My finance view

It’s moving day for bank customers.

A grassroots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by Saturday.

The spirit behind “Bank Transfer Day” caught fire with the Occupy Wall Street protests around the country and had more than 77,000 supporters on its Facebook page as of Friday. The movement has already helped beat back Bank of America’s plan to start charging a $5 debit card fee.

It’s not clear to what extent the banking industry’s about-face on debit card fees will extinguish the anger driving the movement. But many supporters say their actions are about far more than any single complaint.

“It’s too little, too late,” said Kristen Christian, the 27-year-old Los Angeles small business owner who started “Bank Transfer Day.” She already opened accounts at two credit unions in preparation for cutting ties with Bank of America this weekend.

“Consumers are waking up and seeing that they have options,” she said.

Even with its public support, however, it’s not likely that any account closings that take place on Saturday will make a big dent with industry titans such as Chase, which is the largest bank in the country with some 26.5 million checking accounts.

But the call to action shows just how incensed consumers were at the prospect of a debit card fee at a time of so much economic uncertainty. Even those who were appeased by the industry’s reversal may have tapped into a new sense of empowerment.

That’s the case for Dan Blakemore, a Bank of America customer for the past 10 years. He said he no longer plans to close his checking account now that the debit fee has been scrapped. But he’ll be on the lookout for any other changes that might hit his wallet.

“I’m pretty confident they’re going to find some way to get that extra money,” said Blakemore, a 28-year-old who works for a nonprofit fundraiser in New York City. “I’ll just have to see if it offends my sensibility enough to close the account.”

Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. are keeping mum on whether they’ve seen an uptick in account closures in recent weeks. But credit unions and small community banks have been basking in the spotlight and issuing press releases highlighting what they say are superior interest rates and more intimate service, along with tips on how consumers can transfer accounts. They haven’t been shy about the surge in new business they’re enjoying either.

Navy Federal Credit Union, the largest credit union in the country, says new account openings in September and October were up 38 percent from a year ago. National Capital Bank, a two-branch community bank in Washington, D.C., says the vast majority of its new account openings in recent weeks have been by fed up Bank of America customers.

“The debit fee was definitely a driver,” said Noah Wilcox, president of Grand Rapids State Bank in Minnesota, which is also enjoying a lift in account openings freecreditscore.

Because credit unions and community banks vary so greatly in size, however, it’s hard to gauge the total scope of the defections they’re reporting. For example, the Lower East Side People’s Federal Credit Union in New York City says it’s enjoying more than 55 new account openings a week. That’s a big jump from its average of about 10 new accounts per week, but insignificant when weighed against the portfolios of the nation’s largest banks.

Big banks have also learned that customer grumblings don’t always translate into action. That’s particularly true for those who have multiple accounts, direct deposit and automatic bill pay; many decide that switching just isn’t worth the hassle.

“People will do a lot of complaining before they actually uproot and move,” notes Mark Schwanhausser, a banking analyst with Javelin Strategy & Research.

The recent firestorm over debit card fees was “in a class of its own” because customers saw it as a charge for accessing their own money, he said.

The timing of Bank of America’s fee announcement was unfortunate on multiple levels as well. In addition to the anxiety many are feeling amid high unemployment and stagnant wages, the news broke just as the Occupy Wall Street protests were capturing the national spotlight.

And big banks have been a key target for Occupy Wall Street, which has tapped into the lingering resentment many harbor over the role of banks in the financial meltdown of 2008.

Last month, two dozen Occupy Wall Street protestors were arrested when they entered a Citibank branch in New York City and refused to leave. Protestors have also banged drums and demonstrated outside bank branches in other cities; PNC Bank twice closed branches in downtown Pittsburgh last week after protestors entered.

But those are the extremes. Schwanhausser of Javelin said many customers will likely be placated by the industry’s white flag on debit card fees.

“People are people going to look at that Nov. 5 date and say `We made our point’,” Schwanhausser said

The banking industry may feel the same way; representatives for Bank of America, Chase, Citi and Wells Fargo indicate they haven’t done anything to prepare branch employees for a surge in account closings this weekend. Then again, many of the closures may have already taken place.

Molly Katchpole, a 22-year-old nanny in Washington, D.C., who started an online petition urging Bank of America to drop its debit card fee, says the bank’s about-face won’t win her back.

“The damage is done,” said Katchpole, who has since joined a credit union in Washington, D.C.

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With new Toronto condo units averaging just 749 square feet, baby boomers are finding the word downsizing is taking on new meaning

Baby boomers Jack and Leona Anderson made their first big step towards retirement last summer when they flew to Toronto from their home in Regina looking for a condo.

