Email Copy: Bank Transfer Day

Friend -- 

When Bank of America - the nation’s largest bank- announced this week that they’re abandoning plans to charge customers $5 per month to use their own debit card, what the bank was really saying is this: You Win. 

And while it’s important to know that we can make big banks change their behavior through organizing, we still have a long way to go to make them clean up the mess they caused when they crashed the economy. 

That’s why earlier this week, The New Bottom Line, in partnership with The Other 98%, launched MoveOurMoney, an online campaign to help individuals move their money from the big banks.  The goal: move $1 billion of our money out of big banks like Bank of America, JP Morgan Chase, and Wells Fargo to send a message that they need to fix the foreclosure crisis and pay their fair share.

If you’re planning to take action this weekend for bank transfer day, there’s plenty you support you can get from Move Our Money. Here’s how you can get involved. 

If you’re planning to move your money this weekend, post your action online here and invite friends and family to join you at the bank.

If you’ve already moved your money - on your own or in a group- report your action here and send a letter with our demands to the big bank CEOs.

Just a few days into launching MoveOurMoney, we’ve already moved $5.5 million out of Bank of America, JP Morgan Chase, and Wells Fargo. What a terrific start!  This weekend’s bank transfer day is just the first step on the road to moving $1 billion.  

Why are we moving our money? Listen to what Joshua Welter, a small business owner in Seattle had to say about moving his money:

“I want to know that my money is being used to help local small businesses, and Chase and Bank of America are hoarding their profits instead of reinvesting into the local economy … The large banks are faceless, heartless corporations whose CEOs care more about their million dollar bonuses and quarterly profits for their stockholders than my business, my employees, and my community.”  

After this weekend, the big banks might think we’re just going to go away.  We’re not going to do that. Help keep the pressure on and organize a Move Our Money event over the the next few weeks and contribute to a $1 billion divestment from big banks!

Thanks so much for your action.
Ian, Tracy, Ilana, and The New Bottom Line team

P.S. Follow MoveOurMoney on Facebook and Twitter for all the latest updates on the road to $1 billion!

P.P.S. Like this work? Donate to MoveOurMoney and help keep the campaign going strong!

Why Bank of America?

We’re Moving Our Money because Bank of America is...

1. Foreclosing on American Families

As of June 2010, BofA had $88 billion worth of foreclosed homes in its portfolio—more than any other mortgage servicer in the country.  They are at the center of the foreclosure fraud scandal, have a terrible record of providing modifications to struggling homowners.

2. Putting a Chokehold on Lending to Keep Americans Out of Work

Rather than investing in our communities to restart the economy, BofA is not lending to small businesses that create jobs.   In the two years after the bailout, BofA had a 97% drop in Small Business Administration loans!

3. Not Paying Its Fair Share

BofA has $2.2 trillion in assets yet paid $0 in income taxes in 2009 and 2010, and has over 143 tax-sheltered overseas subsidiaries to get out of paying federal taxes.

4. Stealing our Democracy

BofA’s big dollars are getting our elected officials to rig the system and the rules. Since 2003 BofA has spent close to $20 million in lobbying against common sense reforms. 

$230 Billion:  Bailout money from US taxpayers

$4 Billion: Profits since bailout (2009-2010)

$10 Million:  2010 CEO Brian Moynihan total pay 

$35.1 Billion: 2010 bonuses and compensation

$23,108/yr: Average BofA bank teller wage

Why JP Morgan Chase?

We’re Moving Our Money because JP Morgan Chase is...

1. Not Paying Its Fair Share

Chase has the worst record of sucking money from state and local government budgets. Chase has over 50 tax sheltered overseas subsidiaries to get out of paying federal taxes.

2. Putting a Chokehold on Lending to Keep Americans Out of Work

Rather than investing in our communities to help restart the economy, Chase hoards its money. Chase’s Small Business Administration lending dropped 75% in the 2 years immediately after the economy crashed.   

