Occupy Wall Street Backs a Nationwide Boycott Against Banks
Published: Friday, 7 Oct 2011 | 1:21 PM ET
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By: Cadie Thompson
Producer, CNBC.com
Producer, CNBC.com
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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 theDurbin 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 participants of "Bank Transfer Day" take issue with the response of big banks' to theDurbin 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:
The event's Facebook page states:
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