It wasn’t the sticker price that sent the teachers into a mild panic. It was the size of the units.

“I just kept thinking, if I’m going to move into a space this small, it’s going to be at an old folks’ home,” says Jack Anderson, 61.

The Andersons toured soaring glass and steel towers equipped with basketball courts, sprawling exercise rooms, granite countertops galore.

But they couldn’t see a place where they could actually live their new life, until their agent took them on a trip back in time to The Bentley, an almost 30-year-old condo building just steps from the St. Lawrence Market.

In the end, the couple opted to overlook the dated lobby, oak-trimmed kitchen cupboards and two bathrooms in need of updating.

It was the 1,200 square feet of living space that wowed them, along with the building’s wood-burning fireplaces and rooftop garden. They paid $339,000 for the one-bedroom plus den corner unit.

“Our house is 3,000 square feet with two fireplaces. We spend a lot of time outdoors. That (rooftop garden) is a viable substitute. We will be able to go up there in the morning and have our coffee and read the paper,” says Anderson.

With condos getting smaller by the day, especially in the downtown core where new units average just 749 square feet, baby boomers are finding the word downsizing is taking on new meaning.

“There is definitely a disconnect between what the demographics are telling us versus what’s actually getting built,” says Farrell Macdonald, a Coldwell Banker realtor.

“If there is a vulnerability in Toronto’s housing market these days it’s on the condo side — not just because of the sheer numbers we’re building, but because of the size and quality.”

Canadian condo developer Tridel Group says 25 per cent of its buyers are empty nesters and while it does build some larger units, its biggest market by far is first-time buyers for whom affordability is more important than size payday loans online.

“This (demographic) bulge is roaring towards us now and we’ve got people who are demanding alternatives but the market isn’t really responding,” says Macdonald. “We’re building lots of small, cheap and cheerful units but we’re not thinking long term.”

Macdonald hears complaints regularly from boomers who want to trade in family homes for simpler lives close to theatres and restaurants but refuse to be “plunked in a shoebox” better suited to single, young professionals.

That frustration is fuelling a renaissance among older condos, long considered less desirable because they lack flash and modern amenities and tend to have higher maintenance fees, says realtor Colleen Gray.

In the past year, Gray has seen even younger buyers starting to peek at the past.

Much of the renewed interest has been in decades-old buildings along Toronto’s waterfront, near the St. Lawrence Market and in midtown where units are selling for as little as $320 to $350 a square foot. That’s almost half the $600 to $700 per square foot of new units.

The tradeoff is higher maintenance fees. In The Bentley they average 67 cents per square foot (the Andersons pay $700 a month, which includes utilities), compared to about 50 cents in newer buildings, many of which don’t include utilities.

The biggest risk in older buildings is getting hit with costs for a new roof or heating unit that can overwhelm the maintenance fund.

But that day will come for newer units, too, given that fees don’t tend to reflect real costs, says Macdonald.

The Andersons are renting out their unit right now and plan to virtually gut their condo when they get ready to move to Toronto.

They know it will never have the look or feel of a brand-new building, but at the least it will have sparkling new bathrooms and a kitchen with the de rigueur stainless steel and granite, says Anderson.

“There are always going to be people who will want a property like this in downtown Toronto, just because of its square footage. I think in that way it was a very clever investment.

“Someday it’s going to sell itself.” Also read: Why downtown living is more attractive

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Discount chain 99 Cents Only Stores Inc. said Tuesday that it has agreed to be acquired for about $1.6 billion by private equity firm Ares Management LLC and the Canada Pension Plan Investment Board, the latest big investors to bet on the increasingly popular dollar store industry.

The $22 per share cash offer is 7.4 percent higher than the retailer’s shares finished at on Monday. But it is a 32 percent premium over the company’s closing price on March 10, the day before 99 Cents Only disclosed that it had received an acquisition offer from a different private equity firm.

Dollar store operators like 99 Cents Only have thrived in the weak economy. Shoppers have turned to the discounters for deals on necessities like food and cleaning supplies, and for bargains on toys and other household goods one hour payday loan.

99 Cents Only, based in Commerce, Calif., operates 289 stores in the Western U.S.

99 Cents must have its deal approved by its shareholders. The retailer’s board is recommending approval. And members of the Schiffer-Gold family, which founded the company, said in a statement that they support the deal. They will hold a significant minority stake after the deal is complete.

The deal is expected to close in the first quarter of next year.

Shares of the company rose 90 cents, or 4.4 percent, to close at $21.39 Tuesday.