3. Foreclosing on American families

As of June 2010, Chase had $19.5 billion worth of foreclosed homes on its books—more than any other bank in the country. The big bank rejected over 354,000 families for a loan modification from the government’s HAMP program alone.  Chase overcharged 4,500 military members on their mortgages.

4. Stealing our Democracy

Chase’s big dollars are getting our elected officials to rig the system in favor of the banks. Since 2003 JP Morgan Chase has spent $50 million to influence federal policy to fight common sense financial reforms.

$100.7 Billion: Bailout money from US taxpayers

$29.1 Billion:  Profits since bailout (2009-2010)

$20.8 Million:  2010 CEO Jamie Dimon total pay

$26.9 Billion: Total 2009 bonus and compensation

$22,006/yr:  Median Chase bank teller pay

Why Wells Fargo?

We’re Moving Our Money because Wells Fargo is...

1. Performing Discriminatory Lending

Wells Fargo has been the poster child for discriminatory lending targeting communities of color.  Wells Fargo has been sued on several occasions for discriminatory lending practices, and the Federal Reserve Board recently issued you an $85 million civil fine for steering borrowers inappropriately into subprime loans 

2. Foreclosing on American Families

At the end of 2009, Wells Fargo modified loans for only 22% of those eligible for modifications under the government program HAMP. Unlike other big banks, Wells Fargo hasn’t changed its foreclosure procedures despite many confirmed reports of “robo-signing” and other illegal practices in the foreclosure process.

3. Not Paying its Fair Share

Over the last ten years, Wells Fargo paid the lowest worldwide tax rate of the top five big banks – they paid only 24.8% on their $110.9 billion in earnings) and reportedly did not pay any federal taxes in 2009.

4. Stealing our Democracy

Wells Fargo’s dollars are helping our elected officials rig the system to work for Wall Street and not the rest of us. Since 2003, Wells has spent over $20 million on lobbyists.

$43.7 Billion: Bailout money from US taxpayers

$24.6 Billion:  Profits since bailout (2009-2010)

$17.1 Million:  2010 CEO John Stumpf total pay

$27.2 Billion:  2010 bonuses and compensation

$22,100/yr Average Wells Fargo bank teller wage

Email Your Big Bank's CEO

Now that you've moved your money and reported your action, it's time to let your former-bank's CEO know why they've lost your business. 

Click on the image of your former-bank's CEO below to get email text to send.

Note: Some people have heard back from their banks very quickly after sending an email. If you do get a response from your big bank, they will likely ask you what they can do to keep your business. If they do ask, simply communicate the following demands and be very clear that these demands are non-negotiable: 

• Pay Your Fair Share: Stop draining government of revenue and pay the required 35 percent corporate income tax. Stop gaming the system through tax shelters, loopholes and scams
• Stabilize the Housing Market and Revitalizing the Economy: Reduce principal for all underwater homeowners to current market value. This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create over one million jobs a year.
• Invest in American Jobs: Invest in and lend to small businesses, the primary vehicle for job creation in the US, as well as into additional job-generating investments.
• End discriminatory lending practices: Stop all lending practices that result in fewer or lower-quality loans being made to communities of color and implement programs targeting communities of color to mitigate the impact of existing disparities. 

Click on the image of your former-bank's CEO below to get email text to send.

    

Bank of America CEO Brian Moynihan. Click his picture to email him. 

  

JP Morgan Chase CEO Jamie Dimon. Click his picture to email him. 

Wells Fargo CEO John Stumpf. Click his picture to email him. 

Email Moynihan

Follow these simple steps to email Bank of America CEO Brian Moynihan: 

1) Copy the text below (highlight text and right-click on your mouse or push ctrl+c on your keyboard).

2) Open a new window or tab on your web browser while leaving this window open.

3) Open your email in the new tab or window.

4) Compose a new email and copy the text below into the body of the email. Don't forget to personalize the text with your information! 

