Now here's a form of protest that just might work: Bank Transfer Day

Originally posted by Fox Molder
Bank....What bank ???? I trust my nifty wool sock, my encased in concrete fire proof safe, my alarm system that I warn everyone about, it doesn't just produce sound....Let's put it that way....And of course my trusty ol' palls that tend to put holes in bad people.....LOL

lol? what are you saying you gt some SENTRY guns set up ?Lolo

Don't banks have the authority to halt withdrawals to prevent a run? Even if they didn't, wouldn't uncle sam just use our tax dollars to bail them out again?

Originally posted by xX aFTeRm4Th Xx
reply to post by FortAnthem

 

TERRIBLE IDEA!!!

If everybody did this we would be MUCH MUCH worse off than before. Causing catastrophic Bank Runs...?!? ....and what cause another Great Depression...

I see where your coming from but people are fed up. The financial situation millions of us are in is catastrophic and the banks adding additional fees is not helping. Like in the Great Depression, the citizens werent the root of this problem (the decision making of the Federal Reserve was IMO). The bankers, bailouts, and inflation from continuously printing worthless money in all actuality is causing this. This demonstration will hopefully show the people are in charge and taking this very seriously.

You do realize that the banks don't have all the money on hand that is stored in savings dont you...?

Of course they dont necessarily have all the money, its credit. Even if people cannot withdrawal all of their savings or checking accounts, many are planning on writing checks to family members to remove their funds or simply removing as much as they are allowed. Heck, maybe people could go out and buy a pre paid debit card.

This is a great concept, but most certainly would never work! You can tell the mastermind of this genus plan isn't the sharpest tool in the shed

Do you have a better idea?

Originally posted by CitizenNum287119327
Read up also about the bankruptcy laws in your state/country.
In Australia, If you don't own a home, your car is under $5K,
you can pretty much go into voluntary bankruptcy, and throw the maxed-out credit cards in the trash.

After reading the laws, you may find it's just the 'social stigma' that they have put around the idea, that stops people from doing it.
But, whats a little stigma if you've no longer got $100K of debt over your head?
The Jones'es can enjoy their expensive mercedes lease payments, and instant noodles.

Unfortunately, someone has to pay that $100K back. It’s usually the tax payer. I have my Masters in Occupational therapy. I had close to $90K in loans. Paid them ALL back. I see more people chucking their maxed credits cards because they don’t want the responsibility any more. But then you have to ask the question…is it responsible to get them in the first place? Is it responsible to throw them out because times are hard? I see a trend here. “Everyone else is throwing out their maxed out cards…. so why can’t I”? I call it being responsible! I lived out of a $200.00 month studio apartment until I paid mine off. Why can’t other people? Part of being a grown up, is being responsible. What doesn't kill you can only make you stronger! Some people just don't have the patience for anything anymore. Everyone want's their cake and eat it too, and they aren't even will to "wait" until the damn thing is ready to eat it....!

Cheers

whatever you do, take your money out of wells fargo anyway especially if youre about to file for chapter 7 bankruptcy. they'll freeze your accounts(illegally mind you) until you have an approval from your trustee to release your funds. no regard for your bills or how you'll be able to survive.

www.scbankruptcyattorney.com...

This is a great idea..I took my money out of a large bank years ago when they started doing me in with excessive charges. The small credit union/regional bank i have had for the last 10 years now is great; awesome customer service and very helpful even during some rough years I had a while back. I wouldn't change for anything now.

Originally posted by Propulsion

Originally posted by CitizenNum287119327
Read up also about the bankruptcy laws in your state/country.
In Australia, If you don't own a home, your car is under $5K,
you can pretty much go into voluntary bankruptcy, and throw the maxed-out credit cards in the trash.

After reading the laws, you may find it's just the 'social stigma' that they have put around the idea, that stops people from doing it.
But, whats a little stigma if you've no longer got $100K of debt over your head?
The Jones'es can enjoy their expensive mercedes lease payments, and instant noodles.

Unfortunately, someone has to pay that $100K back. It’s usually the tax payer. I have my Masters in Occupational therapy. I had close to $90K in loans. Paid them ALL back. I see more people chucking their maxed credits cards because they don’t want the responsibility any more. But then you have to ask the question…is it responsible to get them in the first place? Is it responsible to throw them out because times are hard? I see a trend here. “Everyone else is throwing out their maxed out cards…. so why can’t I”? I call it being responsible! I lived out of a $200.00 month studio apartment until I paid mine off. Why can’t other people? Part of being a grown up, is being responsible. What doesn't kill you can only make you stronger! Some people just don't have the patience for anything anymore. Everyone want's their cake and eat it too, and they aren't even will to "wait" until the damn thing is ready to eat it....!

