Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Perhaps everyone with a B of A account should call them and say we will be closing our accounts

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:04 PM
Original message
Perhaps everyone with a B of A account should call them and say we will be closing our accounts
Edited on Mon Dec-08-08 02:06 PM by crispini
if they don't restore credit to Republic Window and Door. What do you think? I have a B of A account.

Edited to add: Phone number for General Banking questions:

From Within the US 1.800.432.1000 Monday - Friday*7 a.m. - 10 p.m.Saturday - Sunday*8 a.m. - 5 p.m.
Printer Friendly | Permalink |  | Top
trashcanistanista Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:08 PM
Response to Original message
1. Yes. I do too. I will be happy to close it.
To Bank-wise du'ers - where do we park our money? What is a socially decent bank?
I can do this Wednesday if they don't come up with a deal for the workers. I will give them until Wednesday.
Printer Friendly | Permalink |  | Top
 
WolverineDG Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:31 PM
Response to Reply #1
3. Find a credit union nt
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:37 PM
Response to Reply #1
6. Don't do that. It sets a dangerous precedent right now.
Edited on Mon Dec-08-08 02:37 PM by saracat
Printer Friendly | Permalink |  | Top
 
ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:48 PM
Response to Reply #6
32. How so? n/t
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:44 PM
Response to Reply #32
37.  It is the equivelent of asking for a run on the bank. And if all these folks started to do that
other banks would follow and we would have an even worse disaster on our hands. That is partially what happened in the 30's.
Printer Friendly | Permalink |  | Top
 
ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:54 PM
Response to Reply #37
38. Well, what can people do to show BoA their disapproval? n/t
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:05 PM
Response to Reply #38
41.  I would concentrate on showing support for the Republic Workers instead.
Printer Friendly | Permalink |  | Top
 
ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 08:46 PM
Response to Reply #41
50. But, isn't punishing BoA because of this decision supporting the workers? n/t
Printer Friendly | Permalink |  | Top
 
bdamomma Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 12:30 PM
Response to Reply #41
51. I would like to help the Republic Workers what could we do?
I am not from Illinois, but I would like to help them.
Printer Friendly | Permalink |  | Top
 
Selatius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:51 PM
Response to Reply #1
12. Two words: Credit Union.
Credit Unions are controlled by the depositors themselves, so when you are a member of one, you are given voting rights in electing the board that appoints branch managers. This gives depositors a check on the union making risky investments. The depositors can always object. Depositors at traditional banks only have voting rights if they also own stocks, but even then, most depositors own relatively few stocks.

"Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union<8> and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union."

http://en.wikipedia.org/wiki/Credit_union
Printer Friendly | Permalink |  | Top
 
Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:13 PM
Response to Reply #12
45. I bank at a local credit union only a couple blocks away from my apartment.
Edited on Mon Dec-08-08 06:14 PM by Odin2005
Wonderful place! the employees know us customer-owners on a first-name basis, quite refreshing for a person who grew up in a little rural town and who is thus used to everyone knowing everyone. Funny thing is that one of the bank tellers is a high school classmate's big sister!
Printer Friendly | Permalink |  | Top
 
riqster Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:04 PM
Response to Reply #1
20. I have had good luck with Huntington National Bank nt
Printer Friendly | Permalink |  | Top
 
dmallind Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:30 PM
Response to Original message
2. Yes because what we really need now
is banks loaning money to economically desperate borrowers with no chance of getting their money back. That's never caused any problem has it?
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:35 PM
Response to Original message
4. WTF? You want a run on the bank? That's my money we're talking about, the little
that is left and the money of lots of other regular folks that you would jeopardize.How incredibly stupid. And one bank run could lead to others and finish off whatever is left of the economy! Talk about making a bad situation worse.
Printer Friendly | Permalink |  | Top
 
Selatius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:52 PM
Response to Reply #4
13. You should seriously move your money into another bank, a bank with a much better track record.
My money is in my credit union. They didn't get involved with this garbage sub-prime mortgages that banks like Citigroup and BoA did.
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:56 PM
Response to Reply #13
15. I also use a credit union. That isn't the point.If I move my money, I am sending a signal I don't
want to give. It isn't ever just about any single person's money. A bank run, or closure hurts many people
Printer Friendly | Permalink |  | Top
 
Selatius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:00 PM
Response to Reply #15
18. I wouldn't necessarily say so. You look after your own money.
If Jim Cramer on CNBC came out and said to all depositors to move their money out of Bank of America, we have a problem, but I wouldn't say the same thing if it was some anonymous poster on some left wing website.
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:33 PM
Response to Reply #18
23. Rumours are what feuled the bank runs in the 30's. None of those folks were told by any bigwigs or
authorities to pull their money. And once a run is started , it is almost impossible to stop. I don't support what the Governor of Illinois did for that reason.
Printer Friendly | Permalink |  | Top
 
