Stunning Number: Big Banks set to lose 70,000 accounts today, page 1

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Topic started on 5-11-2011 @ 11:32 AM by Riffrafter

Stunning Number: Big Banks set to lose 70,000 accounts today

www.huffingtonpost.com...

Just this week, Rebuild the Dream (an organization that I helped to found) launched a Move Your Money website, where people are pledging to close their accounts at Wall Street banks in protest of their outrageous behavior before, during, and after our nation's financial crash. I am stunned to report that as of this morning at 9am Pacific, people have pledged to close 69,127 accounts at big banks, and the number keeps climbing.

(visit the link for the full news article)

edit on 11/5/2011 by Riffrafter because: (no reason given)

edit on 11/5/2011 by Riffrafter because: ATS can't get the link correct

edit on 11/5/2011 by Riffrafter because: (no reason given)

reply posted on 5-11-2011 @ 11:33 AM by Riffrafter

Wow. If true, this will cause great pain at behemoths like BofA, Citibank, Chase, Wells Fargo, etc...

Today's the day. Let's see if people follow through on their pledges.

I actually did this myself 2 years ago and moved all of our money from Citibank and Chase to a local community bank. I get all the services I got at the big banks but pay no fees and am now on a first name basis with many of the tellers and bank managers in their 6 branches.

They actually put the customer back in customer service...

(visit the link for the full news article)

reply posted on 5-11-2011 @ 11:38 AM by sheepslayer247

I wonder if we will see many of these people closing accounts being asked to leave or arrested. I hope not, but thats what they did on Wall St.

reply posted on 5-11-2011 @ 11:41 AM by AzureSky

Thats just the one site, thats not including the ground work some people are doing (there was a thread about a guy walking around BofA and Chase i think, handing out flyers.)
Then there is OWS and Anonymous promoting the same thing, so i think up to maybe 100,000 or so, thats just an estimate,
They're going to take a huge hit

reply posted on 5-11-2011 @ 11:44 AM by Ferris.Bueller.II

Originally posted by Riffrafter

Wow. If true, this will cause great pain at behemoths like BofA, Citibank, Chase, Wells Fargo, etc...

Today's the day. Let's see if people follow through on their pledges.

I actually did this myself 2 years ago and moved all of our money from Citibank and Chase to a local community bank. I get all the services I got at the big banks but pay no fees and am now on a first name basis with many of the tellers and bank managers in their 6 branches.

They actually put the customer back in customer service...

(visit the link for the full news article)

Can you give us some verified numbers as to what percentage of bank accounts this is? 70,000 of ???,???,??? total accounts?

reply posted on 5-11-2011 @ 11:49 AM by Fractured.Facade

"Moving" your money from the big banks to credit unions is laughable... It comes back to them eventually, where do the credit unions invest? who are the credit unions affiliated with?

What goes around comes back around.

If you really wanted to shake up the system... Remove everything in cash, all 70,000 of you, pile it all up and set it on fire.

If a few million did that... imagine the possibilities.

Of course then things would get really ugly in a hurry... Better stick with the more lame stuff that really doesn't accomplish much but makes a statement in the media.

reply posted on 5-11-2011 @ 11:49 AM by Riffrafter

reply to post by Ferris.Bueller.II

Can you give us some verified numbers as to what percentage of bank accounts this is? 70,000 of ???,???,??? total accounts?

I have no idea. You might be able to find it if you Google it though...

reply posted on 5-11-2011 @ 11:55 AM by Riffrafter

Originally posted by Fractured.Facade
"Moving" your money from the big banks to credit unions is laughable... It comes back to them eventually, where do the credit unions invest? who are the credit unions affiliated with?

What goes around comes back around.

If you really wanted to shake up the system... Remove everything in cash, all 70,000 of you, pile it all up and set it on fire.

If a few million did that... imagine the possibilities.

Of course then things would get really ugly in a hurry... Better stick with the more lame stuff that really doesn't accomplish much but makes a statement in the media.

If that were the case, then why do these big banks spend umpteen $millions$ on advertising to try and get people to deposit their money with them? Or use their credit cards? Or take their mortgages?

Seems to me that they very much care about people doing business with them on an individual level...because in the banking world the only way to tell what they do care about is watching how they spend their money.

reply posted on 5-11-2011 @ 11:55 AM by Sauron

The following is my opinion as a member participating in this discussion.

Here are some numbers on accounts closed over a four weeks period across the US.

Bank Customers Flee to CUs

By Ed Roberts
NOV 3, 2011 10:40am EDT

www.americanbanker.com...

WASHINGTON — An estimated 650,000 consumers have closed their bank accounts and opted for credit union membership over the past four weeks, according to CUNA, bringing the approach to Saturday’s Bank Transfer Day to a crescendo.

As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.

reply posted on 5-11-2011 @ 11:58 AM by duhdiggitydan

Well, it's a start.

