Friday, November 4, 2011

3 Reasons Why Bank Transfer Day Will Succeed and Fail


3 Reasons For Failure

1. The 99% are still paying their rent on the 3rd of the 5th of the month. That means that their rent checks will not clear until about Tuesday, November 8th.

2. The 99% are also typically overdrawn already when their social security, child support, and unemployment direct deposits come in. Bank of America does not allow you to close an overdrawn account. 

3. The 99% are frequently on Chexsystems due to non-payment of loans, financial hardship, or bad divorces. Chexsystems prevents account holders from switching banks. 

3 Reasons for Success

1. The 1% don't want to be at a bank that does not give them maximum concessions for minimal effort on their part.

2. The 1% are tired of being in line at the bank behind people complaining about their account fees. It reminds them that they have money when everyone around them is struggling to stay afloat. They want to distance themselves from the rest of us. 

3. The 1% are not emotionally attached to the major banks nor are they held hostage by Chexsystems. Part of the reason they are the 1% is they move their money regularly to the bank that pays them the most in returns. It's not an issue for them to switch banks. The 99% are tied due to direct deposit and auto pay.

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