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

Originally posted by Riffrafter

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.

If a few million did that... imagine the possibilities.

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.

If that were the case, then why do these big banks spend umpteen $millions$ on advertising to try and get people to deposit their money with them? Or use their credit cards? Or take their mortgages?

Seems to me that they very much care about people doing business with them on an individual level...because in the banking world the only way to tell what they do care about is watching how they spend their money.

Finally someone who understands economics, then big IB`s are alot smarter than you think. They control these little credit unions with their little finger. The only thing this will cause is their balance sheet deposits to go down.

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...

Really? That's weird...I didn't get that at all. Seemed like a normal ATS post to me.

... 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.

Presumably you are implying that AtticusRye lacks the linguistic prowess necessary to concoct his posts extemporaneously, and his posts suffer a loss of verisimilitude in consequence. If so, then he would actually need to have a thesaurus as his primary tool, not a dictionary. A thesaurus provides lists of words that fit a given definition, and are very helpful when writing...whereas dictionaries are for learning an unknown definition to a known word, and thus are useful mainly when reading. A dictionary provides little or no assistance in composition.

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?

I guess you didn't feel like reading any messages in a thread beyond the original OP.

In the 2nd message of the thread I stated that I put my money into a community bank. If you read a little further down you'd see that Sauron posted a link showing that 650,000 new accounts were opened with local credit unions in the month of October. That's more accounts than were opened in the entire year 2010.

So my suggestion would be smaller community banks first and credit unions second. But if it makes you feel better to stuff it under your bed, than by all means do so.

Your mileage may vary, void where prohibited, etc, etc.

wow. over 600,000 accounts closed in 4 days. this is a really show for the federal govt to notice...im sure complaints will be made to many factions within many branches of the govt...losing money is a big deal when on this scale...bankers might see it as a crisis and use their power to meet the requested changes people are seeking.

Originally posted by Sailor Sam
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?

If you don't want to read the posts why visit a thread in the first place?

Actually the 70,000 number is just from one website. Total number is probably somewhere north of 700,000 consumers. Here are some sources already posted in this thread:

Sauron's post - americanbanker.com website source

Post from The_Professional linking money.cnn.com

You know that search button at the upper right of all ATS pages can really be your friend...

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.

If a few million did that... imagine the possibilities.

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.

In a sense yes, but for most credit unions the account holders are the owners. The people call the shots on how its invested and to whom. Credit unions can also take out lines of credit directly at the fed level as well, they do not "have" to go through big banking. Not to mention, even if after all that a little of the funds still trickled up to them so be it...

This would be like waving a steak in front of a starving dog... they may get a little taste of what it was like before big bank day, but it would never be like it was before and we'd be calling the shots.

Let them get a taste of their own trickle down theory and see how quick they beg us back!

Originally posted by Riffrafter

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

www.huffingtonpost.com...

Just this week, Rebuild the Dream (an organization that I helped to found) launched a Move Your Money website, where people are pledging to close their accounts at Wall Street banks in protest of their outrageous behavior before, during, and after our nation's financial crash. I am stunned to report that as of this morning at 9am Pacific, people have pledged to close 69,127 accounts at big banks, and the number keeps climbing.

(visit the link for the full news article)

edit on 11/5/2011 by Riffrafter because: (no reason given)

edit on 11/5/2011 by Riffrafter because: (no reason given)

edit on 11/5/2011 by Riffrafter because: ATS can't get the link correct

edit on 11/5/2011 by Riffrafter because: (no reason given)

So there were 70,000 people who were not smart enough to move their accounts sooner (as in years ago)?

i moved my money from banks tied to the federal reserve corporation....


i am the change



feel free to join me and create a new loving/fair reality



thank you

Originally posted by GogoVicMorrow
reply to post by QueSeraSera

 

Did I attempt to moderate you? No, I can't. I was just putting a spotlight on how you guys were consistently using incorrect information which I can only assume was in attempt to alter the perception of the reality of the events for other ATSers who were reading. I mean, why else would you use incorrect information to make statements like that? Not to deny ignorance. You can be offended (as you appear to be), but really, I am curious, why draw and then spread conclusions you had come to based on incorrect information?

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

Listen, my second post was in response to AtticusRye's blatant insult directed at the people who supposedly comprise OWS. Did you miss that somehow? Whether this mass account closing effort will have any longlasting consequence for the mega-banks remains to be seen. It's simply too soon to tell. However, I'm not suggesting it's inconsequential as far as raising public consciousness to savings alternatives, at the very least.

reply to post by Riffrafter

7 billion people on the planet and only 70,000 change banks.



