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Forum Post: Chase website down Move Your Money Weekend

Posted 2 years ago on Nov. 4, 2011, 6:16 p.m. EST by southernboyinla (0) from Los Angeles, CA
This content is user submitted and not an official statement

Anyone else find it a bit of a coincidence that Chase website and mobile apps will be down the whole weekend of Move Your Money? A way to stop some of the flow maybe?

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[-] 1 points by TechJunkie (3029) from Miami Beach, FL 2 years ago

No, they want their least-profitable account-holders to jump ship. It increases their overall profitability. A bunch of people who live paycheck to paycheck are not going to hurt them by leaving, that will help them.

At the root of the problem is that many Bank Transfer Day enthusiasts have overestimated their value to the banks they patronize: Ultimately, not all bank customers are made equal. Most customers of banks aren’t wealthy (we know from the Federal Deposit Insurance Corporation that 57 percent of all deposits at big banks are under $250,000), but it’s the wealthy upon whom the business models of big banks mostly depend. According to Jennifer Tescher, President and CEO of the consultancy Center for Financial Services Information, banks typically earn at about 80 percent of their deposit revenue from the top 20 percent of their customers.

http://www.tnr.com/article/politics/97033/occupy-wall-street-bank-transfer-day

Also: http://www.fool.com/investing/general/2011/11/03/how-successful-will-bank-transfer-day-be.aspx