Big Banks Lose Billions on ‘Bank Transfer Day’ – But This Might Be in Their Favor
- Posted on November 7, 2011 at 5:57pm by
Becket Adams
- Print »
- Email »
Bank Transfer Day, the movement that urged bank customers to close their accounts and instead deposit funds in credit unions on or before November 5, led to at least 650,000 new credit union members and a total of $4.5 billion in new deposits, according to the Credit Union National Association.
(Related: New Measure Puts U.S. Poverty Rate at 16 percent)
About 80 percent of credit unions in the U.S. saw an increase in accounts in October, with membership increases of 10,000 or more in 21 of the 50 states and the District of Columbia in the past month.
California credit unions saw the biggest gains, adding about 90,000 new members and $624 million in new deposits.
Texas came in second, with $326 million in new deposits from 47,000 new members.
Mary Beth King, communications director for the Credit Union Association of New Mexico, said that the association would be sending out surveys to its member institutions to gauge new numbers.
“Regardless of how many people joined credit unions Saturday, there is a big new awareness of credit unions as not-for-profit financial cooperatives owned by their members. That is the credit union difference we’ve worked to let people know about all along,” said King.
However, despite the loss of capital and customers, there are some analysts who argue that “Bank Transfer Day” was actually in the banks’ favor. How? Motley Fool columnist Morgan Housel explains (h/t Christian Science Monitor):
One of the drivers behind [Bank Transfer Day] is people trying to teach banks a lesson. The irony of that is since the financial crisis, and especially over the last three months as there has been a panic about Europe . . . banks have been inundated with cash deposits.
They’ve been seeing a higher inflow of deposits than they can turn into loans.
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.
As mentioned earlier on The Blaze, in events where customers panic and withdraw all deposits, the results can be disastrous. But this does not seem to be the case from Saturday’s protest. In fact, “despite news that the financial industry lost roughly 650,000 customers and $4.5 billion in deposits to credit unions because of Bank Transfer Day . . . some of the biggest U.S. banks moved upward today, outperforming the major indices.”
Therefore, because some of the biggest banks are moving upward on the market and that closing some of the accounts could actually save them money, in an odd way it would seem that everyone benefited from “Bank Transfer Day.”
The protesters felt a sense of accomplishment and some banks were able to offload thousands of reportedly low-balance, non-profitable accounts.
[Editor’s note: portions of the above originally appeared on Wall St. Cheat Sheet]
Popular Stories
MSNBC Host Snaps in Heated Segment: ‘What in the World Is Riskier Than Being a Poor Person in America?’ 694 Comments
Does Misstated Marathon Claim Prove Paul Ryan Is Dishonest? (POLL) 662 Comments
‘Jumah at the DNC’ Speaker: ‘Muslims Visited America Prior to Columbus’ & ‘It Was a Muslim’ Who Guided Him to the ‘New World’ 524 Comments
Obama: RNC Like Watching ‘Black-and-White TV’ Because Romney ‘Did Not Offer a Single New Idea’ 364 Comments
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 343 Comments
Faith
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 232 Comments- Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More
- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 238 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
President Obama Issues Major ‘Green Energy’ Executive Order Read More- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 147 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 300 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 232 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Comments (170)
Salamander
Posted on November 7, 2011 at 7:18pmYea, Bank Freedom Day! All the junky little deposits move to the ‘competition’ and the bread and butter accounts remain! Thank you, thank you, thank you, all protesters! Free markets in action! Water seeks its own level! Bye-bye! Those of you with bad credit are in for a surprise! The Credit Unions don’t mess around! That’s why they call them Credit Unions and not No-credit Unions! The ‘Union’ label has more than one meaning, and you’re not going to like this one!
Report Post »Elena2010
Posted on November 7, 2011 at 7:43pmI love my credit union — Navy Fed. Been w/them since 1985! Great service :-) Worldwide locations or bank by mail.
