Tuesday, November 15, 2011

Closing accounts with big banks did have an affect on the system

It appears that Bank Transfer Day did have a large affect on the major banks, contrary to their rhetoric.  Over the last month, more than 650,000 customers moved nearly $4.5 billion dollars from larger Fed backed banks into smaller credit unions.

650,000 customers moved $4.5 billion dollars out of the big banks and into smaller banks and credit unions in the last month.
But there is a myth making the rounds that the big banks don’t really care if we move our money. For example, one line of reasoning is that no matter how many people move their money, the Fed and Treasury will just bail out the giants again.
…She shared that management is nervous, they are seeing money leaking out of the bank and realize that they have made mistakes…. They are also aware of the growing momentum behind the November 5th move your money movement.
 Management is aware that people are angry (how could they not be!) and have put an ear to the ground. – Washington’s Blog

All one has to remember is, voting with your wallet carries just as much weight, and perhaps even more, than voting at the ballot box.


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