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November 5: Take Your Money Out day

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The irony is that on average, BOA LOSES money on small value accounts. That's why they instituted the $5/month fee on low balance accts. To drive unprofitable customers away.

So this protest does what they want.
 
This is stupid and won't work. I'm not a finance guy, but my understanding of the way credit unions work is when they have too much funding they feed the money into the big banks to invest it for them.

The real way to get the money out of the system is to buy non US dollar denominated assets, or hard assets, or hard asset backed companies.

I'll give you an example of what I do: I have a Bank of America checking account where I keep under $1K to draw cash and deposit my coins and rebate checks. If they start charging fees I'll close it.

I keep the rest of my money in 2 places:
1. In Chinese RMB, thinking about Scandinavian bonds.
2. In my brokerage where I have gold and silver stocks (thinking about adding energy and fertilizer stocks next year), as well as a little bit of cash to use their Billpay system.

This way I'm locking away the bulk of my money with some degree of safety and keeping on hand what is necessary.
 
gotsmack said:
This is stupid and won't work. I'm not a finance guy, but my understanding of the way credit unions work is when they have too much funding they feed the money into the big banks to invest it for them.

The real way to get the money out of the system is to buy non US dollar denominated assets, or hard assets, or hard asset backed companies.

I'll give you an example of what I do: I have a Bank of America checking account where I keep under $1K to draw cash and deposit my coins and rebate checks. If they start charging fees I'll close it.

I keep the rest of my money in 2 places:
1. In Chinese RMB, thinking about Scandinavian bonds.
2. In my brokerage where I have gold and silver stocks (thinking about adding energy and fertilizer stocks next year), as well as a little bit of cash to use their Billpay system.

This way I'm locking away the bulk of my money with some degree of safety and keeping on hand what is necessary.
Click to expand...
The goal was not to take money out of the system. The goal was for consumers to send a message to the banking industry about the level of discontent.

I think it is silly to call the entire thing stupid.

You need a better understanding of the world around you. Your posts indicate you suffer from the same fallacious reasoning as some of the other faux noise listeners around here.
 
In 2010, credit unions in the U.S. saw 600,000 new customers open accounts. Since September 29, when BAC announced their debit card fee plans, credit unions opened an estimated 650,000 new accounts with deposits totaling around 4.5B. That's about the same as they'd normally see from their entire customer base in the same month's amount of time.

In my opinion that's a sign of message sent. People still fully expect these fees show up elsewhere in the near future since the banks backed off their initial plans. I don't think we have seen an end to the people getting away fro the big banks yet.


http://www.globalpost.com/dispatch/...imated-650000-americans-switched-credit-union
 
karmypolitics said:
They backed off b/c it's bad PR. It costs BOA something like $200 per customer for their acct.
Click to expand...

I'm not getting into the OP debate but does anyone have any information as to why it costs BoA $200 to have an account? $200 over how long? In today's computer and internet age, why in the hell would it cost $200 for a simple savings or checking account?
 
Engineer said:
I'm not getting into the OP debate but does anyone have any information as to why it costs BoA $200 to have an account? $200 over how long? In today's computer and internet age, why in the hell would it cost $200 for a simple savings or checking account?
Click to expand...

I imagine that's taking the aggregate costs of running the banking network that plebes use (branch offices, ATMs, etc) and dividing it by the number of people with account values under a certain amount.
 
OrByte said:
The goal was not to take money out of the system. The goal was for consumers to send a message to the banking industry about the level of discontent.

I think it is silly to call the entire thing stupid.

You need a better understanding of the world around you. Your posts indicate you suffer from the same fallacious reasoning as some of the other faux noise listeners around here.
Click to expand...

Well, if they want to say that they don't like the new fees, then it worked. If it is about something else, it didn't come across clearly. I was under the impression that this was part of the OWS movement to protest the bank bailouts.
 
It ain't just poor folks taking out their money either. A recent poll shows half of all millionaires in the US agree with Occupy and people are lining up to withdraw their savings.
 
wuliheron said:
It ain't just poor folks taking out their money either. A recent poll shows half of all millionaires in the US agree with Occupy and people are lining up to withdraw their savings.
Click to expand...

I missed the news coverage of Armani clad businessmen waiting in lines out the door of Bank of America, because the line of Ferraris in the drive-thru was too long. Can you link me?
 
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