Stunning Number: Big Banks set to lose 70,000 accounts today

Originally posted by CookieMonster09

These big banks have forgotten how people are free to vote with their feet.

No, I think most of these big banks are more than happy to get rid of clients with paltry deposits.

edit on 6-11-2011 by CookieMonster09 because: (no reason given)

^^^^ THIS.

They'd be glad to be rid of the trouble of dealing with people that have $200 in checking.

reply to post by QueSeraSera


No.. I did see that you argued with him, but I originally mentioned you because you were agreeing with the people that were using a blatant agenda. You were the one that came out in defense of it the most so it led me to believe it was your agenda too.

this post: www.abovetopsecret.com...

reply to post by JBA2848


LOL.. at the end he said the banks will have to recoup the lost fees. So basically they will be charging the customers that remain EVEN more!

Haven't been keeping up on this thread but, just a quick reminder, 12 short hours until the trading day opens. If CNN isn't leading with the headline "[INSERT BANK] GOES OUT OF BUSINESS!!!" I'll be back here to do a little dance!

Failure. Utter failure.

reply to post by JBA2848


Oh, come on. Give me a break. Taking your money from one "bank," however huge, and putting it in another one, however small, vulnerable, and not subject to bailouts, doesn't do anything but make you feel good. The money is still in the SAME system albeit with different accounting. You still get zilch for interest, no matter where you stash it. And if the bank fails, guess what? YOU get a bailout. that's right. NOBODY has EVER lost money due to a bank failure. FDIC insures your deposits up to $500K for a couple. So don't whine over bailouts. You've got one, too, that you've never had to use. Besides, nearly half of you don't pay federal taxes anyway. I call that a bailout. You're already on welfare and you "demand" more? Get a job.

What you do get is a serious hassle.

Do you use "Bill Pay"? Well, better learn how to use a new system, get all those vendors lined up properly.
Do you use automatic deposit? Great. Cancel one and start the other one up.
Do you use "auto pay" for utility bills? OK. Cancel them all and start them all up again.
Do you have a debit card you use regularly? Guess what? New card.
Do you have credit cards with your "big" bank? SURELY you won't be keeping those at the "Big" bank, so good luck getting all new credit cards. Watch your credit score go down. (Yeah, it sucks. Even applying for credit makes your score go down.)
So after doing all this, guess what? You're in (more or less) the exact same place.

Do you NOT use ANY of this because you're so careful not to get yourself enmeshed in "the system"?

If that's true, then you don't count. You are not a factor. If the government of Brunei did this, B of A might pay attention. If you do it, they don't really care. It's not as if you're in the coveted 800+ credit score territory. You're not a desirable customer anyway. Did you know it costs the bank $3.50 just to mail you a monthly statement? But you freak out at a $5.00 debit card fee. "Don't charge me, bro! I should get all this stuff free!" Well, guess what? The bank doesn't run off rainbows and unicorns. Stuff costs money.

If you REALLY want to get out, close your accounts, and take the cash to buy gold. Then cross your fingers. Anything else and you are just fooling yourself.

Disclosure: My son works for a...a...credit union. Thanks for asking.

Dear Banks

You are Welcome

Those cops you bought wont stop the withdraws

You should have expected us!

This is just the beginning

Originally posted by Unknown Soldier
Dear Banks

You are Welcome

Those cops you bought wont stop the withdraws

You should have expected us!

This is just the beginning

The revenue BoA lost this weekend will be made up by the Board ordering chicken instead of steak at the next weekly meeting.

*yawn*

carry on

reply to post by AtticusRye


Thought you weren't coming back until monday. To dance a jig or some nonsense.
Actually, the banks have already said they will have to impose more fees on the people that remained with the bank to make up for the lost revenue. Which means more people will leave.

So *yawn* you're wrong... again.

Click here for more information.

reply to post by AtticusRye


Ah.. you are more foolish than I thought.
No one is expecting them to go out of business.
We expected exactly what is happening.
A million people left the banks ( www.youtube.com... )
They have to make up that revenue, they impose new fees.
More people leave.
They are in decline. They lose the stranglehold on our government as they lose power.

reply to post by AtticusRye


Link: www.youtube.com...
I sent it to your inbox earlier.
"But the big banks are saying no matter what happens they'll have to recoup that revenue, meaning a future with more fees and probably some more upset customers"

You are the boy who cried wolf of this thread.

