NERMEEN SHAIKH: Protests were held across the country Saturday to mark Bank Transfer Day, a campaign to move accounts from big banks into community banks or credit unions. Credit unions attracted more than 40,000 new account holders, reporting about $80 million in new savings, or an average of about $2,000 per new account holder.
The campaign was organized by Kristen Christian when she learned that Bank of America planned to charge her a $5 monthly debit card fee. Christian's Facebook post, urging friends to abandon big banks, unwittingly blossomed into a national campaign. More than 75,000 people pledged to participate in Bank Transfer Day.
Although the campaign was neither inspired by nor organized by the cyber-activist group Anonymous or the Occupy Wall Street movement, it did benefit from their support. In this ad, Anonymous explained how to participate in Bank Transfer Day.
ANONYMOUS AD: If the 99 percent removes our funds from the major banking institutions to nonprofit credit unions on or by the 5th of November, we will send a clear message to the 1 percent that conscious consumers won't support companies with unethical business practices. One, open an account with a credit union. Two, transfer your funds to the new account on or before 11/05. Three, follow your bank's procedures to close your account. To find a credit union near you, click here. For more information, visit the official Facebook page.AMY GOODMAN: Well, after Bank Transfer Day, local news outlets around the country reported that fed-up customers acted on their promise to take their business away from big banks, sometimes in conjunction with the Occupy Wall Street protests. Philadelphia Inquirer told the story of a couple inspired by the protests who switched from Bank of America to a community bank, and news channel KGW out of Portland, Oregon, also interviewed fed-up customers who moved their money from big banks. The Denver Post said more than a thousand protesters marched from bank to bank and urged customers there to close their accounts, while the Colorado Independent reported that local credit unions have acquired $100 million in new deposits within the past month.
For more, we go to L.A., to Los Angeles, to Kristen Christian, who organized Bank Transfer Day. And we're also joined here in New York by John Bonifaz, a constitutional attorney and co-founder and director of Free Speech for People.
Kristen and John, welcome. Kristen, you started this on your Facebook page with a picture of Guy Fawkes. Why Guy Fawkes?
KRISTEN CHRISTIAN: Well, I chose the imagery because it personally inspired me. It reminded me of a sense of rebellion. But definitely, I've always been a pacifist myself; I've never been one to cause disruption. And the American flag reminded me of the freedoms that we are entitled to because of the brave men and women who fight for us, one of them being, some 30 years ago, my grandfather.
AMY GOODMAN: Who was...? Your grandfather was...?
KRISTEN CHRISTIAN: My grandfather was in the United States Air Force for approximately 25 years of his life.
AMY GOODMAN: So, it was Guy Fawkes Day Saturday, Bank Transfer Day. And you sent around what? Tell us what you did to get Bank Transfer Day going.
KRISTEN CHRISTIAN: Actually, I created a Facebook event and sent out invitations to 500 of my approximately 800 Facebook friends and urged them to explore their options with, preferably, local credit unions, but if one was not available in their area, then a local bank. From there, the event just snowballed with, at the end, before close of November 5th, we had 85,000 supporters. CUNA reported that 650,000 new credit union members joined before November 5th, the deadline goal of Bank Transfer Day, and another 40,000 on Bank Transfer Day, meaning nearly 700,000 consumers shifted funds from corporate, for-profit banking institutions to local not-for-profit credit unions.
NERMEEN SHAIKH: Kristen, explain what the relationship is between Bank Transfer Day and the Occupy Wall Street movement.
KRISTEN CHRISTIAN: There actually is no relationship between Bank Transfer Day and the Occupy Wall Street movement, short of that Occupy Wall Street did adopt the directive of Bank Transfer Day to pull funds from banks. By most reports and most information I saw, unfortunately, the Occupy Wall Street movement didn't offer their supporters a step to take from there, meaning what to do with their money once they pulled it from the for-profit banking institution. So, I definitely did appreciate the support of Occupy Wall Street in spreading the word, but I have never participated in any of the Occupy protests across the country, and nor have I organized any of those protests.
AMY GOODMAN: Kristen, would you say that this move of Bank Transfer Day and the Occupy movements have also led to the defeat of Bank of America and other banks, pulling back their charges on bank cards, the $5 fee, which happened right before Bank Transfer Day, the announcement, in the last weeks?
