In recent news,
Fed-up consumers planning for ‘Bank Transfer Day’
By CANDICE CHOI – AP Personal Finance Writer | AP – 3 hrs ago
NEW YORK (AP) — It’s moving day for bank customers.
A grassroots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by Saturday.
As per my notes via the “Memo” app of my cellphone on 11/04/2011 at 13:54pm, the impact would be minimal. As per the last inquiry by Hannity to the invited founder of this movement, she couldn’t answer straight. The question was somewhere along the line: Who are these smaller banks/credit unions?
Maw’s thought was that if these small banks are owned by the RICH, then the money of these people will be handled by the rich. And when the owners/shareholders of these smaller banks/credit unions cannot afford to stay in business, these smaller business entities might take the people’s money and run, just like bigger business entities have done with the investors’/taxpayers’ monies.
In my mind, that’s a good incentive to create a “competitive market” among financial institution. After all, there is the FDIC and SPIC to back up whatever is supposed be in these organizations.
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