City Of Berkeley To Pull $300M Out Of Wells Fargo - credit union

[Ichingcarpenter]

In what may be the most damaging blow to Big Banks since the overwhelming success of Bank Transfer Day in late 2011, the City of Berkeley recently announced its intention to withdraw all financial assets from Wells Fargo.

On Tuesday night, the City Council voted unanimously to find a more socially-minded institution to hold approximately $300 million in city assets. Council members said that they hoped the decision would send a very strong message to the Big Banks ultimately responsible for the housing crisis that sent the economy spiraling.

“I feel that this is one way in which we can make a statement and push for wider changes and promote better banking practices and more equity in our society,” Councilmember Jesse Arreguin told a local ABC news outlet.

In preparation for this major financial migration, the City of Berkeley is searching for a local credit union or community-based bank that can handle the payment collections, revenue sharing, and sophisticated money transfers its requires.



Read more: http://www.care2.com/causes/city-of-berkeley-plans-to-pull-300m-out-of-wells-fargo.html#ixzz1laLGzOHr

[Jackpine Radical]

1. Thank you, Berkeley.

[Politicalboi]

2. I'll hold the money for them

I can store it in boxes here, and I won't even charge them for storage.

[Ecumenist]

3. Yay, Berkeley, A rah-rah-rah!! I'm so proud of them!!

[Ichingcarpenter]

4. Thank the OWS

this wouldn't have happened without the social consciousness that the ows started.

[Magoo48]

11. You hit that nail square on the head...Go Berkeley.

Edit for spelling

[msongs]

5. or pull all of its assets out its own police department? nt

[Ichingcarpenter]

6. So you support wells fargo?

What's your city doing?
I don't understand your belittling post of this move
by the city of berkley.

[quakerboy]

7. Thats interesting

I don't know exactly how a city of that size handles its finances, but might they be better off dividing their money among several smaller institutions? I am sure the money is split up for various budgets at some point in the process, and its not all that difficult now, with E-everything, to move money between banks/credit unions.

I dunno. Maybe the convenience of having it all in one place makes more sense, but if I had 300 million, I'm pretty sure I would want to make sure all my eggs were not in one basket. Even if it was an awful sturdy, large basket designed just for my eggs.

[Warren DeMontague]

8. That's astounding!

I've never been able to get more than $300 out at a time.

[Ichingcarpenter]

10. I use to get a monthly check from my neighbor

that was from a Wells Fargo bank. Everytime it was a pain in the ass the cash it at her bank. My credit union would cash it immediately, not wells fargo they acted like I was a criminal with 3 IDs.

[Kaleko]

9. Love it, love it, love it.

The Occupy cloud formation is gaining weight. Now watch it gaining momentum as it moves through every sphere of society.

[xchrom]

12. Excellent. Nt

[avaistheone1]

13. Excellent.

K&r

[City Lights]

14. You go, Berkeley!

[gratuitous]

15. And a reminder to those of us who still have money there

Get to work on pulling your dollars out of Wells Fargo and letting another, more responsible institution hold your money. Keep the pressure on. Your dollar is the only vote some of these greedheads understand. Cast a vote that sends an unmistakable message.