Billions of dollars moved in bank transfer demonstrations

Originally posted by Domo1

Billions of dollars moved in bank transfer demonstrations

I'll just be glad when people stop BORROWING from these institutions. That's what's going to really make a difference!

reply to post by Domo1

an interesting beginning but are the banks or governments beginning to listen to us not likely.all of the demonstrators and protestors are nothing more than a feeding frenzy for their propaganda masters[news crews]. it is also a new avenue for them to be able to send in the police and their military`s to once again beat the people into submission once again . remember they are there to serve and protect the money moguls and all of their greed and we the people are just lowly little slave`s to be beat over and over again.and this has always been the way. remember they our governments are OWNED by the BANKS it is called DEBT. and the governments are controlled by the banks -because all of our great leaders have passed laws and rules that allow the banks to get away with rape of the people through their system of enslavement -DEBT-. but who exactly are these our politicians-why they are bankers ,big business ecsecs . oil barons and so on the list of the rich and their puppets is endless. and the #1 LAW that they all passed world wide was that -WE THE PEOPLE ARE RESPONSIBLE TO PAY IT ALL BACK TO THE BANKS,and they are not held responsible for their misuse of their political office which gave them the right to take away the right of the individual and give them to all of the rich -ENSLAVEMENT.

so what is the next step that we can take to take this false power away from these the power masters and their minions.so if they want a war let us give them one by their own rules and laws ,let us beat them at their own game by not using them and their banks ,why not stat up our own banks and investment houses calling them the investors groups as it would be done world wide and in every nation.every one invests in it at $1.00 per week for 52 weeks to give us capital let us lend it to the people and only the people as pay day loans flat rate 10% eventually credit card dedt`s we pay them of and buy them out at 10% flat rate it is a lot cheaper than their rate of theft of 3.5% COMPOUNDED or 3 times the amount that you borrowed from them -thieves.
THINK ON WHAT WE CAN ACCOMPLISH IF WE WORK TOGETHER AND INITIATE CHANGE .
SWEET REVENGE and JUSTICE WOULD BE SERVED .
considering that wall street caused this world financial mess and all some of them got was a few million $ in fines ,which we had to pay for as they jacked up our service charges to cover their losses.and they made billions betting against us and our ability to repay and they say they don`t need any controls put on them ,and nothing has changed as they still have the right to steal all of our hard earned cash over and over again and the worlds law makers and governments once again buried their heads in the sand ,and nothing has changed and nothing ever will. until we stand up and take it back for our future not their slimy pockets.

reply to post by Iamonlyhuman

I'll just be glad when people stop BORROWING from these institutions. That's what's going to really make a difference!

Only problem is that anyone else you borrow from is going to be borrowing from these larger institutions. Taking out your money is cutting off the head of the snake. No more money, no more loans. No more loans no more bidness. Also, FU BoA. I hate you.

I just have to say that I hope the trend here in started continues until all of the little guys are out of the picture when the plug is pulled on the megabanks.

When people were worse off in terms of their lack of awareness, people complained. Now that people have gathered together and actually done something, some people are not seeing the gravity of what has been accomplished.

Yes, it does count.

Yes, it means something.

This is the ball beginning the roll.

Originally posted by Domo1
reply to post by peck420

 

I don't think that's true but I have been wrong before. My understanding is that the banks use that money to give out loans, and that if you had only $1 in your account the bank could loan $10.

you would be correct Domo ... it's the leverage power they've lost enmasse.
yeah, the assets can probably be 'recovered' (if time allows), however, in actuality the lending ratio is more like 30:1 so for the 5 billion reserves they lost, that translates to 150+ billion that they cannot leverage or "play with" via lending, investing, brokering, blah, blah, blah.

