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Bank of America
Buh-bye, assholes.
Saturday was a good day for the war against the too-big-to-fail banks.
Credit unions opened more than 40,000 new accounts on Bank Transfer Day, with a total of $80 million in new savings, according to a survey of credit unions by CUNA released Tuesday afternoon.

In addition, 60% of the credit unions that signed on new members made loans on Saturday. The loans totaled approximately $90 million.

But this isn't just a one-day phenomenon.

"Since Sept. 29 – the day Bank of America announced its now-rescinded monthly $5 debit card fee – average estimated membership increases nationally were around 20,000 new members each day, “ CUNA President/CEO Bill Cheney said in a statement. “On Saturday, consumers doubled the pace. It’s clear that consumers kept up their interest in credit unions."

Yesterday I got my new debit and credit cards from my new non-profit bank. That means that tonight, my wife and I can slice up our Bank of America cards and bid them good riddance. It chaffed me carrying their branding in my wallet. I even got a great APR for the credit card balances I'm transferring. Next up? I've got some automatic bill pays that need to go through, then I can close my account on Friday. I'm even taking the day off from work to make sure I don't get sidetracked. Then next week, I'll start the process of refinancing my home away from Wells Fargo.

It feels awesome.

Originally posted to kos on Wed Nov 09, 2011 at 09:14 AM PST.

Also republished by Daily Kos.

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Comment Preferences

  •  Sometimes nice guys finish first. (15+ / 0-)

    This has been a pretty good week, all the way around.

    I can just about forgive the Brits for starting our revolutionary war and burning DC to the ground during the war of 1812 for giving us Led Zeppelin.

    by Pager on Wed Nov 09, 2011 at 09:17:10 AM PST

    •  Liquid Rice Crispies With a Heritage Fndtn. Head. (7+ / 0-)

      Never missed it!

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Wed Nov 09, 2011 at 09:34:07 AM PST

      [ Parent ]

    •  Or Fox News! (1+ / 0-)
      Recommended by:

      0: Number of Wall Street bankers arrested over economy crash of 2008. 3445: Number of Americans arrested protesting their fraudulent practices as of 11/09/2011

      by Scott Wooledge on Wed Nov 09, 2011 at 03:39:48 PM PST

      [ Parent ]

    •  Pain-free? (10+ / 0-)

      I started 3 weeks before Bank Transfer Day and barely finished in time.  

      There were a LOT of chores, beyond just opening a CU account.  Requesting new debit cards and getting a better PIN on them.  Moving the direct deposits.  Moving the mortgage payment.  Moving the student loans (espeically laborious). Moving the car insurance payment.    Moving the electric and gas payments (turns out they require twenty, yes 20 days lead time to change scheduled drafts, grrr). .  Moving the phone and internet payment.  Moving the credit card payment.  

      Each one to be negotiated not with my old bank, but with separate outside entities.  

      But, it was worth it.  

      Next week we start on moving the mortgage, and the credit card.   Since the chores are ongoing, it's time for MOVE YOUR MONEY MONDAYS!

      "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

      by lgmcp on Wed Nov 09, 2011 at 03:48:05 PM PST

      [ Parent ]

  •  Gooserockian Enterprises and Gossling Famly Savngs (16+ / 0-)

    I've just this hour returned from closing out two of our bank accounts and depositing into our recently joined CU.

    Several more accounts to go, meanwhile credit cards and custom printed checks are arranged and in the pipeline to us.

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Wed Nov 09, 2011 at 09:32:22 AM PST

  •  And the interesting part starts now... (12+ / 0-)

    Yesterday I spoke to someone whose sister works at Merrill Lynch, and the company is telling all their employees that losing so many personal accounts is a good thing, since the average account they're losing has a low balance and costs money to service. If  this is true - and it may be spin - are credit unions sufficiently more efficient that they will make money where B of A couldn't? I find this likely, and I hope the CUs make out  well - and I hope progressives who have control over business accounts move bigger money away. I can't close my business B of A account until December 31,  but as soon as the fiscal year is over, it goes. That account isn't big, but I think that if business accounts start moving, the big banks will be rattled much more.

    •  I believe this to be true: (9+ / 0-)

      The TBTF banks don't care about the small depositers that they're losing.  Their most profitable accounts are the "high net worth" or "wealth management" (ie. the 1%) accounts.  So, in a backhanded kind of way, yeah, I can see the TBTF execs being elated over the movement.

      On the other hand, when a few of the high net worth and business accounts start moving, this will get a bit more bank management attention.  As of now, I really believe this is more of annoyance at a branch level rather than a cause for concern in the TBTF's executive suites.

