Guess How Much Money Angry Customers Moved Out Of Banks In Support Of Bank Transfer Day

[TalkingDog]

http://www.businessinsider.com/angry-customers-move-45-billion-dollars-out-of-banks-and-into-credit-unions-in-october-before-bank-transfer-day-2011-11

According to ABC News, In October alone Credit Unions around the country gained 650,000 new customers and $4.5 billion was moved out of major banks.

That is obviously a sliver of total bank deposits, but banks have been sent a clear message.

You can check out the report here, and you'll see what is the most important point. ... The report briefly profiles David Meinert, a Seattle small business owner who, after being denied another line of credit, moved $3 million out of Chase and Bank of America and into a local credit union.

In his own words, he did it because, "That kind of money and my level of business doesn't really matter to them (the banks)."



/snip

The banks may not care about those "piddly" accounts, but I don't think this is going to end with a few dollars being moved. Credit Unions have exceptionally good loan rates, they have insurance and financial advising and investing.

I think the banks imagine they've stubbed their toe in the surf and when they look down they see a shark swimming off with a leg.

[no_hypocrisy]

1. I know this sounds like an oxymoron but it was an organized run on the banks.

[FarCenter]

2. Those are old figures from before 11/5

The amount of deposits moved must be larger by now.

[JackRiddler]

3. Not the point, at all.

A million people have been organized to act.

They can act in other ways. It's true the absolute sums so far are not much, but these people can do a lot more besides moving their accounts, and now they are likelier to do so.

Others will be inspired to do the same. This should only be the beginning.

They should research where they put their money -- not all credit unions are "good" -- but the upshot is retaining capital in regional investment, rather than giving it over to speculation.

As far as actions go, moving $4.5 billion is A LOT more than zero!

[lame54]

4. and that was a Saturday - banks close at noon...

not bad for a half days work

[Skink]

5. why not support local business anyway?

[kestrel91316]

6. It's not over - not by a long shot. They are promoting weekly Bank Transfer Mondays now.

GOOD.