the banking wars have started

Real Story Behind Negative Interest Rates: Banks Pushing Credit Unions Out of Business?

now that people are moving their money on mass the to big to fail banks are influencing key rates to try to stem the flow of customers to smaller credit unions whos profit directly benefits the comunity they are in.

large banks refuse to loan money to people so they now use credit unions, and the large banks cant gamble as much cash on the derivatives trades they used to crash the economy in 08,

Notice that credit unions are reliant on interest from loans and savings accounts to stay afloat. We just posted a story today about the Danish central bank setting a negative nominal interest rate. Essentially, saving is punished with an additional fee! In America, interest rates are also near historic lows, with a 30 year mortgage available to some for lower than 3.5%!

Are federal regulations (and by that I mean regulations set by the very privately-owned and secretly-operated Federal Reserve) pushing credit unions out of business to strengthen the banksters’ grip on our economy and people’s lives? Just like with government, lending institutions are generally more efficient and responsive to the people when they are locally controlled. And they’re a threat to the big banks’ desired monopoly on lending and money changing.

source

the big banks cant survive in a level playing field,
and are forcing the federal reserve to cut key interest rates in their favour

no trick is to under handed for the to big to fail

support your credit unions, do what it takes to starve the beast of banking greed,
and complain loudly that savers should not lose money so to big to fails can kill of the opposition

xploder

Have been with a mutual bank since the big push last year and has been the best move I've ever made!

Originally posted by aaron2209
Have been with a mutual bank since the big push last year and has been the best move I've ever made!

nice work,
with the criminality of the libour rate fixing scandle,
people will want to get out from the to big to fail banks,

in this case they are costing savers to make it hard for credit unions

to big to fail is a socialist term.

xploder

Originally posted by aaron2209
Have been with a mutual bank since the big push last year and has been the best move I've ever made!

Good to hear! I've been contemplating switching to a credit union for awhile now. It might be time for me to just do it.

Angry bank customers have been voting with their wallets and bombarding co-ops, building societies and credit unions with applications for current accounts over the past week, after the NatWest computer meltdown and the Barclays rate-rigging scandal.

www.guardian.co.uk...

The times they are a changin

This might sound crazy.. but I think this is a small step towards socialist reform.
Which is a good thing btw.

reply to post by XPLodER


Credit union member since 1994. Don't plan on changing. Every time I get a loan or a CC or mortgage their service and rates are great. I never have to worry about them selling off my mortgage to anyone and they have never hit me with stupid fees. Basically, I can trust them and I have almost 2 decades of history with them to prove it. Credit unions are the way to go.

Credit unions are appropriate for some consumers.

Most High Net Worth individuals and definitely all large companies tend to bank with the big banks. The Fortune 500 banks with the big banks. Small credit unions do not have the capacity to handle the needs of larger companies.

You have to remember - Big banks like Chase and Bank of America are really a hodge podge of acquisitions of other banks. It is only recently that these big banks have attempted to consolidate computer systems, and get their work force all on the same page as far as operations is concerned.

The mega-banks have trillions - yes trillions -- of dollars in Assets, and hundreds of billions of dollars in deposits. They earn fee income from multiple sources, not just Consumers. In fact, these big mega-banks have a wide, diversified platform of products and services - everything from credit cards to mortgages to international wires to sophisticated treasury platforms.

So, let's say you move your deposits over to a community bank or a credit union. What about your mortgage? How about your car loan? What about that jet ski loan or boat loan? Credit cards? Investments? Chances are, you still have some tie in to the big banks in some form or fashion.

And, guess what? If you work at a large or even medium-sized company, chances are your company banks with a mega-bank.

Your electric bill? When you send in your electric bill, that check gets deposited at a big bank. Rent payment? Big bank. Water bill? Taxes? You get the idea. Whenever you write a check, it's pretty certain that those funds will eventually hit a big mega-bank at some point in the transaction, in some form or fashion.

Pay for the movie with a credit card? The movie theater just paid 2-3% to, yes, a mega-bank that owns the credit card processing company.

You are going to be hard pressed to remove big banks from the equation of your daily life. Every payment you make - credit card or debit card or check -- will ultimately be run through a big bank.

Well, what about that local community bank? Or credit union? Guess what? Many of these smaller banks rely on the big banks for funding, credit card processing, etc. Small banks look to big banks for funding on participation loans. Even the small banks are tied to the big banks in some form or fashion.