5) Title the email "Why I moved my money" in the subject line.

6) Address the email to brian.t.moynihan@bankofamerica.com

7) Hit send! 

If you want to send a hard copy of the letter through paper mail, click here. 

__________________________________________________________

Brian Moynihan,

Chief Executive Officer

Bank of America

100 North Tryon Street

Charlotte, NC 28255

Dear Mr. Moynihan:

Today, ___ people closed our Bank of America accounts.  Collectively, we moved  $_______ out of Bank of America. 

This action was part of The New Bottom Line's Move Our Money campaign.  In the first week alone, Move Our Money moved more than $53 million from big banks like yours.  And that's just the beginning.  Faith leaders and other community-based organizations from around the country are pledging to move their money.  They are also organizing in cities, towns, villages, and counties as well as school boards and other municipal agencies to STOP doing business with the big banks, including yours.

We are moving our money because instead of investing in our families and communities, you are taking from us – the 99% - to make yourself and your friends in the 1% get richer.

Your bank is Bad for America and Bad for our community.  You crashed our economy, destroyed jobs, caused millions to lose their homes, and bankrupted city and state budgets, yet you refuse to pay your fair share of what it will take to rebuild our economy.   Just a year after receiving nearly $200 billion in taxpayer bailouts, you joined other big banks in setting a record for CEO compensation. Earlier this fall, you announced you would lay off 30,000 workers—a move that will have devastating consequences in communities across the country.

And you’re doing all of this with our money.  This is why we are part of a movement to move our money and put it in institutions that share our values and invest in our communities.  We’re creating a new bottom line that means good jobs, healthy communities, and a government that can’t be bought off with your big dollar contributions and lobbyists.

Through Move Our Money, we can tell our friends, families, congregations, and civic organizations to close their accounts.  We will also organize and demand that our elected officials ensure that our cities, counties and states divest from Bank of America until you:

• Pay Your Fair Share: Stop draining government of revenue and pay the required 35 percent corporate income tax. Stop gaming the system through your 371 tax-sheltered subsidiaries.
  
  
• Stabilize the Housing Market and Revitalizing the Economy: Reduce principal for all underwater homeowners to current market value. This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create over one million jobs a year.
  
  
• Invest in American Jobs: Invest in and lend to small businesses, the primary vehicle for job creation in the US, as well as into additional job-generating investments.
  
  
• End discriminatory lending practices: Stop all lending practices that result in fewer or lower-quality loans being made to communities of color and implement programs targeting communities of color to mitigate the impact of existing disparities.

For more information on the Move Our Money movement, please visit: http://www.moveourmoneyusa.org/

Sincerely,

[Your Name]

Click here to download a hard copy of the above letter and mail to:

Brian Moynihan,

Chief Executive Officer

Bank of America

100 North Tryon Street

Charlotte, NC 28255

Email Dimon

Follow these simple steps to email JP Morgan Chase CEO Jamie Dimon: 

1) Copy the text below (highlight text and right-click on your mouse or push ctrl+c on your keyboard).

2) Open a new window or tab on your web browser while leaving this window open.

3) Open your email in the new tab or window.

4) Compose a new email and copy the text below into the body of the email. Don't forget to personalize the text with your information! 

5) Title the email "Why I moved my money" in the subject line.

6) Address the email to jamie.dimon@jpmchase.com, jamie.dimon@chase.com

7) Hit send! 

If you want to send a hard copy of the letter through paper mail, click here. 

______________________________________________________________________

James Dimon

Chairman of the Board and Chief Executive Officer

JPMorgan Chase & Co

270 Park Avenue

New York, NY  10017

Dear Mr. Dimon: 

Today, ___ people closed our JP Morgan Chase accounts.  Collectively, we moved  $_______ out of Bank of America. 

