions is laughable... It comes back to them eventually, where do the credit unions invest? who are the credit unions affiliated with?

What goes around comes back around.

If you really wanted to shake up the system... Remove everything in cash, all 70,000 of you, pile it all up and set it on fire.

Of course then things would get really ugly in a hurry... Better stick with the more lame stuff that really doesn't accomplish much but makes a statement in the media.

Will respond to two piecees. First the fact that CUs will invest in big banks. Not too sure that CUs invest in big banks. Here is a breakdown of the average assets (things they use to make money) of a CU. from my Financial Institutions textbook used in the Masters in Finance program at Vilanova University:

Assets: (in billions)
Checkable deposits and currency: 40.3
TIme and savings deposits: 18.2
Fed funds and security RP's 6.1
open market paper 2.3
us gov treasuries 114.6
home mortgages 272.9
consumer credit 234.6
mutual fund shares 2.0
misc assets 19.8

Doesnt look like much, if any, is in other banks. most, to my view, looks like consumer (basic person) credit and home mortgages.

source:Saunders and Cornett Financial Institutions Management: A risk management Approach. 6th edition page 56.

And burning money would hurt the customer. when the banks need more, they print it. Hurting the banks would be taking out all deposits, switching to credit unions, gold and barter, upping the tier 1 capital ratio etc.

or limiting the profits of banks with some law that would minimize their ability to take risks. like not let them use deposits and lend them out. you know actuqlly ahve to keep the assets safe (would allow them to not use insruance?) Just thinking out loud. too tired to knwo the solution to the biggest world problem.

But stop lying fractious facade!

reply to post by Rockstrongo37


fool.... if you want to make an omelet, you have to break an egg.

so sorry that you might be inconvenienced. but at least there was plenty enough warning that this was going to happen. but did you listen, no. everybody wants change, but hardly anyone wants to do anything to participate.

perhaps if you cared about things outside your own little sphere you'd be singing a different tune.

Click here for more information.

Originally posted by Numb2itall
Hmmmm.
Just out of curiosity... what's gonna happen when all the credit unions start to raise their fees due to an overload of processing so many new accounts?
Is everyone going to keep their cash hidden at home?
Then what?
Home robberies go up?

They won't unless their business practices change. A majority of the day to day operating expenses, like processing account activity, comes out of the interest money they make on loans and such. Any left over profit for the year gets disbursed to the account holder at the end of the year. If you really think a credit union will need to raise fees because of new customers, then you should definitely stick with one of the national commercial banks that charges you a fee for even walking through their doors.

reply to post by neo96


Yep go right ahead and move all those accounts and strip the control that the banking organizations have had for so long.

Creating a place where corporate interest is less important than the citizens.

rich people closed their american bank accounts a long time ago. they keep their money in offshore accounts in switzerland and the caribbean.