Growing anecdotal information suggests that quite a few of us pulled accounts from the likes of Bank of America, Chase, and Wells Fargo, and took their business to credit unions and community banks.
The Credit Union Times reported 40,000+ new accounts on Saturday. Other branches around the country reported hundreds to thousands of new accounts.
For their part, mega-banks say they are pleased with the action, because it is cleaning out the small accounts, the ones with high margins and low profitability. A Motley Fool apologist admits to much, but still defends Wall Street banks:
What’s important is realizing there are injustices with bailouts, cronyism and money in politics. People should really be upset about them. But they should realize at the same time that the economic system we have in the United States, compared to the rest of the globe, has created more wealth for everybody than almost any other country on Earth.Bullshit, the banking system we had until a few years ago did indeed, play a crucial role in America's development, but not the one we currently have. Apparently it is too much trouble for him to show even the dimmest awareness of the massive changes that have taken place.
America's small regional banks are (mostly) not the problem. It is the global banking giants that are undermining the middle class. Read some details on this from a British banking perspective at George Monbiot's excellent column called The 1% are the very best destroyers of wealth the world has ever seen.