Yardvark
Member Profile
With the threat of Bank Transfer Day coming up this Saturday, every major bank (I believe) has now cancelled plans for imposing debit card fees.
http://on.msnbc.com/vfsPEW
Let's keep them on the retreat! If you haven't made plans to transfer your bank account into a local bank or credit union, here's a resource that'll help you along:
http://www.moveyourmoneyproject.org/
Do it for George Bailey and remember, remember, the 5th of November!
GoGo
Member Profile
Already left BofA for Alaska Federal Credit Union. They can still kiss my butt. Too little too late.
365Stairs
Member Profile
It will be an interesting ping pong / cat and mouse game to see how:
1) Big Banks acknowledge any "blips" of reduced capital management
2) Small Banks and CU's handle the increase flux of capital and still maintain their family friendly services without becoming a Big institution...
Been in a small CU for 20 years...never a hiccup.
Jiggers
Member Profile
Don't be so joyful. BofA made over $6.2 billion dollars last quarter.They have already a plan in place to get your dollar in other ways. They aren't hurting. Banks are always one step ahead.
Yardvark
Member Profile
They can go take a walk without us.
Umpqua Bank in the Admiral District opens tomorrow, 11/02/11. Met the manager yesterday...nice guy...
I severed my Chase relationships (accounts) two years ago, and BofA goes away this week. Maybe Big Banks will realize it is our money that gets deposited in these accounts, and they are entrusted to manage, not screw customers.
been a happy credit union customer for years
Happy BECU client for 20 years...checking, savings, mortgage...
Yardvark
Member Profile
Really happy to live in West Seattle. We have so many options other than the big banks. I love hearing stories of West Seattlites making the switch!
I'm sure the banks were going to lose literally HUNDREDS of dollars if the OWSers withdrew their funds!
Let's throw a party like we won the superbowl and riot and trash the city! Oh wait...too late.
dobro
Member Profile
BECU opened over 16000 new accounts in the last 60 days (including mine). Some people never let facts get in the way of childish taunts and right wing attempts at "humor".
Welcome aboard...I have a BECU account too. See dobro, we have something in common!
And it wasn't an "attempt" at humor, it was actually funny!
I don't celebrate when I hear of for-profit lending institutions "running scared" because their business model has come under scrutiny.
When I do business with a for-profit company, I expect them to make a profit off of me. Safeway makes money off of me. Mazda makes money off me. Target makes money off me. Georgetown Brewery makes money off me. Feedback Lounge makes money off me. I could go on and on.
I just don't understand the uproar with bank fees. A for-profit bank's obligation is to (a) earn a return for its shareholders and (b) act in a legal and responsible manner to preserve the values of our society. If some bank decides it wants to charge $5 or $500 per month for its services, I just don't see the problem with that. Customers can change banks if they want to.
I guess I just don't understand the furor over banking policies and decisions. Why don't people go nuts when Target raises prices on milk by $.18/gallon? It's basically the same thing.
As a Bank of America shareholder, I hope they make decisions to maximize shareholder return in a responsible manner.
I suppose I should duck for cover now!
365Stairs
Member Profile
Skeeter...good post..no need to take cover.
Absolutely...for profit businesses should make a profit - if that is their charter.
Its the way that large banks have historically made various fees over the years. Some are in front of you...some hidden...the fight over the "nickle and dime" mentality.
Super market product pricing fluctuation is not nickle and diming...
I am also a BofA shareholder. I am not worried about them backing off the fees. Banks have huge upside in the future and if you don't pick up BofA stock at $6 a share its not my problem.
Personally as someone who has 3 BofA accounts and 1 BECU account I am happy they retracted the $5 fee even though I wouldn't have paid it. I am also comfortable as a shareholder they retracted it because the stock is still dirt cheap and has huge upside.
Yardvark
Member Profile
Ahoy, Conservatives. Welcome aboard!
Let's hash this out and have a little fun while we're doing it.
Today's menu:
Gentle teasing = $5 reward.
Insulting = $5 penalty.
Knowing the difference –Priceless.
Here's the latest on the Seattle protest at Chase Bank where (full disclosure) I still have some of my moola:
http://today.seattletimes.com/2011/11/occupy-seattle-protesting-chase-ceo-visit/
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UPDATE 3:30 p.m.
A handful of protesters who had been inside Chase bank were arrested and taken outside to a police paddy wagon. Other protesters began pounding on the vehicle and chanting, “Let them go!” Some people began lying down in front of the van.
Police have used pepper spray on protesters and have closed off East Thomas Street and Broadway. Protesters are handing gas masks to each other and pounding on police cars.
A few scuffles have been seen between officers and protesters, and now a line of officers has formed about 10 feet from a circle of about 150 protesters in the middle of Broadway and East Harrison. They’re locking arms and chanting, “We are the 99 percent.”
UPDATE: 2:30 p.m.
About 200 protesters marched about a half mile down the center of Broadway to a Chase bank branch on the corner of East Thomas Street.
One person read a statement outside, that said in part: “The world does not have to be this way! We are out to change the whole planet starting right here.”
They asked police to arrest Chase bank’s CEO “for crimes against the people.”
Seattle police blocked the bank entrance to keep protesters outside, but five had gone down ahead of the march and were inside the bank, laying on their backs, linked together, waiting to be arrested. The bank is now closed.
Boston, I wish you the best of luck in the stock market. But promise me something, won't you? If BoA should crash and burn like the once-mighty WaMu, and you lose your money, please, PLEASE don't sue BoA management or the government, claiming that you were led down the garden path, OK?
Because if you do, I'm going to introduce your statements above as evidence that you DID know the risk you were taking, betting your money on a company that is under public suspicion for — among other things — receiving a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
Source:
http://blogs.suntimes.com/sweet/2011/03/ten_giant_us_companies_avoidin.html
now, now, DBP - let's not let facts get in the way....
:D
Lindsey
Member Profile
I'm taking my last bit of money out of Wells Fargo this weekend! Last time I was in that bank and expressed my disappointment that they had sold my student loans, the "customer service" rep told me that Wells Fargo would soon pretty much own all the banks so it was pointless to switch.
We'll see about that!
bump...
just because i love the title of this topic
and because i love Lindsey's last comment...
"We'll see about that!"
:)
Jiggers
Member Profile
To post #14 skeeter.. you nailed it on the head. This is what makes America so great. Free Market Enterprising. You can make choices. If you dont like it, move to France and be a socialist. No one's stopping you from making choices why? because America is a free country.
Jigs, this isn't related to what you just said but . . . how much money would it take to get you to change your avatar?
I can help with these things, you know. Find you a new one, do some Photoshopping or whatever.
DP you can use this as proof that I wouldn't sue if I lost my money. Hopefully I am diversified enough that the impact wouldn't be life threatening but hey, thats part of the risk.
Most companies are under suspicion for something. Nothing to worry about.
Bostonman strikes me as the type who understands the risk of investing in equities.
I remember the first time one of my investments went into bankruptcy and I didn't get one cent. You cry, you complain, then you learn your lesson and move on.
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