Billions of dollars moved in bank transfer demonstrations

Is there an equivalent of Credit Union in the UK does anyone know?

2nd.

reply to post by seachange


How do you pay for a box of cheerios at the local grocery store?

reply to post by Domo1


There really needs to be a run on the big banks and shut them down once and for all.

Main street credit unions, and placing savings in Mid East banks are the safest. Mid East banks are backed with oil revenues and so those banks are solvent no matter what. The money that China loans to the U.S. is borrowed by China from Mid East banks. That should say something. Same with Wall Street and their banks. They barrow from the FED which member banks stay afloat due to deposits made in them by Mid-East banks, oil sheiks and the big OPEC members, oil producing nations. All derive solvency from the same wells. Oil wells, Mid-East banks distribute that wealth worldwide. So why go through a middleman to invest and borrow? The middlemen will just rip you off in the end and that what Wall Street does... Rip people off.

I actually moved my money about 6 months ago. The problem is what will the government do when all of these big banks start collapsing again. Help them again?

- Nationalize the banking system.
- Require congress to set limits on banking profits according to budgetary needs.
- Eliminate individual income tax.
- Drastically cut tax write-offs
- Set business/corporate income tax at 15% up to $2 million.
- Set business/corporate income tax at 35% for every dollar over $2 million.
- Tie new set of write offs to "real weath creation".
- Define "real weath creation" as % of pre-tax revenue shared with non-executive employees.
- Limit executive compensation to 10x average non-executive wage/salary.
- Allow bonus of up to 100x the increase in average non-executive salary/wage.
- Require stock issued by all companies that surpass $2 million in taxable revenue to yield dividends.
- Include stock price plus previous years dividend in calculation of ALL employee salary/wage.

This would increase real money in hand and thus increase liquidity in the economy. Every material transaction would be taxed as usual and the number of those transaction would increase. The national banking system would seek profit ONLY to meet the needs of the nations finances.
The spill over results of encouraging the distribution of weath would be wide ranging.

Fewer loan defaults, more taxable transactions, a more level field for small businesses. One could go one for days with the benefits of sharing our immense wealth with the other 90% of us.

There is no need for us to suffer so that a select few can make 50, 100, 1000 and even more, LIFETIMES worth of income each year from the efforts of that 90%.

If you have to wait until next year to buy your yacht, plane, 3rd house or 5th car, all I can say is, too F'n bad, buddy.

Moving money out of one bank and into a smaller bank who will trade with the bank you took it out of in the first place?
(Fake)Money is the problem.

Have $2.000.000 on me.

reply to post by Domo1


The big banks laugh at your Bank Transfer Day and a few puny billions mostly in unprofitable low balance accounts.

reply to post by Fiberx


Sure, Nationalize car production, Healthcare, Banking, Airlines, Railways, Commerce, and Interstates. Create a REAL ID that will ensure across the board acceptance of your identification. Let the Supreme Court create policy and legislate from the bench so all states are afraid to make their own rules. Give DEA and ATF and FBI jurisdiction over as much as possible, so they can step in when the local governments are corrupt or inept. Pretty soon we will have a National Utopia, so long as everyone has the proper "mark."

Convenience will be the end of free will.

Oh wait, too late. They've already done all of that.

This has changed absolutely nothing! Big banks know how to manipulate money and how to cook the books. It was nice in theory, but nothing changes. BAU

This is just the beginning, and we need as many people possible to not only quit the banks but spreading the word as well. 2012 will be even more interesting, the Bankers actually thought the people forgave and forgot lol. We have a few more surprises for them just around the corner.

To Big To Fail?

I beg to differ, and we shall see. I believe the people of this great country still have a spine and still have it's wits. They have gathered, they have spoken and now we act, how many cops will stand in our way between us and a teller? Will the police turn the people away from closing accounts? I doubt they can handle what is coming next. Hordes of people that is. I would not be surprised if the bankers are scrambling now and devise some plan involving bought politicians passing a bill that prevents us from leaving the banks. They make their intent all so obvious dont they? Now RAGE for me bankers, the games have just begun.

You should Expect Us!

reply to post by navy_vet_stg3


Sorry bro but I have to call BS on that one. One of the first things I learned in teller training was that free checking accounts make the bank the most money. Look at it this way - with a free checking account, you deposit your money there and do not receive any interest in return. This is free money for the bank to use (loan out etc), where on the other hand if you had a savings or interest checking account, the bank has to pay you back (interest dividends) to use your money.

And in my 6+ years of banking experience, I can't even begin to tell you how many free checking accounts I've seen with large balances in them.

(On a side note, the funniest [or most odd] thing I ever saw was an Indian man who had 500K+ in a free checking account. In trying to do my job and suggesting a premium account - he refused and told me earning interest was against his religion! If only we were all of the same mindset...)

For all you people who think removing our money is meaningless, just imagine is most people DID do it. And even if right now, it doesn't affect the banks - what about US? We are the first ones to worry about - I think having fewer or no bank fees is worth the move personally...

reply to post by getreadyalready


No, just banking. thnx

reply to post by navy_vet_stg3




maybe in the short term, but in the long term the bank loses billions.

reply to post by Captain Beyond


Shenanigans. It sent a loud message.

You should be aware that billions are nothing these days to the big banks.....and they really don't care if you move your money to a credit union, if the big banks have some liquidity problems they just go to the FED to get some cheap cash paid by the tax payer. (why do you think the big banks moved their derivative assets to their public sectors)

It is funny how in 2008 it was DOOM/GLOOM, we need money to survive or the entire system is going to fall to today. Today, bankers around the world run the show. Look at Greece, look at Italy. You either play ball or the banking elite will kick your butt right out the door.


But I will admit, good for the people who moved their money out of the big banks. Better yet, people should get their debts paid off while this phony economy still has some steam left.

Great...let's hope this is only the beginning. I heard somewhere briefly that the banks responded by saying, "Good...we don't need this pain-in-the-ass nickel and dime business anyway...it's the big bucks we're after of the rich folks."

Well good luck to them. They, as well as all the other greedy scum corporations keep forgetting that it's our money and our backs that they and their "rich" customers and "big" shareholders make their profits from.

We may be piddly nothings taken individually, and they may wish to disregard and discard us, but in reality they are nothing without us. Collectively, we have the power. We just have to be wise and mobilize and hit them where it hurts...in their dirty pockets.

Again, maybe this only be the beginning.

Produce locally and buy locally! In the end it's a lot less expensive.

The real deal will be to look at the 4th quarter Annual Reports of the 4 mega-banks - Chase, Bank of America, Wells Fargo, and CITI -- and see if their deposit volume changed between the 3rd and 4th quarters. My guess is that we won't see much change, if any.

While you go ahead and move your $500 over to a credit union, some big corporation is moving $100 million over to the big mega-banks. The power of the consumer means very little in comparison to the power of the big corporation with significant deposits.

Time will tell - Just wait until early 2012 when the Annual Reports arrive and we'll know factually if this Bank Transfer Day had any relevance or was just a lot of hot air. My guess is that the media speculation is overstated, and the number of accounts actually moved and funds actually moved will be marginal, at best.

4.5 billion... Bank of America alone has 1.1 trillion in deposits...

Citigroup has around 900 billion.

A lot of stupid people are still supporting these scumbags who stole hundreds of billions from taxpayers...

Originally posted by TinkerHaus
I kind of wish my money wasn't already in a CU so I could have participated in this.

THIS is the kind of "protest" that will draw attention and bring actual change. If you don't support something ideologically, don't support them financially.

Exactly. Mass movements only gather pace when people are hurting financially or their futures or health are in real danger.

Good on them!