Tens of Thousands Flow Into Texas Credit Unions

[James48]

Source: PRNewswire

DALLAS, Nov. 5, 2011 -- /PRNewswire/ -- Many Texas Credit unions had a steady stream of new accounts open on Saturday as "Bank Transfer Day" drew attention online and on the streets across the state. While statistics for Bank Transfer Day are not yet available credit unions reported a surge in traffic. Statewide, credit unions reported 47,000 Texans had joined, and $326 million was moved by November 2 – four times the usual growth rate, reports the Texas Credit Union League. Nationwide 650,000 people opened accounts in the same period.

"Bank Transfer Day," is an online phenomenon launched by a single unhappy Bank of America customer, but since embraced by the Occupy movement and other grass roots efforts across the country.

Carol Cain with Velocity Credit Union in Austin Texas reported that every branch was "humming" and every new account representative was busy from open to close. Amber Magee with First Community Credit Union in Houston, which has seen a 43% increase in new accounts, reported members actively posting updates on Facebook, encouraging friends to make the switch.

Across the state credit unions offered incentives to encourage people who might be contemplating making the change. From free lunch to a little extra in their new checking accounts, the build up to bank transfer day has energized credit unions throughout the state – and their members. Many individual members on the Bank Transfer Day Facebook page endorsed their own personal credit union and others noted they "attended" the online event by joining a credit union of their choosing.


Read more: http://www.sacbee.com/2011/11/05/4033116/tens-of-thousands-flow-into-texas.html

---

Even in red-state Texas, they are starting to "get it".

[Remember Me]

1. woohoo!

And it doesn't have to END today, either, this Bank Transfer Day thing.

Bring 'em down the old fashioned way: by voting with our feet!

[HCE SuiGeneris]

2. K & R

[kag]

3. Hook 'em Horns!!!!!

:toast:

edited for spelling.

[Dustlawyer]

22. Yup, Hook 'em Credit Unions too!

There are a lot of Texans that get it. We just don't get the coverage b/c it does not fit the World's view of us. Don't get me wrong though, we are still eat up w/ignorant red necks!

[roguevalley]

50. it needs to continue. what a great day this is. I wonder who that

one person was. I think I saw their video but they must be feeling like a champion today. :-D

[sabrina 1]

4. If the government won't hold them accountable, the people have

to try. Shows how many people are angry at the Big Banks.

They threw people out of their homes, refused to renegotiate mortgages, heartlessly in many cases. Next big action could be 'occupy foreclosures' preventing them from continuing to take people's homes without using the money supposedly set aside to help keep people save their homes. The Government should have placed a moratorium on foreclosures, but they failed to do so. Now maybe the people can do it themselves.

[Occulus]

5. This will make a statement.

There will come a time, though, when they (the banks) do or try to do something so onerous that people will simply stop paying what they do 'owe'.

I would say that would be checkmate, except for the reaction that very thing just got here on DU- the thread about the guy running a website on how to get out of/tie up the process of credit card debt. Let me just say it wasn't a friendly reaction, probably because he pulled the trigger on it way too early. Things aren't that desperate yet, that people are wiling to walk away from all debts en masse.

[crunch60]

13. Things are Desperate for thousands of people, lost homes

unemployment running out for many, can't feed their families, freezing cold winter and no more energy assistant program. Maybe not for you, but many are desperate. I believe in everyone paying their bills, but Wall Street should also pay theirs. They stole massive amounts from us remember. Now they want Social Security and Medicare/Medicade. There is no end to their greed. OWS. CHEERS!:hippie:

[Occulus]

15. I'm a pessimist; I think we're standing witness to the greatest heist in human history

I'm on the brink myself. I find out later this month whether I fall off it or not.

[Goldstein1984]

21. Every action has its time...

Too many are still way to invested in the status quo (e.g. the stock market) to really embrace the change that is needed, which is revolution, not just reform. But the number of people crossing the threshold of suffering is growing.

Today's unthinkable will become tomorrow's inevitable.

General strikes...
Boycotts...
Civil disobedience...
Walking away from unsecured debt...

Necessary, and so, inevitable.

[Horse with no Name]

23. "credit scores" are our invisible chains

yeah the commercials are cute and cuddly--and sometimes funny....but make no mistake...these credit scores dictate our lives and TPTB let us know that--in no uncertain terms.

It is going to take a massive movement to unseat those. I predict we are on the verge of seeing it.

[Goldstein1984]

29. Yes, I couldn't have gotten the job I have without a credit score

good enough to finance a home.

And I also predict we're on the verge of massive change. The alternative is unthinkable.

