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Break Up With Your Abusive Big Bank -- Move Your Money
Colorado customers of the "Too Big To Fail" banks are sending a clear message that they've had enough of Wall Street excess, and they're hitting them where it hurts the most--right in their deep pockets.
That's right: A Colorado "Move Your Money" campaign is urging Coloradans to move their money out of Wall Street banks and into community banks and credit unions, which are typically more conservative about how they manage their money, more closely connected to the people and businesses who live near them, and more inclined to make loans they know will get paid back.
For too long the big banks and financial institutions have been the ones largely writing their own rules. They have been indiscriminately increasing credit card fees, offering mortgages that continually reset and creating new financial products like derivatives and credit swaps that allowed them to gamble with our hard-earned money.
Despite receiving trillions of dollars in U.S. taxpayer bailouts, the six largest banks - Goldman Sachs, Citigroup, JP Morgan, Bank of America, Wells Fargo and Morgan Stanley - have planned to pay out between $140 and $150 billion in compensation, even though their greed and recklessness did so much to cause our current financial crisis. All of these banks have numerous offices across Colorado.
JP Morgan, for example, announced on January 15th that it is setting aside $26.9 billion in compensation this year. On a per employee basis that is a 38 percent increase from 2008 and a 20 percent increase from the 2007 pre-crisis numbers. Citigroup will pay $24.9 billion.
It's as if the whole economic meltdown never even happened. These executives are back to many of their old tricks, including charging big overdraft loan fees for small debits, implementing unfair credit card practices, dealing in opaque, high-risk derivatives and filling their consumer contracts with confusing fine print. Not to mention they have employed an army of high-priced lobbyists to derail common sense reform, spending $344 million on them in the first three quarters of 2009 alone.
But now Main Street is fighting back against Wall Street. Coloradans like Linda Mulligan are marching into banks like Wells Fargo and Chase to shut down their accounts and transfer them to local banks and credit unions that share their community values of fairness and consumer protection.
If you bank with one of the biggies, you know you're through with their reckless behavior and abusive practices. It's time to break up with your bank! You can start again, not with match.com, but with moveyourmoney.info/find-a-bank, where you can find a bank or credit union that is far more personally compatible.
Once free and empowered, you can start an abusive bank survivor network by convincing your friends and organizations in person and via online social networks to do the same. Then you all can contact U.S. Senator Bennet and tell him you expect him to stand with everyday Coloradans in favor of financial reform and a new Consumer Financial Protection Agency to ensure the safety of basic financial consumer products.
It's time to choose Main Street over Wall Street. Join us and Move Your Money today.
That's right: A Colorado "Move Your Money" campaign is urging Coloradans to move their money out of Wall Street banks and into community banks and credit unions, which are typically more conservative about how they manage their money, more closely connected to the people and businesses who live near them, and more inclined to make loans they know will get paid back.
For too long the big banks and financial institutions have been the ones largely writing their own rules. They have been indiscriminately increasing credit card fees, offering mortgages that continually reset and creating new financial products like derivatives and credit swaps that allowed them to gamble with our hard-earned money.
Despite receiving trillions of dollars in U.S. taxpayer bailouts, the six largest banks - Goldman Sachs, Citigroup, JP Morgan, Bank of America, Wells Fargo and Morgan Stanley - have planned to pay out between $140 and $150 billion in compensation, even though their greed and recklessness did so much to cause our current financial crisis. All of these banks have numerous offices across Colorado.
JP Morgan, for example, announced on January 15th that it is setting aside $26.9 billion in compensation this year. On a per employee basis that is a 38 percent increase from 2008 and a 20 percent increase from the 2007 pre-crisis numbers. Citigroup will pay $24.9 billion.
It's as if the whole economic meltdown never even happened. These executives are back to many of their old tricks, including charging big overdraft loan fees for small debits, implementing unfair credit card practices, dealing in opaque, high-risk derivatives and filling their consumer contracts with confusing fine print. Not to mention they have employed an army of high-priced lobbyists to derail common sense reform, spending $344 million on them in the first three quarters of 2009 alone.
But now Main Street is fighting back against Wall Street. Coloradans like Linda Mulligan are marching into banks like Wells Fargo and Chase to shut down their accounts and transfer them to local banks and credit unions that share their community values of fairness and consumer protection.
