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Originally Posted by crockett
Things seem to be looking worse and worse for BoA as today they along with 4 other of the big 6 banks were downgraded by S&P to A-.
With the loss of business from all the people transferring to community banks or credit unions they have to be feeling the pinch, being are were the largest bank in the US. Added to this they were one of the worst culprits of the whole banking fiasco that has caused this country and even the world a lot of grief.
They keep getting bad publicity after bad publicity and they deserve it but I wonder how long can they hold up? Personally, I think it would serve them right to go under, but I guess only time will tell if they stay alive or not.
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Nationally, the Credit Union National Association said credit unions gained 40,000 new members and $80 million in new savings account funds on Bank Transfer Day.
And that was just one day. Between Sept. 29, when Bank of America announced a $5 monthly debit card fee, and Nov. 5, credit unions gained 650,000 customers and $4.5 billion in new savings, more new members than in all of 2010, the association said.
Read more:
http://rapidcityjournal.com/news/cus...#ixzz1fEtGrL00
So that is $4.5 billion and 650,000 customers spread across multiple major banks. That is peanuts.