Occupy Wall Street Leads to a Planned Bank Boycott

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In the wake of Bank of America's announcement that they'll be charging customers $5 a month to use their debit cards starting next year -- and in the continuing efforts of Occupy Wall Street, now in its 21st day -- protesters who say they are associated with the movement are organizing there's an event encouraging people to take their money out of major banks and put it in credit unions instead, to send those big banks a message. Kristen Christian created the event's Facebook page, calling it "Bank Transfer Day," also known as Saturday, November 5. (Their logo, by Eddie Colla, is a Guy Fawkes mask, because "Guy Fawkes had the courage to take on a towering giant -- just as we are," she writes.) Update: Christian clarifies that this event was created by her alone, not by Occupy Wall Street, though she's been in touch with many Occupy Wall Street protesters who support the cause, as she supports theirs.

In terms of instructions for the day, she writes:

• Open an account with a Credit Union • Transfer your funds to the new account (online or in person) by 11/05 • Follow your bank's procedures to close your account

To find a credit union near you: http://www.findacreditunion.com/

Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren't able to pay for our rent, food, medication, utilities, student loans, etc.

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As for the reason for the boycott, Christian cites the Durbin Amendement:

WHY ARE WE BOYCOTTING? The Durbin Amendment is an add-on to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law No. 111-203), signed into law by President Barack Obama on July 21, 2010. The Act allows the Federal Reserve to regulate debit card interchange fees of banks with over $10 billion in assets. Over the summer, the Fed released the final rule on the matter by limiting debit card interchange fees to a maximum of 21¢ per transaction. In response, these "major banks" have decided that beginning early 2012 any consumer with less than $20,000 in combined accounts will be charged a monthly $3-5 fee if they use their debit card at any point during the month. This is a blatant attack on the 99% that cannot & will not be tolerated. In a stand of solidarity, on November 5th we will transfer our money & close our accounts with these major banking institutions to take our business to credit unions (or local banks if a credit union isn't available). Since #OccupyWallStreet began, these banks are donating our money (and money they've made with our money) to law enforcement agencies to heap abuse on our brothers & sisters. NO LONGER.

FACTS/FIGURES:
• With the Durbin Amendment in affect, banks will still make 19¢ profit per processed transaction [*1]
• The average consumer uses his/her debit card 24 times per month [*2]
• Without the additional fee, Bank of America stands to turn a $3,228,480,000 annual profit from its 59 million customers' debit card transactions [*3]
• Without the additional fee, Wells Fargo stands to turn a $2,626,560,000 annual profit from its 48 million customers' debit card transactions [*4]
• Without the additional fee, JP Morgan (Chase) stands to turn a $4,924,800,000 annual profit from its 90 million customers' debit card transactions [*5]

60,000 people have been invited, and nearly 8,000 are marked as attending on Facebook. Will they actually go to the trouble of dealing with those annoying corporate banks and their "procedures" enough to transfer their money for the cause? We will find out.

We've gotten in touch with Occupy Wall Street to find out what the official word from the movement is on this new movement. Recently a user submitted this idea on their site:

Everyone who has a BofA account should pull it out this week and open in a different bank. That's a simple way to to boycott and will make an incredible impact on wall street in just a matter of days.

Occupy Wall Street Organizing Nationwide Boycott Against Banks [CNBC]

[JDoll / @thisisjendoll]

Go to Runnin' Scared for all our latest news coverage.


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9 comments
dan lighter
dan lighter

Hi, This new rule of durbin amendment is helpful for many peoples. Online payment is quick and convenient for bank customers. Reduces Debit Fees make customers more happy. Thanks

Tuxtux87
Tuxtux87

ok guys i used to work for bank of america in San Jose Costa Rica , specifically in the credit card department , and i do know what I am writing here. Bank of America is exploiting their employees in San Jose Costa Rica , they are making them work long hours whiteout no rest at all , and paying them very miserable salaries, These people are a bunch of scumbags i HATE them and despise them with all my guts! they are making their employees take an overwhelming amount of calls per day, An average customer service representative takes around 350 calls in a 7 hours day shift!!!!  these sons of bi**ches are burning in hell , they are the worst company here in San Jose Costa Rica to work for!! they are slavering people here!

Justitia In Flore
Justitia In Flore

A “Nine- Nine - Nine Plan” for Occupy Wall Street The “Tax the Banks’ patience Plan”

Please don’t close your accounts yet with Citi, Chase, and B of A. Show them your support by standing in line at their fine institutions and making deposits. Lots of deposits - 99 one dollar deposits. Take your time. Be friendly. And always ask for bank receipts. When you are refused service (before you reach 99 deposits you will be asked to leave) just smile and either go to another branch.Or, you can exchange places with a friend at another bank (and always exchange a few of your deposits with their deposits and when finished exchange their bank receipts for your bank receipts). It is important to give each friend only a few dollars and a few deposit slips at one time because you don‘t want all your money to disappear - your group might be infiltrated by evil bankers. You can do this with lots of friends at lots of bank branches. Vow not to quit until you have 99 dollars in your account. Have your friends make the same promise. Keep reminding yourself about the impact this will have on Citi, Chase, and B of A. and smile. When you have deposited exactly $99 - take your money out and close your account. Banks will not be able to ignore the magic number 99. The last nine - do it in nine days or at nine branches or with nine friends or with nine ninety thousand nine hundred pennies. Just have fun and spread the word, get out the message.

Trinette Watts
Trinette Watts

After three attempts, I closed my Chase account thisweek. I have open a credit union account that does not charge any fees I amhappy to report. Now here is the skinny on closing a Chase account. Leave atleast a 3-4 day grace period between your last charge and the date you closeyour account to avoid delays. Also, my Chase branch tried to give me stampedand marked bills when I closed my account. I have never received $20 bills withthese type of markings during my entire tenure with Chase. I asked what themarking were and the agent did not know. I asked him to exchange out the billsfor clean ones and he complied. I guess that was there way of trying topenalizing me for closing my account. Credit Unions are so much better than commercialbanks. I am so glad to be back under the umbrella of one. November 5th is thedeadline outlined by the Occupy Wall Street movement to close out accounts withthe big commercial banks and move your accounts to a credit union. Good luck!

Calculating
Calculating

Lou Dobbs previously proposed a BOA boycott due to their practice of doing business with illegal aliens.  I would hate to see the Occupy Wall Street movement get traction by piggybacking what is already underway.  Once I saw that Occupy was supporting large bank hate, I am reconsidering closing my BOA accounts.  I don't want to do anything that would support an unkept, simple-minded group of clowns.

CofS Exit Zone
CofS Exit Zone

LOL. This stupid noob doesnt realize how dumb she looks trying to co-opt the Anonymous brand using her REAL NAME. /facepalm

Katiegail79
Katiegail79

Correction: the Durbin amendment affects financial institutions with assets over 10 million, not 10 billion.

mrmoto
mrmoto

LOL Cofs doesn't realize Jenn didn't intend to be anonymous and that only noobs call other people noobs.

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