DebbieCDC Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:36 PM
Response to Original message
5. I closed mine 6 months ago over constant hassles with them
Opened accounts at a small local bank. Best thing I ever did. Nice people -- I mean REALLY nice. Call and you get a REAL VOICE on the phone not some fucking eternal voice mail system with no exit -- Kafka-esque.
Printer Friendly | Permalink |  | Top
 
RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:39 PM
Response to Original message
7. Why not say Wrigley should have given them more than $31M for the plant they bought?
:shrug:
Printer Friendly | Permalink |  | Top
 
TexasObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:42 PM
Response to Original message
8. FYI: local banks are far safer than the big banks.
Edited on Mon Dec-08-08 02:44 PM by TexasObserver
Communities banks are much healthier than the big banks. They are not infected with the same bad deals. You can check the rating of banks online, and you can verify that many local banks are rated four or five stars. There's really no reason to bank with the bigs, and I haven't done it in a decade.

Go here:
http://www.bankrate.com/brm/safesound/ss_home.asp

I encourage all of you to keep this link, and use it to check out any bank or lender you wish to check out. It's important to know if a bank if having problems, or if it is considered safe.

Printer Friendly | Permalink |  | Top
 
MiniMe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:45 PM
Response to Reply #8
9. My local bank just sold out to one of the bigs
It's happening more and more.
Printer Friendly | Permalink |  | Top
 
TexasObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:59 PM
Response to Reply #9
17. Probably because they're well capitalized and the buyers are using bailout money.
I'd move to a local bank immediately. If you have loans with them, you can leave them there, but I wouldn't let a big bank use my checking or savings funds.
Printer Friendly | Permalink |  | Top
 
MiniMe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:40 PM
Response to Reply #17
30. Seriously, I have to do some research on it
I'm not sure how many local banks are left in the area.
Printer Friendly | Permalink |  | Top
 
TexasObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:07 PM
Response to Reply #30
34. you can search your town's banks at the site I linked
The site will allow you to search your specific area. All areas have local banks, and you can verify their ratings. The added benefit is that if you use a local bank, you're doing more to help your local economy. The money and profits are more likely to stay in your community, and more likely to provide loans to consumers in your area.

And local banks simply value you more as a customer.
Printer Friendly | Permalink |  | Top
 
RebelOne Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:47 PM
Response to Original message
10. I'm not going to cut off my nose to spite my face.
Edited on Mon Dec-08-08 02:48 PM by RebelOne
I have a B of A account, but I can't close it because I can't open another account at another bank because I am under a Chapter 13 bankruptcy and my credit is shot. And banks won't let you open an account with lousy credit.
Printer Friendly | Permalink |  | Top
 
hughee99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:50 PM
Response to Original message
11. If the company is "plunging toward dissolution"
Edited on Mon Dec-08-08 02:54 PM by hughee99
why should B of A be forced to lend them money that they'll never get back? Is it the bank's responsibility to pay the company's workers, or is the company's responsibility? Does the company have assets they can get a secured loan against?

On the other hand, if the company is not "plunging towards dissolution" (http://www.mydd.com/story/2008/12/6/143626/292 ), the bank should honor their line of credit.
Printer Friendly | Permalink |  | Top
 
Witchy_Dem Donating Member (496 posts) Send PM | Profile | Ignore Mon Dec-08-08 02:54 PM
Response to Original message
14. Already did in May.
Die BofA Die
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:58 PM
Response to Reply #14
16. And to hell with all the other depositers? Generous spirit there.
Edited on Mon Dec-08-08 02:59 PM by saracat
Sound sort of GOP like!
Printer Friendly | Permalink |  | Top
 
Witchy_Dem Donating Member (496 posts) Send PM | Profile | Ignore Mon Dec-08-08 03:01 PM
Response to Reply #16
19. Not really. Depositers can switch banks anytime they want.
Edited on Mon Dec-08-08 03:01 PM by Witchy_Dem
No generous spirit to a bank that size. GOP would want ONE bank...their bank. Your reply is rather GOP. Hahahahaha!
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:31 PM
Response to Reply #19
21. I dunno. I get really nervous in this enviornment and wouldn't like to see a run on any bank,
even if it isn't a wonderful bank.
Printer Friendly | Permalink |  | Top
 
Witchy_Dem Donating Member (496 posts) Send PM | Profile | Ignore Mon Dec-08-08 03:32 PM
Response to Reply #21
22. I never suggested a fast death. A nice, long, slow bleed would work just fine for me.
I never implied a panic run. I think maybe your intuition is telling you something???
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:33 PM
Response to Reply #22
24. This whole situation is scary.
Printer Friendly | Permalink |  | Top
 
Name removed Donating Member (0 posts) Send PM | Profile | Ignore Mon Dec-08-08 03:35 PM
Response to Original message
25. Deleted sub-thread
Sub-thread removed by moderator. Click here to review the message board rules.
 
slackmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:36 PM
Response to Original message
26. There are many good reasons not to bank with B of A, but I don't believe any of us are qualified
...to make a judgement like that. It's not what I am trained to do, and I don't have anywhere near enough information about the specific situation to form a meaningful opinion on the bank's credit decision.
Printer Friendly | Permalink |  | Top
 
JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:37 PM
Response to Original message
27. Why is BoA responsible for Republic not paying its employees?
Printer Friendly | Permalink |  | Top
 
crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:39 PM
Response to Reply #27
28. They denied them an extension of a line of credit.
While simultaneously accepting bailout money from the taxpayer which was supposed to go for just this sort of thing.
Printer Friendly | Permalink |  | Top
 
JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:47 PM
Response to Reply #28
31. Interesting.
Still, I'd be interested in knowing if the credit line was cut due to them learning information that made Republic disqualify themselves for further credit or if they just cut it as a matter of course in the tight economy. If Republic was showing indicators of flopping, I can't blame the bank for that. If Republic was planning on business as usual, then the bank has some explaining to do IMO
Printer Friendly | Permalink |  | Top
 
crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:04 PM
Response to Reply #31
33. Well, true. I'd like to know more about the situation as well. nt
Printer Friendly | Permalink |  | Top
 
Witchy_Dem Donating Member (496 posts) Send PM | Profile | Ignore Mon Dec-08-08 03:39 PM
Response to Reply #27
29. BofA cut off their line of credit.
No specifics about why but the speculation is that the bailout was to help banks keep offering these LOCs but we don't know the backend details about why BofA may have frozen their LOC.
Printer Friendly | Permalink |  | Top
 
hughee99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 05:36 PM
Response to Reply #27
39. According to this, the company is "plunging towards dissolution"
http://www.mydd.com/story/2008/12/6/143626/292

It was all I could really find on the state of the company, though.
Printer Friendly | Permalink |  | Top
 
JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 05:39 PM
Response to Reply #39
40. If that is the case, then it is Republic's responsibility to sell off assets to pay the workers.
Printer Friendly | Permalink |  | Top
 
hughee99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:15 PM
Response to Reply #40
46. I agree.
The bank bailout doesn't do any good if the banks continue to make bad loans. If this is the case (if the company is going down the tubes), isn't this essentially saying that a company's bank is responsible for their debts.

Printer Friendly | Permalink |  | Top
 
Earth_First Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:17 PM
Response to Original message
35. My wife works for BofA ...thanks for the bode of cheer at the holidays.
Maybe the 'progressives' should think about the impact of the solutions they propose.

They affect more than just those 'at the top.'

P.S. bah humbug to you, sir.
Printer Friendly | Permalink |  | Top
 
saracat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:43 PM
Response to Reply #35
36. And another reason not to jump on the anti Bof A bandwagon.
Innocent folks will get hurt, and not just the depositors.
Printer Friendly | Permalink |  | Top
 
DonEBrook Donating Member (506 posts) Send PM | Profile | Ignore Mon Dec-08-08 06:10 PM
Response to Reply #35
44. A lot of those on the "dump BOA" bandwagon don't do any biz with them anyway.
They are poseurs.
:-)
Printer Friendly | Permalink |  | Top
 
DonEBrook Donating Member (506 posts) Send PM | Profile | Ignore Mon Dec-08-08 06:07 PM
Response to Original message
42. I'm quite happy with their service on my accounts.
No complaints.
Printer Friendly | Permalink |  | Top
 
Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:09 PM
Response to Original message
43. So you are encouraging a RUN ON THE BANK? What are you thinking?
Edited on Mon Dec-08-08 06:20 PM by Odin2005
:wtf: :crazy: :banghead:

It would be much better to give support the the workers, it would not involve risking the screwing of the people that work for BofA.
Printer Friendly | Permalink |  | Top
 
lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:19 PM
Response to Original message
47. And if you don't you won't be opening one and neither will your 15 kids!
:evilgrin:
Printer Friendly | Permalink |  | Top
 
scarletwoman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:26 PM
Response to Original message
48. People would rather remained enslaved to megacorporations, than take a chance at freedom.
They fear the wrath of their Corporate Overlords too much to dare throw off their chains.

Oh well.

sw
Printer Friendly | Permalink |  | Top
 
Ilsa Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 08:28 PM
Response to Original message
49. Actually, yes, I have a zero balance card I need to close out.
I could request that the credit line, meager as it is, be made available to RW&D.
Printer Friendly | Permalink |  | Top
 
4 t 4 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-10-08 03:38 PM
Response to Reply #49
52. I thought the bank agreed to
extend credit to at least pay severance and Vaca. pay, No?
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sun Sep 21st 2014, 01:21 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC