Written by Zaid Jilani, a ThinkProgress blogger
As hundreds of people remain encamped on Wall Street in New York City, and thousands of people across the country are taking part in a 99 Percent Movement aimed at battling economic inequality spurred on by enormous income gains by the richest one percent of Americans.
One of the financial institutions being targeted by protesters is foreclosure mill and government bailout recipient Bank of America (BOA). In Boston, thousands of people marched against BOA’s greed and in Los Angeles, numerous people were arrested while staging a sit-in at a local branch.
While many Americans may feel powerless against this banking behemoth, the truth is that Americans have a simple way to protest its greed and corporate malfeasance: simply move your money out of the bank to one of its competitors, such as a local credit union. Sen. Dick Durbin (D-IL) recently encouraged Americans to do just that.
ThinkProgress has assembled five reasons why American consumers could consider moving their money and striking a blow to this abusive banking giant:
1. Bank of America Just Unveiled A Shocking New Debit Card Fee: Late last month, BOA announced that it would start charging a $5-a-month fee simply for consumers to use their debit cards for purchases. Although a few of its competitors have started using similar fees in recent times, BOA’s presence as America’s largest banking chain means that if it successfully enacts such a fee, it may be able to set a trend in the industry to make such charges the norm. More than 137,000 Americans have signed an online change.org petition protesting the fee. Most credit unions do not charge for using one’s debit card, and one credit unions, Delta Credit Union based in Atlanta, is even holding a “Switch Day” to encourage BOA’s customers to switch over to its services instead.
Photo from crystalbat via flickr
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