Tags: Social | Media | Banks | anger

Social Media Stirs Up Public Anger Over Banks

By    |   Monday, 07 Nov 2011 08:27 AM

With new inventions come new conveniences, but with it, also new challenges for some … in this case: banks.

What am I referring to? The “Bank Transfer Day” page on Facebook.

Back on October 4, 27 year-old Kristen Christian learned about Bank of America’s plan to charge her a $5 monthly debit card fee. She got mad and started ranting on Facebook.

Well, normally, this would end with her 500 Facebook friends. But out of it came a Facebook page that spread like wildfire.

The Bank Transfer Day page called for everyone to come together and close their bank accounts and switch them over to a credit union on this past Saturday.
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The national media even caught wind of the Facebook page and she got some interviews on TV. Before it was all said and done, about 70,000 people have visited the page and appear to be willing to switch over their banking accounts to credit union accounts. (After all, banks work for their stock holders/shareholders. Credit unions work for their owners which are the account holders. They are the shareholders.)

Is it having an impact? Well, we probably won’t know the full impact for some days to weeks. But what we do know is that the Credit Union National Association has stated that ever since Bank of America announced its debit card swipe fee in September, about 650,000 people opened up credit union accounts that month. This compares to about 80,000 new members a month on the average. Wow, what a difference.

Well, we know that Bank of America has decided to drop that fee. Gee, I wonder why? You think it’s because they lost tons of accounts? I think so.
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Things like this have created a new kind of animal for corporate America to deal with. But it may not stop there.

What if a “uniting of the people” happened through Facebook/Twitter, etc. that caused an uprising against our government or that of another country? If so, it could even affect the currency market somewhat in the same way it can affect corporate America and a stock.

Some may say, “That couldn’t happen.”

But it’s already happened in Egypt and Tunisia. Social media was a huge part of helping the people to unite together for a common cause.

More protests and uprisings will come. More will begin to happen in America. They will continue to use social media to help make this happen. Therefore, be ready for more volatility in all financial markets (stocks/currencies, etc.) in the coming months and years.

About the Author: Sean Hyman
Sean Hyman is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of Money Matrix Insider. Discover more by Clicking Here Now.

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SeanHyman
With new inventions come new conveniences, but with it, also new challenges for some … in this case: banks. What am I referring to? The Bank Transfer Day page on Facebook. Back on October 4, 27 year-old Kristen Christian learned about Bank of America s plan to...
Social,Media,Banks,anger
519
2011-27-07
Monday, 07 Nov 2011 08:27 AM
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