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Forum Post: BREAKING NEWS: Your Bank is not in the business of watching out for YOU

Posted 2 years ago on Oct. 22, 2011, 6:11 p.m. EST by happybanker (766)
This content is user submitted and not an official statement

Banks are a SALES organization. Their employees are trained to sell things to the consumer so the bank earns a profit. I am amazed at the number of people that think that banks are going to watch out for them and protect them. They are not in the business to do that any more than a car salesman is in the business of advising you on whether or not you actually need a new car. You must watch out for yourself.

65 Comments

65 Comments


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[-] 2 points by StevenRoyal (490) from Dania Beach, FL 2 years ago

Exactly, close your accounts (if they let you) and move your money elsewhere and hope they don't call the cops on you after you've completed the transaction and left bank property.

[-] 1 points by Windsofchange (1044) 2 years ago

You are absolutely 100% right. I would also like to add to that statement and say something that may shock some people; "Colleges and Universities are businesses and at the end of the day it is all about the money. So College students, please, please, please, don't put blind faith in them. Look out for yourselves." Here is a video that speaks about the college bubble which is believed to bust at anytime now. Hope you find it as insightful as I did. http://inflation.us/videos.html

[-] 1 points by Howtodoit (1232) 2 years ago

perfect. thanks for sharing partner

[-] 1 points by Howtodoit (1232) 2 years ago

I think you are missing the point, We just want an even playing field again, even Greenspan finally admitted in 2008 that he forgot to factor in the Greed Factor into his free markets equation. Is this fair? Let's try this, one I think you can live with:

A March to Capitol Hill and demand:

For example, "We are here Congress because we want you to REINSTATE the Glass-Steagall Act of 1933 http://www.investopedia.com/articles/03/071603.asp#axzz1aPEc3wX which helped saved our country from the Great Depression by preventing investment companies, banks, and insurance companies from merging and becoming large brokerage firms; instead of just being Banks and Insurance companies--Congress why can't you learn a history lesson from 1929? Btw, why did most of you vote for its final repeal in 1999? http://www.counterpunch.org/2008/09/19/shattering-the-glass-steagall-act (2nd story here)

Think about where we are now, it all started in 1999 with lawmakers like Senator Phil Gramm who helped create legal gambling casinos for our banks: CNN's The Ten Most Responsible for Economy Collapse: http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related

Furthermore, we also want you to CHANGE the Commodities Future Modernization Act of 2000 http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 BACK to where it was before 2000, which since has deregulated energy markets and consequently allowed for such scams as The Enron Loophole; whereas in the early 2000's Enron Corp. was charging 250 bucks plus for a kilowatt hour...They all when to jail for this. But, the Enron loophole is still not closed, for example, allowing speculators to resell barrels of oil over and over again before it reaches the gas station owner. It's basically legal gambling at our expense. What were those lawmakers thinking then? What are you thinking now? Either do the right thing, or you're part of the 1%."

So why are oil prices high? The Enron Loophole. Former head of U.S. Commodity Futures Trading Commission speaks to Congress on the high price of oil--and he's not happy about energy deregulations:

http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related

http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related

Rolling Stones Reporter: Truth about Goldman Sachs--how they have cornered the markets--basically, The Enron Loophole and the Repeal of Glass-Steagall Act in 1999. http://www.youtube.com/watch?v=waL5UxScgUw

Let's get focused and bring back Glass-Steagall Act of 1933, they got it right 1933, we don't need to REINVENT the wheel because bringing this Act back will create an even playing field once again....and let's finally Close the Enron Loophole, which allowed Enron to charge what they wanted for energy; they went to jail for this; but no one closed the loophole, why? Re-election Monies from the banks and oil companies! The writing is on the wall.

[-] 0 points by happybanker (766) 2 years ago

Yes, Glass-Steagall would help put the financial institutions in a better regulated situation. What do you propose to put greedy borrowers on the right track?

[-] 1 points by Philip (18) 2 years ago

Because Bank take FDIC insurance, and borrow their reserves, they have an obligation to perform honest credit-analysis of the loans they service. Not to do so is DEFRAUDING taxpayers. Since they are "professionals" at credit analysis, they have a greater responsibility in the transaction. The Public deserves, should expect and force their Bankers to have integrity.

Besides, blaming the borrower serves no purpose. They already paid the price. Repairing the disfunctional banking system is the objective and the Dodd-Frank Wall Street Reform Act does go far enough --because of Bank of America's undue influence. We need to return to Glass-Steagal and beyond.

[-] 1 points by MiMi1026 (937) from Springfield, VA 2 years ago

Exactly! Close your accounts! Close your accounts! There are many credit unions. Open An Account Today!

[-] 1 points by radical22 (113) 2 years ago

true

[-] 1 points by Lifesaver (9) 2 years ago

How about credit union? They run the same way?!

[-] 0 points by happybanker (766) 2 years ago

No, at least not yet. They are owned by account holders collectively and the employees are expected to provide service instead of selling stuff.

[-] 1 points by OurTimes2011 (377) from Arlington, VA 2 years ago

According to the organizer,

"Together we can ensure that these banking institutions will always remember the 5th of November!! If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices.

