Sorry, but banks don't really care about your piddly little accounts. If you were a useful customer to them, they would be open at times when you want to go to the bank. But they are not. They are only open while businesses are open, as that is their source of income.
You should move to a credit union for your own selfish reasons - better interest, and less fees.
Pretty sure it was WallStreetBets' "piddly little accounts" that created this whirlwind. Problem for the big accounts is that those piddly little accounts add up.
Kind of... Not really. You pulling out of a bank does not mean they lose a billion dollar bet. The GME situation exists exclusively because Melvin Capital's position closes tomorrow.
If the middle class and small businesses moves their money to credit unions, that means billions of liquidity lost for the banks. So, yes, really. They aren't holding our money out of the goodness of their hearts, they're holding it to profit off of it.
...it's called a bank run. This GME thing is a whole new goof.
OP's post is more like an artificial bank run, so obviously it isn't the same, but similar in spirit. Not sure why you're so committed to shilling for the banks and pretending this wont hurt them.
Only white supremacists use credit unions. /s
You should have done this long ago.
Switch to paying taxes quarterly
Isn't there a way to defer taxes like Soros did?
You could just not pay taxes and take on the percentage you don't get fined. You're overall profit is
(The amount you would have paid * the risk of not getting fined) - (The total cost of the fine * chance of getting fined)
So ie -
(100k * 0.99999) - (120k * 0.00001) = 99.9978k
Elaborate.
Sorry, but banks don't really care about your piddly little accounts. If you were a useful customer to them, they would be open at times when you want to go to the bank. But they are not. They are only open while businesses are open, as that is their source of income.
You should move to a credit union for your own selfish reasons - better interest, and less fees.
Pretty sure it was WallStreetBets' "piddly little accounts" that created this whirlwind. Problem for the big accounts is that those piddly little accounts add up.
Kind of... Not really. You pulling out of a bank does not mean they lose a billion dollar bet. The GME situation exists exclusively because Melvin Capital's position closes tomorrow.
If the middle class and small businesses moves their money to credit unions, that means billions of liquidity lost for the banks. So, yes, really. They aren't holding our money out of the goodness of their hearts, they're holding it to profit off of it.
...it's called a bank run. This GME thing is a whole new goof.
That's not what is happening with Gamestop though.
They are similar in that they involve the masses and their small amounts of money, but the similarities end there.
It would be similar if a bank would get fined a trillion dollars for having slightly less liquidity.
OP's post is more like an artificial bank run, so obviously it isn't the same, but similar in spirit. Not sure why you're so committed to shilling for the banks and pretending this wont hurt them.
Saying you will only have a minor effect is not shilling.
Especially as most of us are already at credit unions.
It's called concern trolling, people like you probably told WallStreetBets that their chump change wouldn't beat the hedge funds either.
I'm old enough to remember when Occupy did the same.
Go for it.
My son belongs to one and it has great services.
Just like most things in the economy, if you can keep your money local, that is the way.
Local banks typically make local loans, it builds your community.
Big multi-national banks are like going to Walmart and buying Chy-na made goods, that only helps the big banks and not America.
Before you do this you might want to see what big bank they use as a portal.. It may look good but the rot runs deep..
It’s all going to turn around now!
Did that 2 years ago!