Megabanks Could Lose $185 Billion Due to Bank Transfer Day


From SUSIE MADRAK
Crooks and Liars

Is there anything quite as exhilarating as knowing that, despite their posturing to the contrary, Big Banks took a real hit, thanks to a broad-based populist movement? Maybe we can move onto the cable behemoths next: “A Month Without Cable,” where everyone cancels their cable for a month and uses Netflix instead — I can dream, can’t I?

During “Bank Transfer Day” earlier this month, 40,000 Americans moved their money from the nation’s biggest banks to credit unions, voicing their distaste with the action’s of America’s financial behemoths. About 650,000 Americans joined credit unions in October, which is more people than in all of 2010 combined. According to cg42, a consulting firm that does work for the biggest banks, “the nation’s 10 biggest banks could stand to lose as much as $185 billion in deposits in the next year due to customer defections.” Of the banks, “Bank of America is the most vulnerable and could lose up to 10% of its customers and $42 billion in consumer deposits in the next year.”

Plus, you know, a lot less money to buy politicians!
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