40 replies to this topic

[Topaz]

In the US, groups are calling for people to withdrawal their money from the banks and go to credit unions or others. The profits the banks are making from their customers is one of the main reason for this move. I just wonder though, especially in the US, if this wouldn't make the financial problems worse? I believe that the Federal Reserve Bank is one of the most corrupt banks in the world. So, do you think this is a good idea and would you do it? http://ca.news.yahoo...-210211602.html

[Rick]

I personally already know of 12 individuals who have done it besides myself.

Remember the days where you used to be able to get a print out of your recent transactions without having to pay a fee...

[Smallc]

Remember the days where you used to be able to get a print out of your recent transactions without having to pay a fee...

Why would I need to do that? I can go on the web and see them right now.

[blueblood]

Why would I need to do that? I can go on the web and see them right now.

Or wait a month for the mail...

Personally I do business at both and use whatever services are to my advantage.

[Rick]

Ah yes, the right wing, big money loving circle jerk is forming.

Right on cue.

[GostHacked]

I am debating switching to a credit union myself. Seems to be a safer entity to hold your money. The do not work liek a traditional bank.

[jacee]

Meanwhile, supporters of the Occupy Victoria movement rallied in Centennial Square on Saturday then marched in an effort to “occupy the banks” Saturday afternoon.

About 150 people listened to speakers in Centennial Square who spoke about social justice and financial reform then proceeded to the intersection of Douglas and Fort streets where three banks are located. Security guards at Royal Bank and TD bank locked their doors as protesters tried to enter, waving their client cards and indicating they wanted to shut down their account. People were chanting “unlock the doors” as a security guard stood in the Royal Bank foyer.

The People’s Assembly of Victoria said in a press release that Nov. 5 is International Bank Transfer Day “which seeks to shift our funds from the for-profit banking institutions in favour of not-for-profit credit unions, sending a clear message that conscious consumers won't support companies with unethical business practices.”

[bush_cheney2004]

In the US.... especially in the US....the Federal Reserve Bank....So, do you think this is a good idea and would you do it?

No....this is Canada!

Edited by bush_cheney2004, 06 November 2011 - 10:45 AM.

[Bonam]

I switched when BoA announced the debit fee. Even though the debit fee has been cancelled, the credit union (BECU) still offers better terms and better services. Higher interest on savings, ability to remotely deposit checks from a scanner attached to my computer and faster deposit clearing, no minimum balance to avoid monthly account fee, among other things.

As for how it impacts the banks and the economy, well, I couldn't give a rats ass If banks start feeling pressure from people switching, they will offer more competitive products or they will fail. Unless the government decides to make a mockery of the free market system yet again and bail them out.

Edited by Bonam, 06 November 2011 - 10:47 AM.

[bush_cheney2004]

...As for how it impacts the banks and the economy, well, I couldn't give a rats ass If banks start feeling pressure from people switching, they will offer more competitive products or they will fail. Unless the government decides to make a mockery of the free market system yet again and bail them out.

Right...it's all good...competition is always good that way. Bring it on. Credit unions and thrifts use to have restrictions for opening accounts based on employment, lack a full suite of products/services, and less ATM access.

[maple_leafs182]

Unless the government decides to make a mockery of the free market system yet again and bail them out.

There is no yet again, they would just be continue to make a mockery of the free market. There is no such thing as a free market, it doesn't exist, not in Canada, not in America, not anywhere.

[jacee]

I switched when BoA announced the debit fee. Even though the debit fee has been cancelled, the credit union (BECU) still offers better terms and better services. Higher interest on savings, ability to remotely deposit checks from a scanner attached to my computer and faster deposit clearing, no minimum balance to avoid monthly account fee, among other things.

As for how it impacts the banks and the economy, well, I couldn't give a rats ass If banks start feeling pressure from people switching, they will offer more competitive products or they will fail. Unless the government decides to make a mockery of the free market system yet again and bail them out.

Ditto the "couldn't give a rat's ass".

It would be HILARIOUS if the big five banks started squealing for bailouts from us taxpayers, because their customers - ie, us taxpayers - have 'bailed out'.

I suspect us small customers won't affect them much, but it'll sure give them a very public black eye!

Edited by jacee, 06 November 2011 - 02:35 PM.

[Shady]

Remember the days where you used to be able to get a print out of your recent transactions without having to pay a fee...

Omg, do you still own a VHS recorder and one of those rotary dial phones too?

[Boges]

If you don't like bank fees you have PC Financial and ING.

But good luck finding an ATM if you need cash.

[Bonam]

Right...it's all good...competition is always good that way. Bring it on. Credit unions and thrifts use to have restrictions for opening accounts based on employment, lack a full suite of products/services, and less ATM access.

Used to. Not so much anymore. The products/services available from many credit unions today are just as extensive as the major banks, and ATMs are pooled among most of the US's credit unions, providing convenience of access that is up to par with the major banks. Anyway, banking is shifting rapidly away from in person and ATM interactions towards online banking. And trust me, Bank of America's online banking system is no gem. It can be, and is, easily outdone by many credit unions out there, including the one I switched most of my business to.

Anyway, I have no fundamental beef with banks (as many here seem to), I'm just always on the lookout for better deals, better products/services, better rates, etc. Major banks seem to have lost their advantage. Credit unions and online banks have caught up in terms of functionality and convenience, while continuing to offer lower fees and better rates.

Personally, I think it's a good thing if the major banks decline a bit. We shouldn't have institutions that are "too big to fail". Better chop them all down to size, so if some fail, it's no big deal, and doesn't inspire idiotic political leaders to bail them out.