bush_cheney2004 Posted November 7, 2011 Report Posted November 7, 2011 (edited) I guess I'm too young to have experienced this romanticization of the banking experience. My bank account is just a number, and as long as all the numbers that go into and out of it are correct, at a minimal (preferably zero) cost, that's all I need or want from the bank. Sure....in the olden days, we could actually take hand rolled pennies to the bank and deposit them with only a signature on the roll. There were no fees for counting money...what a ridiculous idea! The banks would do all the data entry on the back end with punch cards on Burroughs mainframe terminals. Technology depersonalized banking and separated consumer from the local branch. Yes, it's often much easier to foist an overpriced and unnecessary product on a representative of some company following their boss's orders than on someone actually looking after their own money. The amount of useless overpriced junk I've seen companies we deal with using blows my mind. Like teleconferencing software that costs tens of thousands and has countless problems, lag, poor quality, etc, when one could be using one of any number of vastly better and completely free services (google, skype, etc). We can play with open source solutions, but usually IT governance rules demand ironclad support and warranty periods. Vendors like HP or IBM have an advantage that way. No mission critical applications can run without a minimum service level agreement with teeth. Edited November 7, 2011 by bush_cheney2004 Quote Economics trumps Virtue.
jacee Posted November 7, 2011 Report Posted November 7, 2011 The most interesting thing about credit unions is shares are held only by one-member-one-vote. A reasonable (sane, ethical) profit for shareholders (in Canada by demand of big banks due to nonprofit tax breaks, but nonprofit in US), democratic process for board ... etc. I do believe they must have noticed ... But then perhaps they welcome it because they prefer commercial. Fine by me. Quote Rapists, pedophiles, and nazis post online too.
bush_cheney2004 Posted November 7, 2011 Report Posted November 7, 2011 Credit unions will lose their tax exempt status in the United States if they compete directly with banks....they must serve a social purpose and return all profits to membership. Quote Economics trumps Virtue.
jacee Posted November 7, 2011 Report Posted November 7, 2011 Already noted here: The most interesting thing about credit unions is shares are held only by one-member-one-vote. A reasonable (sane, ethical) profit for shareholders (in Canada by demand of big banks due to nonprofit tax breaks, but nonprofit in US), democratic process for board ... etc. I do believe they must have noticed ... But then perhaps they welcome it because they prefer commercial. Fine by me. Quote Rapists, pedophiles, and nazis post online too.
GostHacked Posted November 7, 2011 Report Posted November 7, 2011 Which nation are you talking about? Does not matter what country. But anyone with a central bank system tied to the world bank and IMF. Quote Google : Webster Griffin Tarpley, Gerald Celente, Max Keiser ohm on soundcloud.com
fellowtraveller Posted November 7, 2011 Report Posted November 7, 2011 Some banks are walking away from consumer products in favor of commercial accounts Banks in my part of Canada have gone full circle. In the 90s they closed branches and cut hours, now they are building branches and expanding hours.The thing I dislike about credit unions is the actual doing of business. For mortgage approvals they are glacially slow, which renders them more or less uselsss for business dealings. The reason they are so slow is that their lending staff are generally useless at what they do and signing authorities are reserved for the top. I'm not talking about high risk stuff, which they don';t generaly do for any price, but ordinary stuff Quote The government should do something.
bush_cheney2004 Posted November 7, 2011 Report Posted November 7, 2011 .... The reason they are so slow is that their lending staff are generally useless at what they do and signing authorities are reserved for the top. I'm not talking about high risk stuff, which they don';t generaly do for any price, but ordinary stuff Agreed, as they are usually small shops and don't scale up like regional or national banks for services. CU's get a fair amount of auto loan business, but usually you are on your own with a car dealer finance dept. We just had one open for a teacher's union at a failed Krispy Kreme donut franchise. Doesn't inspire confidence! Quote Economics trumps Virtue.
dre Posted November 7, 2011 Report Posted November 7, 2011 Indeed, and it's not something they should have to embrace. For one, the cost of maintaining a typical consumer bank account likely amounts to not even pennies a month, let alone $4.95. It's one more entry in a giant computerized database. Everything is automated. There is no reason for banks to have even 1/10th as many employees and offices as they do. The whole structure is vastly bloated, less efficient than even a government bureaucracy. In the current market, banks should be looking at cutting costs, not adding new fees. There is no reason for banks to have even 1/10th as many employees and offices as they do Theres also no justification for them to collect usury... since they dont have any money to lend out. Quote I question things because I am human. And call no one my father who's no closer than a stranger
fellowtraveller Posted November 7, 2011 Report Posted November 7, 2011 Agreed, as they are usually small shops and don't scale up like regional or national banks for services. CU's get a fair amount of auto loan business, but usually you are on your own with a car dealer finance dept. We just had one open for a teacher's union at a failed Krispy Kreme donut franchise. Doesn't inspire confidence! they are not that small, the larger ones here are quite big and they have merged with many other credit unions. You don't have to be from a particular group to join CUs here, anybody can join. Quote The government should do something.
bush_cheney2004 Posted November 7, 2011 Report Posted November 7, 2011 Theres also no justification for them to collect usury... since they dont have any money to lend out. Then why do the bank robbers go to banks? What do you know that they don't? Quote Economics trumps Virtue.
bush_cheney2004 Posted November 7, 2011 Report Posted November 7, 2011 they are not that small, the larger ones here are quite big and they have merged with many other credit unions. You don't have to be from a particular group to join CUs here, anybody can join. The US has over 5,000....almost as many CUs as banks. Some have failed as well. I might throw ten grand at one to see what happens! Quote Economics trumps Virtue.
dre Posted November 7, 2011 Report Posted November 7, 2011 Then why do the bank robbers go to banks? What do you know that they don't? Because for every few hundred dollars the bank counterfeits (BCM), they have about a dollar that exists in the form of real cash deposits. Notes and coins that came from the mint (GCM). Quote I question things because I am human. And call no one my father who's no closer than a stranger
bush_cheney2004 Posted November 7, 2011 Report Posted November 7, 2011 Because for every few hundred dollars the bank counterfeits (BCM), they have about a dollar that exists in the form of real cash deposits. Notes and coins that came from the mint (GCM). The short answer is "that's where the money is". Please send all of your worthless fractional reserve banking money to me...but no Canadian coins, please. Thanks! Quote Economics trumps Virtue.
dre Posted November 7, 2011 Report Posted November 7, 2011 The short answer is "that's where the money is". Please send all of your worthless fractional reserve banking money to me...but no Canadian coins, please. Thanks! A better answer would be "thats where a tiny tiny percentage of the money is". But yeah. That tiny portion of the money supply they actually SHOULD be able to lend at interest. Quote I question things because I am human. And call no one my father who's no closer than a stranger
bush_cheney2004 Posted November 7, 2011 Report Posted November 7, 2011 A better answer would be "thats where a tiny tiny percentage of the money is". But yeah. That tiny portion of the money supply they actually SHOULD be able to lend at interest. Money is more than coins and currency...this concept confounds you at every turn. Quote Economics trumps Virtue.
dre Posted November 7, 2011 Report Posted November 7, 2011 Money is more than coins and currency...this concept confounds you at every turn. No... sorry it really doesnt confound me at all. Quote I question things because I am human. And call no one my father who's no closer than a stranger
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