Bank Transfer Day Challenges Big Banking
We started with a discussion about the effectiveness of consumer activism. Alex Albrecht jumped right in saying, “If enough people say, ‘we’re not gonna use your product,’ they go, ‘maybe we should change our product.” He followed that up by suggesting that it appears many people don’t realize that how they spend their dollars often speak louder than other protests.
Jamie Kennedy chimed with a joke about the power of social media saying, “I mean they got Betty White and Justin Bieber on the same Saturday Night Live.” He then continued earnestly by saying that getting a bank to change it’s policies with social media is “awesome” and “amazing.”
The conversation then turned to why we use commercial banks at all. It seemed through the conversation that it was more due to habit than anything. Although, Alex, did add that he has stopped using credit cards all together because of the ridiculous charges.
What will be the key to real financial reform in the U.S.?