Reply #12: Couple of things to bear in mind. [View All]

[dixiegrrrrl]

The big 5 banks make their money not just from checking accounts, but also from mortgages,
and huge amounts of money from packaging and selling investment crap to huge pension funds,
other large investment groups.
And of course credit cards.
So if I as a customer wanted to boycott them, I would have to close the credit card, the bank accounts.
Changing the mortgage may cost more than I could afford.
However, surely if a few million people did not bank with them, it would make a dent.
remember that the banks claimed to be broke which is why they got the government to give them OUR money,
then they turned around and spent the money on acquisitions, huge bonuses, and to invest with.
I am seriously wondering just how broke they were in the first place.
So, worth a shot from the citizen point of view, if enough do it.
More importantly, they are exceedingly nervous that people will stop paying the mortgages.