PubliusPencilman
Posted on November 7, 2011 at 7:59pmNow, as I recall, the article the Blaze posted before bank transfer day not-so-subtly warned of “runs” on banks like those that occured during the Great Depression. Now, all of a sudden, The Blaze has this stuff.
At worst, The Blaze was blatantly stoking extremely farfetched fears of a OWS activists bringing about worldwide financial meltdown. At best, this is simply evidence that The Blaze has no idea what they are talking about.
Report Post »@leftfighter
Posted on November 7, 2011 at 8:00pmI love Credit Unions so much, I‘m a member of two and wouldn’t even open an account at the two national bank I used to work at that have… -er- Wells known, Household names.
Report Post »Cgeezy
Posted on November 7, 2011 at 8:18pmYou are a grade A moron. “Yay all the junky little accounts closing leaving the bread and butter accounts” Really?
This statement is so ignorant I feel like I stepped back into High school. Let me help you out. Those “little junky accounts” ARE the bread and butter accounts.
On topic with the article
“. . . . banks have been inundated with cash deposits.
They’ve been seeing a higher inflow of deposits than they can turn into loans.”
That’s a great piece of propaganda. We wouldn’t have a problem if banks were unable to continue their bad business practices with the guaranteed safety net. Lets also neglect to mention anything about their horrible bets on Europe that BofA specifically will be hemorrhaging from soon.
All in all, a hilarious piece of writing and commentary from the perpetually near sighted.
Report Post »cherigc
Posted on November 7, 2011 at 8:22pmI LOVE IT!!!! Great Post!
Report Post »Raider1
Posted on November 7, 2011 at 8:25pmI’m NFCU as well. I closed my account with BofA because of the increases in monthly fees. I’ve been with them since 89. They may see a lower expense for a while but there is a reason they were adding new fees. Banks don’t go into business to lose customers so they can save on fdic insurance premiums, duh.
Report Post »Raider1
Posted on November 7, 2011 at 8:37pmNote….in defense of Bof A, I did always have good customer service from them and it was handy when traveling overseas. But after jacking up my card from 8 to 14 percent because of the dod/frank bill and then kicking up the monthly fees….well that was the proverbial straw. For those who thinks CU’s are some socialist union corp…..NFCU is a military credit union. Do the math.
Report Post »bogs8
Posted on November 7, 2011 at 8:41pmsalamander is spot on. the movement of cash to credit unions is a blessing for the banks. we are cash heavy and are not interested in low deposit/high maintenance accounts. Cgeezy: Here’s a clue: You’re clueless!!! AndRaider1: Wrong. Small low balance checking accounts are costly and extremely unprofitable. Due to CRA requirements imposed by your gov’t, branches need to exist. Most banks would prefer to get rid of their branches and deal with higher balance customers. That’s reality
Report Post »Cold War Vet
Posted on November 7, 2011 at 8:47pm@ PUBLIUSPENCILDIK
“The Blaze has no idea what they are talking about.”
Reminds me of someone else!
Report Post »jzs
Posted on November 7, 2011 at 8:59pmSure, when banks lose money that’s good for them, that helps them. Who writes this stuff?
Report Post »sledgehammer44
Posted on November 7, 2011 at 9:39pmI left the big banks in the 90′s when 1st interstate was bought out. I‘ve since been with credit unions and couldn’t be happier. Mine offers better interest rates, no fees, free bill pay and great customer service.
Report Post »seldomscene
Posted on November 7, 2011 at 9:41pmSo many responses are glib or witty. You are right on. Thanks.
Report Post »Darmok and Jalad at Tanagra
Posted on November 7, 2011 at 9:53pmI left the “Big” banks in 1986, 1st National bank, “Misplaced” my direct deposit paycheck, I had received my notice it was deposited, I paid a bill, and wrote a check for cash, Friday, Tuesday I get a call from my First Shirt that I had bounced a check at the BX. When I went to the bank, they found my money, it had been put into someone elses account, and they said it wasn’t their fault I bounced the check. So, I went to the Credit Union with my account and have never ever had a problem with my account. I will never do buisness with any of the Big Banks.
