"In a time of universal deceit telling the truth is a revolutionary act." -George Orwell

Report: 1 Million People Move Their Money To Credit Unions/Community Banks; Mega Banks Hiking Fees Again

In Uncategorized on November 6, 2011 at 12:53 pm

Oldspeak: “As fees rise, the word is spreading. Withdraw your support for International Banking Cartels. When corporate news outlets like ABC News and The New York Times are talking about it, the movement can’t be ignored.”

By Sarah Jaffe @ Alter Net:

As “Move Your Money” caught on like wildfire, even the mainstream media got in on the story. ABC News called it a “Lightning bolt warning” to the “Goliath banks”, and reports that 1 million customers have actually moved their money.

Credit unions saw $4.5 billion in new deposits in October according to the report, and a Seattle business owner reports that he’s taking four of his businesses and $3 million in business away from Chase and Bank of America.

And of course, ABC notes, the banks say that they’re going to have to recoup the losses from the customers who have left–with more fees.

Rebuild the Dream’s “move your money” pledge tracker counts 32,676 that pledged to close their Bank of America accounts on Saturday, 4,481 Citigroup accounts, and 17,554 Chase accounts–as well as 24,979 accounts at other big banks.

Related Story:

Switch Banks? You Might Find There’s a Perk in It for You 

Related Video:

Bank Transfer Day Signals Backlash







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