the banking wars have started

Yep, I ended my Chase account sometime and moved to a credit union. But I agree, this is just a small step. The real issue is fractional reserve lending at interest, the debt circle. The banking wars have been going on since the founding of the USA. One of the reason, supposedly, was to get away from the Bank of London, which was a fractional reserve lending bank owned by the Rothschilds. Do some research into central banks in the USA, and you will see they were not allowed, then they were but it caused a depression so bad the next president reversed the law allowing a central bank.

End the Fed, end fractional reserve lending and do away with interest, then we will talk about banking reforms. First, we need to be like Iceland and forgive all private debt.

It doesn't have to be a case of all or nothing though. Every little bit helps.

Really? Since the crisis in 2008, these big banks have gotten bigger, not smaller. Assets have increased, liquidity has increased, and profits are strong.

Here's the real tale. Take a look at an annual report for any of the 4 mega-banks, and compare their assets and profits from now until this time last year when Occupy really made media attention about switching to a credit union.

Better yet, take a close look at changes in deposits held at these big banks. After all, that is what Occupy wanted, right? Everyone had to move their deposits to a credit union to take on the big bad banks, right?

Get this:

For example, Bank of America had $1.038 trillion dollars in deposits at year-end 2010. By year-end 2011, deposits had INCREASED to $1.077 trillion dollars. (You can find the data at BankRate.com)

Take a look at Chase, CITI, and Wells Fargo, and you tell me the trends you see.

For a movement hell bent on taking deposits from the big banks, it's been a pretty colossal failure!!!

I moved my money out of Chase about 2 years ago. Glad to hear that there is a flight from the big banks.

There are some previous comments about how a banks are similar in the way they operate whether they are a credit union or big bank. That may be somewhat true, but the key issue that we the people need to do is to break the oligopoly that the big banks have.

This is where we the people have power. It's the power of your pockets and what you do with the money in your pocket. It's as simple as that for now. If we continue to support the status quo, these banks and the powers that be will ensure you will have nothing in your pocket and at that point, the only think that you have to fight these corporate right wing criminals will be taken away and all of a sudden, you are a servant/slave of the 1%.

Originally posted by CookieMonster09

Really? Since the crisis in 2008, these big banks have gotten bigger, not smaller. Assets have increased, liquidity has increased, and profits are strong.

Not from my money and that's all that's important to me.

credit union member here...



for the win

I think it's time we go back to the old days where we put nooses outside the banks and government buildings when someone in them isn't doing their jobs the way we like them to.

We had a free account with popular bank in our town, that we opened back about 3 years ago. Last year we got a letter saying that they were going to start charging us for our "free account". A debit card fee and a monthly fee which totaled $12. Then we got another letter saying that we will NOT have to pay the debt card fee but a monthly fee of $7.
These idiots don't know if they are coming or going!!!

When we called to ask about this, the lady said, "we have to make money somehow". She went on to say that if we had a check automatically deposited it would still be free, but that's not what we signed up for!

So, I asked again, what about the "FREE ACCOUNT" that we signed up for. It said free, not free now and pay later. She relied "things change"...
Now we keep a very small amount there just enough to cover some bills that we pay online, that money comes and goes... just as fast, because yeah...things change.

We are now looking into a Credit Union.

reply to post by fourthmeal


It is not a "decent rate" as you say. You will pay more than twice the original selling price of the home if you keep the mortgage for the full term and pay their way. Pull up a simple loan calculator and do the math. Take the payment you end up with after interest and multiply it by the amount of payments for the total amount payed. Depending on the rate and amount financed interest can actually be more than principle. It's like me lending you $500 and asking for you to repay me $1000. I make out BIG in the long run while you get the payment you want and hear that "3.5%" BS

What we need to do is figure out a system where we can make our bill payments with cash through the mail safely. Have the post office become relevant again and beef up their technology. We could have a bill payment area in the post office where it is noted how much money was put in the envelope and sent. Once it is sent the post office is responsible for it getting to the destination. This should keep them in check from stealing the money. They would tighten up on security. Only fee is postage which should be lower than the fees banks charge. This would eliminate the banks all together. Yes it would be a little less convenient for us but so what? Are you so "busy" or lazy that you couldn't do this to help make the country better by eliminating this corrupt and evil bank system? Cash through the mail is the way to go. It does say this note is legal tender for all debts does it not? We don't "need" the banker middle men to help us pay our bills.

