Goodbye, Bank Of America! Church Divests $3 Million – VIDEO

On Oct 12, 2011 PACTSJ (People Acting In Community Together, San Jose) held a bank accountability press conference to announce mounting divestments.

Specifically, the pastor of Most Holy Trinity Church in San Jose, Calfornia, announced that the group was divesting $3 million from Bank of America and moving the money to a credit union. He also called on California Attorney General Kamala Harris to take strong action to hold banks accountable for their unethical and illegal practices that have caused and prolonged the economic crisis.

“Today is a new day!” he proclaimed to great applause. And later, “Raise your hands! Close your hand in a fist of solidarity!”

San Jose churches, organizations and residents are divesting millions of dollars from big banks due to their unethical policies and practices. In addition to Most Holy Trinity Church, the City of San Jose has moved money out of Bank of America following its social responsibility investment policy.

PACT is also divesting from Wells Fargo. Community members are moving their money to follow their values ľ closing their accounts with big, national banks that caused the economic crisis and have taken no responsibility or action to be part of the solution.

Watch this wonderful video to feel inspired by the Church in Action:

Related Stories

Bank of America Gets Foreclosed

Occupy Wall Street Protest Spread Across The Nation

Hundreds Occupy Wall St. In Protest Of Broken Financial System

Photo Credit: johnjuhnphotography

 

118 comments

Ann W.
Ann W5 years ago

Unfortunately, if only the more socially-active communities and institutions divest, that prompts the banks to close local branches. NOTHING changes in terms of the banks' policy or practices. This needs to be nationwide -- and in markets where there is more competition.

SEND
Lika S.
Lika P5 years ago

Great job! The bank I go to is very local and is state funded. It was between that and a credit union. I think it's a good way to make a statement, because too many big financial institutions are getting greedy.

SEND
Martha Eberle
Martha Eberle5 years ago

This is good to see -- change only happens when you affect their pocketbook. I divested from Wells Fargo a year ago, because I wanted to be rid of the big bank who laundered drug money. But no matter what big bank I belonged to, I would divest. Action speaks louder than words, or petitions.

SEND
Donegal Higgins
Past Member 5 years ago

Awesome!

SEND
Lilliana G.
Lilliana Garcia5 years ago

Buenisimo , todos tendriamos que hacer lo mismo , fuera esos gigantes vamos a subir al pequeno

SEND
laura r.
laura r5 years ago

BOA is the epitome of vicious,devious banksters who really believe they do NOT HAVE TO PAY for their crimes. Pitchfork time is coming!!!

SEND
Kathy D.
Kathy D5 years ago

Go Churches and Religious groups-Good for them!

SEND
Sue Matheson
Sue Matheson5 years ago

good!

SEND
Randy S.
Randy S5 years ago

bless you and i hope this inspires more to do the same... ask EVERYONE who banks at BofA to move their money out NOW! namaste

SEND
angela whatley
angela whatley5 years ago

wish they would all be held accountable for the destruction of the peoples lives they have ruined

SEND