A friend sent me an article stating that withdrawing our money from big banks can make them even more profitable because they actually lose money on a majority of the free checking low balance accounts. While that may be true, I’m sure there are many people with substantial balances and I think that the banks will sit up and take notice.
Personally, I think it’s worth a try. Not all of the Occupy Wall Street are vagabonds, poor students or retirees. There are plenty of people with enough money in their bank to make a statement and if we all did the switch on Nov 5th. As stated in the article:
One percent of total deposits would mean about $10.9 billion for JPMorgan Chase, the nation’s largest bank, $10.4 billion for Bank of America and $8.5 billion for Wells Fargo.
“I think you could easily say it would take 1 million people on Bank Transfer Day in order for banks to take notice,” he said. To date, about 74,000 people have pledged to transfer their accounts on the movement’s Facebook page.
Since the average person seems powerless against the almighty dollar, I for one feel that standing together, means standing tall and if we don’t stand up for ourselves who the heck will. I remember my mother saying, you have to lie down in order to become a doormat, hence you allow others to walk over you. I think the tides are changing. Withdrawing money may not bring big banks to their knees but it will send a message. One that I hope the politicians also hear. We are shouting from the parks, street and windows “I’m as mad as hell and I’m not going to take this anymore” (quote from the movie Network)