Bank Transfer Day: Technologists Say Thousands Already Switching
October 22nd, 2011Via: CU Times:
While Bank Transfer Day, and the dump-your-bank sentiment that serves as its backdrop, has earned a lot of media coverage and promotional dollars among credit unions, are people really switching?
The folks whose job it is to facilitate that move behind the scenes, who manage the so-called “switch kits” of electronic banking, say it’s so.
Several big credit unions and the vendors who supply their technology told Credit Union Times this week they have seen a surge of new memberships that began when Bank of America declared its $5 a month debit fee in late September.
“We’ve more than doubled our usual rate of membership growth in the past 17 or 18 days,” said Howie Wu, vice president of virtual banking at the $9.5 billion, 700,000-member BECU in Tukwila, Wash.
“We usually average about 6,000 to 7,000 new members a month, but from the date of Bank of America’s announcement to today, we’ve totaled 10,400 new members,” Wu said Thursday.
A half a nation away, “We’re on track to open more accounts in one month than we ever have before,” said Mary O’Rourke, vice president of electronic services at the $4.4 billion, 357,000-member Randolph-Brooks FCU in Live Oak, Texas.
Several major and regional banks already had begun raising fees in anticipation of losing income to the new interchange cap, but it seems to be Bank of America’s move that set the stage for a Facebook post by a Los Angeles art dealer to go viral and launch the ad hoc, anti-bank holiday that debuts Nov. 5.
Well, after getting screwed over by Wells Fargo yet again (I was a Wachovia customer, and got acquired by them), I left. I know of several others who left their traditional banks, over various insanities that they have been pulling.
Banks have been taking advantage of everything they can, increasing fees, and in my case, illegally apply fees. For several months, banks operating in the United States cannot charge you overdraft fees, unless you specifically authorized it, in writing. I brought it to their attention, complained, disputed, and finally file a grievance with the Dep’t of Treasury. It took all that to get my case resolved properly.
Banks are fluffing their profit margins with *your* money, by applying fees and higher interest to everything they can (legally, or otherwise).
In talking to people over the years, they’ve always insisted that my money is “safer” in a bank, than in a small safe at my own home.
Over the years, I’ve paid tens of thousands of dollars out to banks for various things (bank fees, credit card fees, interest on car loans, mortgage interest and fees, etc).
In the same period, I have suffered from exactly 0 home invasions.
I do have a few credit cards, but maintain no debt on them. If I use it (to rent cars, for example), I pay it off before it’s due. They get the luxury of earning no interest from me.
My last vehicle purchase was done in cash. It was a used vehicle that needed work, but in the last year, I spent far less in parts to make it operate perfectly, than I would have paid in interest on a newer car.
My last financed car purchase cost me approximately $20,000 in interest and other assorted fees, on the life of the loan. This vehicle? Well, it’s cost me $3,800 so far, including oil changes. Exactly how is buying a new car any better for me? To show off that I have the newest model? To show that I have excess cash? Or to line the pockets of financial institutions?
It’s nice that they have their businesses and all, but I am not obliged to finance them. I have a stronger moral obligation to buy merchandise from local businesses, who will in turn ensure a strong local economy.
@JWSmythe,
I don’t mean to insult you but where have you been the last ten years? CA Fitts at Solari (on the Cryptogon sidebar of sites to visit} as well as Kevin have both written several times about who’s your banker, who’s your farmer, etc.
Last week, I closed down a credit union account I started in 1993. I did so because of its physical location. Didn’t think I’d ever get there to stand in line to get my money out.
I am SO thilled to own a Toyota Prius. I drive many, many miles each day. I took out a loan on it and paid it off the next month.
That installment plan is bullshit.So are the extended warranties blah, blah, blah, in the purchase I made at that time.
But shortly here abouts I think Toyota is going to get the new-bad-flavor-of-the-month feeling when their cars being imported into the US just might be deemend ‘radioactive.”
Of course, this will all be a part of the trade wars, with nothing to substantiate the claim of “glowing in the dark cars.”
By yeah verily, I believe if Japan doesn’t develop some kind of Ninja Strike Force that demands that the Fukashima Reactor be sealed up ASAP and pronto, Toyota will be TOAST.
I know that sounds weird but, the way the world is “set up” these days its profits over people.
But I hope the Japanese people will suck it up; grok what has been done to them; and give it their best to stop the kill-off visa-vie radioactive poisoning. Of the people, their industry: Toyota. Wow their are alot of things made in Japan that are awesome.
But I wish had someone tell me about year after my Mother died to just get over it and move one. Sometimes you just can’t know matter how bad you because you’re stuck.
At the same, life as you know it can go to hell by the inattention.
I hope the people of Japan start an occupation of TEPCO. SHUT THAT M-EFFing Company down. Profits over people is SO OVER already.
Get the hoses and start pressure washing these people and their places down. So one day soon we will wake up without all of this IRRITATING Bs!