Banks Bleeding From Defections As Credit Unions Gain Members
Some 650,000 people joined credit unions last month, more thanall of last year combined. On "Bank Transfer Day" alone, there were 40,000 new accounts opened at credit unions. And even before #OccupyWallStreet and the Bank of America fee outrage, a summer survey found that the biggest 10 banks stood to lose about 10% of their deposits in the coming year just because of customer disgust -- $185 billion out of $2 trillion in "retail deposits." Imagine what a 20% retreat would do, or 40%. This CNN story has a great suggestion from some credit website guy: "I can see a 'dump my bank' as a popular [New Year's] resolution this year." Might work better on January 3, when banks are open. But it's still a great idea!
We don't know anything about the actual amount of retail and corporate deposits in the nation's biggest banks, but the Top 10 evil Wall Street banks reportedly have about $3 trillion total in deposits -- $2 trillion from individuals and small businesses, and another $1 trillion from the big corporations. It would probably hurt the banks plenty if, say, half of all consumers (don't you love that word, "consumers"?) took their hobo beans out and put 'em in the local community credit union.
Pretty soon, those Wall Street dildos would have to learn how to do real work for a living, like giving blowjobs in Penn Station for $5 a pop. [Think Progress and CNN/Cryptogon via tipster "Garonymous"]