Credit unions add 650K members/$4.5 billion ahead of 'Bank Transfer Day' - GoFuckYourself.com

D Ghost · 11-04-2011, 01:39 PM

Those are pretty impressive numbers. I wonder how much larger it will grow tomorrow on official "Bank Transfer Day"?

Quote:

If money talks, how loudly does $4.5 billion speak? That's the amount added in deposits at the nation's credit unions since Sept. 29, estimates the Credit Union National Association. The organization says at least 650,000 people have opened new accounts, bringing those billions of dollars with them.

That figure doesn't even include the thousands of dollars more brought by Frank Sheldon, 63, who runs a photography studio in Seattle. He closed two accounts at Chase and moved to Boeing Employees Credit Union, now BECU -- open to everyone, not just Boeing staff -- in early September.

Sheldon's bank transfer journey actually started in 2008, when his original financial institution, Washington Mutual, was sold to J.P. Morgan Chase (JPM). After the sale, he saw his credit lines cut, which caused his credit score to dip because it gave him a higher debt-to-credit ratio. Then came the fees. His previously fee-free joint checking account and business account picked up $10 a month and $15 a month fees, respectively.

See full article from DailyFinance: http://srph.it/rYBU2F

spunky99 · 11-04-2011, 01:53 PM

tried to use a credit union but they wouldnt allow it because i have an adult related business. they can pick and choose their clients

marlboroack · 11-04-2011, 02:00 PM

Quote:

Originally Posted by spunky99

tried to use a credit union but they wouldnt allow it because i have an adult related business. they can pick and choose their clients

I use them for Adult. Why did they accept me and not yourself? Must be something state relaited?

L-Pink · 11-04-2011, 02:10 PM

Quote:

Originally Posted by marlboroack

I use them for Adult. Why did they accept me and not yourself? Must be something state relaited?

He was probably wearing a ski mask when he tried to open the account.

.

Chris · 11-04-2011, 02:22 PM

my bank called today to conduct a survey lol

i dont think switching is worth the headache
i have soooo many auto payments comign out of my bank it would frustrate me too much to change it all to save 100 a year ;/

Elli · 11-04-2011, 02:38 PM

Been using a credit union here since I was 7. Had a BoA account in Az, but hated the fees and rude tellers, so closed it shortly after opening it. Credit union for the win!

spunky99 · 11-04-2011, 02:45 PM

canadian credit unions can pick and choose their customers. elli.. you use a canadian one? is it for business or personal? i tried to use one for business

Barry-xlovecam · 11-04-2011, 02:52 PM

Tip: The First Gospel Church Credit Union is not the place to use :P

Being a bit facetious here. I use a regional federally chartered bank and have had good luck with them.

FlexxAeon · 11-04-2011, 02:56 PM

heard the story on NPR and they added that 650k = 1% of total bank accounts. so not sure if the big dogs are sweating yet

Jakez · 11-04-2011, 03:24 PM

I've been with the same credit union since I was like 14 and would never think of switching.

D Ghost · 11-04-2011, 03:26 PM

My friend has used Credit Union for years. He gets reimbursed on all ATM fees, other banks fees, wire fees, etc...

D Ghost · 11-04-2011, 03:36 PM

"In 2009, major banks controlled 45 percent of checking account business, according to Mike Moebs, an analyst whose firm, Moebs Services, has been gathering publicly available data on banks for 28 years. He estimates that by the middle of 2012 at the latest, the big banks' share of that market will have fallen to a third, representing a loss of millions of customers and billions of dollars."

http://www.huffingtonpost.com/2011/1...usaolp00000008

thickcash_amo · 11-04-2011, 03:37 PM

I keep saying I am going to switch to a CU, and I need to do it......one day....

Elli · 11-04-2011, 03:40 PM

Quote:

Originally Posted by spunky99

canadian credit unions can pick and choose their customers. elli.. you use a canadian one? is it for business or personal? i tried to use one for business

Canadian yes, and a personal account at this point, but opening a biz account with them next week (they approached me and offered a no-fees-unlimited deposits biz account.) Try asking at Coast Capital?

