The banks didn’t want you anyway
I ran across this Wall Street Journal article today, which says those great big financial institutions lots of folks ditched after Bank Transfer Day aren’t shedding any tears over the loss. Instead, the bigwig at Morgan Chase indicates that customers who don’t have $100,000 in assets don’t make the banks any cash anyway.
But the five biggest credit unions have seen a 45 percent increase in deposits.
In the Alibi’s news section last week, reporter Margaret Wright explores fallout from Bank Transfer Day locally. Scope her article Cash Out: Making sense of last year's run on the banks.