Not from my money and that's all that's important to me.

Take a very close look at the back of every check cashed when you get your monthly statement in the mail. You will see that your hard earned money is being deposited at a big bank.

When you pay your electric bill, where do you think the electric company deposits your check? A big bank. They don't use small, community banks. How about your cable bill?

Do you ever pay for gas with a credit card? Chances are, Chase PaymentTech or First Data (owned by Bank of America) is earning a 2%+ fee on every credit card purchase.

How about your mortgage? To what bank do you pay your home mortgage? Good chance it's a big bank, as they carry the vast majority of home mortgages in this country.

So, yes, go ahead and keep your measly $300 in the local credit union or community bank, and continue to enrich the big banks when you pay everyone else with your hard earned paycheck.

The point is: Every time you write a check, or pay a bill, or use a credit card, there is a very, very high probability that the bank on the receiving end is a big bank. Again, take a look at what banks cash the checks you write.

I write a $25 check to my church every week. Where does the church bank? A mega-bank. So that's $100 every month sitting in the mega-bank.

I think it's time we go back to the old days where we put nooses outside the banks and government buildings when someone in them isn't doing their jobs the way we like them to.

Yeah, those darn tellers. Gotta keep an eye on those $10 per hour tellers. And that branch manager earning $30,000 per year. Bad folks. Beware.

We had a free account with popular bank in our town, that we opened back about 3 years ago. Last year we got a letter saying that they were going to start charging us for our "free account".

With interest rates at historic lows, banks are flush with deposits, especially the big banks. They have liquidity coming out their ears. They don't need more deposits.

The real problem is that the industry as a whole has always given away freebies for the sake of taking market share from competitors-- things like free checking, free online banking, free debit cards, etc. The bank would earn income from other ways -- such as interest income on mortgages, credit card processing fees, etc.

That is all changing now, especially given new legislation from Washington. The landscape is radically different now.

For example, the banks used to be able to charge vendors a fee for taking credit cards. With the Durbin Amendment, backed by Wal-Mart, these fees have been drastically reduced.

Some say - Hooray for business! But guess what? The result is that the banks lose billions of dollars due to this legislation, and now the banks -- all in the name of transparency -- are saying that they will pass on these costs to consumers in other ways.

There is, believe it or not, a cost structure to running a retail bank branch. There is a cost for using Online Banking. There is a cost for using an ATM machine. There is a cost for hiring a teller to take your cash and make a deposit. These costs have skyrocketed exponentially in recent years for 2 reasons: low interest rates, and record losses on interest income due to defaulted loans that no longer pay interest.

So, now, banks are flush with deposits, and being strangled by Washington interference on the way they charge fees. What will banks do? You will see more and more that banks will be up front and start charging fees for services that used to be free. Get used to it. It is going to happen more and more in the upcoming months and years.

Also, guess what? That local bank that gives away freebies? They don't last long, because they don't make enough money to be profitable. Big banks, on the other hand, have hundreds of analysts and accountants that study the costs of everything, and as a result, they fully understand their true cost structure.

They realize that you cannot run a business by giving away products and services for free. That's how they got to be so big - Because they understand there is no free lunch in business, and you have to charge fees to stay afloat. Those banks that don't charge fees eventually go under.

Originally posted by CookieMonster09

Not from my money and that's all that's important to me.

Take a very close look at the back of every check cashed when you get your monthly statement in the mail. You will see that your hard earned money is being deposited at a big bank.

I don't cash cheques.