      They really don't give a shit - this fiscal quarter, anyway.

      We're resigned to our collective fate because we've been conditioned and brainwashed to believe that this is as good as it gets. It's not.

      by Richard Cranium on Wed Nov 09, 2011 at 09:44:10 AM PST

      [ Parent ]

      •  Well... (8+ / 0-)

        They'll care to a certain extent.

        Certainly, they don't care about the loss of an individual small account.

        But collectively, the small accounts make up a certain sum.  And banks can only loan out 85% of their deposits; they have to keep 15% cash on hand.

        Which means that for every $1000 worth of deposits moved from, say, BoA...  then BoA has $850 less available for loans.

        Certainly, that $850 isn't a lot.

        But multiply that by, say, 50000 accounts, and suddenly BoA has 42.5 million less it can loan.  And so it has to restrict the profit it sends out to shareholders (as an example) to bulk the cash on hand back up to the required 15%.

        Which makes BoA less desirable to stockholders.  Combind that with the trillions of dollars of toxic assets they transferred from ML to BoA, and that makes them even less desirable.

        You know what, Stuart, I LIKE YOU. You're not like the other people, here, in the trailer park.

        by Mithras Angel on Wed Nov 09, 2011 at 03:38:09 PM PST

        [ Parent ]

        •  Not that they are loaning it anyway... (5+ / 0-)

          They can spin it however they want, but this is not good for them.  It means lower bonuses to executives, and that's where it really hurts!

          Credit unions can operate without fees because every dollar they receive is plowed back into members and the community.

          Corporations are driven by the bottom line, not by concerns for health, safety or the environment. This is why we need government regulations.

          by the dogs sockpuppet on Wed Nov 09, 2011 at 03:45:00 PM PST

          [ Parent ]

        •  The one- or two-day float on 50,000 SS deposits x (3+ / 0-)
          Recommended by:
          Gordon20024, BYw, Involuntary Exile

          12 months would be an annual loss of income that I think most banks would notice.  

          I don't believe the "small accounts cost us more than they earn us" spin.  The big banks are not operating as public service institutions.

          As offensive as our adversaries can be, it is always the people on our own side who drive us crazy.

          by Mayfly on Wed Nov 09, 2011 at 04:08:56 PM PST

          [ Parent ]

          •  And you shouldn't believe.... (3+ / 0-)
            Recommended by:
            deepeco, SCFrog, Involuntary Exile

            That small accounts cost more than they earn.

            A large bank, like BoA or Wells Fargo, does its account processing on large computing systems, which they either own outright (and thus have depreciated since they've purchased them, resulting in a tax credit), or rent, which can again result in a tax credit.

            Smaller accounts generally have a small number of credits and debits, often less than 10 a day (most likely less than 5 a day, unless you're out shopping).

            Given that the marginal transaction cost of processing a credit or debit card is extremely low (the banks are still making a significant profit at the $0.21 rate), the statement that they accounts aren't worth keeping is silly.

            Let's say that you've got an average monthly balance of $1000.  In a given month, you make 40 transactions.

            --2 of those are direct deposit, which you aren't charged for, but cost the bank, say, 8 cents to process.

            --10 of those are direct pay using the bank's website.  Again, you're not paying a fee for them, but they cost the bank 40 cents to process.

            --The remaining 28 transactions are, for this example, debit card uses.  Again, you're not charged, but the location you use the card at is.  To the tune of 21 cents per swipe, but it costs the bank 4 cents to process.  That's 17 cents per transaction profit, for a total of $4.76 profit.

            Subtract from that, the 48 cents from the other transactions, and that's $4.53 profit to the bank, for the account.

            Now, because they technically only need to keep $150 of your money on hand (though they lump all the accounts together), they've loaned out $850 at, say a 16% APR.  They make, in the first month, $11.33 in interest.

            Multiply that by the number of accounts, and no...  small accounts don't cost more than they earn.

            You know what, Stuart, I LIKE YOU. You're not like the other people, here, in the trailer park.

            by Mithras Angel on Wed Nov 09, 2011 at 04:43:53 PM PST

            [ Parent ]

      •  I disagree (13+ / 0-)

        The low dollar depositors are a cash cow for the big banks. They get not only the deposits, but all the fees, and pay almost no interest. Do you have any idea how much money they make on NSF charges and account fees? It is huge. And with credit cards, especially, they do well with those that are not financially well off. Interest rates up to 30% and outrageous late payment fees, even on accounts with very low balances. It's the credit card losses that hurt them most, I suspect.

