There are very few examples of consumers targeting a few major business entities, but on this occasion (Bank Transfer Day), they apparently jumped on board in numbers. There isn’t much disagreement that Bank Transfer Day made an impact. How much will probably never become public since the banks have no desire participate in the public relations disaster they caused for themselves.
“On Saturday, the Boeing Employees' Credit Union in Seattle signed up a one-day record 659 new members. At the grand opening of a Randolph-Brooks Federal Credit Union branch in Pflugerville, Texas, the parking lot was so full that customers had to leave their cars across the street.”
Wall Street Journal calls it “poaching” by the FCUs. So what do you call bankers who bleed their customers dry with fees and hidden charges? Hyperboly is cheap:
“We have yet to see a slowdown”
“With the Occupy Wall Street movement in full swing, it was a huge blunder on their part to try to collect more fees from their middle class customers.”
Regardless of whether the actual cumulative numbers of accounts opened at credit unions or smaller banks is compared to the major banks’ account closures, the event clearly generated enough participation to be called a success.
Oakland police fired rubber bullets at protesters during their now-infamous raid. So what does a rubber bullet actually look like? You can find out here, but don’t blink:
News accounts estimated the Oakland crowd that blocked the port entrance at 4,000. Other accounts used numbers between 7,000 and 10,000 to describe the group of protesters that marched around all day closing banks and causing traffic problems. Check out this video and you can make your own “estimate” of the total:
Constructive critique from Gary Weiss at The Street:
“Time to start playing the game, guys, if you want to really to become part of history and not just a footnote.”
Today’s featured thread includes this observation:
“Instead, the plethora of ideologies on the site has congealed around a simple dictum: spread the arrogance.”
And this suggestion from columnist Richard Herman:
“Change the culture and behavior of Wall Street and the big banks by (1) demanding that the Justice Department and Securities and Exchange Commission prosecute the individuals in the financial services industry who were complicit in the illegal activities that contributed to our economic collapse.”
That’s a great idea Mr. Herman. What do you think of this proposal?
“We ask for investigative action, and support all concurrent efforts by Treasury and Justice to hold accountable those parties responsible for the massive losses incurred by their procedures and practices. Specifically those practices that used artificial valuation or false pretenses to profit from the losses they intended to incur on depositors or investors, those that entrusted their money with them or their institutions.”