Another story, my friend has an account with US Bank, someone had used a device on one of the ATMS, scanned his card and got his PIN, in 2 weeks they were pulling $300 a day out of his account for 10 straight days and started pulling money out from another state, US Bank never notified him, they did give him his money back, but it isn’t their policy to report suspicious account activity.
Report Post »scoter
Posted on November 7, 2011 at 9:55pmdo we really want four more years of the Marxist in chief?
http://www.helpfireobama.com Please give $20.12
Report Post »FormerLib
Posted on November 7, 2011 at 10:02pmWhat is being missed it the more salient point that this “protest” only got 650, 000 people in a country of 335 million to participate. 650k is less than the number of people who live in the valley where I do. It’s 0.194% of the country. Whoopee.
Report Post »YoungBloodNews
Posted on November 7, 2011 at 10:05pmNot sure where I stand on this. I hate those OWSers and the idiots who blamed the bank for the $5 charge (which they did when the politicians cut back what could be charged to businesses…). But on the other hand I know BoA was the Bank of Italy and I know its history and hate its masters…
Man are we surrounded by stupid and corrupt people…
Report Post »Onlybev
Posted on November 7, 2011 at 10:05pmHi I say whatever floats your boat is okay with me. I don’t belong to a credit union, but a local bank. If I needed to belong to a credit union, I would. Why the big fuss? Just do what’s right for you and be happy. Thanks Bev
Report Post »Darmok and Jalad at Tanagra
Posted on November 7, 2011 at 10:08pm@FormerLib
Report Post »That’s not even 1 percent of the unemployed. Where else are these people going to deposit their welfare money?
ABT123
Posted on November 7, 2011 at 10:17pmHappy Days are here again —– OOOOPs that’s a democratic song. Oh well, little fish don’t belong in a big pond – they’ll get ate.
Report Post »Cgeezy
Posted on November 8, 2011 at 12:14am@Bogs8
It is clear you have absolutely ZERO grasp of anything even remotely resembling economics.
High maintenance means high fees bud. They make a killing off your brethren average joe. Just because you are aspirationally wealthy doesnt mean you can act like Boss Hog. The truly wealthy wouldnt even give this site a second look which tells me you are no better off than these people closing their account and you presume to look down on.
So do me a favor a get your own clue. Banks are very much interested in keeping every account they have ESPECIALLY the average joe’s account since they make up the VAST majority of their business AND assets not to mention profits.
Report Post »1stgenmill
Posted on November 8, 2011 at 7:04amNailed it on the head….I need not post.
Report Post »PubliusPencilman
Posted on November 8, 2011 at 9:27amThat’s what you got Cold War Vet? The I-know-you-are-but-what-am-I defense?
Report Post »PubliusPencilman
Posted on November 8, 2011 at 9:29amSo where were all you credit union boosters when The Blaze was warning of a run on the banks? Is it possible that the usually “with it” Blaze journalists misjudged which side they should take on this one?
Report Post »VoteBushIn12
Posted on November 8, 2011 at 9:52am“And then the banks are going to be better off because they are getting rid of their least-profitable or not profitable clients.”
They aren’t losing a liability, they are losing profits. It doesn’t matter if they are losing their “least-profitable” clients, they are still losing profits and are henceforth NOT “better off” than they would be with those client.
This article is absurd!
Report Post »DimmuBorgir
Posted on November 8, 2011 at 2:07pmElena2010
Navy Fed is amazing, i kept my account with them after I got out and I’m so glad i did.