        Working people of America unite.

        by Sarge in Seattle on Wed Nov 09, 2011 at 03:38:58 PM PST

        [ Parent ]

        •  Fees are huge to a bank (2+ / 0-)
          Recommended by:
          Gordon20024, BYw

          They love return check fees.

          I was a branch manager when my S&L instituted a $1 monthly fee on savings accounts under $100. We had 50,000 small balance accounts company wide, so the total deposited was under $5 mil. But transactions? They generated 20,000 transactions a month, and if they had all been in one branch by themselves would have to have 20 employees to service them.

          A typical branch with 20 employees had about $100 million in deposits, so the small accounts with out the fees were a loser.

          Help! The GOP is NUTS (& the Dems need some!)

          by Tuba Les on Wed Nov 09, 2011 at 04:05:00 PM PST

          [ Parent ]

      •  But are high net worth accounts (0+ / 0-)

        Counting toward their legal obligation to maintain 15% liquidity?

        0: Number of Wall Street bankers arrested over economy crash of 2008. 3445: Number of Americans arrested protesting their fraudulent practices as of 11/09/2011

        by Scott Wooledge on Wed Nov 09, 2011 at 03:45:47 PM PST

        [ Parent ]

      •  When Bill Gates (1+ / 0-)
        Recommended by:

        opens a credit union account, let me know.

      •  Our net deposits may be trivial (5+ / 0-)
        Recommended by:
        Gooserock, mungley, Susan from 29, deepeco, BYw

        but they'll really miss milking me for those overdraft fees, $35 a pop and whenever it happens they usually get in 2 or 3 pops.   That shit adds up to real money.  

        (My spouse's paychecks are a extremely variable and we're lousy at keeping a cushion.)

        "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

        by lgmcp on Wed Nov 09, 2011 at 03:50:51 PM PST

        [ Parent ]

      •  I drove by a Chase bank (1+ / 0-)
        Recommended by:
        Involuntary Exile

        yesterday that had balloons all up and down the block with big signs and people handing out stuff, trying to get new customers. I was surprised - seems like it's been a few years since I saw a bank working at getting new small accounts.

        We decided to move the center farther to the right by starting the whole debate from a far-right position to begin with. - Former House Majority Leader Tom DeLay

        by denise b on Wed Nov 09, 2011 at 06:54:57 PM PST

        [ Parent ]

    •  Do Credit Unions Need to Make Money? nt (1+ / 0-)
      Recommended by:

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Wed Nov 09, 2011 at 03:56:57 PM PST

      [ Parent ]

  •  Heh. Heh. I haz a happy! n/t (4+ / 0-)

    No one ever died from laughing too often

    by googie on Wed Nov 09, 2011 at 09:42:08 AM PST

  •  YOU have a credit card balance? (9+ / 0-)

    OK- you don't have to answer that ;)

    But good for you for dumping BofA. I closed my BofA account this past Monday, and they tried to charge me $10 to get the cashier's check! I was just about to raise Holy Hell when the manager came over and waived the fee. So don't let the f*kkers stick you with a $10 'parting gift!.

  •  CUs Are Fundamentally Different (9+ / 0-)

    Credit unions are not-for-profit cooperatives owned and democratically controlled by their customers.  They are not only an alternative to big banks that recycle their funds in their communities, they represent a brighter possible future economy in which people put capital to use to meet their needs (as opposed to capital putting people to use for greater dividends).

    Check out for more information on credit unions and to find one you can join!

  •  I spent a good part of (3+ / 0-)
    Recommended by:
    mungley, Susan from 29, Tamar

    my lunch hour today telling a new co-worker why he should go to talk to the nice people at the local credit union on Saturday.  His Mortgage is with Chase (whom I consider to be at least as bad as BofA), and they have played all of the usual games with him.

    I sense a lot of fear in this guy, and it would be really nice if he could get that millstone off of his neck.  But only he can make that decision.

    I am not religious, and did NOT say I enjoyed sects.

    by trumpeter on Wed Nov 09, 2011 at 02:57:15 PM PST

  •  you go, markos (1+ / 0-)
    Recommended by:

    Kick a "job creator" in the balls today!

    by memofromturner on Wed Nov 09, 2011 at 03:31:53 PM PST

  •  Waiting for my friend/ (5+ / 0-)

    business partner to get back up here to close the BoA accounts.  $15 per month charge on the savings -- just now a $70 overdraft charge for a $75 overdraft (almost 100% charge in 6 days).  I told the teller that we would be closing the account next week -- she told me to talk to her supervisor to see if I could get the fee charge back -- I said, no -- we would be closing the account.

    My personal account is in a credit union -- that's where we will be transferring once my buddy gets his ass back up here.

