bank TRANSFER day November 5th 2011

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pandabear
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07 Nov 2011, 11:25 am

http://finance.yahoo.com/banking-budget ... -budgeting

Quote:

Executives at large banks have shown few signs of worry that depositors might walk out the door. One reason: People who gravitate to credit unions tend to be unprofitable for giant banks because of the small balances they keep on deposit, low number of products they buy and the relatively high account-maintenance expenses at big financial firms.

JakobVirgil
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07 Nov 2011, 11:31 am

mcg wrote:

cw10 wrote:

I bank with a credit union. I don't pay fee's to do anything.

Ever.

Huh? What credit union are you at? No fee for cutting a cashiers check, making an outgoing wire, stopping payment on a check, overdrafting, or paying a credit card bill late? I'm skeptical that such a place exists. I rarely payed fees at Wells Fargo or Bank of America, because I payed my bills on time and didn't overdraft. I just had to pay for the occasional outgoing wire, as would have been the case at a credit union. I don't see what the big deal is about fees, interest rates are way more important.

More important to the rich, poor folks end up paying way more in fee and penalties than they would ever make in interest rates.

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LKL
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08 Nov 2011, 12:27 am

pandabear wrote:

http://finance.yahoo.com/banking-budgeting/article/113748/credit-unions-poach-clients-wsj?mod=bb-budgeting

Quote:

Before some recent consumer protection rules were enacted, the banks were able to charge huge fees every time one of these low-balance customers ran over their balance. $33 might not be much when a single person does it, but collectively it made a lot of money for the banks.
[youtube]http://www.youtube.com/watch?v=0cVqrQkbq7g[/youtube]

Tim_Tex
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08 Nov 2011, 4:35 am

Already did this--10 years ago.

Kraichgauer
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08 Nov 2011, 6:01 pm

My wife and I switched to a credit union last month, after hearing something bad about Bank Of America every time we turned on the news.

-Bill, otherwise known as Kraichgauer

kxmode
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09 Nov 2011, 2:27 am

Wow!

Bank Transfer Day: CUNA Estimates 40,000 Plus New Accounts On Saturday

Credit unions opened more than 40,000 new accounts on Bank Transfer Day, with a total of $80 million in new savings, according to a survey of credit unions by CUNA released Tuesday afternoon.

In addition, 60% of the credit unions that signed on new members made loans on Saturday. The loans totaled approximately $90 million.

CUNA said it based its data on responses to a survey it sent to about 1,100 credit unions. The trade group says about 90%

“Since Sept. 29 – the day Bank of America announced its now-rescinded monthly $5 debit card fee – average estimated membership increases nationally were around 20,000 new members each day, “ CUNA President/CEO Bill Cheney said in a statement. “On Saturday, consumers doubled the pace. It’s clear that consumers kept up their interest in credit unions.”

Last week, CUNA reported that more than 650,000 people had joined credit unions since September.

On Monday, NAFCU said a survey of its members found that 54% reported an increase in share growth and/or fees because of Bank Transfer Day.

ruveyn
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09 Nov 2011, 3:35 am

kxmode wrote:

Last week, CUNA reported that more than 650,000 people had joined credit unions since September.

.

Drop in the bucket. And many of the people who switched had small-ish deposits. The banks are only to happy to drop the small fry.

ruveyn

Kraichgauer
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09 Nov 2011, 3:41 am

ruveyn wrote:

kxmode wrote:

Last week, CUNA reported that more than 650,000 people had joined credit unions since September.

.

Drop in the bucket. And many of the people who switched had small-ish deposits. The banks are only to happy to drop the small fry.

ruveyn

But the point is, we who have switched to credit unions are the better for it.

-Bill, otherwise known as Kraichgauer

Gedrene
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09 Nov 2011, 7:57 am

ruveyn wrote:

kxmode wrote:

Last week, CUNA reported that more than 650,000 people had joined credit unions since September.

.

Drop in the bucket. And many of the people who switched had small-ish deposits. The banks are only to happy to drop the small fry.

ruveyn

Of course, whch would explain why the Bank of America reneged on the $5 a month deposit so quickly. Small fry. Don't be so imperious.

Vexcalibur
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09 Nov 2011, 8:53 am

ruveyn wrote:

kxmode wrote:

Last week, CUNA reported that more than 650,000 people had joined credit unions since September.

.

Drop in the bucket. And many of the people who switched had small-ish deposits. The banks are only to happy to drop the small fry.

ruveyn

Everybody wins then.

Awesome.

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kxmode
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09 Nov 2011, 11:54 am

ruveyn wrote:

kxmode wrote:

Last week, CUNA reported that more than 650,000 people had joined credit unions since September.

.

Drop in the bucket. And many of the people who switched had small-ish deposits. The banks are only to happy to drop the small fry.

I like my credit union. They treat me like a human being. When I was with the mega-banks they treated my like dirt.

Kraichgauer
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09 Nov 2011, 12:40 pm

kxmode wrote:

ruveyn wrote:

kxmode wrote:

Last week, CUNA reported that more than 650,000 people had joined credit unions since September.

.

Drop in the bucket. And many of the people who switched had small-ish deposits. The banks are only to happy to drop the small fry.

I like my credit union. They treat me like a human being. When I was with the mega-banks they treated my like dirt.

I more than concur!

-Bill, otherwise known as Kraichgauer

ruveyn
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09 Nov 2011, 2:22 pm

kxmode wrote:

I like my credit union. They treat me like a human being. When I was with the mega-banks they treated my like dirt.

Now you do business with an institution that treats dirt nicely.

ruveyn

Kraichgauer
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09 Nov 2011, 4:46 pm

ruveyn wrote:

kxmode wrote:

I like my credit union. They treat me like a human being. When I was with the mega-banks they treated my like dirt.

Now you do business with an institution that treats dirt nicely.

ruveyn

Hey, without dirt, what would we walk on?

-Bill, otherwise known as Kraichgauer

kxmode
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09 Nov 2011, 11:20 pm

Kraichgauer wrote:

ruveyn wrote:

kxmode wrote:

I like my credit union. They treat me like a human being. When I was with the mega-banks they treated my like dirt.

Now you do business with an institution that treats dirt nicely.

Hey, without dirt, what would we walk on?

And without dirt how would things grow?

Kraichgauer
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10 Nov 2011, 12:26 am

kxmode wrote:

Kraichgauer wrote:

ruveyn wrote:

kxmode wrote:

I like my credit union. They treat me like a human being. When I was with the mega-banks they treated my like dirt.

Now you do business with an institution that treats dirt nicely.

Hey, without dirt, what would we walk on?

And without dirt how would things grow?

Exactly! Let us all honor dirt!

-Bill, otherwise known as Kraichgauer

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