Report Post »DimmuBorgir
Posted on November 8, 2011 at 2:09pmPUBLIUS thinks he’s cool because of his name
Report Post »GQQSER
Posted on November 8, 2011 at 9:40pmI said screw the banks 20 years ago and joined a credit union…I love it. Grow Financial out of Tampa best credit union ever. Three car loans through them, business and personal accounts.
Saying screw the banks, is not the same as hating capitalism. I remember my father hating the banks in the 70′s. He was an extremely successful businessman who employed over 60 people in good manufacturing jobs for decades.
i can’t stand the OWS idiots, but the banks are no better either.
Report Post »lynda1276
Posted on November 7, 2011 at 7:13pma drop in the barrel…stupid people
Report Post »PubliusPencilman
Posted on November 8, 2011 at 9:42amSo… consumers making a choice in products offered is stupid? And yet I’m assuming you are a big fan of capitalism. The irony here is that these people are being excellent capitalists–they are using their purchasing power as consumers in a free market to chose the best product for them. You, on the other hand, who will blindly take the side of large corporations, are standing in the way of real market forces that should be making products better. You are a terrible capitalist my friend.
Think about it for a little while.
Report Post »seeker9
Posted on November 7, 2011 at 7:13pmFree market capitalism in action! Why did they wait so long to search out a better deal?
Report Post »bombshelterbob
Posted on November 7, 2011 at 7:27pmBanks are OK, as a conservative , I have little problem with the vast majority of them. There will always be good banks and bad ones. But anyone with half a brain knows that CU’s kick bank butt any day of the week. it’s especially true in the plastic era.
Report Post »jfriedri
Posted on November 7, 2011 at 7:13pmAlso it might work in their favor as these idiots realize that every time they take money out of their accounts from these Credit-Unions they will most likely be using a bank-owned-ATM (since their credit unions do not have as many ATM machines available) that they will be GIVING their old banks MORE money 2 to 3 dollars at time in ATM fees. What is the old slogan? A fool and his money are soon parted.
Report Post »Baikonur
Posted on November 7, 2011 at 7:17pm@jfriedri
Report Post »Posted on November 7, 2011 at 7:13pm
‘A fool and his money are soon parted.’
***************
Do you subscribe to GBTV?
Lesterp
Posted on November 7, 2011 at 7:25pmJfreidri, Libs are to stupid to see the outcome of their actions! That is exactly why we are in this mess.
Report Post »swalt
Posted on November 7, 2011 at 7:54pmThe thing about Credit Union ATM’s is, if you belong to one, you can use an ATM at ANY credit union ATM and NOT BE CHARGED FOR USING IT. I live in a small town in Oregon and there are about a dozen different Credit Unions in 150 to 200 mile radius and I can go to any one of them and use the ATM free of charge … from the ATM I am using and from MY credit union. No fees. None. Been that way for a long time.
Report Post »Snowleopard {gallery of cat folks}
Posted on November 7, 2011 at 7:06pmOh this is poetry in motion; the protest was supposed to cripple the banks, and instead it saved them money in the long run. Poetic.
Report Post »llotus
Posted on November 7, 2011 at 7:53pmBaikonur……….Good to see you Baikonur. You be nice now…..you know we love our GBTV. Always look forward to reading your great posts. Lotus.
Report Post »Unix
Posted on November 7, 2011 at 7:06pmLOL, backfired one them, financial geniuses, thanks for the favor!
Report Post »Diomasach
Posted on November 7, 2011 at 7:04pmThe funny thing is that most of these idiots probably have no idea that most Credit Unions actually keep their money in large commercial banks. So the banks didn’t actually lose the money, they just don’t have to do as much upkeep on it anymore.
Report Post »Skrewedretiree
Posted on November 7, 2011 at 8:23pmMaybe back east where the Unions control everything. A credit union has to report to its members, and all the financial records are at the members access. Kinda pulls the winds out of the sails, eh?
