Bankers, the house always winsFinally, an Occupy Wall Street action with clear goals that makes perfect sense to me. "Bank Transfer Day" is Saturday. People are planning to transfer their money from big, national banks to local credit unions. Great info in this linked story.

This is the fundamental way consumers influence the market -- if you are unhappy with a company, take your business elsewhere. Don't like Netflix's new fees? Cancel your account. Don't like Facebook's privacy policy? Don't use it. Don't like runaway bank fees or the way banks do business? Put your money into another institution.

All the yelling, screaming, sky-is-falling protesting and, yes, even drumming (sorry, you world-changing Drum Circlers) won't have anywhere near the impact of consumers taking their business elsewhere. This isn't blocking a port and stopping hard-working people from getting to their jobs. This isn't a general strike that doesn't impact a specific industry or company. This isn't some millionaire actor making a photo op by protesting the same banking system that pays him to shill their credit cards. This is the free market at work -- vote with your wallet.

Yes, of course, there is often more to it than just not patronizing a company, but the main thing every company needs is customers. Lose enough customers, you lose revenue. Lose enough revenue, and companies make changes to get new customers.

10 Comments

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I'm Good.

All my stuff is in a local credit union already.  On a side, I'm in South Dakota...All bank and credit union are local hahaha

 

"Old Earth Detroit Lions & D'Kow War Dogs for LIFE!"



"Old Earth Detroit Lions & D'Kow War Dogs for LIFE!"

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Agreed!

My hubbie just moved all of his financials over to a local credit union and I am in the process of moving mine for just the reasons Scott stated.

And the proof is definitely in the pudding when it comes to patronizing a company.  MSNBC.com recently ran this article indicating that Bank of America was scrapping the $5 fee on debit cards after seeing customers threaten to leave. Another recent article from MSNBC.com indicated that credit unions across the country are seeing an increase in patronage and one NY credit union saw their free checking account service increase by 50%.

Banks know what a pain it is people to move their accounts and are hoping that you suffer in silence. Show them otherwise.

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More Money More Problems

This topic actually has me debating on switching especially after the most recent problems I had with my bank that I do business with. I have been with this particular bank for 7 whole years and I feel like I have gave them money and got nothing in return. Every so often I run into a speed bump and all of the fingers and arrows point towards the bank. So in my case the HOUSE does always win.

..........JUNKIE 4 LIFE.....I'm MR. T's brother from another mother, you can call me MR. B.....1st time Pusher.....NOCTURNAL (Rewrite) Byron Metz (as "Baldwin Metz," medical examiner for San Francisco police).....GO KRAKENS!.....and as always Have Nice Day.....

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Can it be possible they actually made a goal?!

I mean besides making me late for work every day because I have to wait for security to walk me past them after one of them followed me for 2 blocks calling me names because I refused to give him money that i spend 60 hours a week working for.  Yes, I work at one of those evil banks...omg!  I could go on about this for years but I won't lol.  If you don't like it, go somewhere else, that is how capitalism works.  Except that we don't really have capitalism in the US anymore because the feds have to have their finger involved in everything.  And if you don't like how the banks operate, look at why they're being forced to operate that way....9 times out of 10 something that impacts the customer negatively is because of a federal action restricting 10 other things.  Example...remember that whole thing of "You don't have to pay overdraft fees anymore if you don't want to!"....instead your transaction will get returned unpaid, you'll get a Non-sufficient funds fee, and then probably end up with fees from the company because the transaction was declined.  Thanks Congress, that's awesome!

 

But I digress, follow the money and when in doubt watch the other hand, which is usually the government.  That will lead you to the truth of all situations.  Oh and on a final note, Bank of America has always sucked lol.  I mean one of their branches in under indictment for federal kidnapping for locking an irritating customer in their vault!  BofA, white trash bank of the United States.

Do not mess with the affairs of monsters, for you are tasty and good with ketchup.

Do not mess with the affairs of monsters, for you are tasty and good with ketchup.
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Same Here

On the other note, it is interesting to see some people are being creative by perform silly stunts in banks. Where I'm at and the bank I deal with, A few guys protested against the protestors by dressing up as Scrooge McDuck and Huey, Duey and Luey while dirty-dancing to the Ducktales theme song until the protestors couldn't take it anymore and moved to another bank.

The next week that same bank was literally rickrolling everyone. I thought it was pretty hilarious when people were trying to cancel their accounts but instead get a no and in the background hearing "Never gonna give you up!" by Rick Ashley. There was even a woman who did the rageguy FFFFFFFFUUUUUUU when she realized she was secretly being rickrolled.

 

 

 

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Too many followers

I bank with a small regional bank so will not be moving, but I am concerned that there are too many people who would rather deal with the unethical practices of the big corporations rather than experience the slight inconvenience of taking thier business elsewhere. Just look at what we have to deal with when it comes to mobile carriers and cable companies. How many people signed with AT&T just to get an iPhone and AT&T is not even subtle about their evil practices?

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Now you can purchase a Iphone through Verizon.

..........JUNKIE 4 LIFE.....I'm MR. T's brother from another mother, you can call me MR. M.....1st time Pusher.....NOCTURNAL (Rewrite) Byron Metz (as "Baldwin Metz," medical examiner for San Francisco police).....GO KRAKENS!.....and as always Have Nice Day.....

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About time...

The Irishman from Ohio

The Irishman from Ohio
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SUPPORT THE 1%!!!!!!!!!!!!

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"For future reference, I was sort of hoping for a suggestion that didn't sound like it came from that Bolshevik Muppet with all the dynamite.”

- Jim Butcher

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HaHa what R you trying to say?

..........JUNKIE 4 LIFE.....I'm MR. T's brother from another mother, you can call me MR. M.....1st time Pusher.....NOCTURNAL (Rewrite) Byron Metz (as "Baldwin Metz," medical examiner for San Francisco police).....GO KRAKENS!.....and as always Have Nice Day.....

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