Big Bank Boycott

A popular blog cause an uproar when it urged its readers to move their deposits from large banking institutions like Bank of America, Chase, Wells Fargo, and Citibank to community banks and credit unions.

Many people have despised what the big US Banks how done in the last few years. Many blame a large portion of the finacial collapse on the banks but what can the average person really do about it.

The answer was suggested – move your deposits. Take your money away and give it to them where it hurts.

The broadside complains by the blog, stated, that the big banks, after being propped up by taxpayer money and government guarantees, have returned to the high-risk activities that torpedoed the economy in the first place, while cutting back on lending to businesses and spending hundreds of millions of dollars to water down proposed restrictions on their operations.

It will be interesting to see if any or how many people actually move their deposits as a result of the blog post. At the same time, if you think your bank is over charging you or imposing excessive fees, you too can move your deposit and let them have it where it hurts.