[Envisioning]

The tactic is to get an entire neighborhood to go into the bank on the same day and open an account for the minimum amount (often $1) and overwhelm the bank so that it can’t do legitimate business.

I though most banks had minimums ($100?) for opening accounts. Had not heard of this.

[danielmryan]

The tactic is to get an entire neighborhood to go into the bank on the same day and open an account for the minimum amount (often $1) and overwhelm the bank so that it can’t do legitimate business.

I though most banks had minimums ($100?) for opening accounts. Had not heard of this.

It was a Naderite tactic in the 1970s, when minimums were far less prevalent. The same type of people bought one single share in a public company so they could get into the annual meeting and raise a stink.

[MrB]

They probably do now, but many got “caught” without such a policy and would have been sued for “discrimination” if they tried to enforce that policy when they got mobbed.