The xXx Gloom & Doom Report

[abifae]

Yep. Most folk I know are moving to credit unions. I'm planning on doing so once I move.

 

[k0xxx]

On another note......last night DH was saying he heard on NPR that banking customers were transferring accounts to Credit Unions because of impending bank fees and their efforts to avoid it. I can't find anything about it on NPR website to validate this info, so I dunno. BUT if this is happening now, then the future of major banks will be even more shaky than ever before with the possibilities of eventually closing.....atleast I would think happening in a cause & effect

Mad At Bank Fees? Credit Unions Get Another Look

 

[old fashioned]

Well fine...I have always admitted to being tech challenged so ............

 

[Britesea]

We've had a credit union account for the last 10 years, and only recently did we come up against a disadvantage. When my mother died, she had a small account in Merril Lynch; when I tried to close it, I was told that I needed a 'signature medallion' (?) and I've found the only way I can get one is through a bank, not a credit union. I will have to come up with enough money to open an account in a bank, and let it stay open for a minimum of 6 months before I can get the medallion thingy and close out that account (which means, I'm gonna have to file ANOTHER tax return for her next year, I think)

 

[i_am2bz]

And not all credit unions are created equal, so shop around...

The CU I was in in VT only required a $5 balance, while the CU here in NC requires $25 plus deducts $1 every month for some kind of fee. Still a better deal than most banks, tho.

 

[old fashioned]

http://money.msn.com/business-news/article.aspx?feed=BLOOM&date=20111013&id=14385230



http://money.msn.com/investing/china-faces-its-own-debt-bomb-jubak.aspx



http://bottomline.msnbc.msn.com/_ne...ges-have-dropped-and-wont-catch-up-until-2021


Just a few more tidbits to keep us doomers glooming btw, #3 about wages...DH & I will be in our 80's before getting a raise????? By then it'll probably be too late

 

[THEFAN]

Isn't it funny that you need a bank so that you can live life. HMMM No really think about it. How do u cash checks?? How do you pay bills not in your area?? Where can you get a loan if you need one?? How do you establish credit if you need to?? Even department store credit is backed by a bank. Banks and Insurance companies run the world and will destroy the world. I only use banks to cash my checks and pay 3 bills a month. Other than that they can go to hell!! So awsome I have to pay to us my own money. My fav thing to do is when my local bank has free food days for some celebration I go in and clean them out. I figure I should get some of my fees back some how. Yes people look at me funny but I ask them " How often do you get anything free from a bank?" If they run out they'll just make more. Is't that there magic trick??

 

[k0xxx]

With our debt based monetary system (fractional banking), banks actually create most of the "money" in existence. When banks receive a deposit (say $100), the bank deposits a percentage (usually about 20%) of the deposit into a central bank. The banks then lend out the other $80. The scary thing is that once this this $80 of loaned out, that $80 is now treated as a deposit, so the bank can again make a loan for 80% ($64) of that amount. This can be done over and over, until that original original $100 has now created (on paper) a total of $457.04 of deposit recorded, and $357.05 in loans. All from a single deposit of $100.

 

[TanksHill]

Dang, I wish I could turn 100 bucks into 457.04!!!

 

[k0xxx]

US to Play 'Very Major Role' In Helping Europe: Geithner

And when we start to go belly up, who does he think will offer to help? (not that we will deserve any help)