Apparently the Bank Transfer Day was about moving cash TO large banks

[Owlet]

"Remember this?

AmpedStatus: Together we can ensure that corrupt crony-capitalist banking institutions will ALWAYS remember the 5th of November! If the 99% removes our funds from major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won’t support companies with unethical business practices.

Now the question is, did it work? Were the large US banks taught a lesson they will never forget? Did droves of depositors move their cash to smaller institutions? The answer may surprise and upset some people. Despite the protests and the grass roots movement to shift deposits to credit unions and local banks, the large US banks increased deposits at over twice the rate of small banks (including credit unions)."

http://soberlook.com/2012/02/bank-transfer-day-was-really-about.html

[Warren Stupidity]

1. Apparently your source admits at the end that the bulk of the

deposits in his data came from corporations and institutions shifting funds out of money markets and eurozone funds not individuals.

[Atman]

2. Rec to your response, not the op.

K&R

[Owlet]

3. With a caveat

"Clearly a large portion of these deposits came from corporations instead of individuals. Nevertheless the "dump your large bank" motto just didn't work. Maybe "dump your foreign bank" or "dump your money market fund" would have turned out to be more effective. Apparently talk is cheap and when push came to shove, the bulk of US depositors simply felt safer moving their cash into large US banks."

I suppose you could read the a couple of ways. The point the author was making is that if a lot more people had heeded the call to transfer their funds into small bank the overall impact on large banks would have been much more apparent, and if everyone with a big bank account had transferred their money, who knows? Maybe the big banks would have shown a loss.

In short, I think it's difficult for anyone to argue that Change Your Bank Day was an overwhelming success.

[Warren Stupidity]

4. It made an impact on retail banking.

Conflating that with institutional banking operations in order to declare failure, which is what your source did, was more than a bit disingenuous.

[dixiegrrrrl]

5. Logic fail.

Depends on who is defining success.
The credit unions and small banks considered it a success.
LOTS of people became aware of the issue and moved their money.
National calls to move the money were heard and responded to.

Recently the city of Berkeley announced it is moving 300 million out of Wells Fargo.

The fact that major money players in Europe moved their money into the US banks has nothing to do with how successful the grass roots move your money campaign is going.

[Owlet]

6. Correct

"Depends on who is defining success".

Silly me, I thought the objective of "Move Your Money" day was to seriously damage the TBTF banks. That obviously did not happen. I don't see any 'logic fail' here: all I see is a snarky headline followed by the oh so precise statement that "LOTS of people moved their money."

But, back to the point. I think it's fair to state that the campaign did not achieve all that its supporters (myself included) had hoped for. It seemed to me that that is all the author of the piece was trying to say.

[eridani]

7. What it did not achieve was changing income distribution, or diluting--

--the power of the 1%, who obviously have most of the money. However, the 99% has no alternative but to take actions that empower us, even though we aren't rich.