www.moveyourmoney.info

  • Posted by a hidden member.
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    Jan 03, 2010 4:18 AM GMT
    Here's a video for those of you who have money in one of the 4 "too big to fail" banks (Chase, Citi, B of A, Wells):



    http://moveyourmoney.info/
  • Posted by a hidden member.
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    Jan 03, 2010 5:07 AM GMT
    Depends. Most of the smaller "neighborhood" banks around LA failed. And a few were even bought by Chase. I think credit unions are relatively safe though.
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    Jan 03, 2010 5:10 AM GMT
    SteamyWeenie saidwell how reliable are small banks, really?


    There's mandatory federal insurance, up to a quarter mil. You're good with any bank unless you're making bank.
  • Posted by a hidden member.
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    Jan 03, 2010 5:27 AM GMT
    This is why you invest your money in many many things, you never trust one thing to keep your money safe because things go up and down.
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    Jan 03, 2010 5:28 AM GMT
    LiltankerThis is why you invest your money in many many things, you never trust one thing to keep your money safe because things go up and down.


    Mattresses go up and down too. That's why I invest my all-cash income directly into my bed. If I get rough enough with a boy, money falls out.... that way I don;t even have to open my wallet to tip. I just tell him it's on the floor.
    Money-In-Mattress-trim.jpg
  • Celticmusl

    Posts: 4330

    Jan 03, 2010 5:32 AM GMT
    Interesting site. I was in the financial field for ten years. I never before have had the experience of working for so many morally bankrupt individuals in my life. I understand completely why all the financial institutions are imploding in on themselves.
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    Jan 03, 2010 5:42 AM GMT
    ThePenIsMyTier said
    LiltankerThis is why you invest your money in many many things, you never trust one thing to keep your money safe because things go up and down.


    Mattresses go up and down too. That's why I invest my all-cash income directly into my bed. If I get rough enough with a boy, money falls out.... that way I don;t even have to open my wallet to tip. I just tell him it's on the floor.
    Money-In-Mattress-trim.jpg

    hahaha well at least you aren't a tight arse
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    Jan 03, 2010 5:53 AM GMT
    I would also recommend credit unions. If you are a member of a union or an alumni organization somewhere, you are probably eligible to join one.

    ALL credit union ATMS are free (like if you belong to Boeing credit union, you can use a UCLA credit union ATM without charge), and unlike banks, large or small, credit unions are non profit by definition, so all the money you put in stays in the pool. Credit unions are insured in a fashion similar to the FDIC.

    The downside is that physical branches are few for when you actually need to go in and talk to a banker, and the websites tend to be less user friendly than say BofA. I still have bill pay and free transfers and all the essentials though. Honestly though since I have left BofA I have saved a ton of money via a credit union car loan and have not missed that monstrosity of a company at all.

    It's worth a look.
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    Jan 03, 2010 6:00 AM GMT
    SteamyWeenie said
    mynameisrusty saidI would also recommend credit unions. If you are a member of a union or an alumni organization somewhere, you are probably eligible to join one.

    ALL credit union ATMS are free (like if you belong to Boeing credit union, you can use a UCLA credit union ATM without charge), and unlike banks, large or small, credit unions are non profit by definition, so all the money you put in stays in the pool. Credit unions are insured in a fashion similar to the FDIC.

    The downside is that physical branches are few for when you actually need to go in and talk to a banker, and the websites tend to be less user friendly than say BofA. I still have bill pay and free transfers and all the essentials though. Honestly though since I have left BofA I have saved a ton of money via a credit union car loan and have not missed that monstrosity of a company at all.

    It's worth a look.



    do they have 24-hr customer service? i gotta admit, thats a make-or-break factor for me.


    Mine does not... Its a small credit union with like 3 branches, so I think they would have trouble finding someone to answer the phone at like 3 am. But when I do call, I talk to someone in LA who actually knows what is going on.
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    Jan 03, 2010 9:10 PM GMT

    Retail banks are a fairly accurate reflection of the communities in which they operate. No big suprise. Perhaps that is why America has so few Class 5 banks.
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    Jan 03, 2010 9:12 PM GMT
    ThePenIsMyTier said
    LiltankerThis is why you invest your money in many many things, you never trust one thing to keep your money safe because things go up and down.


    Mattresses go up and down too. That's why I invest my all-cash income directly into my bed. If I get rough enough with a boy, money falls out.... that way I don;t even have to open my wallet to tip. I just tell him it's on the floor.
    Money-In-Mattress-trim.jpg


    Until your house catches fire and your money burns up
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    Jan 03, 2010 9:40 PM GMT
    Congratulations, you can read HuffoPo! What a brilliant idea, wow, maybe you can even film yourself withdrawing all that money from the big bad bank and show it to all of your friends, because you're cool like that, or better yet you could even become a celeb on youtube or send it to Arianna herself, or maybe even Suze Orman!