• Research your local credit union options • Open an account with the one that best suits your needs • Cancel all automatic withdrawals & deposits • Transfer your funds to the new account • Follow your bank's procedures to close your account before 11/05"

http://www.facebook.com/event.php?eid=281139538577206

Here is what I suggest:

Do not move all of your funds. To put this big of a strain on the system may be irresponsible. Move some of your money out. Just opening an account will send the signal we need.

To find a Credit Union:

http://www.findacreditunion.com/ http://locator.cucentral.com/ http://www.findyourcreditunion.co.uk/

[-] 1 points by unfleecedbysheep (153) 2 years ago

snake oil salesman, a term used when someone advertises a product that does not perform as advertised. used car salesman, a term synonymous with lying and concealing the truth of the products viability.

[-] 0 points by happybanker (766) 2 years ago

moron , a term synonymous with someone who "asks" someone else to sell them something they dont need and then complains about it after they can no longer afford it.

[-] 1 points by unfleecedbysheep (153) 2 years ago

did the people ask or did they see numerous advertisements including presidential endorsements of these loan programs. The banks structured the loans not the borrower.

[-] 0 points by happybanker (766) 2 years ago

I see ads all day long for stuff that I dont buy. That is a personal decision.

[-] 1 points by unfleecedbysheep (153) 2 years ago

predatory, a wolf in sheep's clothing, is the term used when someone acts like their helping but they just want to take from you. If the lender doesn't choose good borrowers they will fail, as we have seen, as well as the loss of customers, which will continue unless this moral corruption is ended.

[-] 0 points by happybanker (766) 2 years ago

Your thoughts are true but the whole predatory thing is overblown. Truth is, too many people walked into too many banks and asked for loans that should not have.

[-] 1 points by unfleecedbysheep (153) 2 years ago

So the wolf has a nice lemonade stand.

[-] 0 points by happybanker (766) 2 years ago

Yes and wolf inside human beings must cause them to want to buy more and more stuff and borrow money to do it. They are great for each other.

[-] 1 points by unfleecedbysheep (153) 2 years ago

nonsense is your forte. ill not interrupt your counter intelligence efforts. please feel free to express your first amendment rights here. There is no cure for stupid. I am sure you would agree, although with an inherent lack of logic. You are the wolf, but having worn the fleece for so long, you are unable to recognize it while devouring those who in your view have served themselves up willingly as lamb chops, justifying it by saying that they must be smart enough to see through your disguise or it is well deserved. Those that are left will see through the disguise. As is the case here.

[-] 0 points by happybanker (766) 2 years ago

I can see you are intellectually challenged...Now put your Big Bad Wolf comic book away, brush your teeth, wash your face, and go on up to your spider man bed. Its getting past your bedtime. Nighty Night.

[-] 1 points by rajarood (67) 2 years ago

The banksters are the slavemasters and debt and interest are the whip and shackels. The OWS / 99er plan must be bottom up not top down in order to be effective because the top is controlled by the corpoRATocracy and the plutocrats. Remember actions of Ghandi vs British Empire. Lesson learned is 99ers can make small personal changes which when multiplied by millions will have paradigm shifting consequences. See http://occupywallst.org/forum/ideas-for-effecting-change/ for examples.

[-] 0 points by happybanker (766) 2 years ago

^A guy who gets it. ^

[-] 1 points by rajarood (67) 2 years ago

Hey, thanks. Please consider commenting in/ improving this thread http://occupywallst.org/forum/ideas-for-effecting-change/

[-] 1 points by rajarood (67) 2 years ago

Hey, thanks. Please consider commenting in/ improving this thread http://occupywallst.org/forum/ideas-for-effecting-change/

[-] 0 points by happybanker (766) 2 years ago

Raja, I used to work at a bank for years. I doubt anyone wants my ideas. Thanks, though.

[-] 1 points by rajarood (67) 2 years ago

It's about identifying problems and coming up with practicable solutions--somethings which to this outsider but 99er none the less this movement seems to be sorely lacking. Plus, I remember when U.S.S.R. crossovers to the West were celebrated and even rewarded. As a former bankster, your insights could be invaluable. http://occupywallst.org/forum/ideas-for-effecting-change/

[-] 1 points by StevenRoyal (490) from Dania Beach, FL 2 years ago

I think what upsets some of us is that we bailed these banks out obstensively to save our financial system and they have shown absolutely no gratitude. It's like spitting on the fireman who saves your house.

[-] 1 points by happybanker (766) 2 years ago

While I mostly agree with you, I think its also wise to understand that the bailout wasnt really a bailout. It was a capital injection designed to raise confidence in the system. Not saying I agree with it, just sayin.

[-] 1 points by OurTimes2011 (377) from Arlington, VA 2 years ago

Wrong. "Explicit deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net financed by taxpayers that promotes financial stability."

In exchange for this publicly funded insurance, banks have an obligation to look out for the needs of the public, again, who pay for the safety net that banks use to make money.

[-] 0 points by happybanker (766) 2 years ago

Apparently you have never worked in the banking industry like I have.