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CUPERTINO, CALIF./NEW YORK—Computer buffs and admirers of technology rushed to Apple shops from New York to Australia on Thursday to mourn Steve Jobs, praising him as a visionary who transformed the daily activities of countless millions.

Flags outside Apple’s headquarters at 1 Infinite Loop in Cupertino, California, flew at half mast as mourners gathered on a nearby lawn. Distraught Apple fans left flowers and a man played the bagpipes.

“In my mind there is no difference between him and a Pasteur,” said Chitra Abdolzadeh, a healthcare worker in Cupertino, in reference to French chemist Louis Pasteur. Photos: Fans say farewell outside Apple stores Olive: Apple’s best days are in the past

Ben Chess, 29, an engineer at an Internet company and a former Apple intern, drove to the Apple HQ from San Francisco after work to lay a bunch of flowers. “It’s the right thing to do,” he said.

Jobs, who died on Wednesday aged 56, overturned the way users browse the Internet by giving them the iPod, iPhone and iPad. He had stepped down as chief executive of the world’s largest technology company in August.

Computer fans in China seemed particularly moved.

“I came here to see how they’ll operate on the first day after they had lost Steve Jobs,” Jin Yi, 27, said in China’s biggest Apple store in Shanghai, which opened last month.

“I also came here to mourn in my own way. It is such a pity today. He created these gadgets that changed people’s perceptions of machines. But he did not manage to witness the last step in which, through his gadgets, people’s lives can be effectively fused with these machines.”

In Hong Kong, Charanchee Chiu laid a single sunflower and white rose in front of the city centre Apple store.

“I am sad. I think he should have lived longer,” he said, acknowledging that he had sent messages to Jobs to advise him on health and Tai Chi, the Chinese form of martial arts reputed to improve practitioners’ well-being.

At the downtown San Francisco Apple store, people held pictures of Jobs aloft on iPads and taped greeting cards and post-it notes to the store window saying “thank you Steve” and “I hate cancer.” Candles and red apples were placed outside.

Store employee Cory Moll described Jobs as a personal inspiration. “We’re lucky to have had him for as long as we did,” said Moll, holding an iPad displaying a quote in memorial to Jobs.

“What he’s done for us as a culture, it resonates uniquely in every person. Even if they never use an Apple product, the impact they have had is so far-reaching.”

Across the country in New York City, an impromptu memorial made from fliers featuring pictures of Jobs was erected outside a 24-hour Apple store on Manhattan’s Fifth Avenue, with mourners snapping photos of it on their iPhones.

“We will miss you Steve, RIP. Thank you for your vision,” read one flier.

Business professor Gary Hamel said he left for the store as soon as he found out about Jobs’ death.

“As soon as I heard the news, I came out to this Apple store to pay my respects,” he said, clutching the power cord he had just bought inside. “I saw tears in some people’s eyes.”

Outside an Apple store in New York’s SoHo neighborhood, two men laid candles, bouquets of flowers, an apple and, for a while, placed an iPod Touch on the ground.

At a Boston store, student Angelos Nicolaou said Jobs had “inspired us to be rebels and challenge the status quo. I hope there will be more leaders like him. It seems like the world is running out of them.”

In Sydney, Australia, lawyer George Raptis, who was five years old when he first used a Macintosh computer, made his way to the glass-panelled Apple store when he heard the news.

“He’s changed the face of computing,” he said. “There will only ever be one Steve Jobs.”

Some of those who flocked to Apple stores when they heard of Jobs’ passing were thinking of Apple’s future without its co-founder. The company named Tim Cook as its new CEO at the end of August when Jobs stepped down.

“They had a lot of time to prepare for the transition,” said Guilherme Ferraz, 44, a Brazilian businessman outside a Manhattan Apple store. “Tim Cook will continue his legacy.”

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Yum Brands Inc., owner of the Pizza Hut, Taco Bell and KFC chains, reported Tuesday that its third-quarter profit grew thanks to strong sales in China and elsewhere overseas that offset another sluggish showing in the U.S.

Yum said it added 138 restaurants in China during the quarter, and is on track to open a record 600 new units there this year. Operating profit in China was up in the single digits, adjusted for currency fluctuations, as the company faced rising commodity and labor costs.

In Yum’s international division, operating profit rose 3 percent, adjusted for currency fluctuations. And its franchise fees are on pace for a record year of more than $850 million in the division, which excludes China.

But in the U.S., operating profit fell 16 percent and sales dropped at its three main brands.

“We’re obviously disappointed in our U.S. performance,” Yum Chairman and CEO David C. Novak said in a statement.

Yum, based in Louisville, earned $383 million, or 80 cents per share, for the quarter ending Sept. 3. That’s up from $357 million, or 74 cents per share, a year earlier.