I find it difficult to believe that 70,000 people pledging to close accounts will make that large of an impact on the wall street banks. I think in order to make a larger impact, this sort of activity needs to start happening on a daily basis, not just once per year. Imagine, bank accounts closing left and right on a daily basis for 6 months to a year...that would put the banks in their place!

EDIT: Didn't realize 650,000 customers had changed in a 4-week period to a local credit union. That's the kind of impact I'm talking about!

edit on 5-11-2011 by duhdiggitydan because: (no reason given)

reply posted on 5-11-2011 @ 11:59 AM by Riffrafter

reply to post by Sauron

650,000?!?

That is an amazing number and will definitely have a big impact on their bottom-lines.

reply posted on 5-11-2011 @ 12:01 PM by 2NDAR

reply to post by Riffrafter

Make sure SunTrust is on that list. In North Carolina, they were charging a $5 debit card fee only to those with basic checking account. This tells me that they had no regard for the people that would have these types of accounts. Typically people that aren't going to have a ton of money sitting in the bank. They didn't care if they closed their accounts. Just as long as the business accounts stayed with them. In my opinion, this an even more chicken-sh*t move than what some of the other banks were doing.

reply posted on 5-11-2011 @ 12:03 PM by Ferris.Bueller.II

Originally posted by Riffrafter
reply to post by Sauron

650,000?!?

That is an amazing number and will definitely have a big impact on their bottom-lines.

Really? Again? 650,000 of how many total? How do you know how big of an impact it's going to be without having all the information?

reply posted on 5-11-2011 @ 12:04 PM by Fractured.Facade

reply to post by Riffrafter

Because they want to charge service fees for handling your money, transactions cards etc.

Some people may get laid off, maybe even some small affiliated branches will be closed... But the big bank will carry on with the big business as usual... It wont hurt them, just the little guys working for them.

Let me know when major investors, shareholders and those with the real money start make huge withdrawals and transfers... If that happens, maybe they'll start to get worried.

reply posted on 5-11-2011 @ 12:08 PM by Riffrafter

Originally posted by Ferris.Bueller.II

Originally posted by Riffrafter
reply to post by Sauron

650,000?!?

That is an amazing number and will definitely have a big impact on their bottom-lines.

Really? Again? 650,000 of how many total? How do you know how big of an impact it's going to be without having all the information?

Do you actually believe that losing 650,000 customer accounts will not have an impact? Every dollar they lose means $7-$10 less they can lend.

reply posted on 5-11-2011 @ 12:08 PM by 2NDAR

Originally posted by Fractured.Facade
reply to post by Riffrafter

Some people may get laid off, maybe even some small affiliated branches will be closed... But the big bank will carry on with the big business as usual... It wont hurt them, just the little guys working for them.

If they were to lay-off employees and close some local branches, wouldn't this cause a ripple affect? I mean, how many people are going to stay with a bank if they no longer have a local branch convenient to them? I'm not saying your wrong in what you're saying. I just think closing and laying off at certain branches would ultimately cause more people to leave said bank.

reply posted on 5-11-2011 @ 12:10 PM by Fractured.Facade

reply to post by 2NDAR

Not really, just puts more working class people struggling like the rest of us to survive in the unemployment lines.

Trust me, this has no impact at the corporate levels... NONE.

reply posted on 5-11-2011 @ 12:15 PM by Sauron

reply to post by Ferris.Bueller.II

The following is my opinion as a member participating in this discussion.

You should email CUNA President Bill Cheney, if you have questions or disagree with their survey.

As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.

edit on 5/11/2011 by Sauron because: add Mod Tags

reply posted on 5-11-2011 @ 12:15 PM by merkej23

reply to post by Riffrafter

Okay I get pulling out your funds to stop or slow the power of the mega banks, to make their barrowing capacity lower and to hurt CEO's ect ect

But who was the smart guy to plan it for a SATURDAY! no big bank is open

I think in basic principle its works, BUT they can always call the FED for more cash and two, It could be the firepower the TPAB need to declare a bank holiday to take gold and silver like FDR did in the 1930's OR Martial Law because everybody is fighting for the limited funds in the banks.

IF you ARE doing this my advice Buy gold and silver IF you think someday the roads are paved with gumdrops and happy thoughts, and the economy will slowly come back to a normal productive state WITH heavy industry..... Not likely

Get supplies, arms, and ammo buy foods at Efoodsdirect.com (dehydrated, easy to make, AND good to eat too) or MRE's med supplies ect EVEN if the first happens with Gold and silver may make you a rich person You'll ALWAYS be prepared for the worst in life. I'd rather have piece of mind over wealth in the bank.

reply posted on 5-11-2011 @ 12:15 PM by Riffrafter

Originally posted by Fractured.Facade
reply to post by 2NDAR

Not really, just puts more working class people struggling like the rest of us to survive in the unemployment lines.

Trust me, this has no impact at the corporate levels... NONE.

You're wrong - it already has had an impact as evidenced by all of the big banks all of the sudden deciding not to charge the $5 debit fees that they had announced.

You're either very cynical or maybe you work for one of the big banks yourself?

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