Oakland City Council Demands Debt-Swap Renegotiation With Goldman Sachs

By: Friday July 6, 2012 1:24 pm

If the Libor scandal did end up hurting local governments to a large degree, you can just add that to the list. Local governments have been easy marks for the financial industry during the last decade, engaging in all kinds of interest rate-swap deals and other vehicles for financing operations. When they turn sour, the [...]

JPMorgan Chase Not Threatened by Investigations, Threat of More Regulations

By: Friday June 1, 2012 11:39 am

JPMorgan Chase will spin off a “special investments group” to isolate the Chief Investment Office that created the Fail Whale trades. Basically they are taking the salvageable remains out of the CIO and ring-fencing it, while curtailing the speculative trading that led to the massive losses. That’s the official story, anyway. We won’t know the [...]

Move Your Money: Hundreds of Thousands of Transfers From Big Banks to Small in Last Three Months

By: Friday February 3, 2012 7:35 am

Here’s one of my most favorite statistics of the last few years. In the past 90 days, since “Bank Transfer Day” in November, 5.6 million people have moved their money out of banks. 610,000 cited Bank Transfer Day as the reason. This research comes from the consulting firm Javelin Strategy. Bank Transfer Day and the [...]

Banks Ratcheting Up Other Fees After Demise of Debit Card Fee

By: Monday November 14, 2011 1:35 pm

I mentioned yesterday that big banks were raking in cash from fees on the debit cards they release in contracts with states to deliver unemployment benefits. But those aren’t the only fees that the banks are testing out in a bid to recoup the funds lost when debit card swipe fees were limited. Eric Dash [...]

Big Banks Turn Unemployment Benefits Into a Profit Center

By: Sunday November 13, 2011 3:05 pm

Despite big banks putting up a brave front, there’s a good deal of anecdotal evidence that individual managers are trying desperately to stop customers from moving their money. Whether it’s just throwing up additional hurdles like a $10 closure fee, or outright begging customers to stay, or bad-mouthing credit unions or community banks, or simply [...]

Bank Transfer Day a Resounding Success for Move Your Money Movement

By: Sunday November 6, 2011 10:23 am

It’s going to be hard to gauge the actual success of Bank Transfer Day for a while. Not only do we have to wait for record-keeping – and Bank of America, at least, is not giving up the data – but many customers may have just initiated the bank transfer process, opening their account at [...]

Credit Union Membership Skyrockets: 650,000 New Members Since September 29

By: Friday November 4, 2011 7:00 am

On September 29, Bank of America announced its now-defunct debit card fee. Since that time, according to the Credit Union National Association, 650,000 Americans have moved their money to credit unions. That’s more in a little over a month than in all of 2010 combined. And that’s just credit unions, it doesn’t count community banks. [...]

Chase Bank Manager Tries to Rebrand Bank Transfer Day as “Chase Pride Day”

By: Thursday November 3, 2011 3:04 pm

That video is from MoveOn, who has jumped on the Move Your Money movement with their own parallel Move Your Money pledge for November 5. On the same day, activists using Facebook have planned Bank Transfer Day, and they have now received a whopping 75,000 RSVPs for the event from around the country. McClatchy writes [...]

Progressive Groups Piling on Move Your Money Movement

By: Tuesday November 1, 2011 7:35 am

The revived Move Your Money movement continues to grow, leading up to Bank Transfer Day on November 5. The Facebook page for Bank Transfer Day has nearly 33,000 likes. And now one of the big progressive hitters has jumped in. MoveOn.org has rallied their millions of supporters and sought pledges from them to move their [...]

New Bottom Line Announces National Divestment Campaign

By: Monday October 31, 2011 6:21 am

Bank of America’s $5 monthly debit card fee, a move they are now trying to walk back, has revitalized a citizen’s movement to take money out of the large Wall Street banks and to put it into community banks or credit unions. This has gone forward with minimal success since the financial meltdown, but now [...]

Bank of America Begins Walkback on $5 Debit Card Fee

By: Sunday October 30, 2011 10:45 am

Friday I wrote about how other big banks took the cue from Bank of America’s disastrous rollout of their $5 a month debit card fee, and canceled their plans to do the same. Now BofA is furiously backtracking on their fee, offering a number of ways for their customers to get out of it. Bank [...]

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