D Ghost · 11-04-2011, 03:41 PM

5 Tips for a Smooth Transition from big bank to credit union

http://news.consumerreports.org/mone...-saturday.html

Loki · 11-04-2011, 03:49 PM

Only BIG problem with all this is that the 5th falls on a Saturday, dunno about every state but in Michigan MOST banks are closed on Saturday sans Drive up service till 1pm

Not too sure if you can close an account via drive up window.

"Remember Remember The 5th of November......"

-Loki-

D Ghost · 11-04-2011, 03:53 PM

Quote:

Originally Posted by Loki

Only BIG problem with all this is that the 5th falls on a Saturday, dunno about every state but in Michigan MOST banks are closed on Saturday sans Drive up service till 1pm

I just search and all Bank of America locations in San Francisco are open Saturdays from 9am-2pm also the credit unions are open.

I think most major bank are open on Saturdays, they just have limited hours...

Jakez · 11-04-2011, 04:07 PM

So the "Bank Transfer Day" is on a Saturday? Why??

Ayla_SquareTurtle · 11-04-2011, 04:09 PM

I closed my Wells Fargo account a few months ago, and the 21 year old guy they had working the account desk was seriously convinced that WF had lost so much money due to new regulations that they were about to go under. A few days later, their earnings came out.

pocketkangaroo · 11-04-2011, 04:12 PM

Unless you deal in cash, not sure why anyone needs a local brick & mortar. USAA and Charles Schwab offer checking accounts with more features than just about every single bank and with no fees at all. Seriously, you can pull out money at a strip club and they'll refund the $15 fee. And of course, depositing from your phone kicks ass.

D Ghost · 11-04-2011, 04:30 PM

Quote:

Originally Posted by pocketkangaroo

Unless you deal in cash, not sure why anyone needs a local brick & mortar. USAA and Charles Schwab offer checking accounts with more features than just about every single bank and with no fees at all. Seriously, you can pull out money at a strip club and they'll refund the $15 fee. And of course, depositing from your phone kicks ass.

I checked out Ally Bank too, I'm looking into USAA too (since I can get it). Really those ATM fees add up, along with other fees.

spunky99 · 11-04-2011, 05:03 PM

Quote:

Originally Posted by Elli

Canadian yes, and a personal account at this point, but opening a biz account with them next week (they approached me and offered a no-fees-unlimited deposits biz account.) Try asking at Coast Capital?

coast capital was who i tried. and my friend who works at another said that all credit unions wont accept adult, alcohol or i think tobacco related business because they have to "answer" to their membership

Elli · 11-04-2011, 05:59 PM

Quote:

Originally Posted by spunky99

coast capital was who i tried. and my friend who works at another said that all credit unions wont accept adult, alcohol or i think tobacco related business because they have to "answer" to their membership

Hmmm VanCity?

spunky99 · 11-04-2011, 06:06 PM

Quote:

Originally Posted by Elli

Hmmm VanCity?

yes, that was it

D Ghost · 11-04-2011, 07:47 PM

http://www.forbes.com/sites/moneywis...ange-anything/

Sly · 11-04-2011, 08:06 PM

$4.5B is peanuts, but I'm glad to see it either way. Always good to support your community.

Quote:

Originally Posted by pocketkangaroo

Unless you deal in cash, not sure why anyone needs a local brick & mortar. USAA and Charles Schwab offer checking accounts with more features than just about every single bank and with no fees at all. Seriously, you can pull out money at a strip club and they'll refund the $15 fee. And of course, depositing from your phone kicks ass.

Similar with ING.

Loki · 11-04-2011, 08:58 PM

Quote:

Originally Posted by DJ The Kid

I just search and all Bank of America locations in San Francisco are open Saturdays from 9am-2pm also the credit unions are open.

I think most major bank are open on Saturdays, they just have limited hours...

Sure, but is that drive up service only OR inside teller service as well?

Around here it's drive up only 9am - 1pm on Saturdays, that's what I was saying.

-Loki-

crockett · 11-05-2011, 03:16 AM

Quote:

Originally Posted by Jakez

So the "Bank Transfer Day" is on a Saturday? Why??

