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Bank Transfer Day arrives Nov 5

Blog posts are the work of individual contributors, reflecting their thoughts, opinions and research.

According to reports, Occupy Wall Street has responded to criticisms of lack of focus. The movement has spawned “Bank Transfer Day,” where consumers can put action behind their words against the banking business by moving their money. Resource for this article: Occupy Wall Street introduces Bank Transfer Day

Remember the 5th of Nov

Occupy Wall Street will be proving with America’s 99 percent that they are willing to take purposeful action from now until official Bank Transfer Day on Saturday, Nov 5. Additional bank fees, such as the $5 monthly debit card fee Bank of America has initiated, are causing a ton of protests.

November 5 was chosen because it coincides with Guy Fawkes Day, a British anti-authoritarian holiday that was popularized in the U.S. by the feature film “V for Vendetta.”

Against banks continuing to steal cash

 

The Customer Financial Protection Bureau and Durbin Amendment have not helped out customers. Banks are still stealing cash anywhere they can, as reported by Occupy Wall Street. To put Bank of America's numbers into perspective, without the $5 monthly debit card fee per customer, the institution would turn an estimated $3.3 billion in annual profit off its 59 million customers' debit card transactions.

The 99 percent will prove this is enough on Bank Transfer Day. The event has a Facebook page. It claims:

"Together we can ensure that these banking institutions will always remember the 5th of November!! If the 99 percent removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1 percent 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."

How are you going to participate?

There are three things for you to do to be a part of Bank Transfer Day. Occupy Wall Street names these steps:

Start a credit union account (visit www.findacreditunion.com for more info).

Transfer bank money to the credit union by November 5.

Get your old account closed. Also, don't forget to transfer Direct Deposit and automatic bill pays to your brand new credit union account.

As of Oct. 12, more than 6,500 individuals have indicated via Facebook that they'll participate in Bank Transfer Day. For this to mean anything, more people have to participate. Event organizers know this. The Firedoglake La Figa blog explained that consumers need to transfer their dollars to make an impact. A simple denial of service attack from a group such as Anonymous on the New York Stock Exchange will not do much.

What Mitt Romney claims

http: //www. youtube. com/watch? v=E16sTiBEHV4

Information from:

Bank Transfer Day on Facebook

Find a Credit Union

Guy Fawkes Wiki

La Figa

The Street

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