When you pay your electric bill, where do you think the electric company deposits your check? A big bank. They don't use small, community banks. How about your cable bill?

I realise this. I am not claiming to be able to completely rid myself of any and all associations.

Do you ever pay for gas with a credit card? Chances are, Chase PaymentTech or First Data (owned by Bank of America) is earning a 2%+ fee on every credit card purchase.

I use cash.

How about your mortgage? To what bank do you pay your home mortgage? Good chance it's a big bank, as they carry the vast majority of home mortgages in this country.

I don't have a mortgage.

So, yes, go ahead and keep your measly $300 in the local credit union or community bank, and continue to enrich the big banks when you pay everyone else with your hard earned paycheck.

I will continue to minimise my interactions with the big banks.

The point is: Every time you write a check, or pay a bill, or use a credit card, there is a very, very high probability that the bank on the receiving end is a big bank. Again, take a look at what banks cash the checks you write.

I realise that and my point is that you can minimise your contributions to the big banks bottom line.

Originally posted by CookieMonster09
Also, guess what? That local bank that gives away freebies? They don't last long, because they don't make enough money to be profitable.

It's actually pretty easy to pay no fees for basic banking here in Australia. I pay no account keeping fees of any kind, no service fees of any kind and by using my banks ATMs or other select ones, I pay no fee to get my cash, I pay no fee to my VISA debit, I pay no fee for transferring money, I pay no fee for paying bills via BPAY. In total $0

Again, I realise this isn't easy for everyone as I'm sure most have more banking needs than I do.

I don't cash cheques.

I am not even talking about cashing checks. Good grief.

Whenever you write a check from your credit union, the check gets deposited by the receiver's bank. So, for example, if you write a check for your rent, your landlord deposits that rent check at his bank. Guess where he banks? A big mega-bank. Same thing with every single bill you have --- cable bill, utility bill, etc.

How do you know where your landlord banks? When the check is processed, on the back of the check, is stamped the landlord's bank name. Take a close look at the checks you write every single month. The receiver's of those checks are depositing YOUR hard-earned money at a mega-bank most of the time.

Pay cash? Fine. Where do you think the cash goes? You walk into a gas station, and pay cash. The gas station owner deposits that cash at his bank --- typically a large mega-bank. So, you think you are circumventing the system by paying cash? No, you are not.

Every time that you make a payment in cash, credit card, or check, those funds get deposited at the receiver's bank. Chances are, that bank is a huge mega-bank.

I don't have a mortgage.

No, your landlord does. Unless you are independently wealthy.

Your landlord probably banks at a mega-bank. So every check you write to him every month for say $1,000, goes into the landlord's checking account at a mega-bank.

I will continue to minimise my interactions with the big banks.

See above. Good luck.

I realise that and my point is that you can minimise your contributions to the big banks bottom line.

Doubtful. Every time you pay someone, you run the likelihood that you are helping support the big banks.

Maybe if you lived in a cave or on a deserted island and never interacted with the outside world and traded in sea shells. Then, I might believe you.

I pay no fee to my VISA debit

Every time you use your debit card, a big mega-bank charges the vendor a fee. So again, you cannot get away from the big banks.

It's actually pretty easy to pay no fees for basic banking here in Australia.

No fees = No profit. Your small community bank or credit union will get swallowed up by a larger institution in short order. It's just a matter of time. Ultimately, we will have a one world currency, and a one world bank with a microchipped population. That's the direction we are headed.