The company reported losses of 3 cents per share, stemming from decisions to refranchise its Pizza Hut business in the United Kingdom and its planned sale of the Long John Silver’s and A&W All American Restaurants chains. The company, which put the brands up for sale earlier this year to focus on its international business, said last month that it has found buyers for them but didn’t disclose financial terms.

Excluding those special items, Yum posted a profit of 83 cents a share, which is one cent per share above what analysts were expecting. Total revenue rose 14 percent to nearly $3.3 billion, well above the $3.08 billion in revenue analysts surveyed by FactSet were expecting.

But revenue at KFC and Pizza Hut restaurants in the U.S. open at least a year fell 3 percent each, while Taco Bell had a 2 percent drop business cards.

Taco Bell, which accounts for about 60 percent of U.S. profit for Yum, has been struggling to regain momentum after publicity from a now-dropped lawsuit questioned the beef content of filling in the chain’s tacos and burritos. Taco Bell called the accusations false and fought back with marketing on television and in newspapers.

“It looks like it’s stabilizing and we’ll get to the point next year where they’ll be bouncing up against some easier comparisons so that will help,” Edward Jones analyst Jack Russo said of Taco Bell. “They’ve got a job to do PR-wise to repair that.”

The company is having better luck overseas.

In its international division, which excludes China, Yum opened 193 new restaurants in 50 countries during the quarter and expects to open 900 new units for the year.

In its key China business, operating profit rose 7 percent, adjusted for currency fluctuations.

Novak said the robust restaurant growth overseas puts Yum in position for strong growth in 2012 and the performance in China, in particular, “gives us even more confidence our China business model is as strong as ever.”

He said Yum plans to roll out new products along with productivity initiatives that he predicted will improve U.S. sales and profits next year. The company reaffirmed its full-year earnings-per-share growth of at least 12 percent.

Yum operates nearly 38,000 restaurants in more than 110 countries and territories. Company officials will discuss the quarter’s results on a conference call Thursday morning.

Yum reported earnings after the market closed. Its shares slipped 85 cents, or 1.7 percent, to $48.59 in extended trading. They had closed the regular session up 99 cents, or 2 percent, at $49.44.

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Many smart people have applied their brainpower to the question of how to pull the nation out of the ongoing jobs crisis. The answers have not come easily cash advance loan. We put the question to three experts in St. Louis: What should government and policymakers do

Target is a victim of its own success.

The discounter drummed up so much hype around its exclusive, limited-time line by upscale Italian designer Missoni that its website crashed and was down most of the day on Sept. 13 when the collection was launched, angering customers. More than a week later, some shoppers who bought the Missoni for Target line are posting on social media websites Facebook and Twitter that they won’t shop at Target again because their online orders are being delayed

Revolutionary fighters struggled to make gains in an assault into Gadhafi’s hometown Saturday with bloody street-by-street battles against loyalist forces fiercely defending the most symbolic of the shattered regime’s remaining strongholds.

The fresh attack into the Mediterranean coastal city of Sirte contrasted with a stalemate in the mountain enclave of Bani Walid where demoralized anti-Gadhafi forces tried to regroup after being beaten back by loyalist snipers and gunners holding strategic high ground.

Intense resistance has stalled forces of Libya’s new leadership trying to crush the dug-in fighters loyal to Gadhafi, weeks after the former rebels swept into Tripoli on Aug. 21 and pushed the country’s leader out of power and into hiding. Sirte and Bani Walid are the main bastions of backers of the old regime in Libya’s coastal plain, but smaller holdouts remain in the deserts of the center of the country _ and another major stronghold, Sabha, lies in the deep south.

The resistance has raised fears of a protracted insurgency of the sort that has played out in Iraq and Afghanistan, even as the transitional government tries to establish its authority and move toward eventual elections.

A military spokesman for the transitional government said revolutionaries do not know Gadhafi’s location.

Col. Ahmed Omar Bani pointed to the still uncollected bounty of nearly $2 million that the new leadership has put on the fugitive leader’s head, saying, “Up to now we don’t have any certain information or intelligence about his whereabouts.”

Columns of black smoke rose over Sirte, as revolutionary fighters backed by heavy machine guns and rockets tried to push through crowded residential areas in the city. They claimed to have gained less than a mile into the city, along the main coastal highway leading in from the west.

The forces were met by a rain of gunfire , rockets and mortars. A field hospital set up outside Sirte at a gas station filled with wounded fighters, including some from a convoy hit by a rocket-propelled grenade. Twenty-four anti-Gadhafi fighters were killed and 54 wouneed in the day’s battles, the military council from the nearby city of Misrata reported.

