Monday, October 10, 2011

Fire Your Large Bank By November 5th.

By Jim Rubenstein

Even with most credit unions closed for Columbus Day there was plenty of online buzz, and uncertainty, about what the credit union industry role might be on “Bank Transfer Day,” the latest event surfacing from the “Occupy Wall Street” protests.
Industry sources, speaking off the record, suggested any wholesale switch from large banks to CUs on Nov. 5, the day designated by one Californian and carried atwitter Monday, could conceivably put net worth ratios out of whack.

Here is another excerpt:
A Facebook page for the event states that “”together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren't able to pay for our rent, food, medication, utilities, student loans, etc."

Read the whole article at Credit Union Times

3 comments:

  1. Just to take a local angle on it, after the puff piece of the NCJ regarding the CEO salaries of credit unions, a local blog did a great expose' illustrating that Dean Christensen's salary (who knows about his stock options) of more than $1,000,000.00 per year is about twice the salary of CEOs of larger credit unions in the Bay Area.

    My question - can an #OWS action be used as a mechanism to illustrate the obscene amounts of money that the well-connected garner by rigging the system and basically turning the idea of a 'community' asset upside down? Think of it: 53,000 member (who are already required to deposit $50.00 into a zero-interest account for the 'privilege' of banking local $2,650,000.00 to be used for...?) each pay Mr. Christensen $20.00 per year. I'd rather they pay their clerks $15.00 per hour instead of the $10.00 per hour they now receive.

    But that's just my opinion. I might be wrong.

    ReplyDelete
  2. I won't argue with that. Still it would seem to be easier to talk to people in charge at a CU rather than a B of A.

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  3. To receive interest increase the $50 to $100 and you get interest on your membership account. I guess many have not figured this out yet.

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