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A tidbit from the 2007-2008 crash: I was banking with a Credit Union in Silicon Valley at the time of the crash. I would go into the bank once or twice a month
by samstave 2y ago
A tidbit from the 2007-2008 crash: I was banking with a Credit Union in Silicon Valley at the time of the crash.
I would go into the bank once or twice a month and the teller-line had a cork-board on the wall to the left, and the CU would post a Line-Printer style balance sheet of various financials they reported on for reasons because a co-op credit uninos transperency bylaws (Im assuming thats the thing) required it...
I used to lok at it each time I was in the brankch because I despise banks and their inner workings (my mother was in wachovia/wells fargo commercial loan executive when the whole fraud accounts, and other bad things, BCCI Iran Contra Khshogghi, Keating Five Savings and lone, PPE loan scandal and tarp, and goldman sach - you get the idea)
Anyway, the one line item I always looked at "OVERDRAFT REVENUE" Where it was in the ~$20,000 to $40,000 prior to the crash, at the peak of the crash they posted $500,000+ every TWO weeks in overdraft fees from the members of the credit union.