If you needed any more of a reason to move your money, consider that many firms, such as Bank of America, have turned the truly indigent into profit centers, by making money off of debit card fees for unemployment benefits.
|By: David Dayen Monday November 14, 2011 7:05 am|
|By: David Dayen Sunday November 6, 2011 4:00 pm|
This is what I did yesterday. I participated in Bank Transfer Day by opening an account at a local credit union. But I only put a trivial amount into the account, and will then wire my money over electronically from Bank of America after being assured that all charges have cleared on that account. I’ve been a BofA customer, through sheer inertia, since 1998. Business was pretty brisk at the credit union, and the bank manager said it’s been that way for the last month (we do know from statistics provided by the Credit Union National Association that credit unions have added 650,000 new members with $4.5 billion in deposits since September 29, when Bank of America announced their since-abandoned debit card fee). When I said I was transferring from BofA, the bank manager smiled knowingly.
|By: David Dayen Monday October 31, 2011 1:45 pm|
The New Bottom Line, which has been focused on anti-bank actions around foreclosures and Wall Street greed, has launched a “Move Our Money” campaign, which encourages local governments to divest their funds from big banks. In over 50 cities across the country, coalition members will press for legislation to move local government funds. November 5 is move your money day.
|By: David Dayen Sunday October 30, 2011 6:00 pm|
I agree with Zandar on this one. “Unless one of the ways B of A is planning to have customers avoid the fee is ‘are you a customer?’ then the damage is already done.” Like Netflix before them, BofA screwed with their ordinary customers, not the ones meticulously tracking how they’re illegally foreclosing on people or how they get free money shoveled at them by the Federal Reserve. They alienated everyone who has one of their debit cards.
|By: David Dayen Friday October 14, 2011 9:20 am|
After passively accepting ever-increasing mistreatment from big banks, activists, community groups and even some politicians are jumping aboard a broad, multi-stage “move your money” campaign designed to transfer bank deposits into community banks and credit unions.