    Hey, it is all about making a difference in the world, and I can see that you are doing your part! Maybe when everyone becomes afraid of the size of community banks, then we can recommend that they lend more and fail too, or just like in the video, they can just take someones honor system to pay them back --don't need to sign anything. (SOUNDS A LITTLE LIKE ALT-A MORTGAGES IF YOU ASK ME, BUT I DIGRESS)

    Are you kidding me with this? What exactly do you think this will accomplish?
    Community banks are no different.
    Banking business is very simple, (Community or otherwise) loan out a multiple of what you have on reserve and make it profitable; if you don't you will go out of business. So if everyone in the country moves their money to community banks, then those will get bigger, and if loan losses increase because of hard times, they will fail too. And when all five of the "big banks" fail because they go into bankruptcy, you do understand that taxpayers pay for bankruptcies of any company, and when those big 5 fail because there is the "run on the bank" that you seem to recommend here, I hope that you bought some tomato seeds, because your new job will be not internet philospoher, or modern day electronic movement starter, but farmer!

    As far as fear and insecurity, both Suze Orman and Arianna Huffington also operate on that very same principle. Ever see Suze put the fear in someone? I wonder if that is so you will buy her book, because she knows whats best...LOL Tell me, did you grow up without a momma?

    Turn the TV off, and stop reading news, and get off the internet and fall in love if you really want to design a Movement. :-)



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    Jan 05, 2010 7:56 PM GMT
    xuaerb saidCongratulations, you can read HuffoPo! What a brilliant idea, wow, maybe you can even film yourself withdrawing all that money from the big bad bank and show it to all of your friends, because you're cool like that, or better yet you could even become a celeb on youtube or send it to Arianna herself, or maybe even Suze Orman!


    Oooh, sarcasm! Do love! I have a lot of people on my forum block list, so as a result, I have no idea who you're directing this too, but because I love sarcasm, I'll pretend it was directed at me, even tho it might not have been.

    So, first point: I can read, yes! * makes proud face * Sometimes I read HuffoPo too, yes! * makes proud face * But she's not a regular read for me. I think her site is fun, but it's kinda like reading a trashy tabloid at the checkout counter, but not as fun as the Weekly World News was. I also regularly check Fox sites, and blogs from the left and right. And the NYT, and the Guardian and BBC, and LeMonde, and Al Jazeera (English). I'm an omnivorous media grazer. Just FYI for ya, cause you seem interested in what I read. So flattering! * flutters eyelashes *

    Oh, BTW, I saw that vid on a friend's Facebook wall, where it's probably viral or something else with medical overtones.

    xuaerb saidHey, it is all about making a difference in the world, and I can see that you are doing your part! Maybe when everyone becomes afraid of the size of community banks, then we can recommend that they lend more and fail too, or just like in the video, they can just take someones honor system to pay them back --don't need to sign anything. (SOUNDS A LITTLE LIKE ALT-A MORTGAGES IF YOU ASK ME, BUT I DIGRESS)


    Actually, I rarely think about making a difference in the world. OK, my company is trying to, but me personally, not much. I spend too much time at work doing that. When I'm not working (i.e. wasting time on RJ), I mostly look at the world as entertainment. I thought the financial meltdown was highly entertaining BTW (well, except for the part where everyone is on foodstamps and can't pay their rent). I thought this video was also entertaining. So, it's all about entertainment. But I respect people like you who are focused on making a difference in the world. For me, that's just too much like work. But bless your heart. * makes sympathetic face, with special pout *

    xuaerb saidAre you kidding me with this? What exactly do you think this will accomplish?
    Community banks are no different.
    Banking business is very simple, (Community or otherwise) loan out a multiple of what you have on reserve and make it profitable; if you don't you will go out of business. So if everyone in the country moves their money to community banks, then those will get bigger, and if loan losses increase because of hard times, they will fail too. And when all five of the "big banks" fail because they go into bankruptcy, you do understand that taxpayers pay for bankruptcies of any company, and when those big 5 fail because there is the "run on the bank" that you seem to recommend here, I hope that you bought some tomato seeds, because your new job will be not internet philospoher, or modern day electronic movement starter, but farmer!


    Oh, I would never kid you xuaerytoons! You seem a very serious type. I wouldn't want to offend. I posted the vid cause I thought it was a talented edit of a movie classic, used to make a point about big versus small banks. I thought it might make for good discussion. It seemed to do just that.

    As for your tutorial on how to run a bank, I do remember that from econ 101. One thing I did learn tho, when I finished my econ minor, was that the world was (surprise!) a bit more complex that those simple econ graphs that never seemed to label the axes with actual numbers. I guess that explains why all the smart econ PhDs and global bankers seem to continue to be unable to predict, well... pretty much anything. But yeah, I do love those simple explanations of how banks work, so.. thanks for that.

