http://www.washingtonsblog.com/2011/11/big-banks-…
I know my first mistake was even reading this garbage, but I just have to make a comment.
Big banks don't give a shit. These little customers cost the bank money. The only person who cares is the BRANCH MANAGER. The little guy who is caught between a rock and a hard place. Just are morons protested BP gas stations even though BP corporate doesn't own them, people are penalizing small time branch managers whose bonus depends on deposit growth and account growth.
Oh capital requirements? Yeah, it is called issuing stock. Deposits can be acquired from natural growth or acquisition and with all the weak, local banks around big banks simply can buy their deposits.
So yeah, the banks do listen to customers, but not unless it is big customers and people who they value leaving. This small potatoes stuff is empowering and I encourage people to make the best choice for them, but to start thinking that this drop in the bucket does anything but fuck their local branch manager is delusional.
http://blogs.reuters.com/rolfe-winkler/2009/09/15…
$3.8 trillion held by big banks. About 1% walked out the door to credit unions or local banks. I call that getting rid of bad customers, nothing else.
true story ant
I don't think they REALLY believed that they would do damage by moving their deposits to a credit union...sort of letting their actions speak for them.
With that said, I didn't know wtf a credit union was before OWS mentioned them and after reading a little, I have to say that the business model is overall, more benefitional to customers.
I read somewhere that the big depositor banks need their customers to maintain a $24,000 checking account balance to break even. Your average OWS protestor probably has a negative net-worth.
I see nothing wrong with this, it's voting with your deposits.
I don't approve of some of WalMart's hiring policies and business practices, hence I don't shop there. Do I think my not shopping at WMT will have significant impact? Nope, but if enough people make the same economic choice, then you will start to see a trend...
Isn't this the purest form of capitalism?
I completely support people do this. In fact, I do not understand why it took a fee to make people wake up. If you have small dollars in the bank or don't travel there is no reason to have an account at a big bank. These people should of always been at smaller banks.
I am with two local banks and an online bank. Why these people were with BOA to begin with is beyond me.
My point of contention is that these long over due deposit pullers are somehow showing this as proof of their movement or how they stood up against the banks. In reality they are just fucking their neighbor over who is running the local branch. Oh, BTW, those big banks are required to invest and loan in the community so you are screwing yourself over also .
The customer is not always right and companies are starting to fire unprofitable customers. This was a great ploy by BOA to get rid of bad customers without having to fire them personally. Nothing more, nothing less.
People shouldn't be doing this because some Occupy Wherever idiot told them to. They should be doing it because credit unions typically have better rates, less fees, and superior service. It's amazing that people needed a protest to shop for a better deal that has existed forever.
Most bank funding is done in wholesale markets anyway, not sure why depositors pulling their money out would make the news.
It's entirely possible to maintain a checking account at a bank for your entire life and never ever pay a single fee. The only time people start paying banks is when they overdraw or use "extra" services that their account doesn't qualify for. I'm really not sure how a bank could possibly be making a profit off the folks with only a few hundred dollars in their account, which I believe is most of the population.
For those who think the big banks don't care:
http://www.ritholtz.com/blog/2011/11/big-banks-plead-with-customers-not…
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