CNBC briefly mentions OWS and Nov. 5th plan to move $ to credit unions

Then pretty quickly it was removed from the home page and searches, but the article is still there if anyone wants to save it.

www.cnbc.com...

Occupy Wall Street Backs a Nationwide Boycott Against Banks

In an effort to send a message to big banks, some organizers, who are supported by the protestors of the Occupy Wall Street movement, have organized an event to remove all funds from banks and into credit unions.

Organizers are calling the event "Bank Transfer Day" and are encouraging people nationwide to participate November 5.

The Facebook page for the event states the following:

"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."

It looks like some grad students have joined forces with some professional # disturbers, whether they know it or not, and now OWS is playing like the big boys.

WHY ARE WE BOYCOTTING?

The Durbin Amendment is an add-on to the Dodd–Frank Wall Street Reform and Consumer Protection Act (Public Law No. 111-203), signed into law by President Barack Obama on July 21, 2010. The Act allows the Federal Reserve to regulate debit card interchange fees of banks with over $10 billion in assets. Over the summer, the Fed released the final rule on the matter by limiting debit card interchange fees to a maximum of 21¢ per transaction. In response, these "major banks" have decided that beginning early 2012 any consumer with less than $20,000 in combined accounts will be charged a monthly $3-5 fee if they use their debit card at any point during the month. This is a blatant attack on the 99% that cannot & will not be tolerated. In a stand of solidarity, on November 5th we will transfer our money & close our accounts with these major banking institutions to take our business to credit unions (or local banks if a credit union isn't available). Since #OccupyWallStreet began, these banks are donating our money (and money they've made with our money) to law enforcement agencies to heap abuse on our brothers & sisters. NO LONGER.

I love it! I have already closed my checking and savings accounts with BOA. I hope they get the message when everybody starts doing it. We are the 99%!

Excellent idea. The protests alone arent going to do much to they bankers. They can watch and laugh. But until we do something to hit their capital we will not make much of a difference. We have simple choices, turn to violence, which at this point will lead to immediate failure of the protests, or we can hit them in their wallets. If everyone was to do move their money to credit unions, they would suddenly get a VERY clear message.

This is a brilliant turn of events if you believe that all is good and pure in the world. Which I do.


If you don't, and you're inclined to be a conspiracy theorist... 1) welcome to the mothership 2) "Hmmm, how could we create a run on the banks and blame the little guy?"

I LOVE LOVE LOVE credit unions. I have watched It's a Wonderful Life every Xmas since I was a wee babe. There is every reason for people to put $ in credit unions.

And every reason to remember Everything in Moderation Including Moderation. There are definitely perfect times to panic, get that adrenalin rush and use it. But investing time is never a perfect time to panic. The people who are always rich buy low, sell high and sell too soon (never too late.)

I agree I think this has great great potential! Remember remember the 5th of November! lol Too bad all of my money is already in a credit union, but if enough people stand up and do this it will send a direct and VERY clear message.

Originally posted by trusername

This is a brilliant turn of events if you believe that all is good and pure in the world. Which I do.


If you don't, and you're inclined to be a conspiracy theorist... 1) welcome to the mothership 2) "Hmmm, how could we create a run on the banks and blame the little guy?"

I LOVE LOVE LOVE credit unions. I have watched It's a Wonderful Life every Xmas since I was a wee babe. There is every reason for people to put $ in credit unions.

And every reason to remember Everything in Moderation Including Moderation. There are definitely perfect times to panic, get that adrenalin rush and use it. But investing time is never a perfect time to panic. The people who are always rich buy low, sell high and sell too soon (never too late.)

Just wait. People will come in soon saying that all credit unions are socialist and backed by Obama and Soros.

November 5th is a month away, and I don't know how many people will hear about this, but it would be great if a 5-10% shift in $ went to credit unions by then.

But I think it could be concerning if more did. Ideally all people with savings should transfer over a % of their money into credit unions over 2 years. This way those that have their $ in banks don't lose it in a crash. And there is a more even distribution of wealth voted on by the public with their $.

True democracy. As opposed to wacky traders, media and political leaders with their democrazy economics lately - it's exhausting the nation and people are clearly fed up.

The old rule used to be diversification, diversification, diversification.

% in stocks (high tech, energy, commodities, utilities, manufacturing - if you can find it...)
% in bonds (muni, tax free, fed)
% in cash
% in international
% in property
% in art, precious metals, collections, jewelry, cars
% in savings, cds
% in different banks big, small, credit unions
% in insurance (term only)


no matter how little you had, you divided it up because the safety was in the diversification. But now, there are so many fees and minimums much has become very difficult for people, especially if they're struggling.

And of course housing in some areas is so out of proportion, it's hard to believe the norm used to be 1/3 of one person's income.

My father told me 10 years ago when I was a teenager, and just starting to have a little money, to"never never never put your money in a bank, keep your cash and manage it yourself or use a credit union". I never understood what he ment back then. However I always listen to my dad's advice. I am so happy I did.

I am trying to get people I know to pull their money out of banks. Most people around here are so cut off from the real world, they have no idea what OWS is! I have to explain it to everyone.

Just wanted to add..Isn't annonymous doing somthing do kill Facebook on Nov 5th?

Originally posted by lilowl53
My father told me year ago when I was a teenager, and just starting to have a little money, to"never never never put your money in a bank, keep your cash and manage it yourself or use a credit union". I never understood what he ment back then. However I always listen to my dad's advice. I am so happy I did.

