5.6 Million Americans Have Switched Their Banks In The Last 90 Days

[boutons_deux]

a research and consulting firm, show that the original numbers were closer to the truth. Javelin found that 5.6 million people have moved their bank accounts in the last 90 days, with 610,000 citing Bank Transfer Day as their reason:

Bank Transfer Day and the Occupy Movement have received tremendous attention, and for the first time we have market research data to measure the impact on the financial services industry. Javelin’s research estimates that 5.6 million U.S. adults with a banking relationship changed providers in the past 90 days. Of those switchers, 610,000 US adults (or 11% of the 5.6 million) cited Bank Transfer Day as their reason and actually moved their accounts from a large to a small ins ution.

Javelin noted that this pace of account closing is three times the normal rate. While 11 percent of people moving their accounts cited Bank Transfer Day, one quarter said they moved their money because their old ins ution charged too many fees. Account closures at Bank of America, the nation’s second largest bank, actually jumped 20 percent in the fourth quarter of last year, potentially driven by the bank’s ill-fated decision to implement a $5 monthly fee for its debt cards.

According to the consulting firm cg42, the nation’s 10 biggest banks could lose as much as $185 billion in deposits this year due to customer defections. Of those banks, “Bank of America is the most vulnerable and could lose up to 10% of its customers and $42 billion in consumer deposits.” (HT: Business Insider)

http://thinkprogress.org/economy/201...banks-90-days/

Que les TBTF mangent de la merde

[mercos]

Glad to see that. What the banks tried to do with the debit card fees was disgusting. For years they pushed consumers into using the damn things and then they want to turn around and charge us for it. Trying to blame the government for capping swipe fees was just the icing on the cake. Having owned a few small businesses I can say from experience that the swipe fees were outrageous. I have seen several small businesses in the area stop accepting cards all together due to swipe fees. Banks should make money the old fashioned way by lending out money and collecting interest. I'm very happy to see some true capitalism at work and consumers shunning these foul bank business practices.

[greyforest]

About a year ago BBVA decided out of the blue to start charging me for my free checking account that I had for over 10 years.

The fee was like $8/month. How is that even legal? Why didn't they just charge $80,000/month?

I made sure to take ALL of my money out of BBVA the day I got that bull letter. Literally every other bank statement had "free checking account" written on it, until the last one which was "built-to-order checking".

Pure fraud. No other words to describe that.

[Frenzy]

Banks are just another business. Sure charging to use your own money sounds dumb but if you want the convenience of being able to buy online or anything you need a card for it kinda makes sense tbh. Surprised banks haven't charged before. But like most problems if you don't like they way a business is running "it's business"..simply no longer deal with them.

[greyforest]

Sure charging to use your own money sounds dumb but if you want the convenience of being able to buy online or anything you need a card for it kinda makes sense tbh.

No it doesn't. Banks typically use something like 95% of account deposits to generate interest revenue for itself.

Kinda weird to see someone having sympathy for banks tbh.

[TDMVPDPOY]

No it doesn't. Banks typically use something like 95% of account deposits to generate interest revenue for itself.

Kinda weird to see someone having sympathy for banks tbh.

you forgot the part where they take on the risks of lending out ur money to make money, where else you wouldve hide ur money under ur bed doing all, would u lend ur money and take on the risk urself...

yes banks are bas s for earning alot of money looking after the shareholders returns then worrying about delivering a good service to its customers....

[mercos]

When you force customers to pay for services that were always given for free to make up for the bad investments you made in the derivatives market, don't be surprised when they revolt. Funny how the banks are in such need of new revenues and yet executive pay is still going up. Perhaps they should try trimming the fat at the top instead of gouging the customers. Or they can try again and lose a few million more.

[angrydude]

Banks are just another business. Sure charging to use your own money sounds dumb but if you want the convenience of being able to buy online or anything you need a card for it kinda makes sense tbh. Surprised banks haven't charged before. But like most problems if you don't like they way a business is running "it's business"..simply no longer deal with them.

Banks are not just another business. Banks are legalized fraud.

[MannyIsGod]

About a year ago BBVA decided out of the blue to start charging me for my free checking account that I had for over 10 years.

The fee was like $8/month. How is that even legal? Why didn't they just charge $80,000/month?

I made sure to take ALL of my money out of BBVA the day I got that bull letter. Literally every other bank statement had "free checking account" written on it, until the last one which was "built-to-order checking".

Pure fraud. No other words to describe that.

I too closed my BBVA account once I saw those fees. I was pretty happy with them up until the past year. They really went off a ing cliff. Now with my local educators credit union.

[MannyIsGod]

Banks are just another business. Sure charging to use your own money sounds dumb but if you want the convenience of being able to buy online or anything you need a card for it kinda makes sense tbh. Surprised banks haven't charged before. But like most problems if you don't like they way a business is running "it's business"..simply no longer deal with them.

You realize they make money off you using the card, right? Everytime a business takes your card, they pay money to the bank who has issued that card. It makes zero sense for you to pay for the ability to use a credit card or debit card. Unless you hate money.

[greyforest]

you forgot the part where they take on the risks of lending out ur money to make money, where else you wouldve hide ur money under ur bed doing all, would u lend ur money and take on the risk urself...

Do you know what the FDIC is?

Do you remember TARP, TARP2, and the other foreign bank bailouts?

yes banks are bas s for earning alot of money

Huge international banks don't earn very much money. They engineer commodity bubbles and fuel speculation, gambling with huge sums of money. There is no risk, because when they are too big to fail and they will collapse the economy with their downfall the government prints up TRILLIONS of dollars.

You are horribly, horribly underinformed. Go read some graphs:
http://www.businessinsider.com/what-...t-2011-10?op=1

[FuzzyLumpkins]

You realize they make money off you using the card, right? Everytime a business takes your card, they pay money to the bank who has issued that card. It makes zero sense for you to pay for the ability to use a credit card or debit card. Unless you hate money.

And vendor costs are significant. At least for small businesses visa and mastercard ask for 3% of all sales. Its a big giant leech on the economy.

[MannyIsGod]

Its a huge burden on small businesses. Especially if you have a lot of small purchases since its not a flat percentage but rather a high fee below a certain amount.

[boutons_deux]

And the per-swipe fee is many times the actual cost, like screw-you-hard $35 for an overdraft of $3. Banks make 3x more from overdraft fees than they do in profits.

Card-swiping is every capitalist's dream: monopolistic abuse of clients for excessive profits.

[Frenzy]

You realize they make money off you using the card, right? Everytime a business takes your card, they pay money to the bank who has issued that card. It makes zero sense for you to pay for the ability to use a credit card or debit card. Unless you hate money.

Yeah fully.

If people don't like what banks are doing with "their money" no one has a gun to the head saying deposit here. If they don't like it simply stuff it some where else.

[CubanMustGo]

Funny how credit unions seem to do just fine without trying to screw over their customers at every turn with petty fees and charges, plus they pay better interest, have better rates on loans, not to mention better customer service. "Oh, but you can't use every ATM card in the country for free," someone will say. Who uses that much cash any more? The hundreds I save (literally) each year on the mortgage more than makes up for an occasional ATM fee (when I can't find one of the free CoOp national network ATMs, that is). I couldn't give a about those Occupy assholes, but CUs make so much more sense than banks for ... about 99% of people ... that it's not even funny.

Oh, that's right, they're not trying to earn millions of dollars for the privileged few at the top.

[TDMVPDPOY]

Funny how credit unions seem to do just fine without trying to screw over their customers at every turn with petty fees and charges, plus they pay better interest, have better rates on loans, not to mention better customer service. "Oh, but you can't use every ATM card in the country for free," someone will say. Who uses that much cash any more? The hundreds I save (literally) each year on the mortgage more than makes up for an occasional ATM fee (when I can't find one of the free CoOp national network ATMs, that is). I couldn't give a about those Occupy assholes, but CUs make so much more sense than banks for ... about 99% of people ... that it's not even funny.

Oh, that's right, they're not trying to earn millions of dollars for the privileged few at the top.

thats because they are more community base banks, and not worried about delivering stupid large profits to shareholders...but fck the shareholders when it comes to a bailout, arent they suppose to bail themselves out, why are taxpayers force to bail out banks...theres a fkn thing called a capital raising and callups of unpaid shares, loans + mortgages, debts if the banks wants to exercised those rights....

[greyforest]

If people don't like what banks are doing with "their money" no one has a gun to the head

Except the IRS. You do pay taxes right?

[MannyIsGod]

Yeah fully.

If people don't like what banks are doing with "their money" no one has a gun to the head saying deposit here. If they don't like it simply stuff it some where else.

Well no but if you look at the OP you might realize why its a stupid business practice instead of apologizing for them.

[Frenzy]

Except the IRS. You do pay taxes right?

For services rendered sure.

Well no but if you look at the OP you might realize why its a stupid business practice instead of apologizing for them.

It's a way to make money plain and simple and that's the American way.

[greyforest]

For services rendered sure.

Logic trap sprung!

A substantial amount of our tax money is going to banks. When you and all your generation die we will still be paying the bill.

http://spurstalk.com/forums/showthread.php?t=183001

[MannyIsGod]

It's a way to make money plain and simple and that's the American way.

Wow, really? Anything else you'd like to point out that we might have missed?

[ElNono]

It's a way to make money plain and simple and that's the American way.

And switching to a different bank without the draconian fees is also the American way... Stupid business models/decisions have a way to rear their ugly head sooner rather than later...

[Tinystarz]

Frenz just say they are necessary evils. Will government is and say poor people will bug about anything and then you will really stir up the hornets nest.

[Frenzy]

Wow, really? Anything else you'd like to point out that we might have missed?

To much to cover tbh.

And switching to a different bank without the draconian fees is also the American way... Stupid business models/decisions have a way to rear their ugly head sooner rather than later...