Cheers

1. It's not real money you do realize right?
CC's and bank loan debt is imaginary. The banks do not have real cash to loan.. they loan digital funds.. which don't exist.
If they lose the money, they write it off. If they don't lose the money, they get tax credits.. either way.. they do not pay anything back.

2. I don't have debt, but let me tell you a story.
y friend and his family moved from Georgia to California 2 years ago...debt free. and stable.
He was hired by a major company, that paid him to leave everything and fly his fam,ily out to Cali.
They promised a $60k a year base, with potential to OWN one of the retail outlets in 2 years, if he ran the store.
They helped him get a nice rental, near the store, at $2200 a month ( he has a child and wife, $200 a month apts in Cali are in war zones..no place for children,) They even supplied a company car, as he was FLOWN out to Cali with no Car furniture etc..
60 days later, the company folds.. leaves the guy hanging.. no contacts.. no friends..no Job.
Eviction notices hover until his lease is up, because he struggled to make ends meet. He had to move his family into a very dangerous low income area, and cannot find work in his feild.
He's a professional, that does day labor work to barely scrape by and feed his company.
Fast forward a year...nothing much changes.. he's now buried in debt and works as a laborer during the day, and struggles to start up his own business by night just to be ale to have a decent job.
He's buried and drowning.. and one of the most responsible people I know.


Be responsible?
Wake up.

It's the IRRESPONSIBLE people that are doing fine, running the show, making billions.
The responsible people are the ones getting screwed.

I am going to switch to a Credit Union over my next three paychecks, and will be leaving 99 cents in my account at my old Too Big To Fail place. I never realized anyone can join a Credit Union I thought it had to be through work or something.

I am going to switch to a Credit Union over my next three paychecks, and will be leaving 99 cents in my account at my old Too Big To Fail place. I never realized anyone can join a Credit Union I thought it had to be through work or something.

Originally posted by Propulsion

Unfortunately, someone has to pay that $100K back. It’s usually the tax payer. I have my Masters in Occupational therapy. I had close to $90K in loans. Paid them ALL back. I see more people chucking their maxed credits cards because they don’t want the responsibility any more. But then you have to ask the question…is it responsible to get them in the first place?

I think a big issue is the banks behavior itself and the social irresponsibility. Loan officers allowing someone to borrow when they're actual monthly income isnt even enough to cover the required payments just so they can get some extra cash is a bad thing and its hurting the economy in the long run and even the community. And if one were to lose their job they'd lose their house and sanity in the process. Handling these real life situations needs to be taught in school but its not and not everyone is educated enough to make these decisions in my opinion.

Is it responsible to throw them out because times are hard? I see a trend here. “Everyone else is throwing out their maxed out cards…. so why can’t I”? I call it being responsible! I lived out of a $200.00 month studio apartment until I paid mine off. Why can’t other people?

I think we all know by now that not everyone is responsible. I know, you know, and im sure many others on this forum know, so dont you think the those in the financial sectors know this? Well, they do, but the problem is its taken advantage instead of trying to be fixed. I share your view about being responsible and think thats how it should be, but its simply not. If the banks had a program for new and first time borrowers that made them go through classes and test before being allowed to borrow I think we'd see a drastic improvement in our economy and even conditions of neighborhoods.

Part of being a grown up, is being responsible. What doesn't kill you can only make you stronger! Some people just don't have the patience for anything anymore. Everyone want's their cake and eat it too, and they aren't even will to "wait" until the damn thing is ready to eat it....!

Cheers

I'm so in.. I was going to close my accounts at Chase this monday and put them in the local credit union, but I'll wait til Nov 5th just to be a part of this.

Love it. Everybody should join in.. seriously, we're giving them the power by giving them our money. Most small banks and credit unions offer all the same things as the big ones. Do it

Goldman Sachs does not have depositors but it is the biggest bank in the world. Banks grow big because of loans and that is where they should be starved. Aside from withdrawing your money, stop borrowing money from the big banks.

Originally posted by BadNinja68

Originally posted by Propulsion

Originally posted by CitizenNum287119327
Read up also about the bankruptcy laws in your state/country.
In Australia, If you don't own a home, your car is under $5K,
you can pretty much go into voluntary bankruptcy, and throw the maxed-out credit cards in the trash.

After reading the laws, you may find it's just the 'social stigma' that they have put around the idea, that stops people from doing it.
But, whats a little stigma if you've no longer got $100K of debt over your head?
The Jones'es can enjoy their expensive mercedes lease payments, and instant noodles.

