Who Hijacked Our Country

Thursday, May 31, 2012

Big Banks Responding to Loss of Depositors

Last November, 650,000 bank customers took their money out of the largest banks and transferred it to a credit union or locally-owned bank.  (November 5th, 2011 was Bank Transfer Day.)

Since then, hundreds of thousands more customers have smartened up and moved their money out of the big banks.  And finally, the largest banks are responding to this mass exodus.

Oh wait, you probably thought the banks’ “response” would be to provide better service and fewer “Gotcha!” fees and surcharges.  ROTFLMAO!!!  Come on, what planet are you living on???

The largest banks have responded to their fleeing depositors by — you guessed it — making it more difficult, expensive and cumbersome to move YOUR money out of the bank.  What’d you expect?

An attorney for Consumers Union said:  “It's become harder and harder to move your money.”  A lot of banks are charging a fee for closing an account.  Cell phone carriers have “earned” billions with these termination fees.  It’s about time the banks caught on to this lucrative scam.  Why build a better mousetrap when it’s so much easier to just gouge your customers with hidden fees?

Another obstacle is the cumbersome process of transferring your direct deposit and automatic bill paying.  Banks are deliberately NOT helping customers with these processes, and they often give conflicting answers to people’s questions.  The transition can take several weeks.  WTF???  They can access all of your financial information with a few mouse clicks, but it takes several weeks to transfer a bank account?!?  Sort of an odd combination of the 21st and 19th centuries.  The Internet meets the Pony Express.

The linked article ends with:  “It may take a little time and cost you a few dollars, but if you don't like your bank — vote with your feet and find a new financial institution.”

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Blogger Jerry Critter said...

It's all about the money. Customer service? What's that! Screw them. I use my "big bank" to cash my checks and then immediately transfer the money out of the account.

May 31, 2012 at 1:43 PM  
Blogger J. Marquis said...

I'm surprised they're making it hard to take out your money. I had heard somebody on the radio saying the big banks were happy to get rid of all accounts that were under a hundred thousand bucks.

May 31, 2012 at 2:07 PM  
Anonymous Jolly Roger said...

Anyone who continues to use one of these too big to care banks is a moron. Seriously. You get better value at the craps table.

May 31, 2012 at 7:45 PM  
Blogger Randal Graves said...

Not at the Space Casino craps table.

June 1, 2012 at 5:21 AM  
Blogger Lisa said...


June 1, 2012 at 10:21 AM  
Blogger Tom Harper said...

Jerry: At least the big banks can come in handy for that.

J: I've heard that same thing too. Maybe the bank employees only dig in their heels when large depositors are taking their money out.

JR: "Too big to care," good description.

Randal: Don't laugh, you might have to bail out that casino someday.

June 1, 2012 at 2:02 PM  
Blogger Snave said...

For once, I agree with you, Lisa. ;-)

June 1, 2012 at 10:21 PM  

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