Will Bank Transfer Day Hurt the Banks?

Simon Felix says no:

And the big banks don’t particularly want all those retail-deposit funds — they’re getting precious little interest on them, and they come with all manner of expensive obligations to mail out statements and provide smiling service at teller windows and generally do the whole customer-service thing, which as we all know big banks are very bad at.

Nevertheless, I think Bank Transfer Day can make a difference if it’s part of a burgeoning culture shift toward not taking their shit anymore.  I closed my Bank of America checking account on the day that Wikileaks released Palantir Technologies’ proposal to destroy their credibility on behalf of BoA.  I use ING Direct, which boasts unheard-of interest rates and impeccable customer service, and USAA, which is a credit union that offers extremely favorable products for US military veterans.

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