'Withdraw your money out of your bank day' December 7th - VeggieBoards
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#1 Old 11-21-2010, 05:48 AM
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Fed up with the banking system sharing billions in profits and bonuses while the economy flounders? Angry about banks lending irresponsibly causing this recession? Tired of governments bailing out banks while jobs in other industries fall by the way side?

Why bother waving a sign at a protest? Will the candidate you vote for really be able to do anything about this?

Why not take direct action to those who helped cause our current economic problems? Well, the French are. The idea is spreading around europe as well. Why not take your money out of your bank all on the same day as a direct protest of the banks?


Cantona, wearing a bright red jumper, dismissed protesters who take to the streets with placards and banners as passé. Instead, he said, they should create a social and economic revolution by taking their money out of their bank.

He said: "I don't think we can be entirely happy seeing such misery around us. Unless you live in a pod. But then there is a chance... there is something to do. Nowadays what does it mean to be on the streets? To demonstrate? You swindle yourself. Anyway, that's not the way any more.

"We don't pick up weapons to kill people to start the revolution. The revolution is really easy to do these days. What's the system? The system is built on the power of the banks. So it must be destroyed through the banks.

"This means that the three million people with their placards on the streets, they go to the bank and they withdraw their money and the banks collapse. Three million, 10 million people, and the banks collapse and there is no real threat. A real revolution.

"We must go to the bank. In this case there would be a real revolution. It's not complicated; instead of going on the streets and driving kilometres by car you simply go to the bank in your country and withdraw your money, and if there are a lot of people withdrawing their money the system collapses. No weapons, no blood, or anything like that."


http://www.guardian.co.uk/world/2010...otest-campaign
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#2 Old 11-21-2010, 05:52 AM
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I wonder if robberies will go up that day.
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#3 Old 11-21-2010, 05:58 AM
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The banking system has been robbing you blind for decades now.
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#4 Old 11-21-2010, 06:00 AM
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Originally Posted by MrFalafel View Post

The banking system has been robbing you blind for decades now.

The interest sucks lately but I wouldn't call it robbery.
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#5 Old 11-21-2010, 06:02 AM
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Are you going to be doing it Mr Falafel?
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#6 Old 11-21-2010, 06:03 AM
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The interest sucks lately but I wouldn't call it robbery.

I wonder what the 10s of thousands of people thrown out of work by this banking system caused recession feel about interest rates, big or small?
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#7 Old 11-21-2010, 06:04 AM
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What money?
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#8 Old 11-21-2010, 06:07 AM
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Are you going to be doing it Mr Falafel?

Yes. I have my money in a couple of different banks (from previous business ventures) and on December 7th I'll close the accounts held in the mainstream banks and transfer the funds to my co-op account (who have a strict ethical/sustainable lending policy).

If enough people do this, it will resonate within the financial system and you'll see the financial markets react.
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#9 Old 11-21-2010, 06:07 AM
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Originally Posted by MrFalafel View Post

Why bother waving a sign at a protest? Will the candidate you vote for really be able to do anything about this?

Why not take direct action to those who helped cause our current economic problems?

I learned on an episode of Martha Stewart you can thicken a regular homemade gasoline molotov into a more festive and lethal napalm molotov by adding either ordinary styrofoam or oatmeal until the gasoline reaches the desired consistency.

anyway this idea is very old but according to Marx a worldwide workers revolution is a historical inevitability. so... anytime now workers. lazy *******s.

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#10 Old 11-21-2010, 06:10 AM
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Originally Posted by MrFalafel View Post

Yes. I have my money in a couple of different banks (from previous business ventures) and on December 7th I'll close the accounts held in the mainstream banks and transfer the funds to my co-op account (who have a strict ethical/sustainable lending policy).

I have a Co-op account (with hardly any money in it!) but my joint account with my husband is Natwest. Hmmm.... I keep nagging him to switch over to the Co-op.
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#11 Old 11-21-2010, 06:10 AM
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I learned on an episode of Martha Stewart you can thicken a regular homemade gasoline molotov into a more festive and lethal napalm molotov by adding either ordinary styrofoam or oatmeal until the gasoline reaches the desired consistency.

anyway this idea is very old but according to Marx a worldwide workers revolution is a historical inevitability. so... anytime now workers. lazy *******s.

