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

reply to post by Riffrafter


I bank out of Dubai www.dubaibank.ae... Do your banking out of Dubai I say. I get a Citi card which has near zero interest, zero carrying charges, great points etc etc for just buying a few CDs. I get great interest on my CDs, and my Citi card I should add has a 300k limit. Wall Street, western elite owned banks, are a rip. Put your money in Mid-East banks, the benefits are unmatchable. They pull oil out of the ground to back their capital. In the west it's a bunch of tricky accounting, and out right fraud that keeps them operating.


The money that China loans us... They borrow the money from Mid-East banks. So why go through third parties in accessing credit, or park your savings in their institutions? Cut the middlemen out. Cut Wall Street out. Cut U.S. and European bankers out of your finical picture. Go with the real deal, the source of real capital backed by what runs the world, ENERGY!


Wall Street runs on mark to mark, booking assets on future abstracts of what they think something WILL be worth. That's what they borrow on. Borrowed money they loan to you and I they barrow with basically zip collateral at the FED's Discount Window. LOL. And so anyone that would trust their savings with those fools have to be insane, or simply ignorant of how such gangster banksters operate.

reply to post by AtticusRye


When I read your posts I get the distinct feeling you are trying to sound intelligent by using long and complex words, but failing in your delivery as it reads like you have a dictionary sitting next to your keyboard to which you are referring to regularly.

The fact that you are not reading some posts for reasons of spelling and grammar is quite telling of your attitude towards the people posting, along with your complete ignorance of the subject at hand.

reply to post by Kryties


That sounds like a description of Giorgio Tsoukalos.

reply to post by AtticusRye



Ok guy. I am aware of the proper usages of your and you're.
It was a mistake while I was cranking out posts. It would be foolish to ignore my post based on a simple typo as I am completely correct. I assure you, I am just as intelligent as you are, + being correct over you on this topic.

Lol. Such a lame deflection.
How dare I forget that I am writing a college thesis rather than a quick post on a conspiracy forum (from my phone at work I might add).
You have been successful in one thing, and it is not the point you were trying to make, but in looking like a pretentious a**. You need to run your numbers again, because you are way off.

reply to post by Fractured.Facade


More than half a million people makes up a good bit of that money it might as well have been Bloomsburg or Donald trump removing money

If only 250,000 withdrew and closed an account of 10,000 dollars that's 2.5 billion dollars that's a hard hit

My reasons for closing my Chase accounts are more about the guilt I feel for helping to facilitate the perpetual state of warfare that our country's in than anything else

reply to post by Riffrafter


And may I ask, where do you suggest people put that money?
Under their beds, in smaller banks or where?

reply to post by Riffrafter


You are quating Van Jones, who is being reported on at Huffington Post.

He is the one saying this is happening, but he has an axe to grind.
Can you verify this, or are you just scaremongering and have you taken your money out?

Originally posted by Kryties
reply to post by AtticusRye

 

When I read your posts I get the distinct feeling you are trying to sound intelligent by using long and complex words,

I'm sorry, I wasn't aware I was using "complex" [sic] words. I guess everything is in the eye of the beholder. I will attempt to use courser, more proletarian, street vendor language moving forward. I apologize if I have made you uncomfortable.

Originally posted by GogoVicMorrow
reply to post by AtticusRye

 

Ok guy. I am aware of the proper usages of your and you're.
It was a mistake while I was cranking out posts.

I agree that "cranking out posts" seems to be an apt description of your contributions to-date.

I think it's wonderful when we can find common ground on issues. Don't you agree? I'm sure you do.

Originally posted by Brotherman
reply to post by Fractured.Facade

 

More than half a million people makes up a good bit of that money it might as well have been Bloomsburg or Donald trump removing money

If only 250,000 withdrew and closed an account of 10,000 dollars that's 2.5 billion dollars that's a hard hit

edit on 6-11-2011 by Brotherman because: (no reason given)

First, your "only" (250,000 x $10,000) scenario is a little ludicrous. If I were taking random guesses I'd guess a more realistic number would be 50,000 x $2,000 as a high-water mark.

But, let's go with the "conservative" ( ) $2.5 billion number for sake of argument ...

