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11/5 was "Bank Transfer Day"

Discussion in 'Political Discussion' started by PatsFanInVa, Nov 6, 2011.

  1. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Remember remember the fifth of November

    Bank Transfer Day Attracts 81,900 RSVPs on Facebook

    Evidently credit union membership increased by 600,000 new accounts in the four weeks leading up to Bank Transfer Day on November 5.

    This is a pure grassroots/netroots movement to move money from Wall Street banks to local institutions, particularly not-for-profit ones.

    I'm sure there will be further bank transfer day actions. I am not absolutely certain what I feel about it, but at least my big fat uberbank -- like BOA -- has taken back its planned $5-to-have-a-debit-card fee.

    Bite the bullet, guys. Bank to make a living, not to rake off huge profits for shareholders.

    But it's a very strange game. As a protest, it can achieve limited aims. But as a movement, it could eventually result in a run on the banks (in the form of short-selling the worst affected institutions, or conceivably at the mass level,) accompanied by the very financial contagion we were so worried about in the first place.

    For my part, I'm thinking "too big to fail" has to continue to be addressed by regulatory mechanisms... and if the gubmit doesn't act soon, we're looking at the possibility of the system being taken down by its own customers.

    I know a lot of you guys think the sexier the gimmick, the better the outcome. I don't think that would be the case, if future "bank transfer days" take down the big boys.

    Looks like the rage that the banks successfully redirected against the gubmit for the last couple years is finally turning toward its rightful target.

    But I'm sure 600,000 customers will be painted as a "drop in the bucket."

    Wonder what actual impact this will have when the markets open tomorrow... and if it's minor, I wonder whether this movement will just grow.

    PFnV
     
  2. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I actually wish I could have participated in this movement. But since I have my money with a local co-operative bank, I didn't need to.

    I've been with this bank since I was 18 years old. It's still in my hometown of Weymouth, MA which is 45 miles away.

    4 years ago, I opened a second account with BoA. They charged me monthly fees of $25 for my account because I had less than $10k deposited with them, so I told them to gft's!

    Now I feel good about that decision!
     
  3. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Read somewhere that this was successful, however will not know until 4th quarter stats are released.

    Have always belonged to a credit union, until recently moved into a local bank.

    Have had some dealing with FleetBank/BOFA and it has resulted in very mixed results..
     
  4. Nikolai

    Nikolai Football Atheist PatsFans.com Supporter

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    #54 Jersey

    When I got back to the states, I started with First Union, which was bought by the larger Wachovia, which was bought by the even larger Wells Fargo. The quality of my service has gone down and the number of weird fees has gone up. I've been strongly considering a credit union for a while now.

    To the OP's points, I see the reasons for concern, but real change is painful. The alternative to change might be even more painful. It seems to me it's a pick your poison sort of thing...
     
    Last edited: Nov 6, 2011
  5. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    One more note is that I truly this particular movement continues and I don't care about the consequences as long as we never again bail out big banks.

    I honestly HATE our financial institutions due to the fact they now believe it is a privilage to put our money in their banks. Even though it's the other way around in reality.

    Many years ago, when I first joined this site, I used to say we should re-name our country to

    The United States of America, Inc.

    And that's a damn shame!
     
  6. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    PR, in the 1980s I worked on a humor piece for an "insider" type Washington newspaper. This was at the height of the first wave of "privatize everything the government does" hysteria. We had an org chart of "USGovCo" -- changing to serve you better, and all that -- catchy private-sectory sounding names for all the departments, etc.

    Just to say, this has been a march of folly since at least that time. You can't do a take-off unless it can resonate at at least an "opinion leader" level, if not a mass level... so even doing that piece was in reaction to something that had matured enough that you could point it out in the national discourse.

    It's been a matter of "contracting it all out" for some time, to the point where in the last decade (after making the support personnel private sector workers,) we started using mercenaries in our war-fighting.

    That's the fast track to national deterioration. The Founding Fathers wrote specifically of the need for a strong federal government... as an institution in its own right, not beholden to the private sector or any other interest but the public's.

    The really radical turn in the "Reagan Revolution" (and all that came after,) is the proposition that your own government is by its nature your enemy, and must be shrunk at every turn (however big or small it is, it's too big, in every instance.)

