Monday, November 21, 2011

Good thing banks don't want customers, because they're losing them

Good thing banks don't want customers, because they're losing them:
chopped up Bank of America cards
I did it, and it was fun.

Happy news!
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, according to cg42, a Wilton, Conn.-based management consulting firm that has conducted research for several of the nation's top banks. The top 10 banks hold a total of $2.04 trillion retail deposits (deposits made by consumers and small businesses), according to data from cg42, which is based on each bank's annual report [...]

Out of all the big 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, the survey found. The bank's total retail deposits stand at $407 billion (while total deposits, including corporate deposits and deposits from other financial institutions, amount to nearly $1 trillion, according to FDIC data).

That's real money, but we can deliver more pain. Pressure your local municipalities to divest their holdings from the big banks, like San Jose already did, and like Portland and Seattle are trying to do. Pressure non-profits you are involved with to do the same, same with businesses.

Make it your New Year's resolution.

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