You realize that banks aren't losing $2.5 billion in revenue, right? Banks don't earn 100% off deposits. Earnings usually come in around 1-cent on the dollar (a very tidy amount when taken across the value of all deposits). So, in your fantastically pie-in-the-sky scenario, banks will be losing around $25 million in revenue. When split between 10 or so banks you're looking at a single major, national losing around $2.5 million. Obviously that's not going to make Wells Fargo happy, but - in the grand scheme of their $19 billion in annual operating income is probably not too big of a deal.

All this movement is not about banks, bailouts, the CEOs because no one can FORCE people to do want we want. Do you realise that all those, who are transfering their accounts, are fighting GREED, VICE and CUPIDITY
of this society wich is much more then just money and more then just a simple action.

Just a bunch of simple humans can change things and it's a clear message that says:
we're not gonna sit in silence.
Oh ! but those guys...they ARE bright...and resourceful. They will think of something coz i dont believe they are the kind of folks willing to amend themselves.

WHAT WILL HAPPEN ON "BANK TRANSFER DAY"?

- In an ABC survey, 43% of Americans asked how much they had in a checking/savings account averaged $23,000 (the rest didn't answer). Let's assume the remaining 57% also had this amount. (abcnews.go.com...)

- There are 89,000 people who have signed-up for Bank Transfer Day. Let's assume all of them participate and an additional 89,000 people who didn't sign-up also participate. Let's assume they all carry the average amount in their accounts (I'm not sure of many college students who have $23K in the bank, but whatever).

Total Withdrawn from ALL Banks: $2 billion
Total Deposits and Assets JUST of Bank of America: $2 trillion

It should be noted the numbers I indicated above are, most likely, probably wildly high ... I highly doubt the average participant in Bank Transfer Day represents the average American consumer.

Reading through this thread I have noticed very few people taking into account the long term (I may have missed some posts I am only human) affect on the banks.
Sure 650,000 people may have only a dollar each in their accounts but that isn't what the banks would be worried about. If like most of us those people are paid into their accounts and pay their bills through them then taking me as an average (low average I'd guess) that would be around 20,000 a year going through the bank on which the bank make money as it slowly feeds out again. Now the 650,000 x 20,000 becomes a bit more of a sum and over ten years even more of a sum bearing in mind many people will look at wage rises over 10 years.
While they are moving their wages many may look at moving their mortgages later to the CU's they go with and an even bigger loss to the banks. Then there are all their friends they may mention it to as has been said.

The banks may not be worried, but they might take a little notice especially as they can work out the sums much better than we can with all the figures and computations they can do which we don't have access to.

It's all a little moot really as no firm figures are available as to how many pulled their money and how much it might be overall.

edit: I was typing this as the post above was posted

I hope you don't mind but I've distilled your post down to the most salient points:

Originally posted by dougyt
may may may might moot

Come the opening of the Monday trading day I -am- quite confident this will be forgot about as quickly as the occasional UFO landing, asteroid impact or Harold Camping end-of-the-world prediction that, from-time-to-time, grace these forums.

I'm going to stay off this thread until then, and then return to do a little jig.

Originally posted by Sailor Sam
reply to post by Riffrafter

 

And may I ask, where do you suggest people put that money?
Under their beds, in smaller banks or where?

Banks aren't really necessary on a personal level. I haven't used one in years for personal stuff(business stuff is different). If I have to pay for something by snailmail(a rare occurrence), I get a money order. For online purchases, I keep a stock of prepaid money cards that work just like a credit/debt card, without the contracts and/or fees. I maintain a certain level of cash on hand, and convert any cash above that to ordinary precious metal coinage("ordinary" in this case meaning little or no collector value). The coins I "bank" using a slightly more sophisticated version of the "under the bed" method...multiple small fireproof lockboxes, concealed in various ways and in scattered locations. The precious metals usually provide a much better return than average bank interest, and at the very least provide a hedge vs. inflation.

Plus, it's a lot more fun this way. Buried treasures instead of bank statements.

the even bigger story is why so many people chose to bank with those huge banks anyways? I've always been with my small local bank. I chose, right from the start, to support all local businesses whenever any need they could meet had risen.

And I know a lot of my friends who do the exact same thing.

It's not the banks fault they are as big as they are. It's your fault for banking there in the first place.