99 Percent Activists Celebrate Valentine’s Day By Breaking Up With Bank Of America

 

Written by Travis Waldron

Since the 99 Percent Movement began last fall, activists have pushed consumers to transfer their money from big banks that were at the center of the financial crisis to smaller community banks and credit unions. Thus far, their efforts have been successful. Around 200,000 moved their accounts on “Bank Transfer Day” in November (early estimates of 600,000 were revised down), and in the last 90 days, more than 5.6 million moved their accounts, with more than 600,000 citing Bank Transfer Day as the reason.

Today, to celebrate Valentine’s Day, activists in New York City will target Bank of America, citing the bank’s shoddy consumer record regarding its mortgage lending practices and its support for hazardous environmental practices like mountaintop removal coal mining, according to a press release published at the Paramus Post:

Bank of America loves profits more than people. We, the 99%, want out of this abusive relationship. Bank of America has foreclosed on more homes than any other bank in the United States. On February 14th, Valentine’s Day, housing and environmental activists will break up with Bank of America.

According to the release, activists organized by Mountain Justice, an environmental group, and various groups associated with Occupy Wall Street will gather at New York’s Washington Square this afternoon before marching to a local Bank of America branch and delivering thousands of blue valentines. Bank of America is a “grave threat to US financial stability,” the release says, and it also has “an ugly relationship with the planet: bankrupting the ecosystem with their investments in the coal industry–lending billions of dollars to companies seeking to build new coal-fired power plants.”

Bank of America has been the target of protests over its financial and foreclosure practices, ranging from charging customers fees to withdraw unemployment benefits, foreclosing on homes because of clerical errors, and perpetuating fraudulent foreclosure practices. The bank, meanwhile, has been targeted repeatedly by environmental activists for its connections to Big Coal.

According to one consulting firm, Bank of America is the most susceptible bank to bank transfer protests and could lose up to 10 percent of its customers and $42 billion in customer deposits.

This post was originally published by ThinkProgress.

 

Related Stories:

NY AG Brings New Charges Against Big Banks

Blacks Face Bias in Bankruptcy Filings

Senior Citizens Occupy, Shut Down Bank of America

 

Photo from Lisa Norwood via flickr

33 comments

Ewelina Grobelna
Ewelina Grobelna3 years ago

Globalization is the problem....the bigger the company the crappier treated are those at the end of the lather....No big CEO will care about a particular customer because he doesn't have to! 1 person doesn't make a difference in his and his company outcome. Smaller businesses are so much better, they care for their customers if only because they cannot afford to loose them.

Lynn D.
Lynn D.3 years ago

Good news!

Richard B.
Richard B.4 years ago

$42 billion. That should put a little dent in their wallet. That's right. Keep giving those CEOs big bonuses. What will BoA do when the bank gives out more to CEO pay than what it takes in from deposits? Things will get interesting then.

Fred Krohn
Fred Krohn4 years ago

I've been boycotting BoA ever since those fraudulent bailouts. BoA should tank, I'll never do business with them.

Kat Head
Katherine H.4 years ago

Good for them! I support them!

Silja Salonen
silja salonen4 years ago

remember the bank scene from mary poppins - pretty scary stuff when i was a wee one

Debbie Brady
Debbie Brady4 years ago

The only language these big banks understand is, other peoples money. Take that away and they disappear. All their power comes from throwing other peoples money around and gambling with it.

If we all take our money away from them, they are powerless.

Michael C.
Michael C.4 years ago

Our Occupy protest against the Big Banks here in Tucson is going well, especially with the degree of participation among the average citizenry. Those that have chosen to join with their quite public support.

Now, if only the media could free themselves from the shackles that continue to bind them, the Occupy struggle could be realized at a much faster rate. For those of you who that would have the rest create a sense of doubt, you know to whom I speak, I say to you...how much longer can this Republic continue down a road that is self defeating, so hopeless.

Sue Jones
Sue Jones4 years ago

I love it when people reference "the founders" by way of supporting their arguments. "The Founders" were pretty much united by the Revolutionary War - but little else. As anyone who has studied history knows, Jefferson, Adams, Paine, Franklin, Washington, Madison, Hamilton - (and others) frequently disagreed - and disagreed vehemently - on the role of government and how it should be structured. So when people start quoting forwarding emails on what our "founders" thought - they are skating on thin ice because sure as hell, a quote from another founder can be found that refutes the first. Kinda like quoting the bible.

Deborah Vitek
Deborah Vitek4 years ago

Jo H., you must live in a very lovely little world. The banks have no desire to work with anyone. They see nothing on a personal level and either you pay or you don't Have you heard about the Iraqi vet who is losing his home? I believe the Occupy movement is helping him!

Furthermore....one can think they have everything under control and can be at the upper end of the middle class and illness can strike. Now if you are in Canada, or France, or Sweden, this won't matter, but if you are in the U.S., you WILL LOSE EVERYTHING. I know this part very well.

You had better revise your thinking because most of the people who are losing their homes have very sad stories, and all it takes is one slip and it can be any of us.