[-] 1 points by OurTimes2011 (377) from Arlington, VA 2 years ago

Apparently, you can't read.

[-] 0 points by happybanker (766) 2 years ago

FDIC is required insurance for institutions. It is not publically funded, it is funded via premiums paid by the institutions themselves. But, that is beside the point of the post. Your are trying to say what banks should do. I am saying what they DO which is sell gullible consumers stuff.

[-] 1 points by OurTimes2011 (377) from Arlington, VA 2 years ago

The deposit insurance is granted by charter and government action. In return, banks are to be concerned with the overall stability of the banking system and of the society.

Doing things to reduce the stability of the system (like ripping customers off) is like someone burning down a building to collect the insurance (or to collect bigger bonus payments.).

This is what the bankers did.

[-] 0 points by happybanker (766) 2 years ago

You werent there when the bank I used to work for had to hire more loan officers to keep up with the loan demand.

[-] 1 points by OurTimes2011 (377) from Arlington, VA 2 years ago

Irrelevant. The final responsibility for any lending decision rests with the financial institution making the loan.

[-] 0 points by happybanker (766) 2 years ago

Ok. I see we arent getting anywhere since I see fault with Banks and Borrowers and you only see fault with Banks.

[-] 1 points by OurTimes2011 (377) from Arlington, VA 2 years ago

A very small, irrelevant number of borrowers were bad. A much larger number of banks were.

[-] 0 points by happybanker (766) 2 years ago

^Denial at it's best^

[-] 1 points by OurTimes2011 (377) from Arlington, VA 2 years ago

Wrong. Fact based argument at its best.

[-] 1 points by OurTimes2011 (377) from Arlington, VA 2 years ago

Wrong. Fact based argument at its best.

[-] 0 points by happybanker (766) 2 years ago

^ignore^

[-] 1 points by RevolutionaryTruth (95) from Houston, TX 2 years ago

considering i just proved a 700 billion dollar bailout costed us 4.76 trillion!

[-] 1 points by thebeastchasingitstail (1912) 2 years ago

That is good advice.

It doesn't excuse any corruption that banks might be engaging in, but for the average banking customer, yes. Read the fine print, also, too.

[-] 0 points by stevemiller (1062) 2 years ago

Are you too stupid to close your account? There are thousands of other banks.

[-] 1 points by thebeastchasingitstail (1912) 2 years ago

Are you too stupid to breathe? Yea, I'd say you are.

[-] 1 points by stevemiller (1062) 2 years ago

If my bank charges a fee for anything and I'm gone.

[-] 1 points by thebeastchasingitstail (1912) 2 years ago

How does that relate to the comment I made? And you had the nerve to call ME stupid.

[-] 1 points by MiMi1026 (937) from Springfield, VA 2 years ago

trolling

[-] 1 points by thebeastchasingitstail (1912) 2 years ago

I heard he liked trolling so I put some troll in his trolleration.

[-] 1 points by MiMi1026 (937) from Springfield, VA 2 years ago

you

[-] 0 points by happybanker (766) 2 years ago

Very true. They are a sales machine in the business of selling financial transactions and products. Plain and simple. Trying to force them to do the right thing at all times is a futile attempt.

[-] 0 points by stevemiller (1062) 2 years ago

Free to choose? They are in a trance, they aren't free.

Nobody can be this stupid.

[-] 0 points by roloff (244) 2 years ago

Wow this is very insightful, you mean to tell me that banks don't exist to watch out for me. I didn't know that, thanks for the post fellow occupier.

[-] 0 points by happybanker (766) 2 years ago

I think you are being funny but if not, NO they could give a rat's arse about you.

[-] 0 points by stevemiller (1062) 2 years ago

Are the customers they screw too stupid to take their business elsewhere?

This guy is king of the assholes.

Job boom plan for America

For the protest to guarantee winning the next election the plan needs to be force the multinationals to buy all their supplies only made by American workers. Prevent any imports from China and known slave states from being unloaded. The 13th amendment abolished slavery. Having slave made goods in America is unconstitutional.

Unions should have their own pay scale. Any workers who don't want to join the union will need to negotiate their own pension, their own wages, their own health care. Workers who refuse to pay dues need to be penalized, not rewarded. Let the scabs get screwed and they might get the message.

End all tax deductions or tax credits and use a sales tax to collect taxes so even criminals will pay their taxes. Eliminate the entire IRS which would save $400 billion annually. The FAIR TAX does this. The Congress hates the FAIR TAX because it eliminates their tax loophole kickbacks for bribes. That's why they misinform the public when they call the FAIR TAX regressive.

To refuse to vote for that platform would be stupid and insane.The privileged keep ripping off all the rest of us and the public is in their propaganda trance allowing that to happen. Any person against this plan is sabotaging the OWS protest and needs to be heard. Let's hear any reason to oppose this end globalization screw job. http://overthecoals.blogspot.com/

[-] 0 points by happybanker (766) 2 years ago

^ignore cut and paste spam please^

[-] 1 points by thebeastchasingitstail (1912) 2 years ago

vote it down!