Bank of America: Only the First Step

Bank of America announced today that it is scrapping plans to charge customers a $5 dollar fee to use their own debit cards. This is a significant backpedal for the nation’s biggest bank, whose CEO Brian Moynihan, just last week said that he was “incensed” by criticism of the nation’s biggest bank.

First, we must congratulate the many people who stood up and fought back against Bank of America’s latest plan to bleed its customers dry. People like Molly Katchpole, who started a petition on Change.org to protest the proposed debit card fee. Molly’s petition got so popular so quickly, that ABC World News covered the story and interviewed Molly, increasing pressure on Bank of America.

http://youtu.be/qfaQaz0J_a8

Other groups like the Progressive Change Campaign Committee helped lead a wave of outrage that has ultimately forced Bank of America to back down.

But the fight isn’t over.

Bank of America continues to fraudulently foreclose on tens of thousands of Americans, while refusing to lower principal on underwater mortgages. Many homes that Bank of America have foreclosed on now sit vacant, driving down property values in communities from coast to coast.

They also continue to invest in predatory payday lenders, who make an exorbitant profit charging 400% interest on loans in low-income communities, effectively stripping billions in wealth from these communities. Bank of America must divest from these predators and instead offer affordable small dollar loans that help meet the needs for short-term credit without taking advantage of families and communities.

National People’s Action, an organizational member of The New Bottom Line video released an awesome video yesterday detailing how big banks like Bank of America borrow money from the Fed at less than 1% interest, then lend that to payday lenders at 3%, who then turn around and lend money in our communities at 400% or more. They also put out a call for people to call Bank of America to tell them to stop financing payday lending, and instead support alternative small lending programs.

http://youtu.be/tatb5cBZu3w

National People's Action and The New Bottom Line have been working to stop payday lending and other predatory financial services that target struggling communities and people of color.

Bank of America is still Bad for America. Join us as we continue to Move Our Money until Bank of America gets serious about working with Americans for a better economy and a New Bottom Line. By working together, we can move $1 billion out of Bank of America and other Wall Street banks and put it back into our communities.

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Showing 7 reactions

Bob Davey commented 2011-11-05 12:30:08 -0400

Cathy, I (we) don’t think we can change the mentality of these inept corporations. They are designed for greed and profit only. And that’s all they will ever do. Until they die. Redesigning them would be like teaching shrimps to whistle. Don’t waste your time.
I agree that your comment about “worse than standing armies.”
They make terrorists look like Tinkerbell.

Bob Davey commented 2011-11-05 12:13:03 -0400

Bank of America is just another greed driven Wall Street pile. They don’t mind making Americans homeless. Or penniless. Or both. They laugh in our faces when they take our taxpayer funded bailout money,and then have the gall, the nerve, to hand out bonuses to their ownselves. Let’s all drive them into the ground, face down. Lights out, for good. Afterall, they’d do the same to us.

Cathryn Ciszek commented 2011-11-02 09:30:28 -0400

http://www.findacreditunion.com/ is a good place to start..fill in the information and it will list all the Credit Unions within a certain mileage, 5, 10 etc..and give you a link to their sites so you can compare them. I am DONE with banks and BoA especially. Since they have had to back off of the fee for debit cards they are now looking at other ways to tap your money. http://bottomline.msnbc.msn.com/_news/2011/11/01/8583136-after-debit-card-battle-beware-of-more-bank-fees

Russ Simon commented 2011-11-02 03:03:33 -0400

Yes, this is good that Bank of America has decided not to rob people for banking with them… but we have become equal to a fly buzzing around a big smelly bull, and accidentally getting pushed aside by its tale. Bank of America still does not care about you, and will still look for ways to take your money hostage.

I know, because this is the bank in which my money is held. I am looking for a credit union now. But my atm card was taken by the atm machine at a bank of america bank. I was ordered a new card, and was charged $5. I explained, this was not my fault, the ATM machine took my card…. still charged $5.

@aairis58 tweeted link to this page. 2011-11-02 00:27:29 -0400

Bank of America: Too Little, Too Late http://t.co/08fwyg2y

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Cathryn Ciszek commented 2011-11-01 20:30:57 -0400

believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, (Attributed)
3rd president of US (1743 – 1826)

I think I shall listen to him..my money is OUT of there, perhaps if enough of us leave for Credit Unions or other ways of holding our finances together..we can bring down the Giants desiering to control us.

@jfsteele tweeted link to this page. 2011-11-01 18:56:48 -0400

Bank of America: Too Little, Too Late http://t.co/i43hIs2G

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