Abandon the banks.

Fun with supply and demand.
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Nessie
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Abandon the banks.

Post by Nessie » Mon Mar 03, 2014 11:27 am

I have abandoned the banks. I have reacted to their mis-selling and avarice by having all of my money in the properly regulated sector of the financial industry. By that I mean the Building Societies, credit unions, mutual savings companies and trustee savings banks. Organisations where the members own the company and you become a member by depositing money. There are no shareholders. Where the management have to work for the members. Not the shareholders. Where they are properly regulated and cannot indulge in mis-selling and excessive borrowing or lending.

If more people moved their money from say Barclays to the Nationwide, or used credit unions instead of payday loan companies, the rip off part of the sector would have to react. It would be like when cars were being stolen on a regular basis and the makers realised improved security was needed or else their cars would not sell. So deadlocks and immobilisers became the norm.

The properly regulated part of the sector provides everything the majority of people need. A bank and savings account and means to borrow money. What that sector lacks is publicity and advertising so that more people knew about the likes of the Glasgow Credit Union (14.9% APR) instead of Wonga (5853% APR) for emergency borrowing or the Airdrie Savings Bank (no bail out, no losses) instead of RBS (£46bn bail out, biggest UK corporate loss in history).

So what I advocate is perfectly doable and I am sure it would force the rest of the industry to properly clean up its act.
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Re: Abandon the banks.

Post by JO 753 » Mon Mar 03, 2014 2:44 pm

Soundz like a good idea.

If I ever hav any money, I'll put it in a credit union account. I'v never gotten any better than mediocre servis frum banks.
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Re: Abandon the banks.

Post by Gord » Wed Mar 05, 2014 2:59 am

Canadian credit unions have been taken over by bankers. Now instead of services, we get screwed. They charged me a dollar just to ask them a question once.
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Re: Abandon the banks.

Post by fromthehills » Wed Mar 05, 2014 3:58 am

Nessie wrote:mis-selling
I thought you said misspelling.
Gord wrote:Canadian credit unions have been taken over by bankers. Now instead of services, we get screwed. They charged me a dollar just to ask them a question once.
Must've been a helluva question. Was it, " Can I purchase a cashier's check?"

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Re: Abandon the banks.

Post by Gord » Wed Mar 05, 2014 4:21 am

fromthehills wrote:
Gord wrote:Canadian credit unions have been taken over by bankers. Now instead of services, we get screwed. They charged me a dollar just to ask them a question once.
Must've been a helluva question. Was it, " Can I purchase a cashier's check?"
No, it was "Are you sure?" She had to go check with a manager. If looks could kill, I'd have been badly injured at least.
"Knowledge grows through infinite timelessness" -- the random fictional Deepak Chopra quote site
"Imagine an ennobling of what could be" -- the New Age BS Generator site
"You are also taking my words out of context." -- Justin
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Re: Abandon the banks.

Post by fromthehills » Wed Mar 05, 2014 4:48 am

As long as you weren't wearing a mask, that shouldn't have cost you a dollar.

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Re: Abandon the banks.

Post by JO 753 » Wed Mar 05, 2014 5:53 am

A safer place to keep your money: In a pile in your yard.
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Re: Abandon the banks.

Post by OutOfBreath » Wed Mar 05, 2014 7:58 am

Well, the banks have my small rainy-day fund along with my card-accounts. Anything else seems impractical.
My mortgage is split where most of it I borrow from the state pension-fund (Which I'm entitled to as a state employee), and the rest in a regular bank where I get good rates from my union membership.

As for service, the state pension fund doesn't bother with it. They're essentially doing ME a favour by giving me unbeatable interest rates on my mortgage. The bank actually have a 24/7 telephone line where they can take care of most things. Which is convenient for us internet-bank users who typically manage our economy late in the evening.

Then again, Norwegian banks didn't need much rescuing in 2008. Some good came out of us (and sweden I think) having a banking crisis in the early 90s.

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Re: Abandon the banks.