It's funny how people will drive 100s of miles to wave a placard at a rally hosted by a talk show host but those same people will not take real action like withdraw their money from the banks that screw them over.

Violent protests are quelled on a daily basis, globally. This kind of protest be actioned by everyone concerned and cannot be stopped.
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#12 Old 11-21-2010, 06:11 AM
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Most people aren't going to do it even if they say they'll do it.
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#13 Old 11-21-2010, 06:12 AM
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I have a Co-op account (with hardly any money in it!) but my joint account with my husband is Natwest. Hmmm.... I keep nagging him to switch over to the Co-op.

Yeah, that's kind of the situation I'm in. I'm just using this as a kick up the wazoo to get my money into the Co-op account.

No need to close your Natwest account, just transfer 99% of the funds into your co op account on that day. You can even set up a standing order to do it for you. Then close your NatWest account when you feel like it.
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#14 Old 11-21-2010, 06:14 AM
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Most people aren't going to do it even if they say they'll do it.

Not in France. France has a big protest culture. Millions of people are protesting there about the state of the economy and the role of the banks in it. This is a focused protest everyone can do.

It's a shame Americans are now so docile that this sort of protest frightens them.
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#15 Old 11-21-2010, 06:18 AM
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Originally Posted by MrFalafel View Post

It's funny how people will drive 100s of miles to wave a placard at a rally hosted by a talk show host but those same people will not take real action like withdraw their money from the banks that screw them over.

Violent protests are quelled on a daily basis, globally. This kind of protest be actioned by everyone concerned and cannot be stopped.

yeah but you can't be a part of a scene. it's solitary
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Most people aren't going to do it even if they say they'll do it.

bingo.

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#16 Old 11-21-2010, 06:36 PM
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forgive me generalising for a sec, but the willingness to get involved in direct action is about the only thing i admire about the french. theyll riot at the drop of a hat. gotta love that not like us spoilt, slacker aussies. if it doesnt involve sport, a national holiday or a party of some kind, we seem to lack motivation
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#17 Old 11-22-2010, 05:33 AM
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Taking your money out for a single day won't hurt the banks much. Take it out for a month, maybe. But even if we do hurt the banks, they would just get bailed out again.

What needs to happen is for a single bank to go green and have ethical policies and reasonable fees. They should make it a point to not have huge billion dollar skyscrapers. Instead, have nice, but humble buildings that are reasonably priced. Cut out all the fluff so people don't have to pay $35 overdraft fees for coming up $2 short. When a bank boldly declares this business model, everyone will flock to them. Other banks will quickly copy them to get their business back.
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#18 Old 11-22-2010, 09:57 AM
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Taking your money out for a single day won't hurt the banks much. Take it out for a month, maybe. But even if we do hurt the banks, they would just get bailed out again.

What needs to happen is for a single bank to go green and have ethical policies and reasonable fees. They should make it a point to not have huge billion dollar skyscrapers. Instead, have nice, but humble buildings that are reasonably priced. Cut out all the fluff so people don't have to pay $35 overdraft fees for coming up $2 short. When a bank boldly declares this business model, everyone will flock to them. Other banks will quickly copy them to get their business back.

Or simply join a credit union.
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#19 Old 11-22-2010, 09:59 AM
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The credit unions in my country are just as greedy as banks.

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#20 Old 11-22-2010, 10:09 AM
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How can that be? We've been told time and again you do everything better than the US.
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#21 Old 11-22-2010, 11:00 AM
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How can that be? We've been told time and again you do everything better than the US.

You haven't been told that by me.

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#22 Old 11-22-2010, 11:32 AM
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Originally Posted by sleepydvdr View Post

What needs to happen is for a single bank to go green and have ethical policies and reasonable fees. They should make it a point to not have huge billion dollar skyscrapers. Instead, have nice, but humble buildings that are reasonably priced. Cut out all the fluff so people don't have to pay $35 overdraft fees for coming up $2 short. When a bank boldly declares this business model, everyone will flock to them. Other banks will quickly copy them to get their business back.

it might work but a lot of people are unprofitable. if we were stereotypical stingy bavarians perhaps.
http://en.wikipedia.org/wiki/Postal_savings_system

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#23 Old 11-22-2010, 07:49 PM
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Or simply join a credit union.

