Bank Transfer Day
A friend of mine was frustrated with the General Strike on Wednesday in Oakland and with the Occupy Wall Street in general. While a member of the 99% and sympathetic to the cause, she had just heard from a worker at the Port of Oakland, who is paid hourly and worried that he lost a day’s income that he needs to feed his family.
We are hurting the very people we are supposed to be fighting for, she said (these are my words). Do you really think we hurt the 1% at the ports? She went on to complain that it is frustrating that there is no clear agenda and no clear tactics that will hurt those we are challenging to change their selfish and greedy practices.
She is right. I think I argued with her and probably lost because I knew she is right (Don’t tell her I wrote this!). I reminded her about the post that my colleague Tom Rossi wrote with a clear list of demands, but I had to concede about tactics.
But today, we can do something…and I mean today. As part of the Occupy Wall Street campaign there is a call for people to move their money from for-profit financial institutions to credit unions. So far, almost 80,000 people have made the commitment on Facebook to “send a clear message that conscious consumers won’t support companies with unethical business practices.”
More than $4.5 billion have been moved into new savings accounts in credit unions according to CUNA. 80% of credit unions are recording significant member growth since the campaign began at the end of September, which was a reaction to the debit card fees that have since been dropped.
Skeptics say that even if the entire 80,000 were to move their money, this would represent less than 1% of just Bank of America’s customers. There is an estimated $7.5 trillion in banks, including loans and savings. B of A has 57 million customers.
However, there is potential here to make Wall Street listen, even if not to bring it to its knees. The rescinding of the debit card charges is a good lesson. Even when chasing the most profit, a company, even one the size of B of A has to listen to its clients.
And what if every one of those 80,000 who signed up persuaded 5 of their friends. 400,000 people could transfer $30 million. November 5th was the date set for protestors to complete their transfers because the organizers wanted to create a measurable impact. I regret not writing on this earlier. But even if you cannot get out today and transfer your money, or want to research deeper, the banks will take notice if more people continue to protest by moving money into the people-friendly (and people-owned) credit unions.
Thought the organizers of Bank Transfer Day want to distance themselves from Occupy Wall Street, history (and even in a year’s time) just might record Bank Transfer Day as the most effective measure to come out of this time period. It might also be a turning point in the utilization of the Internet to make strategic strikes and to conduct dissent away from demonstrations, something which is often regarded by people as intimidating.
And perhaps in a year, my friend and I might look back on this period of time together as one of change and one of pride.
Alon Shalev is the author of The Accidental Activist (now available on Kindle) and A Gardener’s Tale. He is the Executive Director of the San Francisco Hillel Foundation, a non-profit that provides spiritual and social justice opportunities to Jewish students in the Bay Area. More on Alon Shalev at http://www.alonshalev.com/ and on Twitter (#alonshalevsf).
Credit Union National Association (CUNA) says: “At least 650,000 consumers across the nation have joined credit unions in the past four weeks…” That’s more than in all of 2010 and that was before the “official” Bank Transfer Day even happened. More will surely come in the next few days. I’m one of them! Goodbye Wells Fargo!
Have you heard of the Balance Transfer Day, an upcoming protest against Credit Card companies? Senator Sheldon did, and, in support of our fight against high interest rates, has proposed to allow states to cap high interest rates. Please visit http://www.facebook.com/balancetransferday
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