Are we seeing a growing backlash against greed? After our largest financial institutions tried to impose onerous new fees on depositors, a flood of people closed their accounts at mega banks and move their money to local financial institutions. A recent study found that the top ten retail banks could see an astonishing $185 billion walk out the door within the next year. That would likely mean billions of dollars shifted to investments in communities, and more loans for small businesses that can’t get the time of day from mega bankers.
It’s not just everyday depositors who are turning their backs on mega banks. Increasingly, financial experts and even political candidates are questioning the existence of banks that are too big to fail. We may see a growing call to split up our largest depository institutions into more manageable (and safer) pieces.
If you’re still with a mega bank and not happy with the experience, instead of shopping on Black Friday, you might want to open an account at community development bank or credit union and start moving your money to an institution that supports your values. You can be mega-bank free for the Holidays. Our resources can walk you through all the steps.
Share your break up with your mega bank story with us below or at firstname.lastname@example.org.