Customers Close Accounts To Protest Wall Street, Abusive Lending Practices

Center for Public Integrity :

The death blow for Michael Dalrymple's Phoenix eco-friendly building supply company was the credit freeze that paralyzed the banking system and the nation in the fall of 2008.

"Once the economy melted down, 70 percent of my business evaporated overnight," Dalrymple said. "Customers who would use a home equity line of credit to retrofit their homes were told by their banks that they didn't have that credit anymore."

Read the whole story: Center for Public Integrity

Comments

[lvdragonlady]

09:52 PM on 01/20/2011

Nice move, bravo to all who participated in this 'small' act of protest.

[Tom Linton]

12:53 PM on 01/20/2011

Good balanced article for critical thinking
about this issue
But!
Be sure to read all of it
and with an open mind
There are issues
on either side

[stargazer13]

12:34 PM on 01/20/2011

remember 200 years ago banks did not own much !

Now they own it all !!

[Trogenhorse]

10:56 PM on 01/19/2011

I don't get it. I moved to a credit union over 20 years ago. Why? Because the banks in my city were busy racking up charges everytime I turned around.
Now, I can't imagine banking anywhere else.

If you are not treated well, why not take your money and walk?

[klbrz]

11:10 PM on 01/19/2011

It used to be credit union membership was much more restrictive, but at least here, things have loosened up considerably. I agree, I haven't had an account with a bank for more than 15 years, and can't imagine I ever will, again.

[lisakaz2]

11:11 PM on 01/19/2011

Good for you. I think moving around is part of it. With internet bill pay, I frankly think the issue is minimal, probably because I rarely carry cash.

[Eileenla]

10:26 PM on 01/19/2011

Carrying 0 credit card debt and loving it! No interest and no fees from me...suck on that.

[xilduq]

09:53 PM on 01/19/2011

i paid off my boa auto loan last month, 1.5 years early. never again, boa.

[xilduq]

09:55 PM on 01/19/2011

and saved more than $600 in interest

[ncyim]

09:43 PM on 01/19/2011

The big banks are fighting back through their friends at the FDIC:
http://www.economiccollapse.net/the-fdic-is-killing-community-banks

[2 far-gone]

07:49 PM on 01/19/2011

To see people finally fighting back against these criminal organizations does my heart some good. We need much more of this.

[Allan888]

06:35 PM on 01/19/2011

Banks are the biggest threat to our national security. They produce nothing. And they make tons of money. They are ruining America.

[GreenKate]

10:55 AM on 01/27/2011

F&F. You raise a great issue:

The GOP always say our government (of, by and for the people) must be dialed back, since they don't produce anything. Funny they never apply that same idea to the banks.

[Zamir Humud]

06:04 PM on 01/19/2011

the picture you attached to the story with the protesters holding the signs looks like it says "Stop Wall St CREED" just thought someone should know

[Novelty]

05:50 PM on 01/19/2011

I would encourage anyone facing collections or contemplating bankruptcy to do some research on the Fair Debt Collection Practices Act.

Once an account goes into collections, the debt is typically sold to the highest bidder for pennies on the dollar. The FDCPA provides very specific rules collectors must follow in order to legally demand payment, and the collectors invariably violate these rules, knowing few people are aware of their rights. If you use the FDCPA to challenge the legitimacy of their claim, most often they will abandon it by either writing the debt off or selling to yet another unscrupulous bottom-feeder who you can apply similar treatment to.
In fact, once given notice, if they commit any further violations they are subject to stiff penalties, and will often settle with you for $1000 per, if you can document said violations. Yes, you can potentially end up a few thousand in the green while eliminating your debt.

I would go one step further and encourage anyone with a bad credit score and high debt to do this. You can repair your credit score faster this way than if you declare bankruptcy, if you are in fact concerned about your score. Clearly, you must do your own research and come to your own conclusion on this.

The legal distinction of fraud here lies only in ones intent, while the fraud of these institutions is overt and goes unchallenged.

[lochnessmonster]

05:31 PM on 01/19/2011

Congrats!

[lochnessmonster]

05:30 PM on 01/19/2011

We are working on moving our money...hard sometimes to get out from under the big banks but our daily business is all moved to the local credit union. And we love those people...

[nkurland]

05:24 PM on 01/19/2011

Starve the beasts. It worked spectacularly with tax cuts and the principal is the same: deny revenue.

[Whatchutalkinabout]

05:12 PM on 01/19/2011

An interesting video about money...

http://vimeo.com/2244372