Dayhoff Westminster Soundtrack: The Street: Bank Transfer Day: A Protest With Your Money By Brian O'Connell

Wednesday, October 19, 2011

The Street: Bank Transfer Day: A Protest With Your Money By Brian O'Connell

Bank Transfer Day: A Protest With Your Money By Brian O'Connell

http://www.thestreet.com/story/11274526/1/bank-transfer-day-a-protest-with-your-money.html

10/12/11

NEW YORK (MainStreet) -- Occupy Wall Street has dominated headlines for the past few weeks, with advocates and critics jaw-boning over whether it was government or Wall Street that fueled the financial crisis (here's a vote for both).

But even critics can't argue about the growth prospects of the "occupations" taking place in urban centers across the U.S. Now comes an offshoot of Occupy Wall Street that takes aim at banks where it hurts them most -- in their vaults.

Debit card fees of $5 a month from Bank of America are among steps leading to a "Bank Transfer Day" protest with a Nov. 5 deadline.

http://www.thestreet.com/story/11274526/1/bank-transfer-day-a-protest-with-your-money.html

The social uprising -- called "Bank Transfer Day" – encourages bank customers to take their cash out of big banks and put it in smaller banks and credit unions instead. The movement is ostensibly in response to aggressive fees institutions are rolling out to recover profits lost from new financial regulations, notably Bank of America's(BAC _) decision to stick debit card users with a $5 monthly fee and Wells Fargo's(WFC _) $3 test of the same… http://www.thestreet.com/story/11274526/1/bank-transfer-day-a-protest-with-your-money.html