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California Faith Group Helps Move $750,000 In Customer Funds From Wall Street Banks

By Travis Waldron on July 23, 2012 at 3:45 pm

"California Faith Group Helps Move $750,000 In Customer Funds From Wall Street Banks"

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Nearly nine months after the Bank Transfer Day protest that resulted in millions of dollars in lost customer deposits for the nation’s biggest banks, a Fresno, California-based faith group is leading the charge to get even more customers to move their money. Faith In Community, an interdenominational group, joined with Occupy Fresno and other groups to protest predatory actions at five big banks, and thus far, their efforts have led to the removal of $750,000 from Bank of America, Wells Fargo, Citigroup, JPMorgan Chase and Goldman Sachs, the Fresno Bee reports:

About 50 people who gathered at St. Anthony Claret Catholic Church in southeast Fresno held signs with names of people who have transferred or will transfer their money from the targeted banks to credit unions or local banks in the Fresno area.

Those transfers totaled nearly $750,000 since the fall, they said, money that will be invested in local communities through credit unions and small banks, rather than filling the pockets of the corporations.

Hundreds of thousands of customers moved their money from banks to credit unions last fall, with more than 40,000 joining on a single day in November. Faith groups were among the biggest activists, moving $55 million from Wall Street banks before last Thanksgiving. A San Francisco faith coalition moved $10 million from Wells Fargo in February, and more groups joined the movement during Lent. When the bank transfer movement began, a financial consulting firm estimated that it could cost big banks $185 billion in deposits by the end of this year.

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