Report Post »chfields62
Posted on November 8, 2011 at 2:05amCredit Unions aren’t what they used to be….back in the day, you actually had to be a UNION member or Military to get in, now they allow anybody in…..I have been using BOFA for 20 some odd years and have been very happy. I pay no fees and have access anywhere in the world to my money. I have had an occasional issue with them, but it was always resolved quickly, but I am also a person who knows how to budget and knows where every penny goes. I never have overdraft charges or bounced check charges (do people really still use checks??). I have a points reward credit card that I use to buy everything and then just bill pay from BOFA. This way I get the points (cash back) and pay the balance as I go and no fees/interest. Banks don‘t much like people like me because they don’t make money from me. They count on the sheep who are either to lazy or too stupid to pay their bills properly. If your racking up banking fees, it may be time to quit whining and blaming the bank because your too stupid to handle your money properly. This is a simple concept people DON’T SPEND MORE THAN YOU MAKE…………….Crazy huh????
Report Post »Brooke Lorren
Posted on November 7, 2011 at 6:58pmWell, I’m glad that this works out for the banks, because I‘m afraid that I’m going to have to close at least my business account that is currently at a bank. When I opened the account, it was a no-fee account, but they’ve since decided to start charging me fees. I don’t support the OWS people, but it’s a strictly business decision for me to move that account to a credit union. I see no sense in paying fees to use a service that I can get free elsewhere.
Report Post »loriann12
Posted on November 7, 2011 at 7:08pmMy personal account, with Chase, doesn’t charge a fee as long as I allow them to transfer automatically, $25 a month into my savings account. Every couple of months, I just transfer it back. I had a savings account only on my handicapped son, and they charged a fee if his account fell below $500, which it did as I used his SSI for bills. I had to close his a while back (maybe a year?).
Report Post »cozmoeastman
Posted on November 8, 2011 at 12:47amLoriann you are a lucky one then because when they bough washington mutual (who i was with previously) they took that option away from me and charged me unless I had direct deposit which being employed by a small business with two employees doesn’t offer.
Report Post »Lord_Frostwind
Posted on November 7, 2011 at 6:50pmIf that really is true that they may have helped the banks they were trying to protest, oh that would be hilarious! It reminds me of Bender in Futurama protesting the popplers and how he became the restaurants best advertisement (if you don’t get it, look it up on youtube).
Report Post »geonj
Posted on November 7, 2011 at 6:49pma large number of credit unions are public service employee entities. backed by pension money. new members who are not part of the unions will, mark my words, be left out of the preferential treatment union members get when they need a loan.
Report Post »redbone007
Posted on November 7, 2011 at 6:47pmto the credit unions, my grandmother all told me ‘not all money is good money’. the big banks are free of these low lifes and now credit unions have to deal with thier crazy demands on thier banks. and, the big banks do not have to have these folks coming in their doors….the big banks are more safer. now if a ows comes to their banks’ doors, have the ows arrested since they are no longer customers.
Report Post »loriann12
Posted on November 7, 2011 at 7:09pmI‘m glad I’ve been with Navy Federal Credit Union for over 20 years. I don’t think they could get in unless they did time in the military.
Report Post »geonj
Posted on November 7, 2011 at 6:47pmi moved to a community bank from a big bank 3 years ago. they are friendly and they go out of the way to be a part of the community. but a bank, any bank, has to make money in order to lend money. i feel sorry for the credit union newbies when they learn about all of the cost of things. their dividends are not going to cover what it is going to cost them in loan fees and atm charges at the big banks they will need to use.
Report Post »ohnomrbill
Posted on November 7, 2011 at 7:28pmYour a liar there are no fees in a Credit Union we receive interest even on are checking accounts
Report Post »llotus
Posted on November 7, 2011 at 7:59pmGeonj….I dont feel sorry for them. Lotus.
Report Post »geonj
Posted on November 7, 2011 at 6:38pmif 650000 people had an average of 7000$ in the bank, why the hell are they protesting? these numbers are a lie.