Unfortunately, someone has to pay that $100K back. It’s usually the tax payer. I have my Masters in Occupational therapy. I had close to $90K in loans. Paid them ALL back. I see more people chucking their maxed credits cards because they don’t want the responsibility any more. But then you have to ask the question…is it responsible to get them in the first place? Is it responsible to throw them out because times are hard? I see a trend here. “Everyone else is throwing out their maxed out cards…. so why can’t I”? I call it being responsible! I lived out of a $200.00 month studio apartment until I paid mine off. Why can’t other people? Part of being a grown up, is being responsible. What doesn't kill you can only make you stronger! Some people just don't have the patience for anything anymore. Everyone want's their cake and eat it too, and they aren't even will to "wait" until the damn thing is ready to eat it....!

Cheers

1. It's not real money you do realize right?
CC's and bank loan debt is imaginary. The banks do not have real cash to loan.. they loan digital funds.. which don't exist.
If they lose the money, they write it off. If they don't lose the money, they get tax credits.. either way.. they do not pay anything back.

2. I don't have debt, but let me tell you a story.
y friend and his family moved from Georgia to California 2 years ago...debt free. and stable.
He was hired by a major company, that paid him to leave everything and fly his fam,ily out to Cali.
They promised a $60k a year base, with potential to OWN one of the retail outlets in 2 years, if he ran the store.
They helped him get a nice rental, near the store, at $2200 a month ( he has a child and wife, $200 a month apts in Cali are in war zones..no place for children,) They even supplied a company car, as he was FLOWN out to Cali with no Car furniture etc..
60 days later, the company folds.. leaves the guy hanging.. no contacts.. no friends..no Job.
Eviction notices hover until his lease is up, because he struggled to make ends meet. He had to move his family into a very dangerous low income area, and cannot find work in his feild.
He's a professional, that does day labor work to barely scrape by and feed his company.
Fast forward a year...nothing much changes.. he's now buried in debt and works as a laborer during the day, and struggles to start up his own business by night just to be ale to have a decent job.
He's buried and drowning.. and one of the most responsible people I know.


Be responsible?
Wake up.

It's the IRRESPONSIBLE people that are doing fine, running the show, making billions.
The responsible people are the ones getting screwed.

When you applied for that loan and were accepted, you SIGNED a contract. It is your responsibility to uphold the agreement put forth in the contract. If you get a loan for a car, you sign a contract which determines how long, how much you will be paying. (There are a lot of other details of course). Either way, if you don't pay it, they will come and repo your vehicle. Do you think you shouldn't have to pay for that as well? You can't get a free ride for one and not the other. If you don't abide by a document you agreed too and signed, that says a whole lot about a person, and how responsible they are...

Oh, I forgot to add........And how old are you?

But, what many are forgetting is that the top 1% hold 99% of the wealth. And they aren't going to do this. At least I highly doubt it. But, maybe collectively there are enough funds floating around to really hurt the banks, considering they make most of their money from everyday folks.

For instance, people with millions of dollars probably have very few fees imposed on them. Overdrafts themselves come from those with little money in their accounts most of the time, obviously, and this is where they make a lot of money.

I suppose that this would hurt them, but if even better would be to stop taking any form of bank loans. Can one get loans from credit unions? Probably so, but I have no experience with them so I am not certain. So even if large banks only held the funds of the millionaires and above, they would have to start imposing some heavy fees on that money if they wanted to make up their losses.

This of course is a very brief and limited outline from my point of view, so I am sure there are many aspects I have overlooked, but with the reasoning above, I think this could possibly work to a certain extent.

Originally posted by hotbakedtater
I am going to switch to a Credit Union over my next three paychecks, and will be leaving 99 cents in my account at my old Too Big To Fail place. I never realized anyone can join a Credit Union I thought it had to be through work or something.

Someone can sponsor you in.

Also my local credit union has a group AAA car, home policy when I switched it cut my insurance rates by 1/3 through the credit union group policy number.

Something to think about.

This is all well and good but I seem to recall a huge credit union collapse in the 70's and 80's.

I wasn't even around them and haven't read up on this since I was taking Econ.

From what I can remember though the collapses were devastating people lost all of their savings and had their homes foreclosed on at the same time since their entire savings and mortgage(sp) were at the same institution.

My question is are credit unions stable?

If they aren't any more stable than they were when several collapsed it would be even more of a risk to your money to put all of it in a credit union.

Not to mention this isn't BofA being evil, Congress #ed up and passed legislation that slashed their profits.

Banks are responsible to their share holders and creditors, if they have a huge drop in profits their share price drops and then they risk a run on the bank itself.

