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.”

Bank Transfer Day November 5th: Just a Little Reminder

Only five more shopping days ‘til Bank Transfer Day.  If you haven’t yet taken your money out of the megabank you’re currently using, you’ve probably noticed that — Doh! — November 5th is a Saturday.

The giant Wall Street banks probably all have Saturday hours, but what about the locally owned bank or credit union you’re planning to move your money into?  Better to play it safe and take your money out of your humongous banking conglomerate before Saturday.

For that matter, Bank Transfer Day is calling for people to transfer their money on or before November 5th; not necessarily on November 5th.  November 5th is Guy Fawkes Day, which is why the organizers chose that date for Bank Transfer Day.

Don’t forget now.

November 5th, 2011: Bank Transfer Day

On or before November 5th of this year, everyone who has an account with one of the Big Banks is encouraged to withdraw their money from that bank and transfer it to a credit union or a locally-owned bank.

(H/T to Reconstitution where I first learned of this, and to Jess for mentioning it in a comment at an earlier post here.)

Here are some links to Bank Transfer Day.

The idea for Bank Transfer Day came from somebody’s Facebook page and was immediately endorsed by the Occupy Wall Street movement.  As much as I’m in favor of Occupy Wall Street, I think voting with your dollars is a much more effective tactic than demonstrating.  If you’ve had it up to HERE with Wall Street’s scrotal grip on the entire country — and you have an account with Bank of America, JPMorgan Chase, Citigroup or Wells Fargo — there’s something YOU can do right now to become part of the solution.

Vote with your dollars.  Too many people hate Wal-Mart while continuing to shop there; hate the Koch Brothers while buying their products in droves.  This means YOU.

If you need to be reminded of why you shouldn’t be patronizing the Big Banks — check this out.

OK, what are you waiting for?