Post by Nessie » Wed Mar 05, 2014 9:45 am

It may be more applicable and practical to abandon the banks in the UK than elsewhere. Here there are genuine alternatives for individuals get the same services that the banks provide. That is because one part of the sector stayed regulated and member owned.
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Re: Abandon the banks.

Post by Austin Harper » Wed Mar 05, 2014 3:39 pm

Gord wrote:Canadian credit unions have been taken over by bankers. Now instead of services, we get screwed. They charged me a dollar just to ask them a question once.
Yeah, but it was a Canadian dollar so who cares?
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Re: Abandon the banks.

Post by Kaepora Gaebora » Wed Mar 05, 2014 4:34 pm

I keep all my money in a tree deposit box. That way nobody will touc- do I smell something burning?

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Re: Abandon the banks.

Post by Gord » Wed Mar 05, 2014 8:01 pm

Austin Harper wrote:
Gord wrote:Canadian credit unions have been taken over by bankers. Now instead of services, we get screwed. They charged me a dollar just to ask them a question once.
Yeah, but it was a Canadian dollar so who cares?
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"Knowledge grows through infinite timelessness" -- the random fictional Deepak Chopra quote site
"Imagine an ennobling of what could be" -- the New Age BS Generator site
"You are also taking my words out of context." -- Justin
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Re: Abandon the banks.

Post by itslarry » Mon Apr 20, 2015 12:38 am

Gord wrote:
Austin Harper wrote:
Gord wrote:Canadian credit unions have been taken over by bankers. Now instead of services, we get screwed. They charged me a dollar just to ask them a question once.
Yeah, but it was a Canadian dollar so who cares?
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Re: Abandon the banks.

Post by Poodle » Tue May 19, 2015 11:21 pm

I keep all my money in my dreams.

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Re: Abandon the banks.

Post by Gord » Wed May 20, 2015 12:56 am

itslarry wrote:
Gord wrote:
Austin Harper wrote:
Gord wrote:Canadian credit unions have been taken over by bankers. Now instead of services, we get screwed. They charged me a dollar just to ask them a question once.
Yeah, but it was a Canadian dollar so who cares?
Hockey players.
the fear is real
http://www.si.com/nhl/2015/01/29/fallin ... -NHL-teams
Jesus WEPT!
"Knowledge grows through infinite timelessness" -- the random fictional Deepak Chopra quote site
"Imagine an ennobling of what could be" -- the New Age BS Generator site
"You are also taking my words out of context." -- Justin
"Nullius in verba" -- The Royal Society ["take nobody's word for it"]
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Is Trump in jail yet?

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Re: Abandon the banks.

Post by Matthew Ellard » Wed May 20, 2015 1:19 am

OutOfBreath wrote:Then again, Norwegian banks didn't need much rescuing in 2008. Some good came out of us (and sweden I think) having a banking crisis in the early 90s.
Australia had to hit rock bottom in the late 80's before things got much better. The, then socialist government took the view that we should deregulate banks, float the currency, and force employee & employer superannuation contributions, all at the same time or Australia would turn into a "banana republic". ( Oddly the prime minister at the time was a former rock band manager)

"Paul Keating grew up in the Sydney suburb of Bankstown. At 15 he left school, joined the Australian Labor Party (ALP), worked as a clerk and managed ‘The Ramrods’ rock band"

My mortgage interest rate in 1989 was 17%. I almost killed me back then.

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Re: Abandon the banks.

Post by JO 753 » Wed May 20, 2015 4:16 pm

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Re: Abandon the banks.

Post by Gord » Wed May 20, 2015 9:55 pm

Matthew Ellard wrote:
OutOfBreath wrote:Then again, Norwegian banks didn't need much rescuing in 2008. Some good came out of us (and sweden I think) having a banking crisis in the early 90s.
Australia had to hit rock bottom in the late 80's before things got much better. The, then socialist government took the view that we should deregulate banks, float the currency, and force employee & employer superannuation contributions, all at the same time or Australia would turn into a "banana republic". ( Oddly the prime minister at the time was a former rock band manager)

"Paul Keating grew up in the Sydney suburb of Bankstown. At 15 he left school, joined the Australian Labor Party (ALP), worked as a clerk and managed ‘The Ramrods’ rock band"

My mortgage interest rate in 1989 was 17%. I almost killed me back then.
You guys voted a high school dropout, band manager, and right-wing socialist into the PM's office?
headscratch.gif
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"Knowledge grows through infinite timelessness" -- the random fictional Deepak Chopra quote site
"Imagine an ennobling of what could be" -- the New Age BS Generator site
"You are also taking my words out of context." -- Justin
"Nullius in verba" -- The Royal Society ["take nobody's word for it"]
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Is Trump in jail yet?

