[WallstCheatSheet] What is Bank Transfer Day?

Today is the culmination of the ��Bank Transfer Day�� movement that began last month. The grassroots movement, started by 27-year-old small business owner Kristen Christian, urged consumers to close their accounts at big banks and move their business to credit unions by today.

The Facebook group for the event had 79,000 supporters as of Friday and the Associated Press reports that the group’s efforts were largely responsible for Bank of America’s (NYSE:BAC) repeal of its newly announced $5 debit card fee. When asked about the banks’ reversal of the fee, Christian told the Associated Press, ��”It’s too little, too late. Consumers are waking up and seeing that they have options.��

Although it’s unlikely that the movement will make a major impact on banks’ balance sheets, the fact that the group has drawn such attention and achieved a reaction from big banks has given many involved a sense of empowerment. While banks are not reporting account closure numbers, credit unions are happy to report their windfall from the movement. Navy Credit Union, the large credit union in the US, said that account openings for September and October were up 38% from last year. The credit unions are trying to capitalize on their window of opportunity by touting their superior interest rates and customer service.

• Citigroup, Inc. (NYSE:C): The shares recently traded at $30.34, down $0.44, or 1.43%. Its market capitalization is $88.71 billion. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 39,917,161 shares versus a 3-month average volume of 60,684,700 shares. The company’s trailing P/E is 8.09, while trailing earnings are $3.75 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.10%. About the company: Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the wo! rld. The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services. Get the most recent company news and stock data here >>
• BB & T Corp. (NYSE:BBT): The shares recently traded at $23.37, down $0.48, or 2.01%. Its market capitalization is $16.29 billion. They have traded in a 52-week range of $18.92 to $29.60. Volume today was 5,838,582 shares versus a 3-month average volume of 8,539,950 shares. The company’s trailing P/E is 14.98, while trailing earnings are $1.56 per share. The company pays a dividend of $0.64 per share for a dividend yield of 2.70%. About the company: BB&T Corporation operates banking offices in the Carolinas, Georgia, Virginia, Maryland, West Virginia, Kentucky, Alabama, Indiana, Washington D.C., Florida and Tennessee. The Company and its subsidiaries offer full-service commercial and retail banking, as well as insurance, retail brokerage, corporate finance, international banking, leasing, and trust services. Get the most recent company news and stock data here >>
• JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $33.97, down $0.41, or 1.19%. Its market capitalization is $131.11 billion. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 30,867,231 shares versus a 3-month average volume of 50,750,200 shares. The company’s trailing P/E is 7.24, while trailing earnings are $4.69 per share. The company pays a dividend of $1.00 per share for a dividend yield of 3.00%. About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. Get the most recent company news and stock data here >>
• Bank! of Amer ica Corporation (NYSE:BAC): The shares recently traded at $6.49, down $0.42, or 6.08%. Its market capitalization is $65.77 billion. They have traded in a 52-week range of $5.13 to $15.31. Volume today was 266,446,252 shares versus a 3-month average volume of 314,538,000 shares. The company’s trailing earnings are $-0.31 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.60%. About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Get the most recent company news and stock data here >>
• Wells Fargo & Company (NYSE:WFC): The shares recently traded at $25.40, down $0.41, or 1.59%. Its market capitalization is $133.91 billion. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 27,174,421 shares versus a 3-month average volume of 47,189,300 shares. The company’s trailing P/E is 9.41, while trailing earnings are $2.70 per share. The company pays a dividend of $0.48 per share for a dividend yield of 1.90%. About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally. Get the most recent company news and stock data here >>

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