bank TRANSFER day November 5th 2011

Post Reply New Topic

"Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren't able to pay for our rent, food, medication, utilities, student loans, etc."

In full disclosure I already did this a LONG time ago. I got fed up with commercial banks and decided to end my relationship with all of them and only use local non-profit credit unions. I found it an ironic conflict of interest, and a huge insult, that a bank who I trust with my money is also in the business of making profit, from my money. I am not a valued customer, I'm a cow... there for the for-profit banks to milk whenever they desire. On November 5th SHOW your bank how you really feel about them. Close your accounts, if you can, and move them to a local non-profit credit union.

Wake up. You credit union also loans out your deposits at interest.

ruveyn

You know ruveyn there is something really wrong with you. I can say, without a shadow of a doubt, credit unions are non-profit. How?

As Wikipedia notes, "Credit unions are "not-for-profit" because they operate to serve their members rather than to maximize profits. But unlike non-profit organizations, credit unions do not rely on donations, and are financial institutions that must turn what is, in economic terms, a small profit (i.e. "surplus") to be able to continue to serve their members. According to WOCCU, a credit union's revenues (from loans and investments) need to exceed its operating expenses and dividends (interest paid on deposits) in order to maintain capital and solvency and "credit unions use excess earnings to offer members more affordable loans, a higher return on savings, lower fees or new products and services"." I'm okay with this and it is reasonable.

So in other words a credit union provides all the services of big banks to communities in which they operate without trying to the bleed the community dry. The credit union I'm with:

- doesn't charge for customer service calls,
- they don't charge overdraft fees,
- they don't charge for money orders or for online banking services,
- doesn't charge ATM fees or if I use another bank's ATM although 99% of the time that bank does charge,
- don't charge for their checking accounts, savings accounts, or virtually any other accounts,
- provide auto, home, and other loans at MUCH lower rates than commercial banks,
- is owned by its membership. This means since I have an account with my credit union, I am considered a member and an owner. As a member/owner I have the right to both vote and run for the Board of Directors. Anyone that's a member of a credit union has this right... at most credit unions,
- doesn't trade public or OTC stocks so there's no conflict of interest. A credit union is both responsible and accountable to its member/owners,
- didn't get involve in the derivatives market since they saw it had the potential to harm their member/owners,
- generally keep fees to a minimal and fees they do charge are designed to fray CU costs. My only expense per month is a $5 bank check because I choose to pay my mortgage in person to Wells Fargo, and only because WF is too stupid to keep their books in order. They've messed up twice and a receipt was the only thing that saved me. Actually in retrospect I've NEVER had a problem with my Credit Union. When I was with BofA and Washington Mutual I had an endless array of problems. The constant charges were making me mad. It was not uncommon to review my statement for the month and see that I had paid about $25 in misc bank fees for services the bank should be providing at no cost.

So are you really going to tell me a credit union is just as bad as a for-profit bank? Can you speak from experience having an account with a credit union or is it your mission in life to contradict everything everyone says?

I've got an account at a credit union, and I got one set up for my grand parents. I also have an account at one of the big banks, but I don't deposit money into it anymore, I just use it to pay off bills.

Credit unions can turn profits, but the profits are divided amongst the members. You can ask the credit union what they do with their deposits.

I wonder how many arrests there will be for people closing out their accounts en masse and how many of those people were just caught up in the pandemonium, just making a withdraw or deposit.

Credit unions are not much better than national banks if you don't routinely overdraft. If you don't need to make cash deposits, by far the best option is an online bank like Ally. They are branchless and thus have minimal overhead. They are truly free, with no minimum balance or direct deposit requirements. You can use any ATM for free (they will reimburse you for the ATM fee charged by the other bank). Check refills are free. Cashiers checks are free. Incoming wires are free, outbound wires are a modest $20. You can deposit checks by scanning them at home, or by mailing them in free postage paid envelopes. Their rates are way better than national banks, too.

Only potential downsides are that you can't make cash deposits and can't go to a branch to get a cashiers check immediately. Well worth the benefits if you ask me.

@ruveyn

Did you even read the Wikipedia definition above? Did any of the words sink in? Do you understand what it meant by, "Credit unions are "not-for-profit" because they operate to serve their members rather than to maximize profits. But unlike non-profit organizations, credit unions do not rely on donations, and are financial institutions that must turn what is, in economic terms, a small profit (i.e. "surplus") to be able to continue to serve their members." ? Would it be better if I wrote "Credit unions are financial institutions who generate surplus in order to keep their services running"? You really only have three options: a commercial bank, a credit union, or a shoe box. Are you going to sit there and tell me a commercial bank or a shoe box is better than a credit union?

Why are you so combative? More to the point why are you hijacking this thread and taking it in a direction away from the message?

[quote="kxmode"

Well yes, of course. But let's be real. Can you honestly compare the way credit unions operate versus commercial banks? I guess what I mean to ask is, are you grouping credit unions in WITH commercial banks in that they are just as evil as commercial banks like Chase, BofA, and Wells Fargo?

[/quote]

Of course not. The people who form credit unions are not in the profit maximization business. That have something else in mind. They want to provide credit to people who need a loan and will be able to repay it on time at a minimum cost, so the credit unions lend at a lower rate of interest than the commercial banks. But there is interest charged, because there is a cost associated with accumulating the money to lend, a minimal risk of default (loans are made carefully, but even so there is always a small chance of default) and it takes people to run the credit union and they have to be paid for their labor.

ruveyn

I find it cute that Anonymous think that they can get a relevant amount of people to take their funds off their bank accounts.

Put your money anywhere except Bank of America.
I became their customer when they bought my old bank, and I had to go in every couple of months and rearrange my accounts to avoid paying some new fee. It was never-ending. Finally I closed my accounts, and even though it was a pain setting everything up again somewhere else, it was worth it! Now I hear BOA is charging people $5 a month just to use a debit card. Skrew that.