Skip to comments.Fed-up consumers planning for 'Bank Transfer Day'
Posted on 11/05/2011 3:37:49 PM PDT by Kaslin
NEW YORK (AP) -- It's moving day for bank customers.
A grassroots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by Saturday.
The spirit behind "Bank Transfer Day" caught fire with the Occupy Wall Street protests around the country and had more than 79,000 supporters on its Facebook page as of Friday. The movement has already helped beat back Bank of America's plan to start charging a $5 debit card fee.
It's not clear to what extent the banking industry's about-face on debit card fees will extinguish the anger driving the movement. But many supporters say their actions are about far more than any single complaint.
"It's too little, too late," said Kristen Christian, the 27-year-old Los Angeles small business owner who started "Bank Transfer Day." She already opened accounts at two credit unions in preparation for cutting ties with Bank of America this weekend.
"Consumers are waking up and seeing that they have options," she said.
(Excerpt) Read more at hosted.ap.org ...
BS...did NOT start because of OWS.....we transferred our banking to a credit union two years ago....right after the fiasco....now credit unions will probably start being targeted by big government even more though.
Banks never “backed off” higher costs for customers. They just decided to make them more invisible - such as lower interest rates for savings, higher mortgage fees and rates, higher checking account fees, fewer customer service employees, and of course lower wages for bank clerks.
Better interest rates, better customer service, lower fees, all around better in my opinion. I can’t fathom how banks get away with some of the things they do.
I’ve been with my credit union for at least 15 years.
Lucky you....we were with one for years before we moved...then have gone back to them....like a breath of fresh air.
I can’t remember if it was BofA or Wells Fargo, but one of them tried to charge everytime you saw a customer service representative. I think they were forced to backtrack on that. I refuse to bank with either.
Credit union costs are rising because of the influx of new customers. The end result will be credit union costs and fees will near equal bank costs and fees. Capitalism, like water, always sees it’s own level.
I have no problems with my big bank. They took some TARP money but were probably forced to. They came out and said they were not charging for debit cards. I have two free checking accounts and a very good on-line tool for managing them.
The truth is that a lot of these banks don’t want your deposit. The small depositor can go to the credit unions as far as they are concerned.
“BS...did NOT start because of OWS.....we transferred our banking to a credit union two years ago....right after the fiasco....now credit unions will probably start being targeted by big government even more though.”
Agreed, on all points (I, too, made the switch around that time). I heard about the movement to withdraw and go to CU’s yesterday. My first thought was “Great, now they’ll take them over, too.” This is being orchestrated, and never forget it.
When the government engages in price fixing, businesses must either raise prices elsewhere or exit lines of business.
Don’t be surprised when tax favored credit unions also start charging more. The Durbin amendment has whacked their revenues too, and believe it or not these entities can’t service small accounts at a loss for long.
Fathom away. Credit union costs are increasing at a double digit pace this year. It won’t be long before credit unions costs are near or exceed bank costs.
Oh, by the way, WHY should credit unions allowed to be NON-PROFIT and banks not?
And if they fail, they get a big loans with which to buy treasuries, pocket the interest (which we TOO pay for) in the realms of say, tens to hundreds of millions, and then pay back the “loan.”
And if they fail, they get big loans with which to buy treasuries, pocket the interest (which we TOO pay for) in the realms of say, tens to hundreds of millions, and then pay back the “loan.”
Mine’s the same. It was WAMU now Chase and my old WAMU portfolios, interest rates, CC were carried over with the same conditions. I rarely speak to my portfolio manager but the vibe i took from my branch is that they are open to anything. Maybe I was in a good mood when I saw the pretty girls in there..
A dollar collapse is coming one way or another, so it’s pretty irrelevant. We will either go back to constitutional, non-fiat money, end the Fed, and exercise sound fiscal policy, or we will collapse into the New World Order’s cashless society, there’s no third option long term. We do it right, or do it wrong.
I left B of A in the mid sixties, Wells Fargo in the early seventies, Mrs Patriot left (the bank, not me) in the late seventies, and we haven’t banked with ANY large bank since.
Yep, the Fed gives the banks money for free, you are worthless to 'em.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.