JimBowie1958
Old Fogey
- Sep 25, 2011
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Bank dumping day begins - Nov. 4, 2011
This is such a BAD idea.
Destabilizing banks with this sort of thing and increasing the likelihood of starting bank runs is not going to help the economy. Not at all.
At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) announced plans to impose its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association.
That's more than a year's worth of members in a single month -- with credit unions adding 600,000 members in all of 2010.
The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.
And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.
This is such a BAD idea.
Destabilizing banks with this sort of thing and increasing the likelihood of starting bank runs is not going to help the economy. Not at all.