Tell Your Too Big To Fail Bank To Go To Hell Day
http://money.cnn.com/2011/11/03/pf/move_your_money_day/index.htm
"Bank dumping days begin
By Blake Ellis November 4, 2011: 3:10 PM ET"
"Given the recent spotlight on attempts -- and ultimate failures -- by some of the nation's biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.
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."
""They take your deposits and use them to buy politicians to de-regulate, give them immunity, interest-free loans and bailouts. Then they turn around and charge you fees to make them even richer," said one "Move Your Money" flyer posted on a Facebook page dedicated to the initiative (which has 43,679 "likes"). "Take your money to a credit union or a community bank that will use your money in your community and not to pervert the rule of law and fill their own pockets."
Occupy Wall Street has formed a separate united front, called "Dump Your Bank Day," which will take place on Tuesday, November 8."
http://www.latimes.com/business/la-fi-1105-petruno-column-20111105,0,6498406.column
"Time to turn outrage over bank fees toward entire financial industry
By Tom Petruno
Market Beat
November 4, 2011, 7:48 p.m.
Popular outrage forced Bank of America Corp. to drop the idea of a $5-a-month debit card fee.
Now imagine what that outrage could achieve if it were let loose across the financial industry.
How many mutual funds, if faced with that kind of people-power backlash, could justify the management and marketing fees they're charging investors?
How many banks would find their deposits running out the door if savers really took the time to shop around for the best rates?
How many company 401(k) retirement savings plans would offer better investment choices if workers took an active role in monitoring the plans and agitating for improvements?
None of this is easy - certainly not as easy as posting an angry comment on a blog trashing BofA.
But the potential savings or added income for investors, savers and borrowers could far exceed the $60 a year that BofA would have siphoned away with the debit card fee."
"Bank dumping days begin
By Blake Ellis November 4, 2011: 3:10 PM ET"
"Given the recent spotlight on attempts -- and ultimate failures -- by some of the nation's biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.
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."
""They take your deposits and use them to buy politicians to de-regulate, give them immunity, interest-free loans and bailouts. Then they turn around and charge you fees to make them even richer," said one "Move Your Money" flyer posted on a Facebook page dedicated to the initiative (which has 43,679 "likes"). "Take your money to a credit union or a community bank that will use your money in your community and not to pervert the rule of law and fill their own pockets."
Occupy Wall Street has formed a separate united front, called "Dump Your Bank Day," which will take place on Tuesday, November 8."
http://www.latimes.com/business/la-fi-1105-petruno-column-20111105,0,6498406.column
"Time to turn outrage over bank fees toward entire financial industry
By Tom Petruno
Market Beat
November 4, 2011, 7:48 p.m.
Popular outrage forced Bank of America Corp. to drop the idea of a $5-a-month debit card fee.
Now imagine what that outrage could achieve if it were let loose across the financial industry.
How many mutual funds, if faced with that kind of people-power backlash, could justify the management and marketing fees they're charging investors?
How many banks would find their deposits running out the door if savers really took the time to shop around for the best rates?
How many company 401(k) retirement savings plans would offer better investment choices if workers took an active role in monitoring the plans and agitating for improvements?
None of this is easy - certainly not as easy as posting an angry comment on a blog trashing BofA.
But the potential savings or added income for investors, savers and borrowers could far exceed the $60 a year that BofA would have siphoned away with the debit card fee."