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Poll: Should the City of Berkeley Ditch Wells Fargo?

In Tuesday's meeting, the city council will consider moving Berkeley's bank account from Wells Fargo to a community bank instead. What do you think of the idea? Take the poll.

Big bank bailouts and a subprime mortgage crisis that hurt the nation's economic health have inspired a wave of people to move their money — taking their accounts from Wall Street to Main Street.

In Tuesday's city council meeting, . The city is contemplating not renewing its bank account with Wells Fargo and instead looking for a community bank or credit union to entrust with the city's funds.

So, where would Berkeley's bank account go? Local banks and credit unions include:

Do you think the city should move its bank account? Take the poll.
Where should Berkeley's account be held instead? Let us know in the comments.
Did you move your money? Share your story.

Tim Hanson January 31, 2012 at 01:49 PM
Yes, Wells Fargo is big, but it is also a community bank. The employees, loans, and community support are as strong a part of the local community as any smaller bank, if not more so.
Lou Judson January 31, 2012 at 02:25 PM
Well Fargo is NOT local - My mom used it and I know. Use a locally-owned bank! Whuo they hire is not the point, is is where the profits go.
Heather Wood January 31, 2012 at 05:26 PM
Wells Fargo is not a "Community Bank" and is deeply involved in the need for many homeowners in foreclosure and short-sales. I'd ask C.O.B. to put our money in Patelco, U.S.E. Credit Union, Mechanic's Bank or any other local credit union. Let Berkeley finally do something that speaks on behalf of The People!
Tim January 31, 2012 at 06:30 PM
I imagine -- hopefully not naively -- that local banks will be more likely to make decisions that have a public benefit, rather than merely a benefit to anonymous shareholders. Wells Fargo seems to want to foreclose -- during the school year! -- on Windrush in El Cerrito, despite huge community support for keeping this private school open. Would a local bank be as aggressive?
Rita Wilson January 31, 2012 at 07:02 PM
Any of these smaller banks would be good. Perhaps parking places should be taken into consideration as to which. Perhaps the citizens of Bekeley would follow.
Tora Spigner January 31, 2012 at 08:20 PM
By using a credit union, the money from the community will remain in the community. It seems a logical and prudent way to boost both the credit union and it's members, the community. It makes sense.
Kirk Lumpkin January 31, 2012 at 08:43 PM
As a society we need to get our money out of the big banks, they ultimately are there for the already rich to profit from. Having a city leave a big bank sends a much stronger message than we can do as individuals. We need financial institutions that serve the health of society as a whole.
EMILIO PALACIOS February 01, 2012 at 08:38 AM
During the big bank bailout and subprime mortgage crisis, in all fairness - Wells Fargo Bank, was 1 among many big banks (i.e., Bank of America, J.P. Morgan Chase, CitiBank, etc...) involved in unethical banking practices, therefore, it would be unfair for it to be singled-out ; the lesson that I learned on a more personal level is to diversify and no to " put all of my eggs in one basket", for example, I now maintain a checking account with BOA and an interest bearing savings account with a Credit Union.

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