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Thread: Public Banks

  1. #1
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    Public Banks

    I detest my bank. It hits me with fees every chance it gets. It doesn't really pay any interest. I've even had them stop me from withdrawing money that was already in my account. My bank is a necessary evil in my life. I'd drop it in a heartbeat if I could. I'm really hoping public banking gets off the ground. Anybody else interested in public banks?

    https://californiapublicbankingalliance.org/

  2. #2
    Forum Member DanTheBluesMan's Avatar
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    Re: Public Banks

    I went with a credit union after years of paying 180 dollars a year just to have my money at Citizens, never mind all the other fees they gouged me with every chance they got.
    "Live and learn and flip the burns"

  3. #3
    Forum Member OldStrummer's Avatar
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    Re: Public Banks

    My bank charges no fees. In fact, in my area banks are competing for customers by offering no-fee banking and other enticements. With everything online these days, it's a rare day when I even need to find a branch.

    Put banking into the hands of the government? What could possibly go wrong? "Public" = "Government." No, thanks.
    Striving to be ordinary

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  4. #4
    Forum Member ch willie's Avatar
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    Re: Public Banks

    I know that everything is political, and I hope this post isn't thought of as political. I am someone who cherry picks from all parties, and I understand different opinions about the issue.

    I'd be concerned about the lack of FDIC. Or is that covered? I really don't mind banks having worked at one. OS is right--if you shop around you'll find a bank with minimal or zero fees. Look, we live in the center of capitalism; we spend a lot of our money supporting corporations as evil if not more than the banks. Im a socialist, and I hate that we need and support large, soul-less biz, but it's impossible given the reality in which we live. The plus of banking with corps is the safety of your money.

    And another reason is that no matter how progressive people are, someone's going to figure out how to steal. Someone might find a legal or illegal way to drain the funds. At least with a corporate bank, a good one like Regions, you're not going to lose if someone in the bank steals from you.

    I hate the "legal" shady stuff that banks do to us, yet the truth is, it's not a terrible system considering our reality. It'd be great if someone could influence banks to be more humane in its dealings with those who struggle for money.
    If we'd known we were going to be the Beatles, we'd have tried harder.--George Harrison

  5. #5
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    Re: Public Banks

    Quote Originally Posted by DanTheBluesMan View Post
    I went with a credit union after years of paying 180 dollars a year just to have my money at Citizens, never mind all the other fees they gouged me with every chance they got.
    I hear you on credit unions. I'm in one now, but they seem to act more like a big bank every year. Lately, I've been seeing more upside to going back to a regular bank. I'm hoping to try a public bank.

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    Re: Public Banks

    Quote Originally Posted by OldStrummer View Post
    My bank charges no fees. In fact, in my area banks are competing for customers by offering no-fee banking and other enticements. With everything online these days, it's a rare day when I even need to find a branch.

    Put banking into the hands of the government? What could possibly go wrong? "Public" = "Government." No, thanks.
    I don't believe the myth that private companies do things better than public institutions. Monopolies and corporate bureaucracies unfairly siphon more of my money off than anything else. Cable company monopolies are another example of privatization manipulating people because of a lack of competition. I'd like to see my internet service provider go public as well. I won't even go down the drug prices road. Anyway, that's just my perspective.

  7. #7
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    Re: Public Banks

    Quote Originally Posted by ch willie View Post
    I know that everything is political, and I hope this post isn't thought of as political. I am someone who cherry picks from all parties, and I understand different opinions about the issue.

    I'd be concerned about the lack of FDIC. Or is that covered? I really don't mind banks having worked at one. OS is right--if you shop around you'll find a bank with minimal or zero fees. Look, we live in the center of capitalism; we spend a lot of our money supporting corporations as evil if not more than the banks. Im a socialist, and I hate that we need and support large, soul-less biz, but it's impossible given the reality in which we live. The plus of banking with corps is the safety of your money.

    And another reason is that no matter how progressive people are, someone's going to figure out how to steal. Someone might find a legal or illegal way to drain the funds. At least with a corporate bank, a good one like Regions, you're not going to lose if someone in the bank steals from you.

    I hate the "legal" shady stuff that banks do to us, yet the truth is, it's not a terrible system considering our reality. It'd be great if someone could influence banks to be more humane in its dealings with those who struggle for money.
    FDIC is a government program. Private companies rely on it as much as Joe Sixpack. I'd never put my money in a bank that didn't have that insurance. I worked for a bank a long time myself. That's one of the reasons I don't have any illusions about them. I don't think settling for not-so-bad, kinda shady, or semi-legal is a great a option. I'm interested in improving my choices.

  8. #8
    Forum Member jrgtr42's Avatar
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    Re: Public Banks

    My main account has been at Bank Of America since about 4 mergers ago.
    When I got married, we also opened one at a local Credit Union. Honestly I don't see much difference in the two,
    other than BOA and it's predecessors have occasionally tried to get me into a higher level account, "for a fee of X per month, you have an increased account limit and checking etc." I have to call in, basically say, I've never had that much in my account at any given time (the limits are usually into 6 digits.) Put me back in my free checking etc account.
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    Re: Public Banks

    Quote Originally Posted by jrgtr42 View Post
    My main account has been at Bank Of America since about 4 mergers ago.
    When I got married, we also opened one at a local Credit Union. Honestly I don't see much difference in the two,
    other than BOA and it's predecessors have occasionally tried to get me into a higher level account, "for a fee of X per month, you have an increased account limit and checking etc." I have to call in, basically say, I've never had that much in my account at any given time (the limits are usually into 6 digits.) Put me back in my free checking etc account.
    I hear you. People in business like to say "think outside the box", but what I see is credit unions just copying the big banks. They really don't differentiate themselves much from big consumer banks. They used to, but nowadays I think their not-for-profit managements are just as concerned with profits as the big banks. I suspect not-for-profit managements can raise their salaries based on their profit margins so they don't really add much value to the consumer.

  10. #10
    Forum Member gibsonjunkie's Avatar
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    Re: Public Banks

    I've been lucky in finding Webster Bank here in Connecticut. Nothing but good to say about them. Other banks - not so much.
    "We catched fish and talked, and we took a swim now and then to keep off sleepiness." Mark Twain

  11. #11
    Forum Member dirtdog's Avatar
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    Re: Public Banks

    Banks, credit union, public or private - all a necessary evil. I have accounts at a private bank and at a credit union. They operate almost identically as far as I can tell. Difference is the credit union staff knows me by name - I've had an account there for going on four decades. My dad was on the board of directors and my mom was on staff for a time. I've had my private bank account for even longer but I can't remember the last time I went into a branch!

    The banks right now have more favourable borrowing interest rates. Savings interests rates are almost undetectable they are so low!

    I agree with @toast for the most part. While private enterprise might be more "efficient" by some measures, the intent is to increase wealth for the shareholders or owners - or at least balance profit with what consumers are willing to pay without too much resistance. Publicly owned not so much. Both have pros and cons and neither are perfect.

    In Canada, we have many crown corporations and/or publicly owned orgs. I guess my complaint with these is that they effectively operate as a monopoly more often than not. Not happy with the service, tough luck! Publicly funded health care being the prime example. Surprisingly, public banks are not a thing up here. We used to have publicly owned gas stations and a publicly owned airline, but I suppose they just couldn't compete effectively in these highly competitive markets.

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