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Banks, Credit Unions, and Fees: Oh my!

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  • LynahFan
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Completely agree with everything you said, Tiger Fan.

    I can understand why the Occupiers are frustrated. I can even understand some of their hopes and dreams. But can someone please explain to me what the actual plan is for travelling from the current frustrations to that Utopian vision? Is there any other mechanism than a massive increase in government regulation of corporations? No amount of public discourse, regardless of how peaceful, intelligent and sincere, will cause corporations to willingly give up their power.

    So what's the plan?

    Leave a comment:


  • Transplanted Tiger Fan
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Unofan: Many, MANY thanks for the response. I was under the impression that the “common folk” held a greater stake in a bank’s portfolio, and I was obviously wrong when considering the amount of wealth inherent to corporate holdings. I am wiser as a result, so thanks again!

    Twitch Boy: Regarding the link - Wow!! I guess I should say I’m flattered, but... did anybody NOT see this coming?? Honestly... not my wish (but I know what you meant), just my idle/intellectual curiosity. I have a minimal understanding of how the banking world works, but like a good lemming I established a 401k early-on in my career and have a heavy vested interested in it, as well as that which may affect it. Not to mention, this whole 99%’er movement fascinates me, yet has me on-edge regarding the ultimate outcome – if any.


    The morning-show talking-heads I heard today seem to have pretty-much nailed it. The 99%’er movement is far too disorganized to be effective. They have no true goal or objective, but instead have a quite diverse list of “wants”. I referenced “tie-dye shirts, cardboard signs, and face paint” in my original post. Having read some of those cardboard signs, I have no idea what these people universally stand for! It all appears to be a bunch of “rambling whining”, really.

    Having attended the “Rally to Restore Sanity”, the signs in this 99%’er movement seem to resemble the signs on the Mall that day. Some hilarious, many original, a few ‘pathetic’, some with a valid point, some solely for the purpose of garnering attention. But the “Rally to Restore Sanity” was essentially organized in-jest by established comedians, and many, or at least most of us knew what to expect from that event, regardless of how spot-on the message and/or intention was. And I must say, I am quite proud to have been a part of it (despite the fact that the Metro ride made my daughter cry).

    Now, before anyone rails me for discounting the significance of that Rally or its “ulterior intended purpose”, I acknowledge and fully appreciate/believe the content of Jon Stewart’s “Moment of Sincerity” speech. For those who haven’t heard it, look it up. Quite valid and appropriate for the times. Moving on...

    This 99%’er movement simply cannot succeed without a well-defined objective. So what is it? Eat the rich? Socialism? “I got nothing better to do today than be loud and try to poop at McDonalds (without patronizing them)”? Who knows!!?

    I get the jist of their message on corporate greed - No man/woman is worth a $50million (arbitrary figure) salary. None. An owner of a company, maybe... after all, they are the one(s) who truly front the risk. But executive compensation is absolutely out-of-control. This, I believe, is the universal opinion of the 99%’er movement. But their request of the government to rectify the situation is a ‘slippery-slope’. To do so would not necessarily equate to the pure form of Socialism, but is heading in that direction, and is therefore impossible to address by means of government involvement.

    The solution? – Public outcry is certainly effective... to government!!! But the only effective means of change within the business world involves money [period]. Yes, the government can have an effect on the monetary nature of business, but not when the big ol’ “S-word” is being thrown-around! The 99%’ers are truly powerless in voice, and I fear the next tactic. Wiser heads must prevail.

    Leave a comment:


  • Patman
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by ScottM View Post
    Well while the local banks are still around, since Dodd-Frank will strangle a good number of them over the next few years.
    God bless the law of unintended consequences... I'm sure that'll mean even more government to defeat those big banks the make things even worse for the rest of us which will be the fault of the big banks (repeat cycle).

    Leave a comment:


  • Zudnic
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    The difference between Costco and B of A is that Costco didn't foreclose on a ton of people's homes and livelihoods illegally.

    I have no idea why people go to retail banks. They are exorbitantly expensive. I am constantly plugging my credit union which is just as good as any retail bank and a hell of a lot cheaper. If you're in CO or MA and shopping, try Digital CU (DCU). They are awesome and essentially free to use, including a $10 monthly allowance for ATM fees from for-profit banks.

    Leave a comment:


  • ScottM
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by FlagDUDE08 View Post
    I predict that not even 10% of deposit totals go down in banks.
    Considering it costs most banks $400-500 a year to maintain each checking account, I think the fees are really meant to drive off the deadwood. If somebody is that price sensitive at $5/month, they are probably not worth most larger banks' time or money. Let them find a cheap credit union or local bank. Well while the local banks are still around, since Dodd-Frank will strangle a good number of them over the next few years.

    Leave a comment:


  • FlagDUDE08
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    I predict that not even 10% of deposit totals go down in banks.

    Leave a comment:


  • Twitch Boy
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Article about anti-war protesters joining OWS.

    I'm wary of this article. IMHO, you wanna know the single most powerful group of people these guys could have join? Returning Iraq-Afghanistan veterans. If a few thousand of those folks who are struggling to make ends meet join up, this thing will REALLY land itself in the public eye.