KRISTEN CHRISTIAN: Yes, I definitely think that a lot of consumer discontentment played a role in the withdrawal of that new policy. I think it further illustrates, though, how out of touch the executives of the large banks can be, that, at least with Bank Transfer Day, which is the movement that CUNA directly credits for inspiring so many people to make the shift, it does illustrate that these banking institution executives are out of touch, because the message from Bank Transfer Day was not the fee itself, but actually the principle behind it, because, at least with Bank of America, the fee only applied to account holders with less than $20,000 in combined accounts. So, based on principle, I couldn't support a business that would directly target the impoverished and working class.
I opened a savings account at a Credit Union that my parents belong to while I was visiting with them a couple of months ago. When I went to the Credit Union I told a teller that I wanted to open a savings account. She asked me what sponsored company I work for. I told her I was self employed. She then replied that I can join through the Spanish League for a $10 fee since I do not work for a sponsored company. I gave her an odd look and asked her what the Spanish League was. (I'm a white American dude by the way.) The Teller said: "I don't know."
Again, I gave her an odd look and said "What do you mean you don't know." The teller then turned to another lady who also did not know but handed her a piece of paper that showed some benefits of joining the Spanish League. I asked her why would I pay $10 to open a savings account. I grew irritated and left. I told my parents what happened and they asked if I had told the teller that I was a family member to which I replied no. So, I went to another branch and joined easily after I told them my family were members.
Then, one day I went in to make a deposit and a different teller asked my name, took my money, and gave me a receipt which had my account total on it. I pondered this transaction as I was not asked for an I.D. It occurred to me that anyone, such as a family member could come in and make a deposit using my name and be given a receipt with the total amount in the account. My parents are going through old age paranoia right now so I would not put it pass them to do this especially in a small Baptist town. The teller put a password on the account to make sure that no one but me could access the account. However, I did call the home office and filed a complaint.
I went again and was not asked for my password. I handed her my I.D.
This time the teller announced out loud how much money I could withdraw. I never even told her I was withdrawing. In fact, I had not said anything. She just assumed I was withdrawing. It was freaking me out big time. So, I called the home office and filed a complaint.
While I was visiting my parents I told them that I was expecting a check in the mail for an art commission. The client told me she had sent the check and it should be there in a day or two. The check never showed up. My father always went to the Post Office every morning. (My father sits with a 38 caliber in his lap and watches Fox News by the way) I went to the Post Office and spoke with the Postmaster who checked the box for me and said nothing was there. He agreed that the check should have arrived as it was sent from a town three hours away. My stay with my parents concluded and I told them I was just going to put a stop payment on that check and collect the deposit when I get back home. While I was driving back home I get a call from my mother who told me that my father was at the post office inquiring about the missing check and she said something was fishy going on and hung up on me. Then my father calls twenty minutes later and tells me that I deposited a $210.00 check in my savings account at the Hickory Credit Union Branch. I am listening to him in shock because I had deposited $210.00 at the Hickory Branch but it was in Cash. He accused me of taking my check and sneaking it out of the Post Office and depositing it. I called him a whack job and he began screaming at me so I hung up. I immediately called the Credit Unions Home Office and told them that someone at a branch told my father my account information. They checked on it and was told by a senior teller that they did not tell my father and it was a "he said, she said" situation. It turned out that my father told them that I accused him of stealing the check. (my father is also on twenty medications).
I finally was able to speak to the Auditor and explained what had happened and asked him how they could possibly give out account information. The $210.00 I had deposited was from another art sale that I had made the day I left. The check that never showed up was for $250.00. I told my client about what had happened and she did not know what to think. While I was creating her art commission on her house two weeks later she showed me the check that was returned to sender. It turned out my Dad did indeed keep the check and was trying to manipulate me.
I ended up closing the account as the whole thing was unethical on every level. They gave out my account information. What the hell! What a strange experience.
So, beware of all financial institutions, especially ones that have Christian proverbs on every Tellers counter.
So, I am still with Bank of America who just recently had to pay out 441 million settlement in Overdraft fees. Hopefully I will see some of that money. One time I went to The Goodwill and overdraft my account by $1.20 leading to $70 in fees. I ended up paying $90 for a couple of glass plates. I called BOFA and accused them of being thieves. Nothing they could do they said...Then, I had to close my brokerage account because they switched to Merrill Lynch who was going to charge me a $25 monthly fee because I was under $25,000.
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