Camping out by Wall Street and peacefully protesting are but two ways of signaling collective displeasure about America’s compromised economic system, but here comes Anonymous with another handy tip for would-be opponents of our nation’s banking behemoths: Let the currency of their realm do the talking.
Ever mindful of the potential impact of the well-choreographed gesture, the elastic band of corporate antagonists has put out a call for supporters to pull their funds from big banks like BofA—which recently announced a new recession-friendly policy of charging customers a $5 monthly fee for the privilege of using their debit cards—and transfer them to the credit union or alternative financial institution of their choice. For maximum oomph, participants are encouraged to move their money and shut down their old accounts by Nov. 5.
Anonymous has created a Facebook page devoted to the cause—check it out by following the link after the excerpt below. To keep up with the cause on Twitter, go here. —KA
BANK TRANSFER DAY on Facebook:
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.