I am trying to get people I know to pull their money out of banks. Most people around here are so cut off from the real world, they have no idea what OWS is! I have to explain it to everyone.

I hope Fox doesn't start to bad mouth credit unions because really they are not alternative they are the originals.

Originally posted by Cuervo

Just wait. People will come in soon saying that all credit unions are socialist and backed by Obama and Soros.

That would be so funny. I am not sure Obama and Soros would agree - if they did though that would be great. But I bet that Obama and Soros will be backing banks along with credit unions if anything.

beginning early 2012 any consumer with less than $20,000 in combined accounts will be charged a monthly $3-5 fee if they use their debit card at any point during the month.

Why don't these folks just make sure they have $20,000 in their combined accounts and avoid the fee altogether?

That would be the easy to solve that problem.

Originally posted by DJM8507

beginning early 2012 any consumer with less than $20,000 in combined accounts will be charged a monthly $3-5 fee if they use their debit card at any point during the month.

Why don't these folks just make sure they have $20,000 in their combined accounts and avoid the fee altogether?

That would be the easy to solve that problem.

And where would I get this $20,000? Single parents like me are penniless by next payday. I don't have/use credit cards and my vehicles are paid for. And it takes EVERYTHING I make to get by.

A bank run. Reminds me of something.

A bank run (also known as a run on the bank) occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent.

A banking panic or bank panic is a financial crisis that occurs when many banks suffer runs at the same time. A systemic banking crisis is one where all or almost all of the banking capital in a country is wiped out. The resulting chain of bankruptcies can cause a long economic recession. Much of the Great Depression's economic damage was caused directly by bank runs. The cost of cleaning up a systemic banking crisis can be huge, with fiscal costs averaging 13% of GDP and economic output losses averaging 20% of GDP for important crises from 1970 to 2007.

Great Depression.

Originally posted by DJM8507

beginning early 2012 any consumer with less than $20,000 in combined accounts will be charged a monthly $3-5 fee if they use their debit card at any point during the month.

Why don't these folks just make sure they have $20,000 in their combined accounts and avoid the fee altogether?

That would be the easy to solve that problem.

Yes, silly whiners. It's gotta be pretty costly to travel to wall street and hang out all this time there, they should save their money to give to BofA

Originally posted by tinker9917

Originally posted by DJM8507

beginning early 2012 any consumer with less than $20,000 in combined accounts will be charged a monthly $3-5 fee if they use their debit card at any point during the month.

Why don't these folks just make sure they have $20,000 in their combined accounts and avoid the fee altogether?

That would be the easy to solve that problem.

And where would I get this $20,000? Single parents like me are penniless by next payday. I don't have/use credit cards and my vehicles are paid for. And it takes EVERYTHING I make to get by.

I believe it was a joke, the banks are insane to ask for $20K, I expect people will all take their money and go home, there is no reason to let them whittle it away.

But then again, many may not think they have this option or think it's too risky or weird. We are a very manipulated society. In Europe, I can tell you, the money would be taken out. They've seen a lot there and know nothing is too big to fail. Big fail happens.

Originally posted by againuntodust
A bank run. Reminds me of something.

A bank run (also known as a run on the bank) occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent.

A banking panic or bank panic is a financial crisis that occurs when many banks suffer runs at the same time. A systemic banking crisis is one where all or almost all of the banking capital in a country is wiped out. The resulting chain of bankruptcies can cause a long economic recession. Much of the Great Depression's economic damage was caused directly by bank runs. The cost of cleaning up a systemic banking crisis can be huge, with fiscal costs averaging 13% of GDP and economic output losses averaging 20% of GDP for important crises from 1970 to 2007.

Great Depression.

I do not believe that we ever got out of the last recession. It the "quarters" say we were out, I don't believe the numbers. I am not sure what constitutes a depression (apart from a prescription for prosac But I would guess 25% unemployment. In Calif. we have well over 10% officially and that means there are plenty who's 6 months are up and they still don't have a new job. Also it doesn't count the parttimers, the unhired college grads etc.

The insanity continues.

There is NOT ENOUGH MONEY to pay most of the people their cash to close their accounts. This is called a BANK RUN. The banks DO NOT HAVE most of your money. They never did!

The elite who control this mess WANT YOU to do this!! They WANT the banks to collapse!! They ENGINEERED the collapse of the banks early in the 20th century, and used it as a pretense to create the Federal Reserve!!



You're all a bunch of sheep. Pathetic, ignorant sheep. You are totally controlled by the elite. They own you. You're doing their bidding right now.

Originally posted by Observer99
The insanity continues.

There is NOT ENOUGH MONEY to pay most of the people their cash to close their accounts. This is called a BANK RUN. The banks DO NOT HAVE most of your money. They never did!

The elite who control this mess WANT YOU to do this!! They WANT the banks to collapse!! They ENGINEERED the collapse of the banks early in the 20th century, and used it as a pretense to create the Federal Reserve!!

You're all a bunch of sheep. Pathetic, ignorant sheep. You are totally controlled by the elite. They own you. You're doing their bidding right now.

Now, now, no need to insult sheep. They have managed to exist without economics far longer than humans.

I am not disputing that it is possible whoever is behind OWS isn't who we think it is. The only hope is that it is so disorganized, TPTB have to stay just as organized to blend in

That said, no one is expecting everyone to cash out. It is perfectly possible to electronically transfer your money from BofA to a credit union and the banks have limitless ability to electronically transfer, as we sadly too well know.