Morons watch too many movies and didn't think to look at a calender would be my guess..

I'm pretty sure it's because of this movie which seems to be a cult classic for anyone whom protests anything these days. It's why you see all those stupid masks at all the protests.

kane · 11-05-2011, 03:24 AM

Quote:

Originally Posted by spunky99

tried to use a credit union but they wouldnt allow it because i have an adult related business. they can pick and choose their clients

There are many different credit unions. Just because the one declined you doesn't mean another will.

I tried a few different banks over the years and got sick of them. I was with Washington Mutual early in my adult career and they started holding my checks because they thought since they were from an adult company that they were going to bounce. I ended up leaving them and going to a credit union and have been their since.

D Ghost · 11-05-2011, 12:11 PM

Found out I'd save $200-300/month on transfer fees and ATM fees, I think I'll give it a shot...

cherrylula · 11-05-2011, 12:18 PM

I can't stand banks. I wish there was some way in this modern world to not use one, but not the case. lol

Sunny Day · 11-05-2011, 11:33 PM

Quote:

Originally Posted by Loki

Sure, but is that drive up service only OR inside teller service as well?

Around here it's drive up only 9am - 1pm on Saturdays, that's what I was saying.

-Loki-

I thought only Corpus Christi was that backwards.
Glad to be back in KC, bank here is open 7 days a week. Short hours on holidays, such as Christmas.

11-04-2011, 01:53 PM	#2
spunky99 Confirmed User Industry Role: Join Date: Jan 2004 Location: Vancouver Posts: 3,462	tried to use a credit union but they wouldnt allow it because i have an adult related business. they can pick and choose their clients __________________ Spunky Cash - GND Bank - Good Girls Bank - Bliss Bucks - Nuts For Mobile - Daddy I Get Paid To Be A Whore Click Here To Make Money With Spunky - Domains For Sale - ICQ 281841678

11-04-2011, 02:22 PM	#5
Chris Too lazy to set a custom title Industry Role: Join Date: May 2003 Location: icq: 71462500 Skype: Jupzchris Posts: 27,880	my bank called today to conduct a survey lol i dont think switching is worth the headache i have soooo many auto payments comign out of my bank it would frustrate me too much to change it all to save 100 a year ;/ __________________ [email protected]

11-04-2011, 02:38 PM	#6
Elli Reach for those stars! Industry Role: Join Date: Apr 2003 Location: Vancouver, BC Posts: 17,991	Been using a credit union here since I was 7. Had a BoA account in Az, but hated the fees and rude tellers, so closed it shortly after opening it. Credit union for the win! __________________ Make More Money with Cams and Dating at FFN.com! email: [email protected]

11-04-2011, 02:45 PM	#7
spunky99 Confirmed User Industry Role: Join Date: Jan 2004 Location: Vancouver Posts: 3,462	canadian credit unions can pick and choose their customers. elli.. you use a canadian one? is it for business or personal? i tried to use one for business __________________ Spunky Cash - GND Bank - Good Girls Bank - Bliss Bucks - Nuts For Mobile - Daddy I Get Paid To Be A Whore Click Here To Make Money With Spunky - Domains For Sale - ICQ 281841678

11-04-2011, 02:52 PM	#8
Barry-xlovecam It's 42 Industry Role: Join Date: Jun 2010 Location: Global Posts: 18,083	Tip: The First Gospel Church Credit Union is not the place to use :P Being a bit facetious here. I use a regional federally chartered bank and have had good luck with them. Last edited by Barry-xlovecam; 11-04-2011 at 02:55 PM..

11-04-2011, 02:56 PM	#9
FlexxAeon Confirmed User Industry Role: Join Date: May 2003 Posts: 3,765	heard the story on NPR and they added that 650k = 1% of total bank accounts. so not sure if the big dogs are sweating yet __________________ flexx [dot] aeon [at] gmail

11-04-2011, 03:24 PM	#10
Jakez Confirmed User Industry Role: Join Date: Jan 2004 Location: oddfuturewolfgangkillthemall!!!!!!! Posts: 5,656	I've been with the same credit union since I was like 14 and would never think of switching. __________________ [email protected] - jakezdumb - 573689400 Killuminati

11-04-2011, 03:26 PM	#11
D Ghost null Industry Role: Join Date: May 2006 Posts: 9,820	My friend has used Credit Union for years. He gets reimbursed on all ATM fees, other banks fees, wire fees, etc...

