4 Simple Steps for Taking Your Money Out of the Vampire Banks

[Donnachaidh]

http://www.alternet.org/story/152893/4_simple_steps_for_taking_your_money_out_of_the_vampire_banks/

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Can't pitch a tent at Zuccotti Park? Not to worry. There's something meaningful you can do to stand up to vampire banks that bleed the economy -- and your wallet. The feeling of satisfaction amply rewards the inconvenience.

I know. I decided to break up with my bank this week. The whole thing was an arranged marriage from the start. HSBC and I were joined because it gobbled up Marine Midland, the bank I actually signed up for in the late 90s. The truth is that my bank was taking advantage of my trust and abusing my loyalty. So I said sayonara.

Does my bank care? From a financial perspective, not really. (Although if enough municipalities, states and big pension funds move their money, that could start to hurt.) But breakups are bad for PR, and the symbolic action against the menace of Too Big to Fail is good for citizen morale.

Bank Transfer Day is the brainchild of Kristen Christian, a 27-year-old Los Angeles art-gallery owner who picked Nov. 5 as a hat tip to British folk hero Guy Fawkes. In 1605, Fawkes attempted to blow up the House of Lords and was captured and executed, but not before impressing King James with his "Roman resolution." (When asked what he was doing with so much gunpowder, Fawkes memorably replied: "to blow you Scotch beggars back to your native mountains.") If the 28,000 likes on the Bank Transfer Day Facebook page is any indication, Christian's idea has sparked a wave of populist enthusiasm. We're in a season of inspiration, and it feels good to stand up and be counted. By something other than your vampire bank's actuary. Let's get started.

More at the link --

[louis-t]

1. I am curious to see if the banks retaliate by trying to press charges.

They WILL say it is conspiracy to incite a run on banks.

[brooklynite]

2. Other than people who went in in groups as part of a protest...

...has anyone been prevented from closing their account on request?