My ex girlfriend last week said that she has a joint checking-savings account and called the bank and asked for her checking transaction number to join the BCC gymnasium for her and her kids. the bank ends up giving her her savings transit number instead of her checking transit number. which they did on purpose without her knowing so that when the college took the money out of her savings there wasnt enough and they gave her a fee even though she has joint accounts. So the bank lies and gives her the wrong number , how many people actually want to give out their saving transit number? you know? Then they say its her fault. I'm so tired of the poor getting walked on everyday by these corporate pieces of # that think they can scam us anyway they can #ing come up with! This is #ing bull# ,because were allowed to get abused by these #ing scheming ass #s! Thanks for destroying America by your corrupt, scheming, greedy #ing lying ass bankers and corporate tax dodgers that made the basic structure of our American pyramid game fall to the ground the way the Trade centers did! And don't forget the fake ass politicians that tell you everything you want to hear , but don't! This # is old, why the # do we have cold hearted mother #ers pulling strings in office when they don't have a #ing heart. The have a fake #ing heart, which means they don't #ing care, so why are the making our decisions? Can anyone answer me that one #ING question?

reply to post by CookieMonster09


Hmmm I guess you're right. I should give up trying to do anything ever as it will only ever be a tiny insignificant speck in the grand scheme of things.

Why are people so defeatist??

Originally posted by aaron2209
reply to post by CookieMonster09

 

Hmmm I guess you're right. I should give up trying to do anything ever as it will only ever be a tiny insignificant speck in the grand scheme of things.

Why are people so defeatist??

dont give up just yet,
we have some interesting new projects about to kick off
the move your money campain was just the start


xp

reply to post by XPLodER


Xploder , would it make sense to take what paper money I have as savings and buy physical gold wealth or precious metals and keep them safe in my home instead of having digital or paper money stored in a bank , that way I can ensure my accumulated savings wont dissapear should the banks collapse again !

reply to post by sapien82


i canot give you financial advice im sorry,
instead i can tell you what i intend on doing.

i will be converting paper money into gold and silver and purchacing heirloom seeds and physical products like fishing gear ect.

we have been looking into rain water storage.

my personal position is that only precious metals will hold their value and that small amounts of paper money would be accepted by some but not all.

in the end gold and silver is harder to trade with so some silver coins would enable easy trade while being easy to carry.

dont forget "physical gold" in the hand not gold certs

and you must be able to secure the metals from theift

im sorry i cant directly help you other than explaining my position

xploder

which they did on purpose without her knowing

Or perhaps it was an honest mistake by a human being. Or perhaps your ex was confused and said Savings, instead of Checking.

which they did on purpose without her knowing so that when the college took the money out of her savings there wasnt enough

Maybe. Maybe not. Are you really this mad over a simple error, regardless of whose fault? Did you ever stop to think that perhaps your ex made a mistake? I see grown adults make simple math and memory mistakes all the time. That doesn't mean that I generalize across an entire industry.

And if the "bank" made a mistake, perhaps it was a teller that earns $10 per hour that gave incorrect information on accident. Maybe you should give the teller the benefit of the doubt. She's a human being, after all. Maybe she's a brand new teller, and just started her job that day. Teller turnover is high.

If I have a bad experience with a car dealership, I don't hate everyone in the auto industry. Yet, when someone has some very simple problem -- that is actually their fault or their responsibility - people want to generalize across an entire industry.

Hmmm I guess you're right. I should give up trying to do anything ever as it will only ever be a tiny insignificant speck in the grand scheme of things.

Listen, I am all in favor of changes being made to the banking system. Really, I am. You basically have an infrastructure built for the 1920's in an era of modernity. Some banks still operate in the Stone Age, believe me.

But the Move Your Money Movement is a joke. The deposits at these big banks keep getting larger, not smaller. If you can convince me of a radical plan that would actually level the playing field, I am all ears. But, obviously, this grass roots campaign is a colossal failure. Deposits at these big banks have only increased, and substantially at that.

Ultimately, right now only politicians and government officials at the Federal Reserve have any bearing on changes in the banking system. You won't be able to make much change as an outsider, try as you might.

i will be converting paper money into gold and silver and purchacing heirloom seeds and physical products like fishing gear ect.

Might work if Armageddon strikes. We're not there yet, but approaching rather quickly.

Hello,

Well, i think you have explained this very well and I completely agree with you....


Thanks,
thirdstream.ca...