Its similar to losing 0.000000007 cents.

reply to post by Section31




Anyone know good credit unions in UK?

Originally posted by Section31
reply to post by Riffrafter

 

7 billion people on the planet and only 70,000 change banks.

Its similar to losing 0.000000007 cents.

edit on 11/6/2011 by Section31 because: (no reason given)

Why do people keep tossing this 70,000 number around?

Echo Park woman's post urging friends to move their money to credit unions in the wake of Bank of America's plans for a monthly debit card fee results in more than 75,000 people pledging to participate in 'Bank Transfer Day.'

source

As we can see (from the below text) almost nine times the amount of people that "pledged" to participate did in fact actually participate.

WASHINGTON (11/4/11)--At least 650,000 consumers across the nation have joined credit unions in the past four weeks, reflecting consumers' reactions to rising fees at banks, according to a survey by the Credit Union National Association (CUNA).

source

Do some research and find out the true facts before just randomly tossing out incomplete facts. I thought We were here to "Deny Ignorance" instead of perpetuate it.

This article is written by Van Jones, which in my opinion, makes the information suspect. Van Jones is a communist and he hate White folks and that's just the plain truth of it. You want to see people marched into the streets and killed, it's going to be on this regimes watch. Count on it.

ABC News says over 1 million people have moved there money from big banks. And the total money moved is around 4.5 billion dollars. And when you take into account banks leverage money 10 to 1 or higher. Lehman Brothers showed accounting leverage of 30.7 times. So that 4.5illion dollars is a very big hit on the banks.

en.wikipedia.org...(finance)

With a lot of the big banks withdrawing their ideas of charging a debit card fee, the pressure has to be felt from these big banks. They're getting negative publicity from the OWS movement and people are withdrawing their bank accounts, how can anyone think this is not making these big banks nervous?

Anyone who thinks the OWS protestors are not having an affect on bringing this to the attention of the banking public, are very much misinformed, or they're aligned with the current corrupt banking system.

Where most industries are not showing growth, the movement away from banks is going to register loud and clear. If the figures are correct 650k before Nov 5th plus another 70k for Nov 5th, there will be plenty more to follow. Figure some people are just waiting for the day they can get to the bank in time to close their account. Figure that for every 1 person that does take action there are 5+ who talk about it. Keep feeding that, keep the word of mouth going and it will all add up.

There are about 112 million households in the United States; some have multiple accounts, some have none. Either way, a 1% change or so in 1-2 months, for the banking industry is plenty significant. This won't kill the banks off by itself - but in some cases could very well be the "straw" that breaks their back.

Look at it this way, IF this sets the kind of stage that the Internet set for Mainstream Media, gradually people leaving mainstream financial institutions for credit unions and other financial services - it won't take long for there to be an acceleration in the slide.

I think this is necessary on behalf of the customers and the economy at large. It may not make a huge difference but at least it draws attention, just like the OWS and Tea Party protests.

At some point media will have no choice but to turn on the system it supports up to now. We are seeing a few loose canons already. The spin room will be a thing of the past!

why not be a little more aggressive and charge your bank accounts into the negative and leave them be... ??

Originally posted by WaffleBear
If you could live without a decent credit score wouldn't it be more benefitial to charge your accounts into the negative and leave them be? Too radical??

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

You don't need a credit score unless You want credit.

That is the root of the problem.People think they need Credit to survive,if people would stop living outside their means then we wouldn't be in this mess in the first place.

Originally posted by Adamanteus

Originally posted by WaffleBear
If you could live without a decent credit score wouldn't it be more benefitial to charge your accounts into the negative and leave them be? Too radical??

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

You don't need a credit score unless You want credit.

That is the root of the problem.People think they need Credit to survive,if people would stop living outside their means then we wouldn't be in this mess in the first place.

That would be ok if you already had a house, car and boat to begin with. The capitalist wage/salary system is rigged in such a manner as to keep payroll as low as possible to maximise profits. This is the reason we have seen so many companies leave america to exploit ex-socialist and ex-communist countries with low mandates for enviromental pollution, mininum wage laws and favorable taxation schemes.

So how again is not having a credit score absolutely critical in living? If capitalism is to ever prosper again there needs to be tariffs so companies come back here and less loopholes for the wealthy. In other words redistribution of wealth needs to enforced in a non-biased manner. Easier said then done..........