Occupy Wall Street Backs a Nationwide Boycott Against Banks #OccupyWallStreet

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Post Source on CNBC
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Published: Friday, 7 Oct 2011 | 1:21 PM ET Text Size
By: Cadie Thompson
Producer, CNBC.com


In an effort to send a message to big banks, some organizers, who are supported by the protestors of the Occupy Wall Street movement, have organized an event to remove all funds from banks and into credit unions.

Organizers are calling the event "Bank Transfer Day" and are encouraging people nationwide to participate November 5.

The Facebook page for the event states the following:

"Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren't able to pay for our rent, food, medication, utilities, student loans, etc."

So far over 6,500 people have RSVP'ed for the event.

The participants of "Bank Transfer Day" take issue with the response of big banks' to the Durbin Amendment, which is an addition to the Dodd–Frank Wall Street Reform and Consumer Protection Act that caps the debit interchange fees banks can charge merchants.

The organizers claim the banks will begin to charge their customers $3-$5 fees to off-set the money they will lose because of the interchange fee cap.

The event's Facebook page states:

WHY ARE WE BOYCOTTING?

The Durbin Amendment is an add-on to the Dodd–Frank Wall Street Reform and Consumer Protection Act (Public Law No. 111-203), signed into law by President Barack Obama on July 21, 2010. The Act allows the Federal Reserve to regulate debit card interchange fees of banks with over $10 billion in assets. Over the summer, the Fed released the final rule on the matter by limiting debit card interchange fees to a maximum of 21¢ per transaction. In response, these "major banks" have decided that beginning early 2012 any consumer with less than $20,000 in combined accounts will be charged a monthly $3-5 fee if they use their debit card at any point during the month. This is a blatant attack on the 99% that cannot & will not be tolerated. In a stand of solidarity, on November 5th we will transfer our money & close our accounts with these major banking institutions to take our business to credit unions (or local banks if a credit union isn't available). Since #OccupyWallStreet began, these banks are donating our money (and money they've made with our money) to law enforcement agencies to heap abuse on our brothers & sisters. NO LONGER.

Bank of America [BAC 6.19 0.29 (+4.92%) ] has already announced it will start to charge customers $5 a month for using their debit card starting next year.