Lots of people have told me in the past to join a credit union. I checked out a couple of them and none are as good as Wachovia. Credit unions charge a monthly fee (unless you keep a minimum balance or are a student, elderly, etc). Wachovia is 100% free and doesn't have the crazy limitations some banks do (like being limited to only using teller machines or being allowed just a few transactions per month). When Wachovia was on the brink of bankruptcy a few years ago, I looked long and hard for a replacement bank. Wells Fargo bought them out and I'm glad they did. I never did find a bank that came close. I'm still with Wachovia and I won't switch unless they turn to the dark side.

Also, everyone always said you get the best mortgage interest rates with credit unions. Also, not the case for me. I ended up getting 4.5% with a mainstream bank (Suntrust). Credit unions were higher and had stricter guidelines.

I don't doubt credit unions are good for certain people in certain situations. But they definitely aren't for everyone.
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#24 Old 11-22-2010, 08:02 PM
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it might work but a lot of people are unprofitable. if we were stereotypical stingy bavarians perhaps.
http://en.wikipedia.org/wiki/Postal_savings_system

I don't quite understand what you said there. I know some people are not profitable to banks. They would be the ones who never overdraft or write bad checks. The people who get ripped off the most are poor people - the people who overdraft and write bad checks the most. I think the banks could make more money if they quit giving .5% interest on savings accounts. Think about it. If you were rich, would you put your money in that? No way. You would be losing money if you did (inflation is 3% and you should look for at least that much interest just to keep up with inflation). Banks should give 3% and then people with money might start saving with banks. Instead, they buy stocks and bonds that do keep up with inflation. I would prefer to get a guaranteed 3% than a risky 4-5%. If banks gained billions from people saving with them, they would give out and extra 2.5% in interest, but they would in turn earn 2.5% in re-loaning that money to other people (maybe more depending on the type of loan).

I'm just saying that if banks made their money off rich people, maybe they wouldn't have to rob poor people. Plus, like I said before, cut out all the billion dollar skyscrapers and 100 million dollar bonuses to executives. Tighten up the operation. If banks are sinking, you need to plug up the holes and scoop the water out of the boat.
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#25 Old 11-22-2010, 08:13 PM
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Lots of people have told me in the past to join a credit union. I checked out a couple of them and none are as good as Wachovia. Credit unions charge a monthly fee (unless you keep a minimum balance or are a student, elderly, etc). Wachovia is 100% free and doesn't have the crazy limitations some banks do (like being limited to only using teller machines or being allowed just a few transactions per month). When Wachovia was on the brink of bankruptcy a few years ago, I looked long and hard for a replacement bank. Wells Fargo bought them out and I'm glad they did. I never did find a bank that came close. I'm still with Wachovia and I won't switch unless they turn to the dark side.

Apparently you know that these days Wachovia is simply Wells Fargo, so given what you said earlier about things like huge skyscrapers:

http://en.wikipedia.org/wiki/Wells_f...rate_buildings

and gouging customers:

http://articles.latimes.com/2010/aug...wells-20100810

that seems surprising.
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#26 Old 11-22-2010, 10:21 PM
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I don't quite understand what you said there. I know some people are not profitable to banks. They would be the ones who never overdraft or write bad checks. The people who get ripped off the most are poor people - the people who overdraft and write bad checks the most. I think the banks could make more money if they quit giving .5% interest on savings accounts. Think about it. If you were rich, would you put your money in that? No way. You would be losing money if you did (inflation is 3% and you should look for at least that much interest just to keep up with inflation). Banks should give 3% and then people with money might start saving with banks. Instead, they buy stocks and bonds that do keep up with inflation. I would prefer to get a guaranteed 3% than a risky 4-5%. If banks gained billions from people saving with them, they would give out and extra 2.5% in interest, but they would in turn earn 2.5% in re-loaning that money to other people (maybe more depending on the type of loan).

you can get a higher interest rate if you were to go to an online savings account like HSBC Direct or ING Direct but you give up some of the brick and mortar bank services when you do that. if average people had higher rates of savings like the bavarians (i say Bavarians because it's an old relatively harmless stereotype that doesn't cloud the issue with racism and historical conditions. the germans and chinese right now are relative savers.) things might be structured a bit differently. sadly if a bank can't find a profit in you having money they attempt to find a profit in your lack of money. historically in the United States inflation averages 3% in the long run but during recession there is considerable deflationary pressure.