If you bank with one of the biggies, you know you're through with their reckless behavior and abusive practices. It's time to break up with your bank! You can start again, not with match.com, but with moveyourmoney.info/find-a-bank, where you can find a bank or credit union that is far more personally compatible.
Once free and empowered, you can start an abusive bank survivor network by convincing your friends and organizations in person and via online social networks to do the same. Then you all can contact U.S. Senator Bennet and tell him you expect him to stand with everyday Coloradans in favor of financial reform and a new Consumer Financial Protection Agency to ensure the safety of basic financial consumer products.
It's time to choose Main Street over Wall Street. Join us and Move Your Money today.
How about this horseshit from Citibank? They totally suck!
ReplyDeleteCitigroup Warns Customers It May Refuse To Allow Withdrawals
Published on 02-21-2010
Source: Business Insider
The image of banks locking their doors to keep customers from making withdrawals during a bank run is what immediately came to mind when we heard that Citigroup was telling customers it has the right to prevent any withdrawals from checking accounts for seven days.
"Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change," Citigroup said on statements received by customers all over the country.
What's going on? It seems that this is something of an error. The seven day notice policy only applies to customers in Texas, Ira Stoll reports at The Future of Capitalism. It was accidentally included on customer statements nationwide.
"Whatever the explanation, it doesn't exactly inspire confidence in Citi," Stoll writes. "But it's hard to believe a bank would be sending out a notice like that on its statements."
Citi Notice Shines Light on Little-Known Fed Rule
ReplyDeleteBy Darryl R. Isherwood
FOXBusiness
A recent notice to Citigroup (C: 3.4, 0, 0%) checking account holders that had clients and bloggers alike buzzing with theories of a pending bank run has brought to light a little-known Federal Reserve rule that, in very rare circumstances, could limit access to your money.
According to long-established Fed policy, banks must reserve the right to require at least seven days’ prior written notice before allowing the withdrawal or transfer of funds from certain checking and savings accounts. The stipulation applies to all interest-bearing and interest-eligible accounts – generally every mom-and-pop checking account Citi and other large banks hold.
The requirement is part of Regulation D of the Securities Act of 1933. It applies to all accounts classified as Negotiable Order of Withdrawal [NOW] accounts – basically interest-bearing checking and savings accounts held by individuals and non-profits. Banks are not required to hold reserves in place to cover NOW accounts, so the rule prevents a run on withdrawals for which there are no reserves.
Earlier this month, Citi notified its account holders of the requirement, sparking rumors in some circles that Citi was preparing for a coordinated bank run, perhaps triggered by a protest over Wall Street bonuses or the bank bailout plan.
At least that was the theory of some creative bloggers. Citi’s explanation was far less sinister.
According to a spokeswoman, the bank changed the status of the bulk of its consumer checking accounts last year to take advantage of an FDIC policy to provide unlimited account protection to certain types of accounts. When Citi transferred the accounts back to their original status, it triggered the notification of the seven-day requirement.
“We recently communicated this technical requirement to our customers. However, we have never exercised this right and have no plans to do so in the future," Citi said in a statement.
Asked if Bank of America (BAC: 16.6005, 0.0405, 0.24%) had altered the status of its accounts, a spokeswoman for the Charlotte, N.C., bank said no accounts were changed so there was never a need to notify clients of the seven-day rule.
The account rules and regulation document sent by JPMorgan Chase (JPM: 42.05, 1.39, 3.42%) to its checking account holders also contains the seven-day clause. A spokeswoman for Chase did not return a phone call for comment.
According to data from the Fed, more than $332 billion is held in individual checking accounts nationwide.
Vincent Reinhart, a former Federal Reserve official, said the legal characterization of a deposit type depends on the delay allowed for withdrawals.
“This is the difference between demand deposits and savings. Only demand deposits are really immediately available, everything else is a matter of practice rather than contractual obligation,” Reinhart said in an e-mail.
According to the Fed Consumer Compliance Handbook, “banks have the option of enforcing this notice requirement, and in practice it is rarely, if ever enforced.”
A spokeswoman for the Federal Reserve there was no record that the seven day notice had been implemented any time in the past few decades.
Citibank said it has never used the provision, adding that it has no plans to in the future.
ReplyDeleteWatch CBS News Videos Online