The Still Not Dead Yet Narrative

The numbers are in on how many people ditched their banks last November and, I have to say, it's pretty impressive. Over 5 million people switched from the big banks to local and community banks and credit unions. Around 600,00 said it was because of Bank Transfer Day. Increased fees were cited as the main reason for people leaving their banks.

“Banks are facing difficult times on multiple fronts: Profits are being squeezed, regulators are more demanding, foreclosures remain problematic, and consumers are fighting back on fees. On top of all this, many banks are losing customers, including defections prompted by grassroots efforts like the recent Bank Transfer Day," ACSI founder Claes Fornell said.

The Occupy camps may be closed down but the banks are still feeling the effects of the movement and, honestly, I think it's going to be permanent. People aren't looking all that kindly at Wall Street and the big banks these days and it's likely going to stay that way.