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mhy729 (30.30)

The beginnings of a customer-driven shift away from the megabanks?



November 05, 2011 – Comments (4) | RELATED TICKERS: BAC , C , JPM

Nationally, 650,000 customers and $4.5 billion have transferred from banks to credit unions since the Bank Transfer Day movement started.

Hazelwood Credit Unions Feeling the Love from Bank Transfer Day

4 Comments – Post Your Own

#1) On November 05, 2011 at 11:14 AM, PainterPoker (27.12) wrote:

good news!

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#2) On November 05, 2011 at 12:48 PM, mhy729 (30.30) wrote:

Yes indeed.

Another identically themed article, this time from California:

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#3) On November 05, 2011 at 5:18 PM, leohaas (30.08) wrote:

Excellent news indeed. I don't understand anyone who stays with a bank if eligible to join a Credit Union.

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#4) On November 05, 2011 at 5:55 PM, TheDumbMoney (67.34) wrote:

$4.5 billion represents approximately a tenth of 1% (or 0.1%) of the total depository assets of just the top four banks (BofA, JPMorgan, Citi, Wells).  For perspective, over the last year or so JPMorgan's total depository assets are up around 10% or so.  That 0.1% is not counting the 16 banks below these that have depository assets of $50 billion or more.  JPMorgan alone has over a $trillion in deposits.

For me the BofA value proposition is just too compelling.  Free checking, free money transfers to all other BofA customers, thousands of free ATMs, free auto-bill-pay to pay all of my bills (no more postage), easy website, scanning of check deposits at all ATMs, and now apparently debit cards will remain free.  Nor do I have to look up what a free ATM is on a website.  What's not to like about all of that?  Why should I leave that? 

They should not have bought Countrywide and Merril Lynch (if they hadn't, BofA's own mortgage practices were actually much more conservative, and so they would be facing much less backlash), but there is simply too much convenience and value for me to consider switching.  I keep only enough to pay my bills in the BofA account, and then I transfer and I keep all non-invested savings in an INGDirect online account that currently pays 0.90% APY.  Why on earth would I want to replace any of that setup with a credit union? 

I would not buy an American car if it sucked.  I would not patronize a local coffee company if it sucked compared to Starbucks.  And I don't feel any need to punish myself, both in terms of convenience, and in terms of total costs, frankly, just because of anger at Big Banking.

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