    I also love that you are not afraid of making predictions about future global macroeconomic capital flows using your simple econ 101 formulas about how all banks work. I like how you are so sure of these outcomes (e.g.: "hard times" affect all banks identically, money flowing from large to small banks = bankruptcy for large banks, etc.) Too bad you aren't advising Bernanke or Geithner. They could use your help. They're probably all worried about the web of CDOs and other forms of insurance, reinsurance, re-reinsurance, investment ratings, asset valuations, currency hedges and valuations, etc., when, in fact, all they really needed to worry about is that old standby: loan multiples. Silly them! Don't they realize banking is simple? And that Citi's business model is pretty much just the same as Podunk Savings & Loan's? Silly silly silly.

    Oh, BTW, as to your confident prediction of a collapse of modernity and return to an agrarian society if capital flows from big banks to small. Can I just say: do love? But can't I still be a farmer philosopher and movement starter tho? I heard those did exist before the Innernets. Actually, the Innernets told me they did.

    xuaerb saidAs far as fear and insecurity, both Suze Orman and Arianna Huffington also operate on that very same principle. Ever see Suze put the fear in someone? I wonder if that is so you will buy her book, because she knows whats best...LOL Tell me, did you grow up without a momma?


    I'm not really following you here about my momma, but I kinda like this abstract, surrealist direction you're taking your post. Way cool! Oh, and I've never actually seen Suze Orman, but will check her out. She sounds fun. I like listening to Arianna's accent, I admit. She reminds me of the Eva Gabor character in TV's "Green Acres."

    xuaerb saidTurn the TV off, and stop reading news, and get off the internet and fall in love if you really want to design a Movement. :-)


    Well, I haven't watched TV since 1993, but if getting off the Internet will make me fall in love, I'll give it a go!

    Thanks. You're fun! And I'm completely serious on that point!
  • Posted by a hidden member.
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    Jan 05, 2010 8:26 PM GMT
    OK, turning off the fun, but sometimes not productive, sarcasm mode.

    I think an interesting prelude to discussion about the points the video makes is to figure out where people stand on the following "probing" questions:

    1) Compare and contrast the business models of Citibank versus your community bank or credit union. How are they similar? How are they different? What types of risk affect each one? FYI, by "business model" I mean the sources of revenue and profit.

    2) Compare Goldman Sachs before its IPO versus after. Do you think there is a difference? If so, describe, including any changes in risk profiles.

    3) Compare Citibank before and after Sandy Weil (and the repeal of Glass Steagall during the Clinton administration). Is there a difference? If so, describe, including any changes in risk profiles.

    4) Describe how the recent economic collapse affected Citi, Wells, BofA, versus a major national credit union, say Pen Fed. What are the similarities? Differences?

    I think the answers to these questions might illuminate someone's inner model of how the financial system works, and therefore might also determine how one reacts to videos like the one I posted.

    Would be really great to get someone who works in high finance, or has an econ degree to chime in!
  • Posted by a hidden member.
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    Jan 05, 2010 8:55 PM GMT
    I switched from Wells to a local SF Credit Union I've had nothing but very respectable treatment.
    No minimum balances on anything, no fees for anything other than automatic transfers that exceed federal regulations, I don't pay ATM fees (even non CU ATM fees are refunded to me) got the best rate in the city on my money market and CDs.
    And since I'm a deplorable people person, the most defining characteristic and benefit for me is the customer service makes the big banks look like the crooks they are for the average person... like myself. icon_biggrin.gif

  • Posted by a hidden member.
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    Jan 05, 2010 8:59 PM GMT
    holly crap...I'm so turned on right now.

    Please



    DON'T




    STOP...
  • Posted by a hidden member.
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    Jan 05, 2010 9:17 PM GMT
    Credit Unions are usually the best places to bank. They will typically have the highest deposit rates and lowest loan rates. All the ones I've seen are part of a credit union ATM network where it's free to use ATMs...like this (http://www.co-opfs.org/public/locators/ATMlocator/index.cfm). Just about anyone can join a credit union these days.

    I also recommend getting a small safe to store your personal documents and keep a small amount of cash in there too.
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    Jan 05, 2010 9:56 PM GMT
    dustin_K_tx saidholly crap...I'm so turned on right now.

    Please



    DON'T




    STOP...

    wait till I tease you with dividends that allocate weekly and pay monthly.
    Now take that dividend... take it like man.
  • DCEric

    Posts: 3713

    Jan 05, 2010 10:28 PM GMT
    panic.gif
  • Posted by a hidden member.
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    Nov 11, 2010 4:45 AM GMT
    DCEric saidpanic.gif


    LOL!!!
  • Posted by a hidden member.
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    Nov 11, 2010 4:45 AM GMT
    Is this thread about banking? icon_neutral.gif