[Horse with no Name]

32. What the insidious part is

that ANYONE who is or has been long-term unemployed has taken a major hit on their credit scores.

It almost ASSURES a guaranteed class of unemployed--who no longer receive benefits--but more importantly to TPTB, no longer count in those oh-so-important numbers that tout their "success" in office.

There is an ENTIRE unemployable WORKFORCE out there that is invisible. BUT the manipulation of neighbor against neighbor keeps the ones that STILL have jobs pushing down the ones that don't.

This was NOT by accident. This is an intended consequence of the "global economy".

[Goldstein1984]

35. I call the process "peasantification"

And all workers everywhere have to realize that we have a common global enemy, and that workers in every nation have more in common with each other than we have with our "leaders." Patriotism and nationalism are tools used by the Few to divide the Many.

I'm fortunate to be employed and to have a good salary. I'm helping family members who have been hit very hard by the economy, and in the process I'm making sure they learn the real reason they're in the shape they are in. Because I cannot be seen publicly opposing the status quo, I use what's left over to support organizations that help to spread the outrage.

[sarcasmo]

61. Does every industrialized nation use a personal credit score?

[Art_from_Ark]

62. I don't think Japan has a personal credit score

I think it's still considered to be too "invasive" here (in Japan). When I applied for a Japanese credit card a few months ago, all the company asked for were my name, address, telephone number and bank account number. The card was issued within a couple of weeks.

[sarcasmo]

63. The Japanese are doing the credit thing right, the report is very invasive.

[Occulus]

30. I've wanted to see the bureaus closed for years

They're dishonest, their records are often incorrect, even properly paid debts aren't promptly discharged in their records, old, unpaid debts that should be removed by statute are not, and yes, they most definitely do dictate your life. The credit reporting bureaus, much like the financial sector of our economy, contribute nothing but pain and misery to the 99%. They sell no product but extralegal judgment. Their "services" are almost always used as a threat against us.

If we cannot close them outright, we need to delimit their power: credit scores should not ever affect whether you can get a job, or rent an apartment, for example; nor should they be available to utility companies. There is simply no justifiable reason why a bankruptcy three or four years ago should affect your ability to turn the lights on or fill a glass of water today.

The only way I see to seriously harm them is to make them irrelevant, to make the scores so much of a joke that nobody trusts them for anything. Unfortunately, the economy itself may do that for us, in uncontrolled, painful, and messy fashion.

They do need to go, though.

[Taverner]

54. "Confess now - or it could affect your credit rating!" - From Terry Gilliam's Brazil

Yes, we're there

[SoapBox]

6. VERY cool!

...I love my CU...been there over 20 years.

[alfredo]

8. Lexington Postal Credit Union member for at least thirty years.

[IthinkThereforeIAM]

10. Sioux Falls Federal Credit Union for 25 years...

... I have avoided banks like the plague ever since. Something about what they stared doing while Reagan was president made me a credit union share holder for life.

[Left Coast2020]

12. Selco Credit Union-Eugene Oregon-Yea Ducks!

A member since 1988. But I remember there was some legislation around that time when the banks were trying to prohibit joining a CU? Someone help me. I vaguely remember this attempt by banks to thwart the people, but the banks lost. And I'm glad they did. But I forget the legislation for then.

[Horse with no Name]

24. It probably had to do with the S&L Crisis in the early 80's

specifically perhaps the Garn-St. Germain Depository Institutions Act? IMHO...one of the first plays to start deregulating the banking industry. The linchpin to the era of "too big to fail"--and we see what happened...yet still didn't insist on change. The S&L crisis was a trial balloon...brought to us by many of the same players that are bringing you the bullshit today--namely the Bush's.

http://www.answers.com/topic/garn-st-germain-depository-institutions-act
Federal law enacted by Congress in 1982 authorizing banks and savings institutions to offer a new account, the Money Market Deposit Account -a transaction account with no interest rate ceiling to compete more effectively with money market mutual funds; gave savings and loan associations the authority to make commercial loans; and gave federal regulatory agencies the authority to approve, for the first time, interstate acquisitions of failed banks and savings institutions.

The following are highlights of the numerous provisions of the act:

(1) savings and loan associations were authorized to make commercial, corporate, business, or agricultural loans up to 10% of assets after January 1, 1984.

(2) the deposit interest rate differential, allowing savings and loans and savings banks to offer rates on interest-bearing deposit accounts l⁄4 of 1% higher than commercial banks was lifted, as of January 1984.

(3) the act authorized a new capital assistance program, the Net Worth Certificate Program, under which the Federal Savings and Loan Insurance Corp. And the Federal Deposit Insurance Corp. Would purchase capital instruments called Net Worth Certificates from savings institutions with net worth to assets ratios under 3%, and would later redeem the certificates as they regained financial health.

