Thomas Jefferson
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 ...
“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.”
Wrong. Credit unions are non-profit. They dole no bonus’.
My bank just started to charge for going under a balance limit for my checking account. Now might be a good time to look at the credit unions around here. I loved the credit union I moved away from.
It’s more than that, big corporations are maintaining huge balances in checking accounts. The Bank of New York had too much in deposit balances, and had to start charging a percentage on large accounts so they would stop depositing all that money.
They still have to pay the market price for employees.
You wouldn’t want a guy on a small salary managing a hundreds of millions in assets, would you?
We had a lot of trouble when we lived in Connecticut, and our local bank was taken over by one of the big guys. We finally moved to another bank that was still local.
Here in Vermont, we also use a local bank, and have been very happy with it. Courteous service, no problems.
I say, “Do it!” Voting with our dollars is appropriate. Don’t give your money to an institution that doesn’t practice what you believe in. They don’t deserve it, and if they’re not earning it, kick them to the curb.
the banks have screwed us no doubt but when I run up my credit card and then pay it off each month, I feel like I'm screwing them...also, when I take a balance transfer for free without any interest for 1 yr..with no fee transfer fees.......I feel a bit smug...
For entirely unrelated reasons I closed my credit union account yesterday. They just weren’t as convenient so I never used it, it had served its purpose and was an inactive account which they were now bleeding. Time for it to die.
My banker is my sister- in- laws, sister, LOL, have know her all my life.
These people are slow, I’ve had a C.U. account for more than 40 years.
I ditched C when they put a 2K daily limit on electronic transfers out of the bank. This was right before they became a ward of the state. I would imagine all the TBTF banks have a policy in place to prevent an electronic run on the bank. If you write a big check, it may take days to clear..
yeah, right.
the people who will transfer banks have no money to speak of.
people who do have money,
have most of it invested and a small liquidity in banks,
for which they understand that they’re paying for services.
I did my Bank Transfer 25 years ago this month. My Credit Union BECU has always been free of fees.
....Mostly banker-types who did not cut the mustard....
Better pick a local bank.... and drive by the president's house to make sure it is appropriate for the community...
We had apple cider, donut holes, brownies and cookies for folks today, and we had lots of folks in the branch.;o)
WGAS?
I joined my military credit union over 30 years ago and have never looked back. Left banks in the dust then. Would never go back. The CU has expanded its services over the years to more customers, but my military ID still elicits respect I could never garner at the huge bank down the street.
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