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  1. #1
    Blind Guardian Haven's Avatar
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    Default Bank Transfer Day

    Bank transfer day occurred today, November 5th. This is where everyone takes their money from big corporate banks and moves it to local community owned credit unions. According to the Credit Union National Association, 650,000 people have joined credit unions in the four weeks leading up to bank transfer day (source).

    Thoughts? Feelings? Any plans to participate?
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    Senior Member ICUP's Avatar
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    Quote Originally Posted by Haven View Post
    Bank transfer day occurred today, November 5th. This is where everyone takes their money from big corporate banks and moves it to local community owned credit unions. According to the Credit Union National Association, 650,000 people have joined credit unions in the four weeks leading up to bank transfer day (source).

    Thoughts? Feelings? Any plans to participate?
    I read it. I think it's a good move for people who support anti-corporation. It proves they are taking action, instead of just moaning and bitching, and being hypocritical.
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  3. #3
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    I am not sure I trust small institutions with such a large sum.

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    Senior Member Jaguar's Avatar
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    Quote Originally Posted by Haven View Post
    Any plans to participate?
    No.

  5. #5
    Blah Orangey's Avatar
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    I already use a local credit union.
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  6. #6
    Blind Guardian Haven's Avatar
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    Quote Originally Posted by Not_Me View Post
    I am not sure I trust small institutions with such a large sum.
    How trustworthy are large banks? You don't think another crash is inevitable?
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  7. #7
    Senior Member Survive & Stay Free's Avatar
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    I already have a credit union account, credit unions in Ireland are almost as big as the banks in the ROI, sometimes bigger, in the north they are popular with the RC community more but there are some protestant credit unions and mutual associations, possibly the most famous being the presbytarian mutual association who where able to use political connections to get included in the banks bail out and their members pensions investments etc. protected (really they where behaving more like a bank than a credit union).

    I've always been a big, big fan of credit unions rather than banking, for political reasons, but after I left university I really had the proof, if any where needed, that banks are bastards and the credit union wasnt. When I left uni I had outstanding debts of about £2500 and an additional loan, I think of £300, and they called it all in, I mean literally no negotiation what so ever of repayment rates or anything at all, this was prerecession when they where giving people loans who where "ninjas" (no income, no job or assets) and I was leaving uni with a qualification which more than many guaranteed me work with the local health authority. Well the credit union was able to cover the debts and I repaid them within months of getting my first job with the local health authority.

    I wanted to close my accounts and shake the dust from my feet as a left the branch but in the end I decided to remain with them because, literally, all banks are bastards, my brothers where with seperate banks and having similar problems when they left uni.

    The second time I was pissed off with them was when I came in to pay a credit card bill and while waiting for the woman to do the necessary computer bit I looked at some leaflets on shares and investments, I was dressed casually as I always am, she actually said to me that the leaflets where intended for people with money and I waited until they got my account open because I'm very big on saving, they did and after paying off the bill they had to, with a straight face, ask me if I'd thought about opening a second account or savings account or investment options. I said no, no thanks, those are, as you say for people with money.

    Another time I met with one of their financial advisors and another time I met with a mortgage advisor, again back when they where giving money to anyone, on each occasion they where assholes, seriously, then basically told me they'd lend me money if I already either had the money or was salaried to an amount pretty much on a par with what I wanted to borrow. Which would have meant it was like a small loan until pay day. I was seriously unimpressed with them on both occasions and I honestly believe on both occasions it was a consequence of being casually dressed and refusing to put on any airs and graces when dealing with them.

    I'm also a big fan of LETS schemes, local exchange token schemes, in which people trade skills or assets with a currency of their own, while it will only work on a certain scale, ie one which will make forgery and conterfeiting difficult or impossible for participants, its one idea for trying to protect yourself from the sort of crap which goes on in the bank's economy or for communities where people could have skills but no money to circulate to one another.

  8. #8
    Senior Member Survive & Stay Free's Avatar
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    Quote Originally Posted by Haven View Post
    How trustworthy are large banks? You don't think another crash is inevitable?
    I didnt think it was inevitable when the communists and their various spin offs said so, for much of my life they where saying that, I dont believe its inevitable now that libertarians and capitalist have taken up beating that drum.

  9. #9
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    Quote Originally Posted by Haven View Post
    How trustworthy are large banks? You don't think another crash is inevitable?
    They have an established reputation and are insured by the federal government. The credit unions are more mysterious. So far, I am not confident that they will take responsibility for employee fraud, nor am I confident about the source of their insurance. (other credit unions?)

    Of course for smaller sums, it's good to help encourage competition.

  10. #10
    ^He pronks, too! Magic Poriferan's Avatar
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    Quote Originally Posted by Orangey View Post
    I already use a local credit union.
    Ditto.
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