This action was part of The New Bottom Line's Move Our Money campaign.  In the first week alone, Move Our Money moved more than $53 million from big banks like yours.  And that's just the beginning.  Faith leaders and other community-based organizations from around the country are pledging to move their money.  They are also organizing in cities, towns, villages, and counties as well as school boards and other municipal agencies to STOP doing business with the big banks, including yours.

We are moving our money because instead of investing in our families and community, you are taking from us – the 99% - to make yourself and your friends in the 1% wealthier.

Your bank crashed our economy, destroyed jobs, caused millions to lose their homes, and bankrupted city and state budgets, yet you refuse to pay your fair share of what it will take to rebuild our economy.   Just a year after receiving nearly $200 billion in taxpayer bailouts, you joined other big banks in setting a record for CEO compensation. You received a 1,500% raise in 2010.  And while we struggle to make ends meet, since 2003 you’ve spent $50 million to get elected officials to rig the system in your favor.

And you’re doing all of this with our money.  You said, of the millions of Americans struggling to make their mortgage payments: “We should teach the American people, you’re supposed to meet your obligations, not run from them.” 

We’re meeting our moral obligation by moving our money.  We are part of a movement to take our money back and put it in institutions that share our values and invest in our communities.  We’re creating a new bottom line that means good jobs, healthy communities, and a government that can’t be bought off with your big dollar contributions and lobbyists.

Through Move Our Money, we will tell our friends, families, congregations, and civic organizations to close their Chase accounts.  We will also organize and demand that our elected officials ensure that our cities, counties and states divest from Chase until you:

• Pay Your Fair Share: Stop draining government of revenue and pay the required 35 percent corporate income tax. Stop gaming the system through your 371 tax-sheltered subsidiaries.
  
  
• Stabilize the Housing Market and Revitalizing the Economy: Reduce principal for all underwater homeowners to current market value. This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create over one million jobs a year.
  
  
• Invest in American Jobs: Invest in and lend to small businesses, the primary vehicle for job creation in the US, as well as into additional job-generating investments.
  
  
• End discriminatory lending practices: Stop all lending practices that result in fewer or lower-quality loans being made to communities of color and implement programs targeting communities of color to mitigate the impact of existing disparities.

For more information on the Move Our Money movement, please visit: http://www.moveourmoneyusa.org/

Sincerely,

[Your Name]

Click here to download a hard copy of the letter above and mail to:

James Dimon

Chairman of the Board and Chief Executive Officer

JPMorgan Chase & Co

270 Park Avenue

New York, NY  10017

Email Stumpf

Follow these simple steps to email Wells Fargo CEO John Stumpf: 

1) Copy the text below (highlight text and right-click on your mouse or push ctrl+c on your keyboard).

2) Open a new window or tab on your web browser while leaving this window open.

3) Open your email in the new tab or window.

4) Compose a new email and copy the text below into the body of the email. Don't forget to personalize the text with your information! 

5) Title the email "Why I moved my money" in the subject line.

6) Address the email to john.g.stumpf@wellsfargo.com

7) Hit send! 

If you want to send a hard copy of the letter through paper mail, click here. 

_________________________________________________________________________________

John G. Stumpf

President and CEO

Wells Fargo & Company

420 Montgomery Street

San Francisco, CA 94104

Dear Mr. Stumpf:

Today, ___ people closed our Wells Fargo accounts.  Collectively, we moved  $_______ out of Wells Fargo. 

This action was part of The New Bottom Line's Move Our Money campaign.  In the first week alone, Move Our Money moved more than $53 million from big banks like yours.  And that's just the beginning.  Faith leaders and other community-based organizations from around the country are pledging to move their money.  They are also organizing in cities, towns, villages, and counties as well as school boards and other municipal agencies to STOP doing business with the big banks, including yours.

We are moving our money because instead of investing in our families and community, you are taking from us – the 99% - to make yourself and your friends in the 1% get richer.