(4) the act permitted savings associations to offer checking accounts (demand deposit accounts) to individuals and business checking accounts to customers who had other accounts.

(5) savings and loans were authorized to increase their consumer lending, from 20% to 30% of assets, and to expand their dealer lending and floor-plan loan financing.

(6) the act raised the ceiling on direct investments by savings institutions in nonresidential real estate from 20% to 40% of assets, and also allowed investment of 10% of assets in education loans for any educational purpose, and up to 100% of assets in state and municipal bonds.

(7) the act preempted state restrictions on enforcement by lenders of due-on-sale clauses in most mortgages for a three year period ending October 15, 1985, and authorized state chartered lenders to offer the same kinds of alternative mortgages permitted nationally chartered financial institutions.

(8) authorized the Comptroller of the Currency to charter Bankers' Banks, or depository institutions owned by other banks.

(9) made state chartered industrial banks eligible for federal depository insurance.

(10) raised the legal lending limit for national banks from 10% to 15% of capital and surplus.

Read more: http://www.answers.com/topic/garn-st-germain-depository-institutions-act#ixzz1cvhJz1zG

[efhmc]

45. At one time needed to be a civil servant or within the zip code

and other restrictions but now I know of no restrictions and there are too many members across the country to try those shanagins.

[alfredo]

26. They were putting fees on everything, and minimum balance charges that

were not small business/small account friendly. I was a contractor, so my monthly balance would fluctuate wildly. My balance would fall below the $1,000 minimum if my clients were tardy with payments. They also imposed a small fee for in bank transactions. It was one of their fees that triggered their minimum balance charge that drove us away.

[demigoddess]

9. we love ours... been there over 30 years,

went there when a bank charged us with insufficient fund on a 20 dollar check when we had over 400 in the bank. When they were told it was a mistake, they didn't even say sorry or say 'don't have to pay the 10 fee" they just gave us a stupid look. Went to the CU on base immediately. been happy ever since.

[Cal33]

18. I would appreciate it very much if you'd let me know what are

the criteria for a credit union that's safe. I'm looking at one
that is 40 years old, and has assets of over $200 million. Are
there other criteria to look for? Thanks

[JusticeForAll]

37. Find one that is NCUA insured

The NCUA is similar to FDIC, it's just lesser-known. NCUA protects the money you have in a federally insured credit union up to $250,000, same as FDIC protects money in a bank account

http://www.ncua.gov/Pages/default.aspx

Examining the assets of the bank is usually a good indicator of the range of services you can expect to receive (smaller will have fewer services and larger will have more).

[Cal33]

44. Many thanks.

[efhmc]

46. Never seen one which was not.

[demigoddess]

58. try one that is on a military base,

would you want to p*** off a general or two??

[Rozlee]

31. Not just CUs, but small community banks and federal, state, and other

locally owned banking services. If you've ever served in the military, are in a union, are a farmer, etc, there are CUs that serve your needs. There are CUs that are church based, group based (Elks, Shriners), charity organizations like the Red Cross allow members and volunteers to bank at the Pentagon CU. In fact, with their growing clout, I'm surprised OWS doesn't start their own CU or approach a progressive business like Credo to partnership in one.

[prairierose]

33. I've been with Black Hills Federal CU for over10 years...

I'm never going back to a bank. I have been telling everyone I meet for years to get away from banks.

[valerief]

7. Hee haw! nt

[Firebrand Gary]

11. This is great news!

[No Elephants]

14. Great, but you'd think this would have happened after TARP I and TARP II.

Anyway, glad it is happening now. And in Texas, no less.

[Name removed]

40. Deleted message

Message removed by moderator. Click here to review the message board rules.

[idiotgardener]

41. My original message was deleted

But I will say again, that you have no reason to bash Texas in this thread, except to perhaps make yourself feel better somehow. And that is pathetic.

[efhmc]

51. Almost left this place many times because of relelntless Texas

bashing. I think we should be here to uphold progressives no matter where or who they are.

[idiotgardener]

52. I didn't do the math in detail, but if about 650,000 people switched

as was reported, then 47,000 represents about 1 in 13 of all Americans who switched. Texas has about 8% of the US population and about 7.7% of the people who switched... yet to posters like the one I responded to, it's filled with backwards people who can't comprehend the issues no matter what the article shows. Just mention Texas and they'll find a way to insult the state no matter what the facts are.

