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CUNA Estimates 650,000 Bank Customers Transferred $4.5 Billion to Credit Unions

cuna credit union national association


Financial News Story of the Day – 650,000 Former Bank Customers Jump Ship to Credit Unions

The Credit Union National Association (CUNA), a credit union advocacy group, estimates that over 650,000 bank customers switched to credit unions. The most startling surprise – they took $4.5 billion worth of savings with them. Part of the Bank Transfer Day movement, big banks may actually start to take notice (source: CUNA.org).…

79,000 Facebook Fans Ready for Bank Transfer Day

bank transfer day 79,000 facebook followers


Financial News Story of the Day – Bank Transfer Day Ready to Go with 79,000 Facebook Fans

The Bank Transfer Day movement has gained even more traction thanks to 79,000 fans on Facebook who are ready to ditch their banks tomorrow, November 5, 2011. The unhappy customers are leaving large national banks in favor of local credit unions, an event that banks have largely ignored (source: Finance.Yahoo.com).…

Large U.S. Corporations Pay Zero in Taxes Despite High Profits

large corporations pay zero taxes


Financial News Story of the Day – Study Shows Large U.S. Corporations Paying No Taxes

From 2008-2010, 30 of the 280 largest U.S. companies paid zero in taxes according to a new study by non-profit group Citizens for Tax Justice. A larger number even enjoyed tax rebates. This brings up the issue of rising payroll taxes for employees and decreasing tax burdens for corporations – where’s all the money going (source: MarketWatch.com)?…

U.S. Postal Service Runs Out of Money

us postal service broke


Financial News Story of the Day – U.S. Postal Service Could Shut Down

The U.S. Postal Service is in a world of trouble, losing $20 billion over the last 4 years and in need of a bailout. Despite a lower demand for mail services due to this new thing called email, postal service unions are strongly opposed to any layoffs.…

Bank of America $5 Debit Card Fee Repealed

bank of america $5 debit card fee canceled


Financial News Story of the Day – Bank of America Cancels $5 Debit Card Fee

The Bank of America $5 debit card fee is no more due to mountains of negative press and customer reaction to the new charges. Many local banks and credit unions took advantage by helping to fuel the Bank Transfer Day sentiment where people would take their business to local financial institutions.…

South Korea Plans Reunification with North Korea by Raising $50 Billion Fund

north korea south korea reunification fund


Financial News Story of the Day – South Korea Plans Fund to Reunite with North Korea

The South Korea reunification plan with North Korea was announced today by Unification Minister Yu Woo Ik, who is working on developing a fund of $50 billion to be raised for that purpose. The fund is expected to raise contributions from Koreans across the world.…

Groupon IPO Date Set for Next Week

groupon ipo date


Financial News Story of the Day – Groupon IPO Date Ready to Go

The highly anticipated Groupon IPO date is fast approaching – next week to be exact. While some think Groupon is the greatest thing since sliced bread, offering daily deals of many varieties, others are looking for it to fail. The company has been guilty of inflating advertiser products only to “discount” them for the general public, whether they are intentionally doing it or forgetting to price-check client offerings.…

European Debt Crisis Averted with 50% Writedown of Greek Debt

european debt crisis greek debt


Financial News Story of the Day – European Debt Crisis Sees First Resolution with Greece Writedown

The European debt crisis took a turn for the better thanks to a Greek debt writedown of 50%. Bondholders, or creditors who invested in Greek debt, lost about half their investment as the country avoided an economic meltdown that would have set off a chain reaction destroying several European economies.…

“Pay As You Earn” Student Loan Repayment Program to be Introduced

pay as you earn student loan debt


Financial News Story of the Day – Student Loan Bailout Pending

Yesterday we discussed the mortgage bailout, and today we are discussing the soon to be announced student loan bailout. Being referred to as the “Pay as You Earn Program,” it allows graduates who have federal student loans to pay 10% of their discretionary income for 20 years before the loans are completely forgiven.…

Obama’s Mortgage Plan to the Rescue – Who Smells a Bailout?

barack obama mortgage refinance plan


Financial News Story of the Day – Obama Proposes Another Mortgage Bailout

President Barack Obama visited Las Vegas, Nevada recently where he outlined a new proposed mortgage refinancing plan that would allow homeowners to refinance their loans regardless of how much they are underwater. Can you say, “Kicking the can down the road?” If you were foolish enough to purchase a home during the peak bubble years, you’re actually being rewarded for it (source: BusinessWeek.com).…