    They need to be careful of how they interpret their anti-war sentiment so they don't alienate these people. Get the troops against you and it's over.
    Last edited by Twitch Boy; 10-07-2011, 05:04 PM.

    Leave a comment:


  • Twitch Boy
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by unofan View Post
    FTFA: The protestors take issue with the Durbin Amendment, which is an addition to the Dodd–Frank Wall Street Reform and Consumer Protection Act that caps the debit interchange fees banks can charge merchants.

    Uh, no? They take issue with the Banks' responses to that amendment, not the amendment itself. Unless I'm off the rocker, the protestors are pro-regulation, not anti-regulation.
    Yeah, TFA does a crappy job of explaining that.

    Leave a comment:


  • unofan
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Twitch Boy View Post
    FTFA: The protestors take issue with the Durbin Amendment, which is an addition to the Dodd–Frank Wall Street Reform and Consumer Protection Act that caps the debit interchange fees banks can charge merchants.

    Uh, no? They take issue with the Banks' responses to that amendment, not the amendment itself. Unless I'm off the rocker, the protestors are pro-regulation, not anti-regulation.

    Leave a comment:


  • Twitch Boy
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Transplanted Tiger Fan View Post
    This may be off-topic a bit, but a question for the economic whizzes out there in light of the "99%'er" movement that is getting a lot of press these days...

    Knowing the power of “social media” (see Egypt), what would be the outcome of an organized popular revolt on the banking industry? For example, it won’t be long before someone in the "99%" movement figures-out that tie-dyed shirts, cardboard signs, and face paint isn’t getting the job done, and determines that a potentially-effective way to hurt the "Big Bad Bankers" is to disrupt their assets. A significant portion of a bank’s assets consists of the money deposited by their Customers... us.

    If, by way of “social media”, a coordinated and targeted ‘run’ on a given bank’s assets were to be deployed (such as a mass-withdrawal), what would the result be on the economy? Would (could?) the targeted bank react by calling-in loans to make-up for the lost assets? Would such a coordinated tactic even be effective in attempting to hurt the "Big Bad Banker"?

    Disclaimer: I am in no way suggesting nor encouraging a tactic such as this to be implemented against the "Big Bad Bankers", but I also acknowledge that I cannot be the only person with this thought. An individual with ethics that differ from mine may actually attempt to act on such a thought. I just want to be sure my 401k is properly allocated ahead of time!
    You just got your wish.
    Last edited by Twitch Boy; 10-07-2011, 04:04 PM.

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  • FlagDUDE08
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by pirate View Post
    none of us like paying fees but nothing is free... not checking, not love and not wifi at Starbucks...it may be that you don't directly pay for it in that one instance but somebody is paying for it.
    If we're talking about debit surcharges, not only use cash, but reward the companies that offer cash discounts (or offer lower prices by disallowing credit cards) with your business. If we're talking checking and ATM fees, some are free, you just have to know where to look. Figure out what is important to you, reward the companies that satisfy this importance, and do not reward those that do not. It's simple.

    Leave a comment:


  • bigblue_dl
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    I have accounts at Wells Fargo and the local bank that I grew up with. I got the Wells Fargo accounts so it was easier to do my banking when I was at school, since the local bank was 7 hours away. I still maintain the Wells Fargo accounts only because there are Wells Fargo ATM's all over the place so I can get cash without paying ATM fees. For every paycheck I get about 75% goes into my local bank account and 25% into Wells Fargo.

    I have the Wells Fargo debit card, but I rarely use it for purchases, it is mostly for getting cash. If they start these fees I'd probably just use it exclusively for cash and avoid the fees.

    I try to pay for as much as possible with my American Express card, so I get Delta Skymiles. Otherwise I have a Visa that I use also.

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by ScottM View Post
    Actually, Bailey was the subprime lender who lent money to anybody with a pulse and had poor internal controls. Potter was the strait-laced banker who was left to clean up the mess after Bailey's customers defaulted, and went into foreclosure.
    Like Goldman-Sachs.

    Leave a comment:


  • Patman
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by joecct View Post
    Costco's going to raise membership fees. Went there today and no protests.
    Big difference... most people who shop at costco don't maintain a 10 point manifesto which is filled with incredibly unattainable demands based upon what one feels like would occur in a fair and moral society.

    I've always been awestruck by those who want to flip society thinking it'll all be roses when it happens... but if only we were more moral. Things may not be good, they may even be bad, but its a hell of a lot better than being stupid. It is particularly stupid to think we'd have a grand moral well-served society but not for the moral failings of those who have money.

    Leave a comment:


  • ScottM
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by unofan View Post
    Right. Because Potter's Bank was the hero and Bailey's Savings and Loan was the villain in It's a Wonderful Life, right?

    The ability of society to repeat its mistakes never ceases to amaze me.
    Actually, Bailey was the subprime lender who lent money to anybody with a pulse and had poor internal controls. Potter was the strait-laced banker who was left to clean up the mess after Bailey's customers defaulted, and went into foreclosure.

    Leave a comment:

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