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I'm just saying that if banks made their money off rich people, maybe they wouldn't have to rob poor people.

but they can't see a way to serve the poor people at all if they don't think they can find a way to make it profitable. if you want to run it as a civil service there have been attempts at that which I alluded to in my previous link. a more extreme example would be soviet savings banks, a system with no interest and no credit.

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#27 Old 11-22-2010, 10:34 PM
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Apparently you know that these days Wachovia is simply Wells Fargo, so given what you said earlier about things like huge skyscrapers:

http://en.wikipedia.org/wiki/Wells_f...rate_buildings

and gouging customers:

http://articles.latimes.com/2010/aug...wells-20100810

that seems surprising.

Wachovia is still separate from Wells Fargo for the time being. My account has not changed. But I'm not saying they are perfect. I am all for Wachovia/Wells Fargo doing away with and/or not building any more expensive buildings. Their fees are high just like the other banks, but they beat out the other banks because they don't charge a monthly fee or have stipulations on the account. That's why I like them.

I know a full merger may happen someday and that will probably mean changing my plan and rates. If that happens, I'll start shopping around again.
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#28 Old 11-22-2010, 11:01 PM
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you can get a higher interest rate if you were to go to an online savings account like HSBC Direct or ING Direct but you give up some of the brick and mortar bank services when you do that. if average people had higher rates of savings like the bavarians (i say Bavarians because it's an old relatively harmless stereotype that doesn't cloud the issue with racism and historical conditions. the germans and chinese right now are relative savers.) things might be structured a bit differently. sadly if a bank can't find a profit in you having money they attempt to find a profit in your lack of money. historically in the United States inflation averages 3% in the long run but during recession there is considerable deflationary pressure.

but they can't see a way to serve the poor people at all if they don't think they can find a way to make it profitable. if you want to run it as a civil service there have been attempts at that which I alluded to in my previous link. a more extreme example would be soviet savings banks, a system with no interest and no credit.

Thanks for clarifying the Bavarian thing. Makes more sense now.

I don't think my other post clearly stated what I was trying to get at. This may help.

1. Banks should cut elaborate spending (skyscrapers, huge salaries/bonuses) so they don't have to gouge customers.
2. Banks can still make a profit off overdraft fees and bounced checks, but make them within reason ($5-10 is more reasonable than $35). This won't be as profitable, but it will still be profitable.
3. Try to attract wealthy people with higher interest rates for large & long term savings accounts that compete with other options.

In other words, I just think the banks could be doing a much better job with a few changes. My biggest point was that if they cut out the big spending, they wouldn't have to gouge their customers.

And poor people can still be profitable. I think you should actually give them something real for their money instead of a huge fee for practically nothing. All you have to do is look at what's going on and what their needs are. There are 3 really big things that come to mind off the top of my head:

1. Check cashing places. I went with someone once and they were charged 15% of the check just to cash it.
2. Payday advance places. I have no idea what they charge, but I know they ain't cheap.
3. Rent to own stores. Biggest ripoff of all. No joke, a $700 living room set can easily cost you $3000.

How about banks come up with plans to offer more affordable alternatives to those 3 places. As for #3, of course they can't offer furniture, but they could offer easier to obtain loans that cost less than rent to own places.
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#29 Old 11-23-2010, 03:43 AM
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2. Banks can still make a profit off overdraft fees and bounced checks, but make them within reason ($5-10 is more reasonable than $35). This won't be as profitable, but it will still be profitable.

just curious how would explain that to shareholders? that you're tired of making money? i'm sure they would be happy to retire you.

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#30 Old 11-23-2010, 06:29 AM
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Will there be a "withdraw money out of someone else's bank account without their permission" day? I'll be on board.

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upon a mountain

made of weak and useless men"

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