Kristen Christian’s Bank Transfer Day has grown. It is not an Occupy Wall Street event, Kristen has done this independently. Just in the last 16 hours or so, over 3,000 people have RSVP’d on Facebook as the total will very soon top 50,000. RSVP An interview with her.
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.
• 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]
Now to some disgusting videos. In this one, a woman is hauled off by an undercover cop for wanting to close her account at a Citibank in Manhattan on Saturday, where the bank and police had locked 20 some people inside for doing the same thing. It is unknown if the 20 some people were chanting, but they did have signs:
Here, two women go into a Santa Cruz BofA to close their accounts and they are told they can’t do so with protests signs in their possession. “You cannot be a customer and a protestor at the same time.” The manager threatens 911, the women are locked out of the bank, but they call the police on BofA:
“Welcome to This Occupation” – an essay I wrote is at The Nervous Breakdown, detailing why the Occupy Wall Street movement is vital, why it is happening, and what the protests and protestors are like. I also talk about how the anger over the oppression by the rich and powerful is an anger that has been with humanity since the beginning of time. Finally I give a few detailed examples about the discussion going on in the park (a human rights lawyer talking about defaulters being prosecuted by the Justice Department) and address the criticism about what the protestors want.