    Vi er alle norske " My faith in the Constitution is whole; it is complete; it is total." Barbara Jordan, 1974

    by gchaucer2 on Wed Nov 09, 2011 at 03:37:29 PM PST

  •  I'm about 80% of the (6+ / 0-)

    way toward switching to a credit union (I have an expired license and need to get that replaced first unfortunately, and stupidly the license place, the credit union and my apartment are all in different cities. Don't move to Alabama if you can help it.)

    Despite the fact that Regions bank eliminated their fees, people are still leaving them, so that's awesome. And I'll be getting my savings out of ING Direct too and putting it in the CU.

    "No doubt many are offended by the idea of same-sex marriage. But, of course, those who don’t like the idea of same-sex marriage don’t have to marry someone of the same sex." - Prof. Erwin Chemerinsky

    by indiemcemopants on Wed Nov 09, 2011 at 03:37:29 PM PST

  •  Make guitar picks from your BoA cards. (5+ / 0-)

    You can buy a punch from Uncommon Goods.

  •  We closed our US Bank savings acct (4+ / 0-)

    on Tuesday because they hit us with an " account maintenance fee".  We asked what the hell an account maintenance fee was, and not a damned soul in the branch could tell us.  We kept asking them to explain just what it was they were maintaining since the money just sat there and didn't need any assistance from them or anyone else to do it, but hey were clueless.

    We told them to stuff it and close the account and give us a check.  Felt great!

  •  Proud to have used community banks for 20 years. (7+ / 0-)

    Still do. And belonged to one CU when I lived in MA.  Well aren't I the trendsetter! And no, you kids can't borrow my Black Sabbath records. Oh the burden of being so hip...

    Gentlemen, you can't fight in here! This is the War Room!

    by bigtimecynic on Wed Nov 09, 2011 at 03:40:00 PM PST

  •  You're ahead of me, kos (2+ / 0-)

    I'm waiting for the refinance to go through before I shift over the rest of my accounts.

    So far, so good, though.  BofA wouldn't refinance the mortgage because my loan to value was over 80%.  The Credit Union laughed at that limit -- they'll refinance up to 95%, and with the new federal regulations they might even go higher than that.

    If the refinance goes as expected, I should close sometime in December.  Once the loan has been approved, though, I'll close out the BofA accounts (credit cards, saving, and checking).

    Give me your tired, your poor, Your huddled masses yearning to breathe free
    ¡Boycott Arizona!

    by litho on Wed Nov 09, 2011 at 03:40:22 PM PST

  •  We're waiting on our ATM cards to come (2+ / 0-)
    Recommended by:
    Angie in WA State, Mayfly

    my older daughter and I have opened our accounts in a local credit union and will remove our money from Citibank on the first Monday after we get our debit cards.  Soon I hope!

    If, in our efforts to win, we become as dishonest as our opponents on the right, we don't deserve to triumph.

    by Tamar on Wed Nov 09, 2011 at 03:40:43 PM PST

  •  Any word on small banks? (3+ / 0-)
    Recommended by:
    cooper888, janmtairy, dkosdan

    I think the focus on credit unions obscures small community banks that provide another option.

    Is there any particular reason we're solely focused on CUs?  I hate the big banks just as much, but CUs are not the only other option.

    27, white male, TX-26 (current), TN-07 (originally), liberal-leaning independent

    by TDDVandy on Wed Nov 09, 2011 at 03:43:34 PM PST

    •  Small banks are... (2+ / 0-)
      Recommended by:
      Susan from 29, dkosdan

      ...realizing gains as well.

      I agree that community banks are an option to credit unions depending on the services you need. They are local and involved in their communities.

      OWS = "You know what you did. You have our stuff. Give it back." - Gordon Lafer, The Nation

      by cooper888 on Wed Nov 09, 2011 at 03:51:29 PM PST

      [ Parent ]

  •  called for my payoff letter today (6+ / 0-)

    closing out my loan

  •  Many CU's are currently trying to get a waiver (2+ / 0-)
    Recommended by:
    Susan from 29, dkosdan

    allowing them to make more small business loans, as they are currently limited in this regard.  They seem eager to do what the bailed out banks are refusing to do.  The CU's know their patrons, yes, patrons, and are willing to invest their ongoing operations and small business start-ups.

  •  Credit unions are co-ops. That's the fundamental.. (8+ / 0-)

    ...difference and it would be good to use this as an opportunity to educate people about the cooperative business model.

    I guess that I'll need to do a friggin' diary, since the front pagers don't seem to get this.