11-04-2011, 03:36 PM	#12
D Ghost null Industry Role: Join Date: May 2006 Posts: 9,820	"In 2009, major banks controlled 45 percent of checking account business, according to Mike Moebs, an analyst whose firm, Moebs Services, has been gathering publicly available data on banks for 28 years. He estimates that by the middle of 2012 at the latest, the big banks' share of that market will have fallen to a third, representing a loss of millions of customers and billions of dollars." http://www.huffingtonpost.com/2011/1...usaolp00000008

11-04-2011, 03:37 PM	#13
thickcash_amo Confirmed User Join Date: Sep 2009 Posts: 3,847	I keep saying I am going to switch to a CU, and I need to do it......one day.... __________________ - Skype: jim_3rdshiftvideo Petite18.com, MeanMassage.com TeasePOV.com, SeeMomSuck.com TugPass Network - includes access to 9 Sites Elite Webmasters Earn 70% Revshare!

11-04-2011, 03:41 PM	#15
D Ghost null Industry Role: Join Date: May 2006 Posts: 9,820	5 Tips for a Smooth Transition from big bank to credit union http://news.consumerreports.org/mone...-saturday.html

11-04-2011, 03:49 PM	#16
Loki Confirmed User Industry Role: Join Date: Feb 2004 Location: Michigan Posts: 4,420	Only BIG problem with all this is that the 5th falls on a Saturday, dunno about every state but in Michigan MOST banks are closed on Saturday sans Drive up service till 1pm Not too sure if you can close an account via drive up window. "Remember Remember The 5th of November......" -Loki- __________________ MAKE MONEY WITH 3D TOONS! Need hosting? LokiCa$h Uses Amerinoc and love them! Skype: LokiPorn Or Email 3dloki\|at\|gmail.com

11-04-2011, 04:07 PM	#18
Jakez Confirmed User Industry Role: Join Date: Jan 2004 Location: oddfuturewolfgangkillthemall!!!!!!! Posts: 5,656	So the "Bank Transfer Day" is on a Saturday? Why?? __________________ [email protected] - jakezdumb - 573689400 Killuminati

11-04-2011, 04:09 PM	#19
Ayla_SquareTurtle Confirmed User Industry Role: Join Date: Sep 2005 Location: 5000 full paysite reviews and counting Posts: 3,550	I closed my Wells Fargo account a few months ago, and the 21 year old guy they had working the account desk was seriously convinced that WF had lost so much money due to new regulations that they were about to go under. A few days later, their earnings came out. __________________ gone. long gone. aylasquareturtle .."a"t".. gmail dawt com Last edited by Ayla_SquareTurtle; 11-04-2011 at 04:12 PM..

11-04-2011, 04:12 PM	#20
pocketkangaroo Confirmed User Join Date: Jan 2005 Location: Chicago, IL Posts: 8,452	Unless you deal in cash, not sure why anyone needs a local brick & mortar. USAA and Charles Schwab offer checking accounts with more features than just about every single bank and with no fees at all. Seriously, you can pull out money at a strip club and they'll refund the $15 fee. And of course, depositing from your phone kicks ass.

11-04-2011, 07:47 PM	#25
D Ghost null Industry Role: Join Date: May 2006 Posts: 9,820	http://www.forbes.com/sites/moneywis...ange-anything/

11-05-2011, 12:11 PM	#30
D Ghost null Industry Role: Join Date: May 2006 Posts: 9,820	Found out I'd save $200-300/month on transfer fees and ATM fees, I think I'll give it a shot...

11-05-2011, 12:18 PM	#31
cherrylula lol Industry Role: Join Date: Jan 2002 Posts: 15,969	I can't stand banks. I wish there was some way in this modern world to not use one, but not the case. lol