[efhmc]

57. As I said, I and many people I know made this switch

long ago and our switch had nothing to do with politics. It was about saving money and being treated as people, not as an account. Knocking people down by where they live is as much a form of bigotry as any other. One is making an assumption about folks based on factors that do not address them as individual people, i.e.: color, religion, sect, sex, and locale. Prejudice means prejudging people. It is degrading and is not a trait of progressive people.

[LanternWaste]

59. And I'm quite happy that the number...

"Anyway, glad it is happening now..."

And I'm quite happy that the number of sub-literate people still engaging in the logical fallacies of provincialism is becoming smaller.

Regardless, we all seem to advertise our vulgarity in one manner or another.

[AsahinaKimi]

16. I would like to hear more news

From other states, on people's move to Credit Unions. I would love to see how much its affecting the Banks, Nation wide.

[pinboy3niner]

19. 14,000 Coloradans move $100M into credit unions

Posted in GD by Fire Walk With Me:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2250225&mesg_id=2250225

News reports are saying that $4.5 billion was transferred nationally by Friday.

[AsahinaKimi]

20. Sounds like the Banks are getting an

Ass Kicking! YAY!

[BEZERKO]

17. I have a credit union account,

and I love it. We may make it the main account soon. Our megabank pissed us off.

[City Lights]

25. Woot!

This makes me sooooo happy! :bounce:

[AllyCat]

27. Thought this meant "tens of thousands" of dollars and thought the banks won't miss that

But they sure as heck will miss $326M...in ONE state!! Way to go Texas!!

[Douglas Carpenter]

28. knr

[Sarah Ibarruri]

34. Envision Credit Union, that's where I opened my new account -

I'm moving my services.

[lordsummerisle]

36. k&r n/t

[TBF]

38. Hopefully the ones who transferred the past couple days "get it" -

traditionally credit unions are popular in Texas, but it's more the free market/local thing - Texans like to keep their money in local banks/CU - away from the "evil gov'ment".

But there are so many low-income folks who should use credit unions and get away from the monstrous fees - so I'm hoping those folks switched.

[Wolf Frankula]

39. I Have a credit union account

I have had it for almost 20 years. My Credit card, through my credit union. When I was shopping for a car, I arranged my financing through my credit union.

I don't have an account with a commercial bank, and don't want one.

Wolf

[Major Nikon]

42. I made the switch about 20 years ago

My small local bank was acquired by a larger one and personalized service started to suffer. My original bank changed hands a couple more times before eventually becoming a Bank of America location. I'm glad I bailed long ago.

[rucognizant]

48. Saturday????????????????

NEITHER of our banks is open on Saturday........I AM going to close the account in one of them, because Fri. while attending a conference in another town,Camden Bank would NOT cash a check from the Bar Harbor BAnk & Trust( $25.00) because there was not enough money in my Camden Account to cover it.
( No BHBT branch in that town) I think if the situation had been reversed BHBT would have cashed the other's check.
The ONLY credit Union is 32 miles away from my home...............not logical on a tight time & money budget!
BHBT is funded by the 1%rs in BAr HArbor, but the personnel come from the 99% surrounding towns....it balances out fairly, we get a break!

[Major Nikon]

49. Both the credit unions I belong to are open on Saturday

If the popularity of credit unions blossoms, I think you'll see them going into a lot more locations.

[efhmc]

43. Texan who husband was a bank vp but we had most of our

money in a local credit union. Moved several times in Texas but I still have my credit union in Houston and have never paid a penny in fees in over 35 years.

[ooglymoogly]

47. Kr...Maybe in red state Texas and the rest of the red south, its just the voting machines and

and vote counters that are bloody red. The m$m cant fudge or flip this phenomenon with crooked pols, crooked machines, election fraud and propaganda.

[airplaneman]

53. Yes Credit Unions

I have great stories to tell about my credit union and nighmares that I have personally experienced with Bank of America. The charter is people friendly (not-for-profit) and I get a share payment yearly on their profit. Unfortunatley they share the profit based on how much you have deposited and dont give any credit for how much you borrow. I am looking forward to the day that borrowers are respecetd and rewarded for being a part of the profit picture too. Just one more of the laws or norms that help the rich and hurt the poor.
-Airplane

[SteveM]

55. Hey, y'all, I'm part of that. Wait until folks learn about...

Bank of America wanting to move trillions of Merrill Lynch's gaseous derivatives into B of A's books. Why? M-L is NOT insured, but B of A IS insured -- under FDIC. FDIC is another way of saying...

YOU.

Screw their $5 monthly charge. It's forcing the American citizens to clean up their shit-holdings.

[sandyj999]

56. Awesome! nt

[sarcasmo]

60. 326 million was moved in Texas alone, that is wonderful news.