I recently read an article on Google News and wanted to share part of it.
The credit unions are capitalizing on what has been a slow-burning anger over the government's 2008 bailout of big banks and what some see as the banks' refusal since then to offer help to cash-strapped customers or loans to anyone without sterling credit.
It's unclear whether the backlash will grow big enough to become something more than an annoyance to the industry's largest institutions, who are now flush with cash. Some analysts think the customers most likely to desert big banks are the least affluent -- and often the least profitable.
But credit union executives say there's no question that they are gaining customers. They're preparing for another wave with the approach of "Bank Transfer Day" -- a grassroots call circulating across the country to boycott banks and shift accounts to credit unions next Saturday.
Apparently launched on Facebook this month by a Los Angeles art dealer who said she'd "had enough," the Transfer Day idea has caught fire. As of Friday, a Facebook page showed about 65,000 people would participate, and another 13,000 saying they might.
Consumers have complained for years about bank fees. The 2008 taxpayer bailout "added insult to injury," said Pamela Banks, senior policy counsel for the Consumers Union in Washington, D.C."
The new protests including Occupy Wall Street, which are spreading all over the US, have several common themes, even though the founders do not seem to be able to come up with an overall protest, most of the protester agree that their anger is directed at the Banks and Financial Institutions.
The grassroots protests and anger at the banks continues to grow as the Financial Institutions supply the tinder. All across American, even in those families that are in good financial situations and have not suffered badly are outraged at the new bank fees on debit card purchases.
The addition or just the mention of the thought of the banks adding other new fees, will be enough to tip the tide and bring on full scale protests. Many credit cards have monthly program or membership fees, that the user accepted at the time of application, but the though of adopting a universal fee for using credit cards aimed on the consumer, would start such an uproar that the government would be forced to act.
Americans are upset already with the huge profits that banks and institutions are earning at the bonuses and salaries being paid and they are asking themselves, why did they help bail out the banks and is this the way we are repaid. American on the whole regret helping the banks, recently, I heard someone say it was like helping Iraq, we do what we think is the right and just thing and get kicked in the butt. In the boardrooms of the big banks I am sure they are cooking up new ways to charge fees and earn profits, but they are also waiting for a better time to implement these.
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Barry Norman is a contributor to and blogger at firstcredit.net. For over ten years FirstCredit.net has provided consumers free information helping them make sense of credit cards and the financial industry. Whether you are a longtime cardholder or looking for your first credit card, FirstCredit.net can help you make informed decisions.
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