Report Post »UrbanCombatSurvivor
Posted on November 7, 2011 at 9:34pmNice catch.
Report Post »dnewton
Posted on November 8, 2011 at 10:51am650,000 people is slightly larger than the size of the the county that contains Nashville, Tennessee. If you want to punish the banks, get Barney Frank and Cris Dodd telling them how to operate one. I suspect that banking is highly complex so the congress is dependent upon “experts”, better known as lobbyist to tell them all of the smooth moves. The only problem with that is that the smooth move is probably the ones that disadvantage their competitors or potential competitors in the future. This phenomenon was well illustrated in OSHA regulations. OSHA became a hodge podge of regulations that were already existent, the only problem was that they had no enforcement mechanism. Construction lobbyist did not mind the rules because they would prosper in an environment where cheating was reduced. Unlike OSHA, where the government demanded that the construction industry take fewer risks, financial industries were forced to take on higher risks to buy social justice. The risk was actually off the books and difficult to quantify. Both well meaning extremes are doomed to net unintended consequences.
Report Post »slsbtas
Posted on November 9, 2011 at 9:02pmWow, okay we make over $10,000 a month and we switched due to them stealing our tax money. And then taking jobs out of the country. Most people are upset that they made a profit off the crashing market and then the bailout, and then they make record profits but close out jobs.
Report Post »beekeeper
Posted on November 7, 2011 at 6:35pmShedding low-balance accounts will help the big banks balance sheet – I’ve noticed that the #OWS folks stopped talking about Bank Transfer Day (Nov. 5th) and started talking about some future date when it will really kick in!
This reminds me of the “prophet” that keeps announcing the end of the world, then revised the end date after the previous date was missed.
Report Post »The Jewish Avenger
Posted on November 7, 2011 at 6:31pmNote to self: If its from a credit union… odds are high its a liberal nutbag… refuse payment.
Report Post »loriann12
Posted on November 7, 2011 at 7:12pmI echo Skrewedretiree
I’ve been with a credit union for over 20 years. The only person to not take my check was someone of Middle Eastern descent working at a 7-11 (credit card machine was down and I had to pay first for gas with a check). It’s a Navy Federal Credit Union, and I won’t go to 7-11 anymore. If my Navy account isn’t good enough for him, he’s not good enough for my business.
Report Post »bigsquid
Posted on November 7, 2011 at 6:31pmWait until they cant find a Credit Union ATM when they need cash and have to pay the $2-3 convenience fee to the Big Banks who conveniently have ATM’s everywhere. In the end the big banks will make more from those losers than when they were customers.
Report Post »cozmoeastman
Posted on November 8, 2011 at 12:44amI belong to a credit union and deposit my paycheck to the credit union through the US bank across the street from where i work. As long as the credit union is part of that atm network you don’t get charged. and also what about cash back at the supermarket? Lots of ways to avoid the bank fees
Report Post »Smokey_Bojangles
Posted on November 7, 2011 at 6:27pmNot When Government has to bail out to big to fail BofA. Tax payers lose on this deal.
Report Post »Sjah
Posted on November 7, 2011 at 6:22pmIts true Bank accounts (especially checking accounts) cost the banks between 100-400 dollars a year to service. most people now a days don’t have a $1000 to they’re name money.cnn.com/2011/08/10/pf/emergency_fund/index.htm. As the artical says they have to insure every account and those with perpetual low balances cost more to upkeep than they are worth. My point of iew is this is just another example of these guys now knowing what the heck they are doing.
Report Post »sunnydecoy
Posted on November 7, 2011 at 6:21pmhow do they know they were all low balance accounts. lots of future home,car and business loans out the door
Report Post »waitin42012
Posted on November 7, 2011 at 6:31pmProbably because the people that were withdrawing their money were the Occupy protestors that don’t have jobs!