That IS a big hit whether admitted or not.
so what they do biz in the trillions, it's still an imaginary asset ... they use that "leverage" to gain tangibles (items of actual value ... land, resources, seeds, research / think Tesla) ... it's one big con job, really.
and we are buying their tangibles for them ... think about it.
we cannot afford our own because we are too busy buying (leveraging) theirs.

as for the poster who claims they made more from the move than if the monies had remained ... well of course they did, what else do you think the Nov 1, emergency Treasury meeting was about??

they are the insiders, they know the moves to make to maximize their benefit at each turn ... the difference is, the more we starve the beast, the less leverage it acquires ... eventually, it starves to death unless of course Congress finds some kahunas in the meantime.

Originally posted by St Udio
to be honest--- i will wait to transfer my account...
--- snip --
i would like to see silver dollars available at banks/CUs instead of just the designated 'dealers' that the Treasury 'Approves'

hmmmm, you can't get silver dollars on request at BoA ???
wow that's shocking to me ... cause we used silver dollars, 50 cent pieces and $2 bills as "novelty" change daily ... never had a problem getting them at the Credit Union here.
guess those mega-banks aren't so customer oriented after all ... not surprising.

reply to post by Domo1


But in the end it will be better for the big banks.. Here is a great reasoning why they will do better without alot of the accounts.
blaze link

But how does that translate into “Bank Transfer Day” working in their favor? Apparently, the high inflow of deposits “puts pressure on their margins because banks have to pay [Federal Deposit Insurance Corp.] premiums and overhead costs.” By removing hundreds of small-time accounts with low balances, they would actually be saving money on their premiums. Housel explains: . . . in the past banks could earn money [from customers with lower balances] from overdraft fees and debit interchange fees and a lot of that has been scaled down through recent regulations… People are going to be moving to credit unions, and that’s good for them because they’re going to have lower fees, they’re going to have better service, they’re going to have the feeling that they are investing in their community. And then the banks are going to be better off because they are getting rid of their least-profitable or not profitable clients. However, probably most important is the fact that the accounts appear to have had low enough balances that being closed did not turn into a financial nightmare for some banks.

Originally posted by Domo1
reply to post by Iamonlyhuman

 

I'll just be glad when people stop BORROWING from these institutions. That's what's going to really make a difference!

Only problem is that anyone else you borrow from is going to be borrowing from these larger institutions. Taking out your money is cutting off the head of the snake. No more money, no more loans. No more loans no more bidness. Also, FU BoA. I hate you.

NO Domo, this is wrong ... Iamonlyhuman is correct.
lending is the bread and butter of these institutions ... car loans, student loans, home loans, business, property, any and all loans made by the FR banks is still feeding the beast on a regular schedule.

Lending done via a member-owned Credit Union (and yes, they do auto loans, student & personal loans and some do mortgages) benefits you, the community, your neighbor, your schools, your environment and the CU ... hopefully, i don't need to explain why or how.

now when the time comes that the FR bank lending slows down BY CONSUMER CHOICE, not inability to qualify, then they'll really start sweating ... might even see some closures or layoffs but that's down the road and irrelevant to what is happening now. The thing that will win or lose this movement is momentum.

IF time allows, the banks will probably recover their losses and then some, however, if the ppl believe in their own power to succeed, they will turn up the heat and boil them right out of business.

reply to post by Arkansas

thanks for clarifying that the reason is based on feelings rather facts

they’re going to have the feeling that they are investing in their community.

hopefully, the consumers will be more concerned with facts.
i know i would prefer to actually invest in my community rather feel like i have

reply to post by Arkansas


Ugh you make a good point. I suppose I just assume that everyone has over 100k in the bank. On the flip side though, I believe the bigger banks make a TON of profit off of the people with a low balance. Every time you mess up (I'm sorry but I believe the poor are more likely because there is no margin for error) the bank gets to charge a fee. Overdraw your account, buy three things at different places, and and that is easily $90 in fees. Paycheck to paycheck folks may not be the bread and butter, but they are a bit of extra table salt (analogy fail I suppose). People like me however WILL hurt the big banks if they switch. I've got money everywhere, and about $300k in my local bank. If I pulled that, along with a couple hundred more people in one day it IS going to cut into profit. That 300k is worth about 9-10 times the amount in available loans as banks don't need to keep the full amount of a loan on hand. I'm OK with sticking a big bank for 2.7 million. Those little accounts and fees add up, people like me really start to add up, people with more than me will really hurt.

