Writer claims that Bank Transfer Day may have HELPED the banksters!

This may just be some bankster propaganda to soothe the sheeple into thinking that the banks are just fine and weren't hurt by Transfer Day but, if this analysis is correct, it seems we may have inadvertantly helped the banksters out.

Why Bank Transfer Day actually helped banks

One of the drivers behind [Bank Transfer Day] is people trying to teach banks a lesson. The irony of that is since the financial crisis, and especially over the last three months as there has been a panic about Europe… banks have been inundated with cash deposits. They’ve been seeing a higher inflow of deposits than they can turn into loans.

That’s putting pressure on their margins because banks have to pay [Federal Deposit Insurance Corp.] premiums and overhead costs. And that’s really accentuated by smaller accounts because in the past banks could earn money [from customers with lower balances] from overdraft fees and debit interchange fees and a lot of that has been scaled down through recent regulations…

People are going to be moving to credit unions, and that’s good for them because they’re going to have lower fees, they’re going to have better service, they’re going to have the feeling that they are investing in their community. And then the banks are going to be better off because they are getting rid of their least-profitable or not profitable clients. It helps them stem this tsunami of cash that’s been flowing in that they don’t know what to do with.

Christian Science Monitor


Its good to hear that the little guy does come out ahead in the process for a change but, if this really helped out the big banks, that really would suck. The fact that the big banks all backed down on their ATM card fees leads me to believe that they didn't come out as far ahead as this article seems to indicate.

reply to post by FortAnthem


The world of communication is a treacherous place filled with liars, deceivers and manipulators. Side by side with speakers of truth, they appear as twins of light.

Most of the money is worthless fiat anyway, so the Banks couldn't care less if people closed their accounts because they know that they'll get more from Benny Bernanke's magical money printer.

I'm surprised they haven't genetically modified trees to grow money yet.

Sounds like propagandist bunk.

Banks love those small accounts, because they all come with little ATM/debit cards co-branded with Visa or Mastercard, and people use these cards for all their daily shopping. Those banks make money on the back-end from the merchants who pay a fee to the banks every time one of these cards are used.

True, the 4.5 billion in cash people pulled from big banks recently might seem like small potatoes to them, but it's when they banks start losing all those nickel and dime fees from all these small potato accounts, that's when you'll hear them squeal.

This sounds like a challenge from the big banks - if they love losing business like this, then maybe the public should serve them a repeat of Bank Transfer Day every single month on the 5th.

reply to post by Blackmarketeer


I find it hard to believe that this will be such a big windfall for the big banks either. They make billions on overdraft fees and other little fees they impose on their account holders every year. Look how much they stood to gain if their ATM card fees had gone through.

Its the little guy who lives paycheck to paycheck who is likely to rack up most of those fees. He's the guy who fled the big banks in droves. Don't tell me this won't affect their revenue stream.

reply to post by FortAnthem


Perfect. Then they won't be needing any bailouts in the near future.
Lets help them out some more and get the rest of those insignificant little accounts out of their hair.

The Banks won't allow the information of how damaging Bank Transfer Day was to be known because if they did then their stock prices would fall immediately.

Are any investors really going to invest(confidently) in a stock that can be damaged by a Facebook campaign in a little over a month?

I'm sure the true numbers will come out in the next quarterly or yearly statement but IMO any statistics until then by either side is just speculation or damage control .

I actually think the article is probably true. Ironic.

reply to post by GeorgiaGirl

I agree it probably is,since I've read other articles that were similar.

What needs to be done is a straight out boycott of the large banks. Just stop accepting any of their checks or any Credit Cards they issue. This cannot be done by the consumer and would have to done by the small businesses, which I doubt will happen since they're barely staying afloat as it is.

Something even simpler, if you can't for some reason, pull your money.
Take cash from the ATMS...Not loads of it, just enough to get you through a few days at a time.
Use cash for daily purchases. It helps the local merchants as well. No swipe fees for them to pay.
I think the phrase is "nickel and dime them to death".

Not sure how much of an impact it would be..But it's an additional burden.

The point is for the common man to stop giving these thieves control over our collective lives. It was a good start. Anyone still doing business with the big banks is a fool

reply to post by spacedoubt


Pay by cash for everything.

But, but...


That would throw the whole machine out of order!





BRILLIANT idea; I'm all for it. Antyhing to stick it to the banksters.

BTW: That commercial shows just how far they'll go to keep us trapped in their little system.

reply to post by FortAnthem


Yep....cash is embarrassing, right? LOL

I've been using cash again...And one thing interesting, is at the end of the day, I toss my coins into a Folgers coffee can.
I now have 4 full cans, all filled with non-pennies...The pennies go in a separate can. On average, each can equals about 60 to 75 dollars. A good emergency stash.