Your bank crashed our economy, destroyed jobs, caused millions to lose their homes, and bankrupted city and state budgets, yet you refuse to pay your fair share of what it will take to rebuild our economy.   Over the last ten years, Wells Fargo paid the lowest worldwide tax rate of the top five big banks – you paid only 24.8% on their $110.9 billion in earnings, and reportedly did not pay any federal taxes in 2009.  Just a year after receiving nearly $200 billion in taxpayer bailouts, you joined other big banks in setting a record for CEO compensation.

And you’re doing all of this with our money.  This is why we are part of a movement to move our money and put it in institutions that share our values and invest in our communities.  We’re creating a new bottom line that means good jobs, healthy communities, and a government that can’t be bought off with your big dollar contributions and lobbyists.

Through Move Our Money, we will tell our friends, families, congregations, and civic organizations to close their accounts.  We will also organize and demand that our elected officials ensure that our cities, counties and states divest from Wells Fargo until you:

• Pay Your Fair Share: Stop draining government of revenue and pay the required 35 percent corporate income tax. Stop gaming the system through your 371 tax-sheltered subsidiaries.
  
  
• Stabilize the Housing Market and Revitalizing the Economy: Reduce principal for all underwater homeowners to current market value. This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create over one million jobs a year.
  
  
• Invest in American Jobs: Invest in and lend to small businesses, the primary vehicle for job creation in the US, as well as into additional job-generating investments.
  
  
• End discriminatory lending practices: Stop all lending practices that result in fewer or lower-quality loans being made to communities of color and implement programs targeting communities of color to mitigate the impact of existing disparities.

For more information on the Move Our Money movement, please visit: http://www.moveourmoneyusa.org/

Sincerely,

[Your Name]

 

Click here to download a hard copy of the above letter and mail to:

John G. Stumpf

President and CEO

Wells Fargo & Company

420 Montgomery Street

San Francisco, CA 94104

Creative Action Ideas

Action Ideas/Menus

Here are a couple of ideas for actions you might want to do at banks in addition to the divestment activities, but you should also use your own ideas and creativity to create fun actions that make people stop and think.  Note that these tactics may make it hard for you to be allowed to close your accounts, unless you do that part FIRST.

Move in/Move Out

• Borrow a big Van or rent a U-Haul Truck for the Day. 

• Make big banner to hang off the side of the truck - Save Our Homes! Stop Foreclosures

• Gather enough furniture to assemble a “living room” either
  • INSIDE the bank or
  • OUTSIDE on the sidewalk sort of like an art installation

• Mobilize people who have been foreclosed or who are facing foreclosure to sit in the living room to tell their story.

• For this action it will be important to make sure there is parking for the truck nearby.  You may need to park some other cars in advance to hold the space.

• You might also have a separate team that is already in the bank when the outside action begins.

Delivering Trash

Many groups have gone to bank-owned, neglected foreclosed properties, cleaned them up, and then delivered the trash to the bank branch.  These actions get a lot of media attention, and can be fun!

• Identify a foreclosed property (and find one that is actually owned by the bank you’re targeting.)   You can use Realty Trac http://www.realtytrac.com/home/ to find this information.  You get a free 7 day trial – after that it’s quite expensive.

• Have your group clean the property, and collect the trash bags.  Decorate the bags with signs and messages to the bank and CEO, and then bring them to the bank to do your action.

Other ideas? Send them to help (at) newbottomline.com! 

LA Clergy Divest $2 million and 200 Years of Business from Bank of America

Pastor Ryan Bell tells the crowd why the Hollywood Adventist Church is divesting from Bank of America

Yesterday, LA Voice, the coalition of clergy leaders representing 30,000 people from churches, synagogues, and mosques in California pledged to move $2 million and end a collective 200 years of business with Bank of America and Wells Fargo. LA Voice takes regular action for economic and social justice as part of the PICO National Network and The New Bottom Line. Joining LA Voice for the action was Van Jones, co-founder and president of Rebuild the Dream.

Read more