Bank of America-Sponsored Poll Shows That Most Americans Don't Trust Banking System
It may be a random confluence of sponsorship, but this poll from the front page of CNN.com last night is too funny not to share. Thanks to Douglas for sending it in.
Post a comment
Comments:
I actually LOL'd.
As kids we were told Banks are where you money will be kept safe. Instead it was used to gamble with. Not just bad mortgages but a whole wide range of bad ideas. No, I don't trust the banks.
If I'd been polled, I would have added this story. When I was a Bank of America customer, a check I wrote to a friend was mistakenly returned by Bank of America for insufficient funds. The money was in my account, and Bank of America acknowledged that the mistake was theirs and refunded my overdraft fine. What they refused to do was send a letter acknowledging the error to my friend's bank which had fined him when the check was returned. That's when I left Bank of America.
@HurtsSoGood: Credit unions are also failing at a relatively high rate (though most of them are smaller and don't represent as big a threat to the nationwide economy and deposit insurance system). Yes, they also have insurance. But credit unions aren't all unicorns and sunshine; they made many of the same mistakes the commercial banks did.
It appears that the banks are giving politicians and the media a run for their money in untrustworthiness.
@joeblevins:
But you do have the FDIC to save your ass when banks do blow your money. Don't trust the banks, but trust the gov't.
(Yeah, I know I started a flame war, but compare gov't to banks, think of it that way)
@johnva:
Yeah, credit unions are failing and getting into trouble too. I mean, when people who were diligent with their money are having hard times, even credit unions can be in trouble.
My credit union was placed in conservatorship in the end of April. Guess they are a little shaky? But I still trust them more than wachovia or BofA.
"Do you trust the U.S. banking system?" What the hell kind of question is that? It's way too generalized to mean anything. Trust them with what? CNN sucks.
Well, the poll is still up but now not openly sponsored by BoA.
The goal of this poll has to be to see how bad the distrust is. There is no way that anybody would commission this poll thinking that the majority would answer "yes".
(Note: I am aware of the unscientific nature and population bias.)
In other news, Earth found to be round, the Pope is revealed to be Catholic and Barack Obama is rumored to be black. Deatails at 11!!
@nwaasob: The goal of the poll is for CNN to determine how well various kinds of sensationalism would sell.
Dear Consumerist,
Please watch the following free movie which explains the current banking system.
The Obama Deception
@aznjoker: Well, feel free (although I don't think I would, personally, if they were in conservatorship). And overall, I like the idea of credit untions. I just think they often get WAY oversold as some sort of magical panacea, when in fact they're just another type of bank.
@hi: Hahahahaha!
Did you find that all by yourself over at Free Republic?
Aww, it's so cute when they try.
FDIC insurance makes this poll mostly irrelevant. No one is walking the walk by pulling their money out, and it's a lot easier to claim you don't trust the system when you know your money is safe.
@Corporate_guy: Just because you trust the FDIC to restore your deposits if the bank fails doesn't mean you trust your bank not institute new fees without notice, not hold you liable for fraudulent charges, not hold your deposits instead of making them available to you just because they can, etc.
It's better than keeping it in a mattress but that doesn't mean you don't expect something to go wrong.
Do you trust the monetary system?
@Rectilinear Propagation: Oh well in that case, no. I keep all of my children in a battered, rusted old coffee can under an old corn shuck mattress in my basement, away from the prying eyes of the government AND their banker overlords.
I agree with 'hurtsosgood' and think that the next poll should be "Do you Trust Bank of America?" I doubt they would report the findings of that one.
@HurtsSoGood: Credit unions were not bailed out by TARP, whereas banks received hundreds of billions of our money. That's because credit unions did not write Alt-A or sub prime loans. My credit union didn't receive a dime in taxpayer funds, and it's well capitalized. That's reason enough for me to favor credit unions.
That poll just needs tweaking. Do I trust US banks? Hell no. Do I trust credit unions? Yes.
@Trai_Dep: The only reason for that is that they usually aren't massive megacorporations that threaten to take down the whole of the world economy with them should we let them fail.
