America, Take A Bow! Megabanks Could Lose $185 Billion Due to Bank Transfer Day

[meegbear]

Is there anything quite as exhilarating as knowing that, despite their posturing to the contrary, Big Banks took a real hit, thanks to a broad-based populist movement? Maybe we can move onto the cable behemoths next: "A Month Without Cable," where everyone cancels their cable for a month and uses Netflix instead -- I can dream, can't I?

During "Bank Transfer Day" earlier this month, 40,000 Americans moved their money from the nation's biggest banks to credit unions, voicing their distaste with the action's of America's financial behemoths. About 650,000 Americans joined credit unions in October, which is more people than in all of 2010 combined. According to cg42, a consulting firm that does work for the biggest banks, Cthe nation's 10 biggest banks could stand to lose as much as $185 billion in deposits in the next year due to customer defections." Of the banks, "Bank of America is the most vulnerable and could lose up to 10% of its customers and $42 billion in consumer deposits in the next year."

Plus, you know, a lot less money to buy politicians!

http://crooksandliars.com/susie-madrak/america-take-bow-megabanks-could-lose

[and-justice-for-all]

1. do it again, do it again!! nt

[Quartermass]

2. This is very good news, but i doubt those banks will listen.

I'd bet they'd try to take over the credit unions and change their rules and other stuff.

[sufrommich]

3. Woohoo! Mine was already in a credit union, but good for

all the people who went though the pain in the ass of switching over.

[vi5]

4. Not for nothing...

..but "took a big hit" doesn't exactly jive with "could stand to lose as much as" in the next year.

Don't get me wrong, I hope they do. But it's not like they have yet.

And cancelling cable and using Netflix is a bit difficult when one's cable provider is one's internet provider as well and there are no other options. I'd love to switch/cancel, but it's either go completely dark on all information or stay with cablevision.

[rurallib]

5. good!

[FarCenter]

6. Wait for their 4th Quarter SEC filings before celebrating too much

[tavalon]

7. It was a lot of work (we had a lot of regular donations that had to be cancelled and restared)

and all the systems I had for paying bills needed to be recreated. If I had known what a hassle it would be, I would absolutely have done it again. It's just the right and moral thing to do. And since the big banks are bereft of morals, we need to make them no longer too big to fail.

[malthaussen]

8. True, less money to buy politicians, but

... they come cheap, anyway.

-- Mal

[hifiguy]

9. Ooh, that is gonna leave a mark

and it's gonna smart for a while too.

I bank with a small, foundation-owned regional and haven't ever had anything to do with the megabanks, so I plan on staying with them, but this is great news. Screw the megabanks with an iron stick.