However, new estimates from Javelin Strategy and Research, a research and consulting firm, show that the original numbers were closer to the truth. Javelin found that 5.6 million people have moved their bank accounts in the last 90 days, with 610,000 citing Bank Transfer Day as their reason:
Bank Transfer Day and the Occupy Movement have received tremendous attention, and for the first time we have market research data to measure the impact on the financial services industry. Javelin's research estimates that 5.6 million U.S. adults with a banking relationship changed providers in the past 90 days. Of those switchers, 610,000 US adults (or 11% of the 5.6 million) cited Bank Transfer Day as their reason and actually moved their accounts from a large to a small institution.Javelin noted that this pace of account closing is three times the normal rate. While 11 percent of people moving their accounts cited Bank Transfer Day, one quarter said they moved their money because their old institution charged too many fees. Account closures at Bank of America, the nation's second largest bank, actually jumped 20 percent in the fourth quarter of last year, potentially driven by the bank's ill-fated decision to implement a $5 monthly fee for its debt cards.
According to the consulting firm cg42, the nation's 10 biggest banks could lose as much as $185 billion in deposits this year due to customer defections. Of those banks, "Bank of America is the most vulnerable and could lose up to 10% of its customers and $42 billion in consumer deposits."
...this is much too little, much too late. Considered by itself, this is like throwing a piece of uncooked rice at an entire Panzer division. Yes, many little things can, and often do, add up to produce a notable effect. However, this will do nothing to the Banksters' power over political whores, control of the military-industrial complex, etc. At the end of the day, the Federal Reserve Notes that people have moved from one of the big banks to a smaller, local bank are still Federal Reserve Notes in smaller banks that still have to play by the rigged rules of the Federal Reserve System. ALL Bankster-controlled central banks and fraudulently-created, interest-bearing debt-as-money currencies must be eliminated and those who create and control them must be altogether removed from anything to do with money creation or financial matters. If not, WW3 is just around the corner and the formerly-civilized world, and much else besides, will be reduced to ashes. Godspeed to you and yours in 2012 and beyond.