Originally posted by GogoVicMorrow
reply to post by AtticusRye

 

Link: www.youtube.com...
I sent it to your inbox earlier.

Nope - didn't say banks are "imposing more fees" due to the "success of Transfer Day." In fact the story is datelined 2 days ago, the day before Transfer Day.

Oh little Gogo, what shall we ever do with you?

Next?

Did you know it costs the bank $3.50 just to mail you a monthly statement? But you freak out at a $5.00 debit card fee. "Don't charge me, bro! I should get all this stuff free!" Well, guess what? The bank doesn't run off rainbows and unicorns. Stuff costs money.

Exactly. That ATM machine costs money. So do the retail bank branches. And the payroll for the tellers. Plus running an online banking platform - Have to hire all those computer experts to ward off viruses and hacker attacks, not to mention server upgrades, software upgrades, etc.

Running a bank is not cheap, and giving away "free" bank products and services is a good way to go broke fast. You at least have to credit the big banks with knowing their true cost structure.

"Well, I can get free checking, free this, free that at XYZ Community Bank." Yeah, well, the mega-banks can't compete with the stupidity of competitors offering freebies.

FDIC insures your deposits up to $500K for a couple. So don't whine over bailouts. You've got one, too, that you've never had to use.

Yes, and the FDIC isn't even funded using taxpayer dollars either. Yet the depositors still get their money when the bank fails.

Yeah, those big bad banks are so awful for funding the FDIC with their own profits.

If that's true, then you don't count. You are not a factor. If the government of Brunei did this, B of A might pay attention. If you do it, they don't really care. It's not as if you're in the coveted 800+ credit score territory.

Exactly. The mega-banks couldn't give two hoots if John Doe takes his measly $200 to the credit union. Big banks do care, however, about courting big name clients, whether corporations or government. Your consumer deposits, while appreciated, are just not that profitable to the mega-bank.

reply to post by AtticusRye


I'm done talking to you since you are entirely ignorant of the situation.
The bank transfer op has been going for a month. Bank Transfer Day, was the symbolic day with everyone doing it all at once, but people have been closing their accounts for Bank Transfer Day for a month now.
If you are going to be so ignorant why bother commenting? It's so funny that you can remain pompous in the face of being completely wrong at every turn.

If you watched the video until completion it did.
I quoted it to you.

Originally posted by GogoVicMorrow
reply to post by AtticusRye

 

I'm done talking to you since you are entirely ignorant of the situation.
The bank transfer op has been going for a month. Bank Transfer Day, was the symbolic day with everyone doing it all at once, but people have been closing their accounts for Bank Transfer Day for a month now.
If you are going to be so ignorant why bother commenting? It's so funny that you can remain pompous in the face of being completely wrong at every turn.

So no link then?

A text link is customary so there's no ambiguity. Provide a simple text link. Should be easy for the Brain Trust to locate.

tick-tock-tick-tock ...

reply to post by AtticusRye


You commented on the link.

Originally posted by GogoVicMorrow
reply to post by AtticusRye

 

You commented on the link.

Another post that has no text link ...

reply to post by CookieMonster09


I guess you never knew that banks offer free checking and savings to get your money so they can then loan out 37 to 1 on the amount of money you have there and make profits off of the loan they made with your money. Its called banking maybe youve heard of it.

I guess you never knew that banks offer free checking and savings to get your money so they can then loan out 37 to 1 on the amount of money you have there and make profits off of the loan they made with your money. Its called banking maybe youve heard of it.

Patently ridiculous. If banks can go ahead and "create money out of thin air" as you suggest, then how do you explain the fact that there have been so may record bank failures? Why the need for bailouts?

I mean, after all, if banks can magically create money, why wouldn't they do so to save themselves from bank failure?

The fact of the matter is that these conspiracy theories about "creating money out of thin air" are hogwash. Sure, you can find all kinds of gibberish on the Internet about these ridiculous theories, but they have no basis in reality. If they did, there would be no such thing as a bank failure.

Banks are businesses and have to operate in reality, not some fantasy world of make-believe. Accounting is real. Loan losses are real.