posted on Nov, 4 2011 @ 06:23 PM
It's Your Money, Take It Back
At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) announced plans to impose
its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association.
This is numbers up to November 1st .. the official "transfer" day is November 5th. The total estimated value of the cash holdings is $4.5
Dollars. Not including the cycling automated deposits from paychecks (that banks are allowed to use as estimated holdings for use as
leverage). Meaning the total effect of leverage is something like $400 billion dollars. In one month. In fact, Credit Unions across the country
have added over a years worth of membership in just one month.. and November is expected to be even bigger than October. I think we can thank OWS for
this, for getting the message out and putting it in our faces. Many people obviously cannot go out and protest big banks and corruption every day,
and this is a direct and very patriotic way of protesting.
This report does not consider how many moved from big banks to Regional banks, those much smaller than national banks and are usually confined to
either metro areas or state.
Meanwhile, the Independent Community Bankers of America said a poll of its 5,000 members conducted on Oct. 17 found that nearly 60% of community
banks are gaining customers who are sick and tired of the big financial institutions. The association's community bank locator has seen more than
5,000 inquiries in the last few weeks -- an increase of nearly 500%.
Unfortunately there is no way of actually tracking the number moving to regional banks.
"They take your deposits and use them to buy politicians to de-regulate, give them immunity, interest-free loans and bailouts. Then they turn
around and charge you fees to make them even richer," said one "Move Your Money" flyer posted on a Facebook page dedicated to the initiative (which
has 43,679 "likes"). "Take your money to a credit union or a community bank that will use your money in your community and not to pervert the rule
of law and fill their own pockets."
They thought they could push us around, and treat us like children, literally robbing us as they make billions off of our money. We should have done
this the instant a bailout was considered, but we did not.
The only side effect is that this could be construed as a run on the banks .. hundreds of thousands flooding banks removing their money and stashing
it into other institutions ... this actually very well may cause these huge banks to become insolvent is enough is withdrawn. Still, I say it needs
to be expanded.. remove investments, CD's, deposit boxes, credit card balances, car loans even or mortgages away from big banks and into Credit