I'm a little confused by the credit union as savior notion. They charge interest, just like banks. They charge, in most cases, slightly more interest then banks. They charge compound interest, just like banks. In fact, aside from the total mortgages they hold, both do the same kind of business. So, Chase has a loan for 100k at 4.5 percent compound 30 years. CU,has a 5 percent loan for 100k at 30 years. What's the difference? the 200K in Chase's profits go to shareholders and corporate heads, where do the 200K in profits from the CU go?

CU auto loans are the same, usually a higher rate, at compound interest. So what is the difference? Not the said difference, what is the difference in compound interest profit distribution. Each make 200k on a 100k loan, is the big difference moral? If it were me I'd keep my cash in a CU for safety and keep the loan with a bank that may go under.

If a CU loaned money at simple interest we'd be talking, but they don't. I see no real difference except total loans and some moral myth.

reply to post by crankyoldman




instead of speculation forcing up gas prices

xp

The credit unions aren't alone or as small as you might think. I used to work for a company that shall remain nameless that consisted of and represented hundreds of credit unions. They banded together when the big banks tried to shut them out of the credit card business. They have joint lawyers working on the issues they all are facing. I used to think they were different than the big banks having worked for one of the big banks for years but when the Credit Card Reform Bill was going into action they had rooms full of lawyers looking for ways to "comply" with the news requirements. Yes for now they are much more ethical than the big banks and it is wise to keep local money in the local economy but give them time and more time to organize and it will be the same thing only different. You see it isn't the size that corrupts it, it is the MONEY.

Fantastic news!

The banks realize they are taking hits, and their ship is taking on water! Die bastards, die die die!

Out with these thieving, lying scumbags!

I have a few accounts, and will make sure I only have the bare minimum in my "big bank" bank.

Last time I made a withdrawal, I made it for a very particular amount. The clerk thought that was so that I could buy something! Pssh! Yea! You'd like that! ...another dummy 'supporting the economy.' Oh no, miss! That money is going into a credit union! Bye now!

Think I'll do the same again, so I won't get heckled for any reason! So funny to see them smile while I move my money into a credit union! Haaa haaa.

Eventually we will have to convince the public, though. We can't do that with an economy supported by these fraudsters. I mean, they say the networks are mostly owned by the zionists, then how will we make the changes? Tough question... they supposedly have their hands in everything. We will need massive global changes to pull this off, you all do realize that. It is very complicated to institute this much change. I'm still worried........too many unanswered questions. :\

This reminds me, I need to close my BoA account. One of my checking accounts had about $40 in it for two-years, I did nothing with it and suddenly they charged me $20 or $25 for not having enough without notice, mind you I read all of the mail that I get from them. If I wait another week, they will charge me again and i'll go under $0 so they can charge me an extra $20. I've decided to just leave BoA completely and withdraw about $16,000 from that particular account. Screw them, and I'll never do business with them again.

reply to post by XPLodER





The cartel methodology is prevalent whether tobacco, military industry or banks. Whatever you choose you choose them. You are basically f-cked. Just accept it and move along.

stopped using banks for personal finances long ago.

I used to be part of a credit union when I was in the military.

Everyone in the military is given an account(which they could later change if they want). This was also 10 years ago.
I never had a problem with their services.

banks on the other hand.

I almost punched a Wells Fargo banker throough the bulletproof glass(yes I know its impossible), but I still wanted to. I even thought about waiting for him in the parking lot, but I had things to do so he was lucky that bastard. Its all smiles until they get you to sign up, then the evil monsters come out to snag every penny.

...sorry about that.

banking wars started long ago. people are just now realizing how hard they have been getting jousted.

reply to post by Common Good

ok im left wondering now, i pay part of my salary into the Glasgow credit union to save money each month , however where do the credsit unions bank their cash ?

surely they use a big bank ?

I work in an industry that supports marketing. We have several major banks as clients. I will tell you without equivocation that the big banks are seriously worried about the flight of 'regualr' customers. It's true that the majority of their business (in terms of sheer volume) come from big business but the majority of their profit came from customer fees. Dodd-Frank, other changes in banking regulations, and the increased scrutiny of their activities have eliminated a good chunk of their once highly profitable customer fees. They are scrambling to find other ways of replacing that profit and are being very aggressive in their marketing efforts to regain customers. It's unlikely that we can tank a big bank but we can slow them down for sure. Most importantly, by banking with credit unions or community banks, we are dealing with institutions that actually service the loans they make as opposed to simply loaning and dumping the loans.

reply to post by XPLodER


these are diversion maneuvers
The ransack of families rages on

reply to post by XPLodER


This makes me laugh, "30 year mortgage available to some for lower than 3.5%".
Makes you believe your getting a good deal doesn't it.
Well your still going to pay 105% the loan amount as interest.