Bank Transfer Day: Another Movement Brewing

[Wendy]

<span style="font-size: 11pt"><span style="font-family: 'Arial Black'"><span style="font-weight: bold">Bank Transfer Day: A Protest With Your Money!</span></span>
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Unu gwine to join this movement?


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The social uprising — called &quot;Bank Transfer Day&quot; — encourages bank customers to take their cash out of big banks and put it in smaller banks and credit unions instead. The movement is ostensibly in response to aggressive fees institutions are rolling out to recover profits lost from new financial regulations, notably Bank of America's decision to stick debit card users with a $5 monthly fee and Wells Fargo's $3 test of the same


But the protest won't be going away. Consumers who want to join in only have to take three simple steps, organizers say:
• Open an account with a credit union.
• Transfer your funds to the account (online or in person) by Nov. 5.
• Follow your bank's procedures to close your account.

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[X]

Re: Bank Transfer Day: Another Movement Brewing


Suh the plan is for the poor people who suppose to dont have any money to withdraw money from the bank and this money that we dont have into the credit union, while the rich people who do have money and who the protest is about let their monies stay in the bank??
A wonder who would be more effective, poor people pulling out the vapour or the wealthy releasing the gas?

[RichD]

Re: Bank Transfer Day: Another Movement Brewing

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pleXxY</div><div class="ubbcode-body">
Suh the plan is for the poor people who suppose to dont have any money to withdraw money from the bank and this money that we dont have into the credit union, while the rich people who do have money and who the protest is about let their monies stay in the bank??
A wonder who would be more effective, poor people pulling out the vapour or the wealthy releasing the gas?
</div></div>

look at the bank fee structure...dem charge those who have less more..

[X]

Re: Bank Transfer Day: Another Movement Brewing

Ok. suh its the fees charged to those who have less in the bank that makes banks' core business..
Here I thought the Banks made real money by taking the millionaire's Million$$$, lend it out at an interest rate and invest it..
ukno.. some ahwi small frys pay no bank fees to our institutions yet these Banks seem to be thriving.. (<span style="font-style: italic">unless someone here has a Bank collaspe prediction ???</span> )

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pleXxY</div><div class="ubbcode-body">
Suh the plan is for the poor people who suppose to dont have any money to withdraw money from the bank and this money that we dont have into the credit union, while the rich people who do have money and who the protest is about let their monies stay in the bank??
A wonder who would be more effective, poor people pulling out the vapour or the wealthy releasing the gas?
</div></div>

look at the bank fee structure...dem charge those who have less more.. </div></div>

[RichD]

Re: Bank Transfer Day: Another Movement Brewing

every time i hear the big banks report record profits they attribute much of it to service charges. this is specially important in this low interest rate environment.

you lend out 100M at 1.5% you earn 1M for the year.....you charge 30 cents per transaction for 5 million transaction per month you earn $1.5 million for the month.


if you look for example at the RBC annual report the second biggest line item under non interest income is service charges.

remember too the small man paying higher rates to borrow too

[Gen]

Re: Bank Transfer Day: Another Movement Brewing

Plex yuh right about how much dem charge with interest rates but the poor will pay too because they have lower balances

for example someone with a minimum balance of 25,000 with BOA will not pay ANY account handling fees (this a just example mi nuh know di minimum fi avoid all fees it could be 10G )

whereas someone that just a depost dem paycheck and have 2,000 a month time might end up a pay account fee, paper stmt fee, ATM fee, debit card fee etc

wonder if them start charge fi chat to teller yet

[X]

Re: Bank Transfer Day: Another Movement Brewing

ahhh ok..

[Wendy]

Re: Bank Transfer Day: Another Movement Brewing

Yuh missing the point X

Capitol One bought out my bank and introduced fees that we never had before.
Customers withdrew their money in record numbers.. including myself. I am now with PNC
Now I hear Capitol One is trying to come up with a new pgm to stave off the massive customer withdrawals

Banks like Nations Bank are out of business today because of that very same practice! Nickle and diming di lickle man ...The point is the LITTLE money the middle class have in the banks dem waan a share of it and di people dem a tek dem hard earn money out an give it to a bank who woan tek it fram dem. That's the crux of this movement

[Wendy]

Re: Bank Transfer Day: Another Movement Brewing

Let's not even talk about the Credit Card <span style="text-decoration: line-through">crooks</span> companies out there
Dem people yah awful man .... fi real

[X]

Re: Bank Transfer Day: Another Movement Brewing

aahhh Ok ..

[Cultcha]

Re: Bank Transfer Day: Another Movement Brewing

A rich man once told me to invest in 3 things.... (1) real estate with future commercial development potential, (2&amp;3) bank and energy related shares.

After all &quot;if you can't beat em, join em&quot;. Right?

Of course I tun hawd ears and didn't listen.

Das why mi still clippin coupons and he has a winter home in Mexico.

[Wendy]

Re: Bank Transfer Day: Another Movement Brewing

(((Milo))) Hush yaah

[j-kid]

Re: Bank Transfer Day: Another Movement Brewing

Indirectly. YES.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">wonder if them start charge fi chat to teller yet </div></div>

Move your money project:

http://moveyourmoneyproject.org/find-bankcredit-union

[kia027]

Re: Bank Transfer Day: Another Movement Brewing

No cause we pulled out 12 years ago and have been with a credit union since..

[Wendy]

Re: Bank Transfer Day: Another Movement Brewing

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Kia</div><div class="ubbcode-body">No cause we pulled out 12 years ago and have been with a credit union since..

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Yuh know di one ting dat did stop mi from going to the credit union was the inability to access ATM and having to go elsewhere and incur withdraw fees