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Re: Abandon the banks.

Post by Matthew Ellard » Thu May 21, 2015 1:40 am

Gord wrote: You guys voted a high school dropout, band manager, and right-wing socialist into the PM's office?
headscratch.gif
Paul Keating had the massive IQ and made a deal with the public or warned we would become a "banana republic". We had to change. We did. It hurt then but it has now paid off.

He was also renowned for his brilliant insults in parliament towards the conservatives. This is a compilation of his insults.
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Re: Abandon the banks.

Post by JO 753 » Thu May 21, 2015 4:58 pm

Iz the prime minister the top guy?
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Re: Abandon the banks.

Post by Gord » Thu May 21, 2015 9:34 pm

JO 753 wrote:Iz the prime minister the top guy?
Yes, he is the prime minister. The sub-prime minister would be the guy second from the top, and the tertiary ministers would be the ones underneath them that they're standing on.
"Knowledge grows through infinite timelessness" -- the random fictional Deepak Chopra quote site
"Imagine an ennobling of what could be" -- the New Age BS Generator site
"You are also taking my words out of context." -- Justin
"Nullius in verba" -- The Royal Society ["take nobody's word for it"]
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Is Trump in jail yet?

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Re: Abandon the banks.

Post by Matthew Ellard » Fri May 22, 2015 1:52 am

JO 753 wrote:Iz the prime minister the top guy?
He's the tall bloke, with black straight hair, who is usually standing up abusing the opposition. The conservative opposition party went through many leaders during this period, so it is confusing.

I admit that the Westminster system of parliament can appear to be an "ongoing abuse contest". The UK parliament's House of Commons is meant to be the most ferocious.
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Re: Abandon the banks.

Post by Frank Hoffman » Thu Jun 04, 2015 3:00 am

JO 753 wrote:If I ever hav any money, I'll put it in a credit union account. I'v never gotten any better than mediocre servis frum banks.
I've had an account in a credit union since 1976, and in both services and support it really does make a difference being a credit union MEMBER rather than a bank CUSTOMER.

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Re: Abandon the banks.

Post by JO 753 » Thu Jun 04, 2015 3:39 am

You mean cow.
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Re: Abandon the banks.

Post by zeuzzz » Thu Jun 04, 2015 10:15 pm

Nessie wrote:I have abandoned the banks. I have reacted to their mis-selling and avarice by having all of my money in the properly regulated sector of the financial industry. By that I mean the Building Societies, credit unions, mutual savings companies and trustee savings banks. Organisations where the members own the company and you become a member by depositing money. There are no shareholders. Where the management have to work for the members. Not the shareholders. Where they are properly regulated and cannot indulge in mis-selling and excessive borrowing or lending.

If more people moved their money from say Barclays to the Nationwide, or used credit unions instead of payday loan companies, the rip off part of the sector would have to react. It would be like when cars were being stolen on a regular basis and the makers realised improved security was needed or else their cars would not sell. So deadlocks and immobilisers became the norm.

The properly regulated part of the sector provides everything the majority of people need. A bank and savings account and means to borrow money. What that sector lacks is publicity and advertising so that more people knew about the likes of the Glasgow Credit Union (14.9% APR) instead of Wonga (5853% APR) for emergency borrowing or the Airdrie Savings Bank (no bail out, no losses) instead of RBS (£46bn bail out, biggest UK corporate loss in history).

So what I advocate is perfectly doable and I am sure it would force the rest of the industry to properly clean up its act.

The main money I have isn't even with a third party. I am my own bank. No middleman at all between any transaction.

(What on Earth u talking about?)
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