Blame Congress not BofA.

Originally posted by ziggyproductions05

Originally posted by Propulsion

Unfortunately, someone has to pay that $100K back. It’s usually the tax payer. I have my Masters in Occupational therapy. I had close to $90K in loans. Paid them ALL back. I see more people chucking their maxed credits cards because they don’t want the responsibility any more. But then you have to ask the question…is it responsible to get them in the first place?

I think a big issue is the banks behavior itself and the social irresponsibility. Loan officers allowing someone to borrow when they're actual monthly income isnt even enough to cover the required payments just so they can get some extra cash is a bad thing and its hurting the economy in the long run and even the community. And if one were to lose their job they'd lose their house and sanity in the process. Handling these real life situations needs to be taught in school but its not and not everyone is educated enough to make these decisions in my opinion.

Is it responsible to throw them out because times are hard? I see a trend here. “Everyone else is throwing out their maxed out cards…. so why can’t I”? I call it being responsible! I lived out of a $200.00 month studio apartment until I paid mine off. Why can’t other people?

I think we all know by now that not everyone is responsible. I know, you know, and im sure many others on this forum know, so dont you think the those in the financial sectors know this? Well, they do, but the problem is its taken advantage instead of trying to be fixed. I share your view about being responsible and think thats how it should be, but its simply not. If the banks had a program for new and first time borrowers that made them go through classes and test before being allowed to borrow I think we'd see a drastic improvement in our economy and even conditions of neighborhoods.

Part of being a grown up, is being responsible. What doesn't kill you can only make you stronger! Some people just don't have the patience for anything anymore. Everyone want's their cake and eat it too, and they aren't even will to "wait" until the damn thing is ready to eat it....!

Cheers

They should make it a necessity in high school to take financial management class. That way when they get to college, they will think twice before they sign on the dotted line….

Originally posted by FortAnthem


The best thing about it is you won't have to look like a tool standing out in the rain holding a cardboard sign with a silly shopping list of demands.

Bank Transfer Day: A Protest With Your Money

The social uprising — called "Bank Transfer Day" — encourages bank customers to take their cash out of big banks and put it in smaller banks and credit unions instead. The movement is ostensibly in response to aggressive fees institutions are rolling out to recover profits lost from new financial regulations, notably Bank of America's (BAC - News) decision to stick debit card users with a $5 monthly fee and Wells Fargo's (WFC - News) $3 test of the same.

Here's an explanation from the organizers of Bank Transfer Day, straight from the group's Facebook page:

"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."

As of Oct. 10, the group's organizers say 6,500 Americans have already signed up in support of the event. How many of those consumers will actually yank their deposits from big banks is an open-ended question that won't be answered until Nov. 5, if at all.

Yahoo News


My bank recently changed names and left me underwhelmed with the changes so I was thinking of taking my pittance down the road to the local credit union anyway. Imaging what would happen if millions of people did this and took all of their money out of the big mega-banks!


Maybe this is the way a real revolution could work.

I thought the "99%" was having trouble buying food? If they're that dirt-poor I don't think the banks will miss them!

"Screw you guys, I'm taking my $37 down the road!"

Maybe they should call themselves the Ramen Noodle Party!

Originally posted by FortAnthem


Maybe this is the way a real revolution could work.

Wow, that is the WORST idea since Guttle Schnapper said to Amschel Rothschild, "hey baby, let's go upstairs for a fumble." Have you put any thought into this at all?? Presuming your plan worked, then you'd bring on a hellish depression where you, yourself, could well starve to death. However, it wouldn't work because THEY have trillions and the bank accounts of folk on ATS, etc., probably all add up to the price of a piece of cheese in comparison...

Secondly, yes people are "fed-up", but have you ever thought why?? People are being MADE to feel fed-up! It's in their plan. They cause discontent, discontent brings revolution, revolution brings a disordered society and a disordered society brings their totalitarian police state. Get it?? It's what happened in Russia in 1917. Read the interrogation transcript in "Red Symphony" it explains everything.

If you really must 'do' something, do exactly what they don't want you to do - throw your television away, help your local church and invite your Muslim neighbours round for tea.

btw, what are you doing still using banks anyway??!!!

If you are in Washington State please check out Washington Federal Savings and Loan. Best bank I have ever dealt with. All the employees are wonderful, and if there is an issue they fix it. I get a phone call from my home branch (no longer 'local') every once in awhile if there is an issue. Seriously need to buy one woman there some flowers for helping me out so many times ( she looked over 2 years worth of checks/charges to find something and got back to me within the hour ). Amazing bank. All the employees will know you by your first and last name/account number within a month. It's great.