    "So, am I right or what?"

    by itzik shpitzik on Wed Nov 09, 2011 at 03:46:04 PM PST

  •  Whoa! 40,000! That's a big number. (0+ / 0-)

    Not as big as 100 million, of course. Look, I think you can and should try to get people to put more money into credit unions. But please don't assert that even getting 1 million - small depositors from the looks of the $80 million - to switch to credit unions is some kind of body blow to the banks. It just isn't credible.

    •  Drip, drip, drip (0+ / 0-)

      The same way you wear away a mountain, one drop at a time.

      Keep in mind that the folks who find this easiest to do and are most motivated, the younger ones (although not all of us are young and were still motivated!) still have their best earning years well ahead of them, even in this crappy economic situation.

      That's money the banks will never see, fees they'll never charge, and investments they'll never receive.

      Plus that was in one single day.  I don't think the dripping is anywhere near done yet and might become a flood.

      Not to mention that squeezing the banks even a tiny bit means they'll have to raise fees to compensate and keep the investors happy.  Which will drive more people away.  It's not unlikely that it starts to look like the health insurance industry, with prices rising and people abandoning because of that.

      (-6.25, -6.77) Moderate left, moderate libertarian

      by Lonely Liberal in PA on Wed Nov 09, 2011 at 05:10:44 PM PST

      [ Parent ]

      •  I don't think so (0+ / 0-)

        See, if I ditched my bank, I would then be paying a couple of dollars every time I went to an ATM when I used a non-CU ATM. So I think there wil be no flood. Good luck though. I am not saying this in opposition. Just keeping it real, as they say.

        •  The CUs have a huge network of ATMs. I've had (1+ / 0-)
          Recommended by:
          Lonely Liberal in PA

          my money at Citibank and have ended up paying lots of ATM fees around the city. But from what I can tell from the CU ATM maps, I think it will be a rare event for me to have to pay an ATM fee again now that I've joined a credit union.

          If, in our efforts to win, we become as dishonest as our opponents on the right, we don't deserve to triumph.

          by Tamar on Wed Nov 09, 2011 at 06:32:57 PM PST

          [ Parent ]

    •  Not just 40,000 -- 40,000 in a single day and (0+ / 0-)

      and 20,000 per day for more than a month before that. If the "per day" doesn't include Sundays, that's 20,000 per day for 31 credit union work days (since Sept 29 thru Nov 4) = 620,000 new accounts; plus the 40,000 on Nov 5 = a total of 660,000 new accounts in a little more than a month.
      If the $80 million new money from 40,000 new accounts represents the rest of the accounts moved, that's $2000 per account.
      660,000 X $2000 = $1.3 billion
      definitely not peanuts, and it's not the end of the money transfer.

      If, in our efforts to win, we become as dishonest as our opponents on the right, we don't deserve to triumph.

      by Tamar on Wed Nov 09, 2011 at 06:49:49 PM PST

      [ Parent ]

  •  FYI - don't just cut up those B of A credit/debit (3+ / 0-)
    Recommended by:
    Mayfly, AllisonInSeattle, SCFrog


    Go to your local branch in person and request that they close the account while you are there. Get a paper receipt showing it's actually closed.

    Otherwise, you'll be leaving an open account with no activity - and they may well charge you a fee each month, to hold an 'inactive' account open.


    * * *
    I like paying taxes...with them, I buy Civilization
    * * *
    "A great democracy must be progressive or it will soon cease to be a great democracy."

    by Angie in WA State on Wed Nov 09, 2011 at 03:47:16 PM PST

    •  Closing the account impacts your credit (2+ / 0-)
      Recommended by:
      Mayfly, AllisonInSeattle

      score.  We have a "dormant" B of A credit card that doesn't seem to charge fees.  And I like that they waste their money sending us offers for balance transfers.  If they start to charge us fees, we will close them down immediately, of course!

      "The next time I tell you someone from Texas should not be president of the United States, please, pay attention." Molly Ivins

      by janmtairy on Wed Nov 09, 2011 at 03:55:09 PM PST

      [ Parent ]

      •  I hate that junk mail (0+ / 0-)

        But I still haven't closed out my Citi card because they are tempting me with balance transfer offers.  My CU charges me 9.9% for the balance I carry and I still think I can have Citi do it and not pay a dime.  If that's naive someone tell me.

        "And once again, the forces of niceness and goodness have triumphed over the forces of evil and rottenness." --Maxwell Smart

        by emobile on Wed Nov 09, 2011 at 04:26:15 PM PST

        [ Parent ]

  •  I got a call the other day (6+ / 0-)

    from my credit union.  Apparently, a $1500 and a $50 purchase was made on my credit card in a short amount of time.

    I made the purchases, and I appreciated that they were concerned about possible identity theft (the purchases were made online).