    I say make it function. I think we agree in this. If Wall Street is being regulated, don't have this hodge-podge of regulators with weak power, out of which each bank can pick the one they like the best.

    We're at a point where we need simple and stricter rules for our financial sector. It's not the case that they have our interests at heart, or that the sum total of their activity will redound magically to everyone's benefit.

    There never was any reason to believe that it would work out that way, but we told ourselves fairy tales to that effect for 30 years.

    Nikolai, you know me, I'm our local "moderate." I always love the idea that collectively we'll identify the problem, we'll get the smartest guys in the room to fix it, they'll be pristine and above corruption, we'll make wise policy, people will see through ad blitzes by the moneyed interests, and we'll reward the policy makers who figure out and fix the abuses.

    In other words, I'm a naive pie-in-the-sky moderate.

    Like you say, change might have to be painful; you might end up two steps forward with a step back stuck in the middle.

    You might have to take the chance of a crippling blow to the financial system to rebalance it. You might even have to undo the work to save the financial sector to establish a different basis of financial activity.

    If the latter, however, we do invite global depression. Hey, worse things have happened.

    At a certain point, people start feeling like "eff it, let's roll the dice."

    I'm thinking we want to stop short of that -- but (see above) -- I might be deluded in holding this opinion.

    PFnV
     
  7. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Texas Reporting, sounds like a movement.....


    Read more: Tens of Thousands Flow Into Texas Credit Unions - PR Newswire - sacbee.com
     
  8. BSR

    BSR In the Starting Line-Up

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    I don't know what you people are talking about. BofA is fantastic. Full integration with quicken, ATMs on practically every corner, check scanning, best of class on-line services and mobile apps. Its a fantastic state of the art bank. Fees? Only if you sign up for the wrong type of account. I don't get all the hate.
     
  9. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    Not a bad idea ... however most prudent people should be doing this anyways. I have been moving my banking business around for as long as I can remember. Lowest checking fee, lowest credit card rates, less fees overall, etc ... and everyone should be doing this. Not sure how much it helps but at least it gives one the sense of making them compete for your money.

    One more thing ... I think would help is for people to return to using cash as much as possible. I do not own a debit card and I do not want one. I have a no balance Amex and a no balance Visa with me at all times. Greater security and no fees. Those ATM's that charge people fees are a joke and waste of $$$ IMO.
     
  10. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    I get around debit card fees by only using ATM machines that are owned by my bank..

    I have no fee online checking and banking, never send out checks anymore.. it is a service of my bank. All I have to do is maintain a minimum balance.
     
  11. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Seems like a lot of work for access to your own money, innit?

    After all, essentially you allow them to invest your money until they need it, in essence, in a checking account for example. That's why it should be free, or interest-bearing. That's why the "true" price-point of ATM service is zero. There's a relative pittance spent on the machines themselves and the space they take up -- and then there's an enormous volume of money being moved, with most of the details of moving the money electronic. Hell, the banks even eliminate a huge proportion of their labor costs through these things.

    ATMs are a fixture of modern life. You may as well say "3 channels were good enough for me growing up an' they're good enough for me now."

    Ha - on the same subject, remember when the big draw of cable was that there were no commercials?

    PFnV
     
  12. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    No offense to you BSR...I'm just going to rant a bit here.

    BoA sucks because they're arrogant. They need to learn it is their privilage for me to put my money in their bank...not the other way around.

    I truly hope Americans try hard to put them out of business. Mobile apps and technology aren't that important. But then again, many Americans get psyched for the next generation cell phone...what the hell are we up to now...4G? Who gives a sh1t? Our lives have nothing to do with cell phones and technology.
     
    Last edited: Nov 6, 2011
  13. chicowalker

    chicowalker Pro Bowl Player

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    Those all are pluses.

    In my experience, they're similar to DirecTV and Verizon -- I like their services when everything is smooth. The problem comes when there's anything out of the ordinary requiring "customer service." It is then a nightmare.
     
  14. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    It has been a 30 process, hasn't it PFiVA? Man, how time flies!

    I agree we need a strong fed gov't...I just don't think strong means big. However, I do agree that means our gov't is responsible for ensuring our citizens prosper as much as our corporations since they are far more important.

    Even a right wing fanatical maniac couldn't argue with the above. So the question then becomes, "how can our gov't ensure a healthy economic climate where corporations can flourish and employ our citizens and when times are bad, make sure our citizens don't suffer more than our corporations?"

