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

I have read this thread with amusement. I feel like the whole point of the money movement has been missed and is being argued over by several posturing ape men. The obviously hidden point of the transfers are the fact that Americans are working together. Rich, poor, and middle class are working together because of unfair practices by huge banks that effect them in their wallets. This is the beginning of a beautiful relationship! Once people get the clue that we can have "THEM" by the short hairs by working together we can change the way things are being done. Did I hear boycott? That is where this movement is leading, even the slogan "the 99%" is letting THEM know we know they are outnumbered. Remember the French Revolution? We don't have to cut off their heads to win this one. I haven't moved my money, but if they raise my fees I will, is that the point? Banks running off their own customers, continuing the trend. I think someone has thought this out and is counting on the banks response. I believe if Americans would work together we could rid this country of these huge conglomerations that only think of the bottom line and not the people they are ruining. Don't even get me started on gas prices or insurance companies.

Originally posted 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.

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.

hmmmm, that'd be correct ... the individual banks don't ... but the Federal Reserve has been doing that (creating money out of thin air) since its inception ... why change a proven business model, right ?? (one of which you clearly don't understand btw)

record bank failures have been occurring for many more years than the most recent bailouts ... shame on you for fogging up the room ... there was NO NEED for the bailouts, they should have suffered their own consequences rather force them upon everyone else.

if you don't know the answer to your last question, please step back and take the time to learn.
do you need information?

This movement is being orchestrated to bring in a revolution that will - whether violently or through intimidation - ultimately shut down the national banking system.

What will arise in its place? A global, one world bank.

So go ahead and protest all you like, move your funds to another institution. When the big banks fail one day, you will wake up and learn that you have no options but to bank with a single banking institution.

Enjoy. I am sure all the laid-off tellers and retail bankers will appreciate your efforts.

there was NO NEED for the bailouts, they should have suffered their own consequences rather force them upon everyone else.

Says who? At the time, most of these large banks didn't need the bail-out money. In fact, the mega-banks repaid the TARP money in record time, and with interest mind you.

The whole point in the bail-out's of the banks was to stop the free fall panic in the markets and prevent a systemic collapse of the financial system. It was an unprecedented time of panic and hysteria, and the government took extraordinary steps to stop the panic.

You really shouldn't complain. Banks like Bank of America and Chase long ago repaid the bailout money with interest. The taxpayers were paid a handsome dividend for this once in a century panic attack.

On Wednesday I switched to a CU and I've never been happier. BOA had horrible service, charged me money, and gave me a really bad experience with large banks.

Sure, I'm just a grad student now and I don't have a lot of money but I'll never go back. Once I have more money that will be a pretty big blow.

BOA is serious about not letting people go. When I quit they had a line of people quitting (I'm serious) and they had a lady where her job was just to try and convince people not to quit (again I'm serious). She told me about moving here from Poland and how everytime somebody quit it hurt her feelings and made her think that people here "don't love America" but I still quit.

If you're in a big bank quit NOW!. Their margins are smallish and many are close to failing. I was a customer of WAMU when they failed and regardless of politics and everything, belonging to a bank that fails is a major hassle.

Originally posted by AtticusRye

Originally posted by GogoVicMorrow
reply to post by AtticusRye

 

You commented on the link.

Another post that has no text link ...

Found a text link yet, Gogo?

reply to post by schuyler

your statement (linked above) is so far from reason or truth that it's hard to believe anyone could be so entrenched.

let's start with ... all banks are NOT the same.
second ... all credit unions are NOT the same or are they part and participant in the same FR system.

if you remove deposits from a mega-bank and deposit it responsibly, you may find many available benefits of which you are clearly unaware.

zilch for interest ?? you must be joking or lying, please tell us which.
the recent referral i mentioned previously just received 1st statement and thanked me for the miniscule (but earned) interest for 6 days worth of his paltry deposit.
he currently has checking & savings accounts only.

if i'm not with a bank, why would i want or choose to bail them out?
i didn't vote "for" any of the bailouts but i still have to pay for them, what's up with that?

the FDIC insures all deposits ... insurance is not a bailout. (and, if your deposit exceeds the FDIC limit, you lose - so again, how is that a bailout?)

everyone counts, attitudes like yours is what got us here in the first place.
wow, you sure make an awful lot of foolish assumptions based on all kinds of fantasy.
how's that working out for ya?

your son, does he work for a corporate or community credit union ??
they are not the same and i'm betting neither of you know the difference.

and lastly, gold? good luck with that.
try to remember, it's only valuable when you have a buyer.

reply to post by CookieMonster09


You need to read about bank leveraging and how they make money out of thin air then.
en.wikipedia.org...(finance)

Originally posted by CookieMonster09
This movement is being orchestrated to bring in a revolution that will - whether violently or through intimidation - ultimately shut down the national banking system.

What will arise in its place? A global, one world bank.

So go ahead and protest all you like, move your funds to another institution. When the big banks fail one day, you will wake up and learn that you have no options but to bank with a single banking institution.

Enjoy. I am sure all the laid-off tellers and retail bankers will appreciate your efforts.

you can believe that scenario if you wish and if the violence ensues with the current participation at the level it is, you could be right ... however, it is not only OWS participants that the FR and its practices are destroying.

Community banks have survived and will survive with or without the Federal Reserve.
Community credit unions do NOT participate in the FR system, period.
It would be extremely difficult or nearly impossible to employ a Global banking system without the Federal Reserve. (they, TPTB already know this)

to continue personal business or to support businesses who utilize mega banks (hence, feeding the beast known as the Federal Reserve) is to continue the illusion, plain and simple.