    It's about time I changed my signature.

    by Khun David on Wed Nov 09, 2011 at 03:48:43 PM PST

    •  +1 (2+ / 0-)
      Recommended by:
      Khun David, SCFrog

      Mine caught a fraudulent charge as it happened, called me four minutes later, and canceled the card two minutes after that.

      Plus replaced the card free.

      It's not the first time they called me about a charge, but it is the first time that the charge was definitely a fraud!

      (-6.25, -6.77) Moderate left, moderate libertarian

      by Lonely Liberal in PA on Wed Nov 09, 2011 at 05:12:26 PM PST

      [ Parent ]

  •  Unfortunately, I don't think (0+ / 0-)

    40K puts too much of a kink in their money train. It IS a start, but I wonder whether this will grow or fizzle.

  •  I finally talked my sister into closing her BofA (8+ / 0-)

    account.  We are going to the credit union tomorrow.  I've been talking to her for months about this.  My sister has lots more money than I do.

  •  Good for you, Markos. (3+ / 0-)

    My mom, who is semi-retired and teaching nursing school on the side, she and I share a "slush-fund" account at BoA. She lives halfway across the country from me and we have this little account so we can borrow a little from each other once in a while to make ends meet. BoA online banking is convenient, but we both agree it has to go. So, I'm in the process of getting it all over to my bank, Bangor Savings Bank in Maine, and am looking forward to once and for all being free of the bloodsuckers.

    Capitalism may be our enemy, but it is also our teacher. --V.I. Lenin

    by commonmass on Wed Nov 09, 2011 at 03:56:57 PM PST

  •  woe to us, who already were in a local bank (6+ / 0-)

    We can't really do anything ourselves to take money away from the corporate titans.  : /

    Since I was 12 years old, my only checking account/savings account has been based in my hometown (because when you have Visa, which my  bank is a member, who needs anything else?). My small town bank, which has roots that reach to my home town's founding in the Nebraska Territory  prior to statehood... well, you get the picture.

    Kudos to everyone who have found the joys of tellers who know you by name, who call you to make sure you really did buy that 40 inch Samsung TV online, and don't bother to look at your credit rating when deciding whether you deserve a loan or not for a new vehicle purchase, or when you finally buy your first home.

    It's good to be local.

    Above Grecian mantles were chiseled these words... Know Thyself... Nothing in Excess... the pop philosophy of its day.

    by ravagerofworlds2 on Wed Nov 09, 2011 at 03:57:09 PM PST

  •  What's a "bank?" (4+ / 0-)

    We have checking, 2 savings, a Cd, mortgage, home equity loan, checking overdraft line of credit, and Roth IRA all through our credit union. I could run for the board if I wanted to, but I don't because I can elect the board and I even know a few of them!

    "So, am I right or what?"

    by itzik shpitzik on Wed Nov 09, 2011 at 03:57:39 PM PST

  •  Refinancing Is a Waste of Time (2+ / 0-)
    Recommended by:
    commonmass, Tenant508

    If you have a good rate on your loan, keep it. If you have a REALLY good rate and would go to a higher rate, keep it. If you have a high rate, then maybe it makes sense to refi. But just to change banks? Waste of time and effort.

    Besides, the bank probably sold he loan to FNMA and is just servicing the loan for which they receive a fee from the actual owner of the loan.

    I have a home loan that is at 2.1% with Chase. They are not making very much money on me. Worst thing I can do to them is keep my loan with them. They HOPE I will get rid of that loan.

    Help! The GOP is NUTS (& the Dems need some!)

    by Tuba Les on Wed Nov 09, 2011 at 03:58:27 PM PST

    •  Refinancing Probably is a Waste, Sadly (3+ / 0-)
      Recommended by:
      Tuba Les, Mayfly, Tenant508

      When we refinanced our home, we did it with our local bank, who we love.

      The mortgage got sold, and now it's held by BofA.  

      I don't know if there's any way to keep such loans out of the hands of the banksters.

      I wish there were a Wizard of Oz to give the GOP a heart, Democrats courage, and the media a brain.

      by Malacandra on Wed Nov 09, 2011 at 04:07:18 PM PST

      [ Parent ]

      •  BofA Only Services the loan, I bet (0+ / 0-)

        Big loan servicing operations are a profit center at big banks. But actually "owning" the loan? Those are packaged together with other loans and sold as bonds. If you have mortgage backed securities in a bond mutual fund, you might even own a little of your own loan.

        Help! The GOP is NUTS (& the Dems need some!)

        by Tuba Les on Wed Nov 09, 2011 at 04:19:42 PM PST

        [ Parent ]

    •  I agree. (1+ / 0-)
      Recommended by:
      Tuba Les

      There's really no way to control who ends up owning your mortgage.  Given that it costs money, don't refi unless it makes financial sense.