I'd say that's more of a strike against mega-banks than a vote of confidence for credit unions. I'd like it if our government would just enforce anti-trust laws again.
Woo, you got a screenshot! I noticed it and was going to do so, but I did not.
Do I trust US banks? Hell no. Do I trust credit unions? Yes.Is there any reason to care one way or another, as long as the money is insured (FDIC, or otherwise)? Frankly, I couldn't care less what a bank does with my money, as long as it's guaranteed when I go to take it out. Until the foundations of our government and our economy completely fail, I don't see any reason to trust banking with a credit union over anyone else.
@kissinggames: They will spin the results anyhow: "Under than half the respondants to a CNN/BOA poll still have trust in the U.S. banking system."
@captadam: Credit unions aren't automatically "extraordinarily secure" when compared to major banks. As far as security goes, if your money is insured, it doesn't matter where you put it.
@supercereal: I don't think of it in terms of my personal funds. I think they are safe in either a bank or CU, although I earn a lot better interest at my CU. But I trust my CU not to get involved with risky investments that would require a federal bailout. People forget that this bank bailout thing has happened before - remember the S&L crisis? Credit unions have never historically had these problems, which is why they are more trustworthy. And in general, I'd rather do business locally than with some mega-bank headquartered elsewhere.
@Brent: Dude, that's known as "Wrongful Dishonor" of a negotiable instrument and it's a BIG no-no for banks.
You could have gotten them in serious trouble with the federal regulator, and you could have sued them; wrongful dishonor cases allow you to recover for damages, interest, AND attorneys fees.
@Guvmint_Cheese: Except that you're wrong. More credit unions have failed than banks in the last 1.5 years. Obviously not all of them are the way you described (conservative and well capitalized).
@veg-o-matic: I've never seen nor heard of Free Republic, but I found that movie for you to watch. www.PrisonPlanet.tv is where that movie is from. Like the guy said "Alex Jones". Although I do trust what he says because I have researched the information and have found it to be true.
I really don't care to play the denial game. The facts speak for themselves.
@Guvmint_Cheese: Also, Google reveals that credit unions (or at least the national backstops for them) ARE receiving government bailout funds, though most of the individual ones don't need it.
At least watch the first five minutes.
@johnva: Please note that I'm not against credit unions, and I'm not trying to bash them. What I am in disagreement with the general statement that credit union = safe and conservative. That's probably true of MOST credit unions. But it's not necessarily true of them all, and you shouldn't assume that that just because it's a credit union. You still have to investigate your particular CU.
@Guvmint_Cheese: "My credit union didn't receive a dime in taxpayer funds, and it's well capitalized."
Also as a member of my credit union, I can see their books. I know EXACTLY how well-capitalized my credit union is and what their outstanding obligations and cash reserves are.
It helps, of course, that my CU didn't lend subprime, etc., but I have access to far more information about my CU than I do about an average bank, because by being a member, I'm a voting shareholder.
@johnva: Yes, credit unions fail just like banks. And I'm fine with that. Some small credit union going out of business doesn't warrant a federal bailout or cause a massive disruption to the economy. My CU has over $8 billion in funds, so I'm not worried about their solvency. They do not deal in subprime loans either, so no bailout was required. So I trust them more than any other mega-bank, that's all.
Originally TARP invested in banks by buying up preferred stock, which credit unions are not allowed to issue. Perhaps that changed with Obama. Still, the vast majority of credit unions did not receive nor did they need a bailout. Moreover, credit unions exist for their members, not for stockholders and Wall Street. Everything deposited with a CU is lent back to its members or given back in interest. Banks are in business to increase shareholder value for some faceless corporation not even in my state. So again, these are the reasons I trust credit unions more than banks.
If the poll had gone their way you can be sure that BofA would be crowing about it. "Americans trust their banking system, and they trust us!" The equivalent of "You like me, you really really like me!"
Funny how things don't always go as planned.
I think it would be more accurate to say that we don't trust Bank of America. Credit unions FTW!