Boy did THAT feel good!
With over 700,000 accounts moving over to credit unions the last six weeks, and more likely lost to non-profit and community banks, the too-big-to-fail banks are striking a
defiant pose, claiming they don't need the 99 percenters.
[T]he 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.
The evidence to the contrary is strong:
Their lobbyists are fighting for regulations that would allow them to better compete against Wal-Mart's budding financial services—not exactly a haven for the supposedly more profitable 1 percenters.
Banks have tried to prevent their customers from closing down their accounts, or really, really, really beg to keep them.
Barry Ritholtz explains what this all means:
Even though the government may keep throwing money at the dinosaurs, the Basel regulations do have some capital requirements, and so the big banks need to bring in some actual deposits to fund their casino gambling.
Moreover, if too many depositors leave, the illusion that the big banks are serving the American public will be burst, and a critical mass of consciousness will occur, so that the banks’ questioned control over the American political and financial systems will start to be questioned.
So moving our money is an effective step towards reclaiming America.
It's a no-brainer. You want to hit Wall Street where it matters, move your money.