  •  To paraphrase James T Kirk (3+ / 0-)
    Recommended by:
    commonmass, Susan from 29, raboof

    in ST V...

    What does Kos need with a tip jar?

    It's about time I changed my signature.

    by Khun David on Wed Nov 09, 2011 at 03:58:29 PM PST

  •  KOS, BofA, went in this week, their employees (1+ / 0-)
    Recommended by:
    Susan from 29

    were doing back flips as a result of progressive action.  I don't want to contribute to banking layoffs.  My meager dollars have been moved.  I'm not taking any victory laps.

    •  BofA had announced the layoff of 30,000 before (2+ / 0-)
      Recommended by:
      foucaultspendulum, SCFrog

      they announced the fee that started the move.  

      Most credit unions and local banks will be hiring employees to handle the influx.  Experienced employees will still be valued.  Perhaps more so in a credit union than in a too big to fail bank.

      There is nobody in this country who got rich on his own. Nobody. - Elizabeth Warren

      by Susan Grigsby on Wed Nov 09, 2011 at 04:20:12 PM PST

      [ Parent ]

  •  I began my switch today... (5+ / 0-)

    In the past 18 months we lost the two oldest banks on the north shore of Mass. Beverly National (est. 1802) had always been our bank. My folks had some retirement accounts at other banks too, but this bank was where their checking account was and now where a trust from Dad's family resides.
    In Feb. 2010 another local bank, DanversBank (est 1855) merged with Beverly National. I wasn't pleased but I thought, OK, it's still a local bank.
    Well, no more.
    The greed of the CEO (and some others who stood to profit) sold out to People's Bank, a chain from Connecticut. All those who made the decisions profited very handsomely. With the first merger they made several million each. And now with this merger they made several more million each. The CEO is persona non grata at his country club, the Myopia, very old, swank (polo and such dear boy). No one will even talk to him. That's OK, he's got his money to keep him warm.
    Today I went to another long standing local bank and talked with the manager. He was very nice and seemed to grasp the situation and has set me up for another meeting tomorrow where I will open four new accounts - personal checking and savings for me, a business account for me and another checking account for mom so her SS check and trust distributions can go there. And I am also moving the trust. People's is going to be decidedly unhappy. With the trust and the recent windfall we came into (sold a family heirloom at auction) we will be moving almost $500,000 to their bank. Of course, the trust is not a liquid asset we can tap into (it's only there for mom), so my finances are still pretty thin.
    Anyway, I mentioned to the manager "move your money day" and asked him if he knew about it. He did. A smile came across his face. "We did very well." I gave him some stats about how many people across the country changed accounts and how much credit unions got. He was astounded - I'm not sure how much he knows about the movement other than what he's seen on TV.
    I told him that it is now being called "Move Your Money Mondays' and suggested they do a marketing campaign to grab more customers unsatisfied with the screwing of Beverly National and DanversBank customers. They could do it without even mentioning the other banks. Just put together some info and take out an ad in the local papers and welcome folks to move their money there. He liked the idea.
    But even so, It's nice to think we can do something to stick it to those who stuck it to us, as well as a good portion of the north shore area.
    Take that People's!

    A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. Franklin D. Roosevelt

    by MA Liberal on Wed Nov 09, 2011 at 04:02:35 PM PST

  •  Seems smart credit unions could (2+ / 0-)
    Recommended by:
    Susan from 29, Mayfly

    easily piggy back on this with their own ad campaigns.

    0: Number of Wall Street bankers arrested over economy crash of 2008. 3445: Number of Americans arrested protesting their fraudulent practices as of 11/09/2011

    by Scott Wooledge on Wed Nov 09, 2011 at 04:03:59 PM PST

    •  In the past three months my credit union has (0+ / 0-)

      run a couple of modest TV ads in the local market. I don't think they have ever done that before.  Two years ago I had to track down a credit union when I decided to close my account with Bank of America.

      As offensive as our adversaries can be, it is always the people on our own side who drive us crazy.

      by Mayfly on Wed Nov 09, 2011 at 04:25:27 PM PST

      [ Parent ]

      •  Even local newspapers could be affordable (0+ / 0-)

        design an ad to catch the eye of the OWS interest (Time to Occupy a new account?) could be helpful.