The pro-regime radio station in Sirte repeatedly aired a recorded message it said was from Gadhafi, urging the city’s defenders to fight on. “You must resist fiercely. You must kick them out of Sirte,” the voice said. “If they get inside Sirte, they are going to rape the women.” The voice resembled Gadhafi’s but its authenticity could not be confirmed.

Gadhafi’s spokesman, Moussa Ibrahim, vowed, “We have the ability to continue this resistance for months,” in a phone call Friday to Syrian-based Al-Rai TV, which has become the mouthpiece for the former regime.

The conditions inside Sirte were reportedly growing increasingly dire for those caught in the crossfire. Nouri Abu Bakr, a 42-year-old teacher fleeing the city, said there is no electricity or medicine and food supplies are nearly exhausted.

“Gadhafi gave all the people weapons, but those fighting are the Gadhafi brigade of loyalists,” he said.

Hassan Dourai, Sirte representative in the new government’s interim government, said fighters reported seeing one of Gadhafi’s son, Muatassim, shortly before the offensives began Friday, but he has not been spotted since the battles intensified. The whereabouts of Gadhafi and several of his sons remain unknown. Other family members have fled to neighboring Algeria and Niger.

Most of the hundreds of fighters assaulting Sirte are from Misrata, a city to the northwest along the coast that held out for weeks against a brutal Gadhafi siege during the civil war. Revolutionary commanders were trying to open a second front into Sirte, from the east. They said they were trying to reach a surrender deal with elders in most of the Harawa region, about 50 miles (80 kilometers) east of Sirte, to open a possible new pathway _ but fighting was reported in the area Saturday, suggesting efforts were stalled.

The other stronghold of Bani Walid, 150 miles (250 kilometers) east of Sirte, has proven even more difficult for the forces of the new regime. The fighters withdrew Friday after facing withering sniper fire and shelling from loyalist units.

The loyalists hold the strategic high ground along the ridges overlooking a desert valley called Wadi Zeitoun that divides the city between northern and southern sections. From there, they could bloody the fighters trying to move down through the northern half of the city and into the valley, which is irrigated with olive groves. The terrain has made the city a historical hold-out: In the early 20th century, Italian forces occupying Libya struggled to take Bani Walid.

“This may be the worst front Libya will see,” said fighter Osama Al-Fassi, who joined other former rebels gathered at a feed factory outside the city’s northern edge, where they drank coffee and took target practice at plastic bottles.

On Saturday evening, Gadhafi forces blasted fighters at the northern entrance with snipers and mortar fire, prompting the revolutionary forces to battle their way in once again in an unplanned advance, said Bilqassim el-Imami, one of the fighters. They made their way back to the edge of Wadi Zeitoun amid heavy fire with anti-aircraft machine guns.

A 50-year-old civil servant fleeing Bani Walild with his family, Ismail Mohammed, described the pro-Gadhafi forces as “too strong” inside Bani Walid and suggested a generational divide between young people strongly behind the uprising and older Libyans often more cautious about whether the revolutionary forces can bring stability.

“The youth wanted this revolution and sometimes you can’t control your own son,” he said.

In Libya’s southern desert, hundreds of revolutionary fighters were negotiating with villagers in the still pro-Gadhafi region to surrender peacefully. The fighters left the captured Bani Jalloud air base and rolled through villages where they reached truces. Along the route, crowds cheered their arrival and flashed V-for-victory signs. But in one village, Ayoun, they came under fire, prompting a heavy gunbattle in which one fighter was killed.

Col. Bashir Awidat said they seek to secure the surrounding hinterlands before moving against Sabha, the main southern urban center about 400 miles (650 kilometers) south of Tripoli. He said the villagers had been isolated and believed Gadhafi’s propaganda.

“They think that we’ll raid their houses and rob them. The media coverage here has been bad for 42 years and it has trained people to think a certain way, and that will take time to change,” he told The Associated Press at the captured air base.

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Companies paid the same amount for wholesale goods last month as a drop in energy prices offset higher food costs.

Excluding the volatile food and energy categories, core wholesale prices edged up 0.1 percent, the smallest increase in three months. The figures indicate that inflation pressures are easing.

The Labor Department says the Producer Price Index, which measures price changes before they reach the consumer, was unchanged in August, after a 0.2 percent rise in July.

In the past 12 months, the index has increased 6.5 percent, mostly due to higher gas and food costs. That’s the smallest 12-month rise since March, though much bigger than the annual changes late last year.

Core prices rose 2.5 percent in the past 12 months, the same pace as July.

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ST. THOMAS, ONT.