Something good finally coming out of OWS

[redrumloa]

Bank dumping days begin

Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day" movements this Saturday.

Given the recent spotlight on attempts -- and ultimate failures -- by some of the nation's biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.

At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America announced plans to impose its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association.
That's more than a year's worth of members in a single month -- with credit unions adding 600,000 members in all of 2010.

Occupy Wall Street has formed a separate united front, called "Dump Your Bank Day," which will take place on Tuesday, November 8.

 

[the_leander]

This can only be a good thing. If nothing else it'll (hopefully) help break the link between the stock market and the high street bank, which iirc should have been implemented the last time there was a depression.

 

[redrumloa]

This can only be a good thing. If nothing else it'll (hopefully) help break the link between the stock market and the high street bank, which iirc should have been implemented the last time there was a depression.

It was, mostly. The regulation was Glass-Steagall and it came out of the great depression and signed into law in 1933. In the late 90's robber barons like Warren Buffet successfully pushed for its repeal. The repeal was signed into law by Bill Clinton in 1999.

 

[cecilia]

this has been in the planning for a while
http://consumerist.com/2011/11/650000-people-joined-credit-unions-in-the-last-month.html

the OWS has always been on the attack against banks. only the blind didn't realize this

 

[FluffyMcDeath]

Here's something else you can do to banks.

 

[Dammy]

Bank dumping days begin

I don't see why you would credit ONOWS, consumers won't put up with it regardless if ONOWS was ever there in the first place.

 

[redrumloa]

I don't see why you would credit ONOWS, consumers won't put up with it regardless if ONOWS was ever there in the first place.

I don't know about that. While I've been a credit union member and have been bitching about the banks greed for years, I have mostly met with indifference. People seemed only too eager to bend over and let the banks take them to town. Straw that broke the camel's back? Possible. OWS getting people to pay attention? Possible too.

Hey, I am looking for positives here beyond just being a nuisance waiting for teh communist leader to save them.

 

[FluffyMcDeath]

Big banks make billions and get bailout money but don't lend to small businesses. Move your money to the little guys to get better service and lower fees and to help small businesses get loans because it's the little guys that build an economy.

 

[cecilia]

Big banks make billions and get bailout money but don't lend to small businesses. Move your money to the little guys to get better service and lower fees and to help small businesses get loans because it's the little guys that build an economy.

been saying that for years.

plus, people can avoid buying from the corporations that take their money and pay off the scum politicians. this group has a list:

http://www.thepeoplesboycott.com/
they have a facebook page with even more details.
a great deal on that list is crap I don't buy anyway because it's often processed "food" which is shit anyway.

 

[Dammy]

I don't know about that. While I've been a credit union member and have been bitching about the banks greed for years, I have mostly met with indifference. People seemed only too eager to bend over and let the banks take them to town. Straw that broke the camel's back? Possible. OWS getting people to pay attention? Possible too.

Hey, I am looking for positives here beyond just being a nuisance waiting for teh communist leader to save them.

It's simple, people vote with their wallet. I went from paying monthly bank fees to free account and that was years ago. If the new owners of Bank Atlantic start jerking me around, I'll find a new one for my accounts. Banks get to play with my money after all: http://en.wikipedia.org/wiki/Fractional_reserve_banking

 

[Dammy]

Big banks make billions and get bailout money but don't lend to small businesses. Move your money to the little guys to get better service and lower fees and to help small businesses get loans because it's the little guys that build an economy.

Not that I'll shed a tear for the Banksters loosing accounts, but the small business guys out there aren't looking for loans, they are looking for customers. And there are mighty few of those out there. Costs are going through the roof and people are not spending money, but you think they are looking for loans to increase their business capabilities?

 

[FluffyMcDeath]

Costs are going through the roof and people are not spending money, but you think they are looking for loans to increase their business capabilities?

Some really do want to expand because they are serving customers who do have money, or they are moving from things that aren't working right not to try to change their customer base. They need bridging. Then there are a lot of places that are just trying to roll over old financing and those guys have been hitting the wall even when they have been doing alright. If you can't roll over a debt and suddenly you can't cover payroll or rent things can get ugly quickly even when the business is fundamentally sound.

 

[terminills]

Some really do want to expand because they are serving customers who do have money, or they are moving from things that aren't working right not to try to change their customer base. They need bridging. Then there are a lot of places that are just trying to roll over old financing and those guys have been hitting the wall even when they have been doing alright. If you can't roll over a debt and suddenly you can't cover payroll or rent things can get ugly quickly even when the business is fundamentally sound.

wtf? Taking out a loan to roll over debt so you can pay payroll are you insane?

First I would never work for a company that had to take out a loan to cover payroll. I've seen enough of them fail. If they can't cover payroll there is a good chance they aren't paying other things.

 

[FluffyMcDeath]

wtf? Taking out a loan to roll over debt so you can pay payroll are you insane?

First I would never work for a company that had to take out a loan to cover payroll. I've seen enough of them fail. If they can't cover payroll there is a good chance they aren't paying other things.

Accounts receivable don't often come in at the right time for covering expenses. Many good and profitable businesses need frequent credit to bridge those gaps. Also, long term loans don't usually have long term lifespans. They tend to be negotiated in small chunks of time so when you borrow you issue paper for a number of months which you are them obliged to honour but at which time you will only have paid a portion of the principle. You then need to refinance the outstanding debt. Even if you are keeping to your repayment schedule and reducing your debt on plan if you can't refinance the outstanding then your good business suddenly becomes a dead business. Rolling credit is generally easy to come by in good times but in bad times a good company can crash simply because credit institutions hoard their money.

The whole economy runs on these short term loans - that is why a credit crunch destroys businesses and puts people out of work - even businesses that are fundamentally sound.