        0: Number of Wall Street bankers arrested over economy crash of 2008. 3445: Number of Americans arrested protesting their fraudulent practices as of 11/09/2011

        by Scott Wooledge on Wed Nov 09, 2011 at 04:36:45 PM PST

        [ Parent ]

  •  Bank of America: Good bye to all that! (3+ / 0-)

    I'm shutting down my BofA checking account that dates back to 1977, when it was with a small local bank that was swallowed up several times over and ended up with Bank of America.  Over to UW (Univ Wisconsin System) Credit Union for much better deals all around.

    Next up, moving the mortgage from Wells Fargo to UWCU.  Lastly, the VISA and money market from big regional player Associated Bank.  All to UWCU.  I only wish I had done this sooner.  Going to save us significant coin.

    dissent not only welcome... but encouraged

    by newfie53523 on Wed Nov 09, 2011 at 04:06:39 PM PST

  •  Lets make it 400,000 on the next one. n/t (1+ / 0-)
    Recommended by:
  •  Soon - real soon! (0+ / 0-)

    It won't end ... folks like me couldn't get it done on Nov 5 but BofA will lose my business soon, real soon.   I have 6 checking/savings/visa accounts plus two mortgages.   Called a local Credit Union today and will begin moving my money in the next week ... including my two mortgages.   The CU is happy to have me and just calling them on the phone was a delightful experience.  How much power do we as individuals have to influence the financial sector?   More than we think... keep it up folks, keep it up.

  •  All avalanches started out as tiny snow flakes. (2+ / 0-)
    Recommended by:
    smokem2271, Lonely Liberal in PA

    So the Masters of the Financial Universe not only don't want our money--too trivial to be bothered with--they're delighted to be rid of us. Kinda adding insult to injury, aren't they?

    Can't speak for all credit unions, but these are the bennies I get from mine:

    Online chat. If I have a question or a problem, I go online, within one or two minutes confer with a  C.U. employee, and get immediate answers and advice about resolving the issue.

    If I'm going to be traveling outside the U.S., I give my C.U. a copy of my itinerary, and all my accounts-- including, but not limited to my C.U. credit and debit cards
    -- are  monitored and red flagged for any suspicious irregularities. (And yes, that truly is a great service.)

    And another blessing of my C.U. is that it doesn't gamble in the international casino.  It only grants loans locally. And should any of its members--and that includes me--disapprove of its financial decisions, we all have the option of declaring ourselves candidates for the position of C.U. trustees. It's open voting. None of this good old boy, wealthy patting the backs of the wealthey musical chairs crap.

    Did I mention that I loooove my Credit Union?

  •  DELETE MY *%!# ACCOUNT, BofA!!! n/t (0+ / 0-)
  •  How about peer to peer lending? (0+ / 0-)

    I've noticed some growth in online opportunities for PtP Lending.  

  •  This is a piece of the Occupy movement (0+ / 0-)

    that can and certainly should be ongoing...where direct individual action can make a difference and collectively a HUGE difference...  I've been with a terrific CU in Berkely for for loans for 12 years, two years ago gave them all my business, including personal line of credit, checking, and my paperless checking account reimburses whatever ATM fees I occasionally incur from using predatory banks' ATMs...  I think we should frame the term "banks" as "predatory banks"... see if it starts to stick.

    Too many negative repub framings of Dem ideas have become stuck, let's turn it around.

    For example, I have trouble saying "Republicans" without using the modifying adjective "fucking"...  although that may be a little harsh for Thanksgiving with the family...

    Make is a proper noun:  Predatory Banks, works for me...

    Kick apart the structures - Seth

    by ceebee7 on Wed Nov 09, 2011 at 05:34:49 PM PST

  •  I went in to my CU (0+ / 0-)

    Saturday and started the process to get a card from them - I'd moved my money some months back.

    The mail I picked up this evening included a piece from WF offering me a great deal if I open a new checking account with them before the middle of December. Ain't gonna happen. (My CU may not be top-drawer, but it's relatively local, and it isn't broke, AFAIK.)

    (Is it time for the pitchforks and torches yet?)

    by PJEvans on Wed Nov 09, 2011 at 06:28:22 PM PST

  •  refinancing your mortgage (0+ / 0-)

    as economic leverage?

    Who woulda thunk of that> Move your mortgage.

    If you're not careful, the newspapers will have you hating the people who are being oppressed, and loving the people who are doing the oppressing. ~Malcolm X

    by ActivistGuy on Wed Nov 09, 2011 at 06:52:57 PM PST

  •  Free cash machine use (0+ / 0-)

    My CU doesn't charge me when I use their cash machines - or machines form other CU's in the city. Free is good!

    Mr. Obama’s party has a chance for a do-over. All it has to do is take these protests as seriously as they deserve to be taken. -Krugman

    by mrobinson on Wed Nov 09, 2011 at 07:15:20 PM PST

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