Tuesday, November 29, 2011

Ray Charles Jr.

Join me as I interview Ray Charles Robinson Jr., son of the late, great Ray Charles. Ray Charles Jr. is also the author of the award-winning book, You Don't Know Me, Reflections of my Father and co-producer of the blockbuster hit movie, Ray (2004) and Hotel California (2008).

Ray is also an actor has starred in Black Prince (2004).

Ray is the 2011 winner of the NAACP Image Award for "Outstanding Literary Work for a Biography/Autobiography.

Ray is also a credit union advocate. Ray also founded the Ray Charles Jr. Foundation for America.

Monday, November 7, 2011

Bank Transfer Awareness Month

The banks retreated and ran for the hills. No more debit card fees. All is now calm in the financial world and the people are happy once more. Bank Transfer or Move Your Money Day was a success!

Now what? The banks are gearing up for Round 2. Most consumers do not understand the banking business model for generating revenue. Fee collecting is usually a third or 33% of that business model for generating revenue. According to Shawn Gilfedder, Chairman of the New Jersey Credit Union League and President of the McGraw Hill FCU, “In order for banks to provide the level of physical convenience out in the market place, they (banks) have to drive fee revenue because it pays for most of what you see out on the street corner, today! Fees have become a large portion of their business.”

As customers of banks, you are paying for the convenience of having ATMs, advertisement, and hundreds of locations near you. In order for these conveniences to continue, banks will have to collect additional fees. Pay close attention to your normal fees the bank charges. With reform in interchange revenue created by the Dodd-Frank Act and the Durbin Amendment, there is less fee income for banks to generate. And now that millions of customers have moved their accounts, you are assured to see an increase in your normal banking fees in the coming months. CNN Money reported TD Bank had already announced it will charge a $9 fee for any withdrawal over the monthly six withdrawal limit for their saving account holders. This is just the beginning of the fee hikes and many other banks will follow suite, they will just do it quietly and you will notice the effects on your monthly statements.

As a consumer and credit union advocate, I am spreading the message and declaring the month of November as Bank Transfer Awareness Month. Bank Transfer Day was a great start but it will soon fade into the history books and out of the media’s eye. The Occupy movement is a powerful, unorganized vehicle which is made up of several intended targets to enhance the credit union movement. As a talk radio show host, I have a medium to keep the drive alive and I will focus on these targets to help grow credit union memberships across America.

I aim to keep the pressure on and continue the movement with Bank Transfer Awareness Month. For far too long, credit unions have been treated as the red-headed stepchildren of the financial industry. In 1998 it took a presidential signature to stop the Bank Bullies from restricting membership access to credit union. I am on a mission to enlighten those ages 6 to 70 on the benefits of being a member and I will not be happy until CUs have just as many members as banks have customers. Credit unions should not be the alternative. Credit Unions should be the norm.

Wednesday, November 2, 2011

Bank Transfer Day, What is the real reason behind the retreat?

November 5th is the official marking of Bank Transfer Day! In recent news, the BIG six have scurried and scrambled and retreated on their proclamation to add charges for using your debit cards. The power of the people prevailed or did it?

Join me as I interview Mr. Shawn Gilfedder, Chairman of the NJ Credit Union League and CEO of McGraw-Hill FCU. Mr. Gilfedder will share somethings with you that you may not be aware of. Things which will have you say hmmmmmmmmmm as you decide on the alternative. It will also make you mad as hell as you realize the disconnect with you and your banker.