Nov 5 & 8is 'Dump Your Bank Day'

[JimBowie1958]

Bank dumping day begins - Nov. 4, 2011

At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) 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.

The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.

And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.

This is such a BAD idea.

Destabilizing banks with this sort of thing and increasing the likelihood of starting bank runs is not going to help the economy. Not at all.

 

[Caroljo]

Well....many of us know how stupid some people can be. If the banks fail because of this, we can all thank the OWS idiots. They say they're for the people, and the protests are about jobs, and all they're doing is making sure there are more people just like them put out on the street with no work because their company (or banks in this case) had to close their doors. Don't they realize the majority of people that work at banks are people just like us that are trying to make a living for our families??? I don't think so! They're not hurting the big money people at these companies, they'll just move on to something else. And if banks fail, we all suffer for it.

 

[Defiant1]

Bank dumping day begins - Nov. 4, 2011

At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) 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.

The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.

And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.

This is such a BAD idea.

Destabilizing banks with this sort of thing and increasing the likelihood of starting bank runs is not going to help the economy. Not at all.

This could actually help banks and hurt people that are in credit unions.
Most of these losers probably keep $50 in their checking accounts. It actually costs banks money to maintain those accounts. Bank profits will increase.
Conversely, Credit Unions profits will decrease. In a credit union the account holders are also the shareholders. I'm sure the long time shareholders at these credit unions are going to be so happy.

 

[Ravi]

Bank dumping day begins - Nov. 4, 2011

At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) 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.

The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.

And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.

This is such a BAD idea.

Destabilizing banks with this sort of thing and increasing the likelihood of starting bank runs is not going to help the economy. Not at all.

Maybe there should be a law against it!

 

[JimBowie1958]

Bank dumping day begins - Nov. 4, 2011

At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) 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.

The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.

And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.

This is such a BAD idea.

Destabilizing banks with this sort of thing and increasing the likelihood of starting bank runs is not going to help the economy. Not at all.

Maybe there should be a law against it!

Not sure if your being sarcastic, but I think that would be a bad idea. Such laws usually have the opposite effect as people guess that the banks must be in real trouble if they have the government ban bank runs by law.

 

[editec]

The lower 75% or so have so little cash in the banks I doubt it will make much difference.

What it WILL DO, if successful, is let the masters know that the people are thoroughly pissed and seeking COLLECTIVE ACTION.

Believe me if there's one thing that actually frightens the MASTERS, its the thought that the PEOPLE might be working together for a change.

 

[Middleoftheroad]

Well....many of us know how stupid some people can be. If the banks fail because of this, we can all thank the OWS idiots. They say they're for the people, and the protests are about jobs, and all they're doing is making sure there are more people just like them put out on the street with no work because their company (or banks in this case) had to close their doors. Don't they realize the majority of people that work at banks are people just like us that are trying to make a living for our families??? I don't think so! They're not hurting the big money people at these companies, they'll just move on to something else. And if banks fail, we all suffer for it.

First let me say that I'm definetly not an OWS member, but I am a big supporter of credit unions. Don't you realize that the people that work at credit unions are also people trying to make a living and support their families? If people switch from banks to credit unions, there will be layoffs at banks = to new hires at credit unions. There is no net job loss or creation from that, so that point is bunk.
Further, if banks fail we all suffer? Bull, credit unions do the same thing that banks do, except that credit unions are not for profit, and are there to help their customers succeed. They do not try and make as much money as possible off their customers. This is part of the reason they were less effected then banks were by the financial meltdown. Another reason is they tend to have a higher fractional reserve limit then banks do (higher asset to loan ratio).
And my last point, they require far less regulation then banks do. Meaning, smaller government.

 

[Middleoftheroad]

Bank dumping day begins - Nov. 4, 2011

At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) 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.

The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.

And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.

This is such a BAD idea.

Destabilizing banks with this sort of thing and increasing the likelihood of starting bank runs is not going to help the economy. Not at all.

This could actually help banks and hurt people that are in credit unions.
Most of these losers probably keep $50 in their checking accounts. It actually costs banks money to maintain those accounts. Bank profits will increase.
Conversely, Credit Unions profits will decrease. In a credit union the account holders are also the shareholders. I'm sure the long time shareholders at these credit unions are going to be so happy.

Ummm, 4.5B divided by 650k in not less then $50, its actually almost 7k, which is actually a pretty decent amount to have in ones checking/savings account. Further it doesn't cost banks money to maintain those accounts. Banks know how to make money, and they do it. First, most banks charge a maintainance fee unless you have direct deposit of a certain amount. Second, for people that do not have a lot of money in their accounts, they tend to overdraw, and then they get slammed with a $30-40 fee. Also the banks still get to loan out that money, which is where they also make their money. If banks didn't make money on those accounts, they would charge such outrageous fees that those people wouldn't join their banks.