Millions moved their funds away from Wall Street banks last year

Hundreds of thousands of Wall Street bank customers last year sought financial services elsewhere. Locally-based banks and credit unions are growing along with public disapproval of the single-minded greed driving Wall Street banks. A lot of the credit for the financial shift can go to Move Your Money, which features a site providing information and resources for individuals who would like to ditch their Wall Street Bank.

Larger financial institution defections occurring

banks on Wall Street are trying to discover ways to get funds from consumers after the financial reform took away several common practices. Every small fee results in being a lot of money. banks hope customers do not notice these fees. banks have stopped offering free checking to make up for the loss in overdraft fees. Carly Fried at MoneyWatch reports that in a recent presentation to shareholders, a Chase executive boasted of making about $1 billion simply by converting 8 million free checking accounts into a revenue stream generating $10 to $12 in monthly fees. More than likely, not several individuals are willing to make that last. It will end quickly. The largest banks lost more than 4 million accounts last year. According to the research firm Moebs Services, 7 million to 9 million more accounts could move to community banks and credit unions in 2011.

The Move Your Money campaign

You will find some consumers that wonder why checking account fees were added. When asking banks; banks reply that it is because of the government. About 65 percent of U.S. banks still use free checking though. The Dodd-Frank bill didn't change that. It’s not hard to find the financial institutions that do this. Moveyourmoneyproject.org is the place to look. There’s a campaign to go along with Move Your Money. Arianna Huffington started this campaign. The Move Your Money website search tool locates the closest local community banks and credit unions simply by typing in a zip code. There were 80,000 people that started to use the site to find new banks after CNN had Huffington make an appearance as a promotion. You will find about 45,000 page views every single day on moveyourmoneyproject.org for the last year.

Trying to close a bank account?

For consumers thinking about moving their cash, closing a bank account should be done carefully. First, clear all checks and open an account at your new financial institution. Learn about all bank policies on closing accounts before you go physically to the financial institution to do it. banks do not want you to leave. Sometimes they’ll charge one last fee in an attempt to keep you. Make sure to go before 3 p.m. on a weekday so the staff has plenty of time to complete your request. Bring with you some photo I.D. Another form of identification is needed as well. Make sure you know the account balances before leaving. Make an effort to get the bank to transfer funds electronically if possible. Get a cashier's check or cash otherwise.

Information from

Huffington Post

huffingtonpost.com/sara-ackerman/over-4-million-move-their_b_840536.html

Christian Science Monitor

csmonitor.com/Business/new-economy/2010/0107/Want-to-protest-bank-bailouts-Move-your-money-a-new-campaign-urges

CBS Money Watch

moneywatch.bnet.com/economic-news/blog/daily-money/new-bank-fees-will-they-make-you-walk/2324/

ehow.com

ehow.com/how_2079777_close-bank-account.html