How long before Wall St. stops laughing? Have you moved your money to a credit union or community bank?

(And if you missed Bank Transfer Day, it is now Bank Transfer Mondays!)

More consumers flocked to credit unions last month than in all of 2010 combined, likely in part due to the controversy surrounding debit card fees.

At least 650,000 customers opened new accounts at credit unions since September 29, the day Bank of America announced it would charge customers a $5 per month fee to use their debit card for purchases starting in 2012, the Credit Union National Association estimates. If that number holds true, it would be more than the 600,000 consumers that joined credit unions in all of 2010.

That's just October and doesn't account for this weekend's Bank Transfer Day. So what does that mean for Wall Street?

CUNA Chief Economist Bill Hampel said the growth from Bank Transfer Day and the events leading up to it could cause the credit union system to now have more than $1 trillion in total assets.

The industry had $942.5 billion in assets as of June 30, according to the NCUA.

Got that? That's $60 billion out of Wall Street and into non-profit credit unions. That doesn't include non-profit community banks, either. Not bad for a movement "with no message", is it?

Move to a non-profit community bank or credit union. Move your credit card balances to cards issued by same institutions. Move to indexed funds or manage your own portfolio.

....

Enough people do those three things, and you won't see Wall Street laughing anymore.

10 Answers

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  • Anonymous
    9 years ago
    Favorite Answer

    I’m moving my money today. Meant to do it Saturday, but got caught up in work.

    Just found out that my bank was purchased by a bank in another country. I’m giving my money to a local credit union that actually does good work in this community.

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  • 9 years ago

    A long time ago. Does no business with any of the large national and/or multinational banks in the US. Sticks with local community banks and credit unions. Also North Dakota, where I live, is the only state in the US with a state owned bank (The Bank of North Dakota). A trend I think many more people will see taking place in their states.

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  • Anonymous
    9 years ago

    My bank is not a non-profit institution but it is a smaller regional bank owned by Berkshire Hathaway (Warren Buffet). I can't imagine why anyone would use one of the TBTF banks. I was a Chase customer years ago and their service was awful, and from what I've been told it's getting worse every day.

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  • John
    Lv 4
    9 years ago

    Obama in 2 1/2 years got more wall street cash than Bush got in 8.Wake up.

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  • Anonymous
    9 years ago

    what people don't realize is that wall street is no one person. wall street is made up of many many different types of people. it has whites, blacks, mexicans, asians, liberals, republicans, communists, socialists. wallstreet has no one view on something. it has multiple views because every person has their own view on something. so trying to blame these economically hard times on wall street is nonsense. instead of blaming the 1% who are taxed around 45% income, who worked hard to get to the point they are now, and who employ the rest of the world, blame the politicians who decided to sign bills that cost trillions of dollars. its the politicians' fault. not the 1%.

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  • ?
    Lv 6
    9 years ago

    yeh i think they did alot more people need to take there money out of the banks and show em a lesson

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  • Chuck
    Lv 7
    9 years ago

    You're highly deluded if you think these little ploys are somehow going to bankrupt Wall Street

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  • Anonymous
    9 years ago

    I still bank with USAA (a long with my insurance) and I don't forsee that changing.

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  • Anonymous
    9 years ago

    You're bitching about $5 a month?

    How much do you pay in income tax that politicians use to buy themselves another term?

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  • Anonymous
    9 years ago

    No.

    What nonsense!

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