Bank transfer day had an impact

[jpljr77]

J.D. Power and Associates says that nearly 10 percent of Americans switch their bank last year, mostly from large banks to smaller ones. And they specifically cite Bank Transfer Day in their press release:

WESTLAKE VILLAGE, Calif., Feb. 27, 2012 /PRNewswire/ -- Consumer backlash against bank fees, coupled with poor service and unmet customer expectations, has fueled increases in defection rates among customers of large, regional and midsize banks, according to the J.D. Power and Associates 2012 U.S. Bank Customer Switching and Acquisition StudySM released today.

On the heels of "Bank Transfer Day" on November 5, 2011, the beneficiaries of the increased exodus from larger banks are primarily smaller banks and credit unions. Acquisition of new customers by smaller banks and credit unions has increased by 2.2 percentage points to an average of 10.3 percent in 2012 from 8.1 percent in 2011. Among big banks, regional banks and midsize banks(1), switching rates average between 10.0 and 11.3 percent, while the defection rate for small banks and credit unions averages only 0.9 percent, a significant drop from 8.8 percent in 2011.

The study, which examines the bank shopping and selection process, finds that 9.6 percent of customers in 2012 indicate they switched their primary banking institution during the past year to a new provider. This is up from 8.7 percent in 2011 and 7.7 percent in 2010.

The study finds that, not unexpectedly, fees are the main reason customers shop for a new primary bank. In particular, one-third of customers of big and large regional banks cite fees as the main shopping trigger.

[hobbit709]

1. My credit union had extended lobby hours on that Sat. for anyone who wanted to transfer.

Normally on Sat. they are open from 10 to 1. That day they were open from 9 to 4:30.

[xchrom]

2. Du rec. Nt

[handmade34]

3. only 9.6??

so what's wrong with the other 90% of people who bank??

[2pooped2pop]

4. idiots think it's just the fee's

that mad epoeple switch. It's not just the fee's u assholes. It's the way you raped the fucking country.

I hate banks.

But I am glad that they can see for themselves that Occupy has the ability to cost them their precious cash.

[Downtown Hound]

6. They just don't want to admit it

Not that fees didn't play a aprt, but those fees have been around for years, and Americans never defected en masse before.

It's easier for them to just blame it on the fees rather than admit that it's because Americans are in full fledge revolt over their catastrophic policies.

[LiberalEsto]

5. My credit union is running a great ad campaignon the back of local buses

While I can't remember the exact wording, it says something like:

Last year 27,000 people joined our credit union and threw their old banks under the bus.


These words are written on a big arrow pointing to the underside on the bus.

[MisterP]

7. that might end up with unexpected consequences

June '12: Congress requires that every American have a bank account of at least $5,000 by 2016
August '12: WH campaign gives out ads saying "Gave $5,000 to every American!"

(think it can't happen?)

[lonestarnot]

8. Yeah and can we do something about gas now?

[libodem]

9. We could ask for government price controls

Any economic recovery is off set by higher gas prices. The petroleum corporations want to tank the economy to get their people back in.

[lonestarnot]

10. I'm even more creeped out about the secret, not so secret meeting of the bushitlers & Mr. President.

[Delphinus]

11. Been away for a bit ...

can you tell me more?

[lonestarnot]

12. here

http://www.theatlanticwire.com/politics/2012/01/George-Jeb-Bush-Obama-Visit/48004/

It was nowhere to be found on the president's official schedule, but it happened: A photo posted to the White House Flickr stream just after 5 p.m. on Friday showed Barack Obama kicking back in the Oval Office with former president George H.W. Bush and his son, former Florida governor Jeb Bush. The former president, now 87, is seen sitting in a collapsible wheel chair, but according to spokesman Jim McGrath is "in fine health and he's not in any pain," the AP reports. He has just been relying more and more on the help of wheelchairs and a scooter lately. "His legs don't work the way he wants them to," McGrath said.

And what was discussed during this surprise show of bipartisanship? From Politico:

When asked what the men discussed and why it wasn't on the schedule, the White House released a statement saying, “The three men enjoyed a personal visit in the Oval Office – as they have done on previous occasions when President Bush is Washington.”
__________________________

And so you don't get the wrong idea as to where I'm coming from, those bushitlers are the criminals, not Mr. President.

[JoeFarmer]

13. Bank Transfer Day Hit Bank of America Hard!!!

Bank of America Plans Stock Swap to Cut Debt

Bank of America has to issue nearly $3 billion in common stock to raise capital and reduce debt, changing course after saying for months that it did not intend to sell new shares. The new stock would be issued in exchange for preferred shares currently held by investors.

Bank of America Plaza becomes Atlanta's priciest repo

Bank of America Plaza, the South’s tallest skyscraper and an Atlanta skyline icon, was taken back by its lender at a foreclosure auction at the Fulton County Courthouse.

Bank of America to sell Boston Tower

Boston Properties Inc. agreed to buy Bank of America Corp.’s skyscraper at 100 Federal St. in Boston for $615 million, which would add to a portfolio that already includes the city’s Hancock Tower and Prudential Center.

BofA to sell Hearst Tower & other properties

Bank of America Corp. plans to sell and lease back the Hearst Tower, a 46-story fixture on Charlotte's skyline, and other properties as it works to streamline expenses, the bank said Wednesday.