Report Post »Baikonur
Posted on November 7, 2011 at 6:44pm@waitin42012
Report Post »Posted on November 7, 2011 at 6:31pm
‘Probably because the people that were withdrawing their money were the Occupy protestors that don’t have jobs!’
***********
But they have educations and ideals and youth. And no one can take it away from them. This is a loss for the banks. The young people who withdrew their money in protest are the home/car buyers, and maybe even ‘job creators’ of the future.
Bald1
Posted on November 8, 2011 at 12:26amI belong to a credit union that was started for “general” county employees. The school board had their own credit union at the time. Over time, the school board CU folded into the “general” employees CU. Then the local hospital credit union was taken over by our CU. I was an alternate to the “credit” committee. We saw a spike in problem accounts every time another credit union merged with us. There were very few “repros” of vehicles when it was only county employees. When we started accepting other credit unions and expanding our repros spiked. In fact, they had a “tent” sale of repro vehicles. Most people were upside down on their vehicles and the CU was not selling them for book value…but for outstanding loan value.
Now the credit union is open to the public..anyone can join. Very hard to get a loan now… and if you do, very very few get the lowest published loan rate. Interest rates on CD’s, Money Markets and share accounts are the lowest in the area. A regional bank two doors down from the CU beats the CU CD rate by almost 2 points. I was in the CU today and asked the manager did he survive the influx of the money moving… his reply was “slight increase over a normal day…” And that is one of the largest CU’s in our area.
Report Post »Eliasim
Posted on November 7, 2011 at 6:16pmNow they just have to figure out how to get much more people to transfer their money to the Socialized Network.
Report Post »NCTRUTH
Posted on November 7, 2011 at 6:15pmMaybe some of the ows and bank tranfer nuts can now go buy a CLUE
Report Post »ares338
Posted on November 7, 2011 at 6:14pmI keep mine in a mayonnaise jar buried under the dog house!
Report Post »taxpro4u03
Posted on November 7, 2011 at 7:07pmSo did my grandma after the 1929 FIXED market crash – FDR — remember him? He was Wilson‘s ’buddy.‘ Before the ink was dry on his inauguration papers he declared a ’banking holiday’ which closed ALL banks and removed the gold standard (Nixon finished the job) :-)
Report Post »tnturner
Posted on November 7, 2011 at 7:27pmNot anymore.
Report Post »Eliasim
Posted on November 7, 2011 at 6:14pmWell now the socialized network is $4.5 billion richer.
Report Post »ohnomrbill
Posted on November 7, 2011 at 6:11pmthats what they think of us Americans low profit, nothing to see here blaze viewers Glenn says the banks don’t need the Middle class or the poor to use there banks.
Report Post »Baikonur
Posted on November 7, 2011 at 6:41pm@ohnomrbill
Report Post »Posted on November 7, 2011 at 6:11pm
‘thats what they think of us Americans low profit, nothing to see here blaze viewers Glenn says the banks don’t need the Middle class or the poor to use there banks.’
************
How right you are. It’s depressing. Everything and everybody is either a commodity or a consumer, pandered to for a quick buck. And if you have no bucks, you are worthless and outside the system.
The Jewish Avenger
Posted on November 7, 2011 at 6:45pmFor a fan of classic SNL, you should realize that the irony of this working out has nothing to do with the poor and middle class… but… nah nevermind.. you just go with it you silly little Blaze hater you!
Report Post »Therightsofbilly
Posted on November 7, 2011 at 7:30pm@BAIKNOUR
Spoken like a true western Europeon, and one that idolizes pelosi, no less.
Report Post »Itchee Dryback
Posted on November 7, 2011 at 7:33pmHow right you are. It’s depressing. Everything and everybody is either a commodity or a consumer, pandered to for a quick buck. And if you have no bucks, you are worthless and outside the system.
____________________________________________________
Simplistic drivel.
Report Post »Grow up.
srvbluz
Posted on November 7, 2011 at 6:04pmPeanuts!
Report Post »