Occupy Your Checking Account: Credit Unions At Zuccotti Park For Bank Transfer Day

Fayerman

In addition to being Guy Fawkes Day on Knifecrime Island, today has been dubbed Bank Transfer Day for Americans who are fed up with storing their money in financial institutions that took their bailout money but won't loan it back, forced people from their homes after exploiting them with predatory loans, and tack on fees despite overall poor customer service. Representatives from New York City's four major credit unions will be at the Occupy Wall Street camp in Zuccotti Park until 6 p.m. tonight to help ease customers through the transition.

New York City Financial Network Action Consortium, an organization that facilitates banking within low-income communities is sponsoring today's activities in Zuccotti Park, and explains in a release why they believe credit unions are better suited to serve their customers than larger financial institutions:

Credit unions are not-for-profit financial cooperatives, which means that credit unions exist first and foremost to serve their members, not to maximize profit…a credit union's inherent concern for their members' needs is manifest by lower fees and loan rates, higher yields on deposits…Since their loans stay within the communities they serve, credit unions are also dedicated to the economic development of their communities.

Sounds like socialism! Brooklyn Cooperative, Lower East Side People's, Neighborhood Trust and Union Settlement will all be there today, and are keeping longer hours today for those who want to transfer. All four have 24,000 members and $60 million in assets. After today, they may have more of both.

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By Christopher Robbins in News on November 5, 2011 12:25 PM

Comments [rss]

Maciel Marquez

Please be careful what you wish for. I have lived in a Socialist country and to keep a society/city running with those beliefs and economic theories - high taxes will be instilled throughout the board. EVERYONE will pay. One way or the other. Also, you are against the system but be VERY careful what you want. In a socialist country the government has an even MORE watchful eye on it's people. Don't forget our forefather's founded a Democratic Republic. Get Visas and go plant trees in Canada than.

Think of it like this: lets say Credit Unions become the "norm" and if Virtual Credit money is gone - there will be revenue in the Credit Unions anyway. Which is still Income. And if you want to be so involved in the ways of the bigwigs than you will have direct play with the federal and state offices. Which means you will deal with the Federal reserve anyways. When you signed for Credit you knew what you were getting into. If you don't want to pay, well that's like stealing, and that makes you a better person? The disaster started with Fannie Mae & Cuomo when it was poorly regulated. We have other Severe problems - like Methadone $ guzzling programs and an infestation of Guns in our streets.

And If you are jobless GO VOLUNTEER at a Shelter, Soup Kitchen or go to the VA hospital and thank a veteran personally. :)

BUT the city will make a heck of a lot of money by ticketing bikers/cyclists with no helmets, legalizing Sex Workers and re-instituting a new mentality in the NARC/NYPD. I.e. deal with the old Mob mentality that has had this city in it's grips. Most Treatment Center/Bricklayer/Construction Bids are owned by the mob anyways (hence no mayor wanting to deal with them therefore leading to NO new NYCHA).

MayB our next Mayor should be an actual NYer, have some Balls and face the REAL issues.

Greg Stanski

Whatever we may think about it, when it's all said and done, the banks will have found ways to make up for lost interchange revenues, which are at the bottom of the current debit card fee turmoil. The only relevant question seems to me to be how they will do it.

Right now it looks like the top contenders to make inroads into debit territory are prepaid and credit cards. We are already seeing how they may be used to lure consumers away from debit cards.

American Express, for example, recently launched a prepaid card that is practically fee-free, which is unheard of for a product that usually comes loaded with fees for activation, purchases, balance inquiries and monthly maintenance, among others.

Credit cards, on the other hand, are now being marketed more aggressively than at any time since before the financial crisis began and issuers will no doubt try to make them a more attractive payment option than debit. http://blog.unibulmerchantserv...

Stan D

"which means that credit unions exist first and foremost to serve their members, not to maximize profit…" - just like our government! And we all know how great those guys are with our money..

Samantha Nicholson

Wait, they have funds to transfer?!?

chee1rs

idiots

Nestor Delgado

Fuck any bank that took bailouts and routes your customer calls to India! We've had enough! Make a stand NOW!

Mordicai

Hooray for this!

Freddie Ja

how many of those at Zuccotti Park actually pay any federal income taxes? If you are part of the 47% that pay none, then shut the fuck up.

69GeorgeWBush69

Hmm, I don't get it. You people say the unemployed think they are too good for menial jobs like working at McDonald's or mopping floors. That those out of work are spoiled. But anyone working those jobs are to be looked down on because they don't make enough to pay income tax.

This is a great example of the Fox News-conservative mind set. Everyone but you is a burden to the system, especially those less privileged than you. Can't you and the others just come out and admit you're self-important, anti-social assholes?

gothamcity

BTW, there are no jobs at McDonalds. In April they announced 50,000 new positions and McDonalds claimed they had over a million applicants for those jobs. Just FYI.

http://www.bloomberg.com/news/...

Nestor Delgado

That's not the point. We all pay tribute to the government and banks through excise taxes and inflation. If you eat you pay taxes!

PJB

Um, federal income tax is not the only federal tax. Very few households pay no federal income, payroll, or excise taxes. http://www.cbpp.org/cms/index....