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'Dump Your Bank Day' appears to catch on

suraj.sun (1348507) writes | more than 2 years ago

United States 3

suraj.sun (1348507) writes "Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day" movements this Saturday. Given the recent spotlight on attempts — and ultimate failures — by some of the nation's biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.

At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America announced plans to impose its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association. And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than 4 in every 5 credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.

CNN: http://money.cnn.com/2011/11/03/pf/move_your_money_day/index.htm"

Link to Original Source

3 comments

Debit Credit (1)

Trax3001BBS (2368736) | more than 2 years ago | (#37950752)

I didn't dump my bank, yet I did dump my debit card; and
got a credit card.

While I dislike credit cards, they do provide insurance
for online purchases which is all I used the debit card for.

So it's a win for me in that respect.

To poor to matter (1)

Original Replica (908688) | more than 2 years ago | (#37950918)

The problem with the "Dump your Bank" idea is that the bottom 80% have only 20% of the wealth [motherjones.com] , and most of that is tied up in their home and car. One successful hedge fund manager [nymag.com] has more liquid assets then one million underemployed Americans. [moneyrelationship.com] If we don't have enough money to have a voice, then we are rendered effectively silent until we make a noise in a way that isn't dependent on wealth. [occupywallst.org]

Re:To poor to matter (1)

dpilot (134227) | more than 2 years ago | (#37951182)

While you might be correct on your proportions, you really have to look at how much money is banks. The top 20% with their top 80% of the wealth most likely have most their money stashed away in some sort of investment account - not a regular bank account. It would be interesting to see what the wealth distribution looks like for the "classic banking sector". While "pocked change" for the wealthiest probably still exceeds life savings of regular people, there are a lot more of the latter.

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