Molly v. BOA

When Molly Katchpole found out that Bank of America would charge $5 a month to use a debit card, she was upset — so she started a petition on Change.org.

Since then, 225,000 Change.org members have signed her petition. And now Bank of America is under enormous pressure to cancel its new debit card fee. A Bank of America executive even called Molly and told her that while cancelling the fee would be “premature,” the bank was “closely monitoring customer feedback.”  Really????

More public pressure could be enough to push the bank to cancel its new $5 debit card fee. You can click here to sign Molly’s Petition if you’d like.

In less than three weeks, Bank of America went from announcing a new $5 monthly debit card fee, to reeling under huge pressure from the media, Congress, and Change.org members. Here’s a quick review of what happened:

  • September 29: Bank of America announces a new $5 monthly debit card fee.
  • September 30: Molly creates her petition on Change.org; more than 150,000 people sign in the next 5 days.
  • October 5: The petition becomes a major national story. ABC News interviews Molly, then tracks down Bank of America’s CEO Brian Moynihan and forces him to respond to it.
  • October 6: Molly delivers 153,000 petitions to Bank of America and closes her account. She appears on ABC World News again to discuss the petition. Local media in Charlotte (where Bank of America is based) openly speculate that the growing controversy could lead to the firing of Moynihan.
  • October 9: Molly is featured in a major article in the New York Times as an example of the public’s frustration with big banks.
  • October 10: Bank of America executive Andrew Pepler calls Molly Katchpole to discuss her petition.
  • October 13: Molly meets with Congressman Brad Miller to discuss a bill in Congress to make it easier to switch banks. The two later appear on CNN together.
  • October 18: Molly’s petition reaches 225,000, as Bank of America reports a $6 billion profit. The outrage continues to grow.
  • BOA began detaining OWS protesters who attempted to close their BOA accounts, calling in the Police and having them arrested.

Other banks are paying attention to the public reaction to Bank of America’s new debit card fee. Citibank even said its “customers made it abundantly clear” that they wouldn’t like a debit card fee.

What’s next in this campaign to cancel Bank of America’s $5 debit card fees? It’s up to you.  Remember November 5th Bank Transfer Day.

November 5th is Bank Transfer Day

First, the banks held the nation hostage as they held onto capital, refused to loan money to small business owners, refused to allow homeowners to equitably refinance their homes, fraudulently robo-signed documentation and foreclosed on millions of homeowners — all while receiving a bailout from the US Government (that would be us) and interest-free loans the federal reserve.  Now, it appears they want to step up their hostage-taking another notch or two by not just refusing to allow ordinary Americans to close their banking accounts with them, but by having them arrested by attempting to do so.

Folks … it’s time to move your money out of the big banks (Citigroup, Chase, Bank of America, etc.) and move it to an unaffiliated local bank or credit union.  If you consider yourself one of the 99%, and if you have your money in one of these mega-banks, OWS (Occupy Wall Street) protesters are asking you to stand with them and transfer you money out of these megabanks on or before November 5th.

Together we can ensure that corrupt crony-capitalist banking institutions will ALWAYS remember the 5th of November! If the 99% removes our funds from major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won’t support companies with unethical business practices.

Did you know you don’t even have to go to your bank to transfer your money.  All you need to do is go to your new bank or credit union and do an electronic transfer of funds and closure of the old account.  I learned I could do that years ago whilst in the U.S. Navy.  I’d leave my funds intact in the old account and when I got to my new duty station, I’d set up a new account and give them permission to electronically transfer the funds from my old account to my new account in their bank.  So, if you’re afraid you also might get arrested in the process of doing as those in the following YouTube videos did, just let your new bank do all the work for you.  I’m sure they’ll be thrilled to have the new business.