The recent failure had me questioning the general safety of any bank… again, and I am sure I am not the only one who shivers at the thought of the 08' crisis.
I have BOA and I am considering taking my money out for a couple reasons.
I am assuming they are going to lose A LOT of customers (in large part) due to the current financial crisis. With 64% of individuals living paycheck to paycheck already, and the Fed actively trying to increase unemployment to combat inflation, a lot of people are not going to meet their minimum requirements for a BOA account and will incur monthly fees / will be forced to look elsewhere for low/no cost alternatives like Capital One or a local credit union.
Would it be wise to look into the trajectory of customer growth and retention as a big indicator when considering investing in a stock like BOA. Very generally speaking, less customers = less leverage, right? BOA is a large company that can quickly be spread too thin if investors start to pull out because of a larger than anticipated customer exodus.
With the recent bank failure in Silicon Valley and the Fed reiterating that they will not bail out ANY bank like they did in 08', I can see a lot of investors considering a move.
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