Things do not mysteriously appear out of the ashes, they are built and we already have a foundation, build upon it.

reply to post by AtticusRye


Heres a text link for the video. The video is also available.

abcnews.go.com...

At least 650,000 people have already switched to credit unions since Sept. 29, according to the Credit Union National Association, after Bank of America announced plans to charge a $5 debit card purchase fee next year. The bank announced Tuesday it was canceling the fee.

The association estimates that credit unions have added $4.5 billion in new savings accounts.

"More than four in every five credit unions experiencing growth since Sept. 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired Bank Transfer Day," the association said in a statement.

Originally posted by CookieMonster09

there was NO NEED for the bailouts, they should have suffered their own consequences rather force them upon everyone else.

Says who? At the time, most of these large banks didn't need the bail-out money. In fact, the mega-banks repaid the TARP money in record time, and with interest mind you.

ummmm, we both do ... i said so and so do you so what is your point here besides the repayment in record time from failing banks ??

The whole point in the bail-out's of the banks was to stop the free fall panic in the markets and prevent a systemic collapse of the financial system. It was an unprecedented time of panic and hysteria, and the government took extraordinary steps to stop the panic.

ok, can we agree it was a classic con job and leave it at that?
unprecedented my foot, many of us (self included) experienced the 70s and this cannot compare.

You really shouldn't complain. Banks like Bank of America and Chase long ago repaid the bailout money with interest. The taxpayers were paid a handsome dividend for this once in a century panic attack.

no, i should complain because it cost me to fix it, it cost me to endure this nonsense and it'll cost me to repair it next time (cause way too many are still feeding the beast) and i refuse to engage in any business with these monsters. BS i shouldn't complain.

reply to post by CookieMonster09

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?

Wow - you really don't understand this at all, do you?

Of course they create money out of thin air - that's how the banking system works.

The reason that banks fail is that their capital reserve ratio's (the amount of actual money or currency equivalent that they have to back up all the loans and investments they've made at an approximate 10:1 ratio) falls below the required minimums for too long of a period and by law they are then declared insolvent and taken over by the gov't.

To put it very simply, if a bank has outstanding loans of $1M then they must have a capital reserve of at least $100K in hard currency or equivalents. When they don't because of too many bad loans or because of the dreaded "run on the bank" - i.e. - many people taking out their money (think Bank transfer day - i.e. this thread), they become insolvent. The gov't/FDIC then usually comes in, cleans things up as best it can and tries to find a buyer (i.e. another bank) for some or all parts of that bank's book of business.

Now I understand why you post the things you do.

Check out the video below. Although it's animated, it does a great job of explaining our banking system.



Just in case the embed doesn't work:

Money as debt - fractional reserve banking

Originally posted by JBA2848
reply to post by AtticusRye

 

Heres a text link for the video. The video is also available.

abcnews.go.com...

At least 650,000 people have already switched to credit unions since Sept. 29, according to the Credit Union National Association, after Bank of America announced plans to charge a $5 debit card purchase fee next year. The bank announced Tuesday it was canceling the fee.

The association estimates that credit unions have added $4.5 billion in new savings accounts.

"More than four in every five credit unions experiencing growth since Sept. 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired Bank Transfer Day," the association said in a statement.

THANK YOU!

So, as I thought, it doesn't say "so many people have closed their accounts that the banks have announced they will be charging more fees" [sic] as my dear Gogo said. No wonder he wouldn't post a text link.

reply to post by AtticusRye


You have to watch the video for the comment made by the reporter.

reply to post by AtticusRye


I already gave you the link. A video clip of the actual ABC news story. Since you want to keep going on about it like a clown and told me you don't watch youtube clips.. here is a text link describing it.
LINK

Originally posted by GogoVicMorrow
reply to post by AtticusRye

 

I already gave you the link. A video clip of the actual ABC news story. Since you want to keep going on about it like a clown and told me you don't watch youtube clips.. here is a text link describing it.
LINK

Great! Read the text link and it didn't say:

"so many people have closed their accounts that the banks have announced they will be charging more fees" [sic]

as you said it did.

Perhaps you got the link wrong?

reply to post by AtticusRye


No.. actually it does. You just chose to ignore that information so you can remain fully obnoxious.
I posted a link earlier, you watched it, so you know that exactly what it said. Why you still want to argue with me knowing full well you are wrong is mind blowing.

Originally posted by GogoVicMorrow
reply to post by AtticusRye

 

No.. actually it does. You just chose to ignore that information so you can remain fully obnoxious.
I posted a link earlier, you watched it, so you know that exactly what it said. Why you still want to argue with me knowing full well you are wrong is mind blowing.

LOL! Okay I actually clicked your link this time --- it's a message board! HA! This gets more hilarious with each post.

I've asked you 5 times now to post a link that backs up your assertion that "the banks" [sic] said they're going to be "charging more fees" [sic] due to Transfer Day. I could ask 50 more and would not get this elusive news report you claim you heard.

Fail.

reply to post by AtticusRye


Watch the video. It says it. You can't just claim the fact doesn't exist because you choose not to expose yourself to it. Everyone here knows that it says it because they don't care to watch the video. So either you are trolling or you are wrong. Pick one because those are the only options.

Originally posted by GogoVicMorrow
reply to post by AtticusRye

 

Watch the video. It says it. =

I did. It doesn't.

Post a transcript if you still want to debate this. This is funnier with each post!