If banks were unable to profit from customers with a low account balance I don't believe they would continue to allow them. That's my 2 cents anyway.

The more a bank has,the more they have to play around with and gamble and make profits off YOUR money.
Then they turn around and charge you fees for everything when they lose on the gamble.
When all else fails,they are insured by the FDIC.
What a racket.
Let's do this,put your money in the bank of Kdog,let me gamble with your money.
If I lose,no problem,I'm insured for losing your money.

Originally posted by Domo1
reply to post by peck420

 

I don't think that's true but I have been wrong before. My understanding is that the banks use that money to give out loans, and that if you had only $1 in your account the bank could loan $10.

the bank is only required to keep 10% of your deposit by law and can loan the rest out.

the person that receives the loan deposits it to his and the bank holds 10% and loans the rest out. the cycle repeats itself gathering interest with each loan and deposit.

Originally posted by randomname

Originally posted by Domo1
reply to post by peck420

 

I don't think that's true but I have been wrong before. My understanding is that the banks use that money to give out loans, and that if you had only $1 in your account the bank could loan $10.

the bank is only required to keep 10% of your deposit by law and can loan the rest out.

the person that receives the loan deposits it to his and the bank holds 10% and loans the rest out. the cycle repeats itself gathering interest with each loan and deposit.

Cool, that means that even though banks might have lost a small percentage of depositors, the fact that the whole thing is kind of a derivative scheme with banks all lending to each other means that even a small loss in deposits can have a large effect.

Now banks will have to call in loans or come up with some more cash.

Banks make money out of thin air, but so can anyone. If I lent you ten dollars for a week and the deal was you pay me back $12 ($2 interest) I have just made $2 out of thin air. That $2 doesn't exist so you will need to get it from someone else, who will need to get the $2 from some one else and on and on. This is what the Central banks do when they lend money. The loan amount is printed but not the interest amount, so it can never be paid back, only handed along to the next person who will need to try and pass it along, or take out a loan to repay it (with interest added) Interest is the biggest scam out there.

hey dose any one know the total number of people that made the bank transfer on November the 5th?

it sounds great but i suspect it really isn't huge numbers.

anyway the other fault I had with this was the whole idea of transferring money into credit unions. why? do people think creadit unions aren't interested in making money. do you believe that old marketing horse manure that credit unions are by the people for the people.

i can tell you that at one point in my country over this economic mess, a lot of people decided to move a lot of money into credit unions. it was then revealed that most credit unions were in a very unhealthly state too and like everyone else had took risks and made bad decisions when things were booming. it turned out credit unions were in an unhealthly state and ended up needing help from the government too.

i fully expect that there will be reports gently rolled out in the media in the US that credit unions my not be the safest place to have your money.

Then everyone will start moving money back. wait and see.

reply to post by o0pinMind0o


I don't know about the day, but for the month (bank transfer day's actual goal was to have everyone remove their money starting from the day it was announced until the actual day when a massive amount of people went, most people went before the actual day to avoid possible mobs of people) there were 650,000. That is 600,000 more than the same month last year.

I hope it was enough. Unfortunately, I don't think it was. You can bet the big banks are gathering the world's best financial "thinktanks" as we speak, in order to prevent things like this from happening again. Expect a lot more lies is all I'm sayin'.

Cheers,
Strype

Originally posted by Domo1
Considering the amount they could theoretically make loaning that kind of money especially. rt.com
(visit the link for the full news article)

That's part of the problem in this country with the banking system, the Banks don't need money in their coffers to loan money, they loan money they don't have.