    Man, when I think about that challenge, all I can think of is I'm glad it's not up to me to figure that one out.

    Life is beautifully simple in all it's glory...watch National Georgraphic and it's plain to see. But we humans are tragically flawed with desires & needs and most dangerous of our characteristics is our intelligence.

    Nice post PFiVA
     
  15. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    I have $284,000.00 in a steel box, the box is firmly attached to the inside of of a Lobster Pot that is sunk in 43 feet of water in a small cove on The Sheepscot River in Mid Coast Maine, I use one Mastercard and pay it off each month, f-uck The Obama Banks.

    I LOVE OIL
     
  16. Drewski

    Drewski In the Starting Line-Up

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    No Jersey Selected

    PR, while I am a former customer of BoA and dont think they are awesome or anything, you are completely marginalizing technology as a means to making banking easier, which they have in spades. Sure maybe you think the old banking world was better and the privilege part of your "rant" I agree with, but BoA blows everyone out with their online experience and their mobile apps (and I work for a competitor of theirs).

    Wait til you see NFC technology (which is really just starting now). It will completely change the way people interact with most things in their lives; banks, shopping, their homes, communicating with friends, sharing just about anything with anyone (by choice). Its applications to banking and shopping are impressive.

    Then again maybe you really just dont care about technology, and that is fine. Based on your post maybe you would find it dumb :)
     
  17. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    The better use they make of technology, the better they can serve their customers: if they choose to serve their customers.

    Given the choice of an enormous banking interest that has trouble resisting robo-signing foreclosures, but as a cool app, and a community bank that just recently got up to speed on having a functioning web page, which do you take?

    I think the protest transfers aren't protesting whether or not BoA has a cool mobile app. For some, the mobile app is really compelling, and they'd gladly pay an extra 5 bucks a month to use their own debit card, because that mobile app is just so damn cool.

    For me, I don't often pay five bucks for an app all-in. I sure don't pay five bucks a month if someone has a cool app.

    But aside from all that... the bottom line here is whether you think giganto banks are just the natural order of things, or whether you think the bigger they get, the more arrogant they become. Recent developments (say, the last 3 years or so) militate for the latter interpretation.

    PFnV
     
  18. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I had one of my nephews stay with me all weekend. He is 14 years old. We went out to eat, went to the movies, watched the Pats game and the entire time he was wired into his cell phone texting. I get the feeling that most kids would be totally lost without their cell phones.

    I don't even think kids realize that it's wrong to constantly read/write texts when you're with other people.
     
    Last edited: Nov 7, 2011
  19. Drewski

    Drewski In the Starting Line-Up

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    PFnV,
    I think my post may have come across unclear. I wasnt mentioning technology (which BoA has in spades) as a justification for their fees. I think their fees, or at least the ones they "talked" about instituting are rediculous. I was a BoA customer since 2001 because of convenience. When I started a new job recently (at a regional bank) I closed my BoA account 1. because they were talking about fees for this, fees for that and 2. because the benes I get from my employer regarding banking products.

    I agree with you and PR regarding the arrogance of these super banks. Clearly having a bank that gets so large (and arrogant) is not the best business model, and their size makes their impacts specifically when things go bad, really bad.

    I was just simplying pulling out part of PR's rant to say that technology is going to change the way people interact; whether its with friends, at the grocery store or with their bank/ bank accounts. NFC (Near Field Communications) is going to be huge. The applications are almost limitless for someone who wants to use it. Walk into a store, pull your phone out, goods are paid for. Take a photo of the check your buddy just paid his fantasy football dues with...instantly deposited in your account. Tap two NFC phones together, instant tranfer of funds. Stuff like that.

    I can be against what BoA does or talked about doing (fees) while at the same time admitting that their OLB experience and mobile apps are extremely powerful and light years ahead of most competitors. My argument wasnt about their awesome tech justifying their fees and treatment of their customers.
     
  20. The Brandon Five

    The Brandon Five Experienced Starter w/First Big Contract

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    #75 Jersey

    Some of those fees are courtesy of Dodd-Frank. At least that's what I learned from my small regional bank when I got charged for transferring money from my Savings to my Checking online.

    I have used a Credit Union for the majority of my banking for about 13 years now. Big banks? No thanks.
     

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