For several weeks the Huffington Post has been encouraging its readers to pull their money out of the Big 6 banks and invest it in smaller, more community-oriented banks. I have to say I am definitely behind Ariana Huffington 110 percent. It is time we leave the toxic relationships we have with our larger banking institutions and return banking to the community. But even though I am in agreement with Huf about the idea, I feel it just isn’t enough. The plan falls short of reaching its potential. And here’s the reason I say that…
To start with, banks stop working for the community when they get to be too big (or get bought up by bigger banks). Money has a corruptive quality about it when there’s a lot of it in the same place. We should be cautious about bank-building as the cycle of bank corruption could easily repeat itself if a financial institution should grow too rapidly.
My second concern, and perhaps the more valid of the two, is that by simply walking into a bank and closing our accounts we aren’t helping the bank (and by "the bank" I mean the upper echelon of executives at the bank) fix its problems. Heads will roll once the number of runs on the bank reach a certain critical mass, however without knowing why we are leaving and what it would take to keep us or regain our trust, I’m afraid those wicked little men at the top of the company will be completely perplexed.
OK… for the point of illustration, let’s say that someone who you considered a good friend just got up and walked away one day with no explanation. The reason they walked out of your life was because you had a history of being rude and argumentative and your selfish lack of compassion hurt them too many times. But they didn’t tell you this. So, you wonder about it for a few days, and then just go on with your life - never thinking that what sent your friend and many others away was your really crummy behavior… and thus never changing as a result. But if you knew what it was that your friend and others found so distasteful about you, you could face it head on and try to change yourself for the better. The same is most likely true of bankers as well, although there’s a thick crust of corruption and entitlement that has to be jackhammered first and that could take a while.
That is why I believe it is in our best interests overall to provide the bank with a list of reasonable demands at the time we withdraw our money. This will give the bank something to focus on in its attempt to regain the public trust. It lets them know in no-nonsense language that we are fed up with the way they have been conducting business and that sufficient changes are going to have to be made if they are to ever see our business again.
If this were only about Bank of America I think I’d acquiesce to just pulling out our money and letting the chips fall where they may. But the problems that plague the depositors and customers of BofA are industry-wide. BofA is just a bit more aggressive than some of the others. The distribution of the Proclamation will have much more far-reaching results as other banks start to understand we mean business… and that our business can be won by conceding to as many of the demands as possible. Ideally, a race to see which bank can "nicen up" the best and quickest could ensue, and that could definitely work in our favor.
Nearly all of us here may hate Bank of America for one reason or another. I support that. But I do feel as though we owe it to OURSELVES to draw up our human compassion and help the bank understand the error of its ways, and what it will take to fix them. A lot of good can come of this.
To Ariana Huffington, YOU GO GIRL! But be sure to bring one of our proclamations to the bank when you yank your moolah out.
Thursday, February 4, 2010
Wednesday, February 3, 2010
IT'S TIME TO TAKE CONTROL OF OUR MONEY
Bank of America customers, take charge of YOUR money. The time has come for action! Peaceable civil action. Congress is weak and its decisions are corrupted by corporate money. In order to achieve true bank reform it is time for the People of the United States to do what Congress cannot. We must revolt.
If you are tired of Bank of America's treatment of you as a customer - the abusive fees, the practices designed to generate those fees, the abuse from the customer service division, unwarranted credit card interest rate hikes, the redistribution of your income to generate enormous wealth for a select few bank executives, and the overall lack of gratitude shown you for depositing your money in their vaults, then NOW is the time to show Bank of America who's REALLY in charge. They ain't got nothin' if they ain't got our money.
Join the growing movement of BofA customers who are regaining control of their money. Throughout the month of February, we are withdrawing our money from BofA and replacing it with a Proclamation of conditions designed to direct the bank toward the practice of gratitude rather than greed. The 7 conditions are described below, and are written in a proclamation which you may copy and print and bring to the bank with you when you withdraw your money.
Read the information below and if you agree with the terms, follow the simple directions and TAKE BACK YOUR POWER. And, forward the link to this page to all of your friends, family, work associates, etc. and share this page through Facebook, Twitter, MySpace, and help make this thing go viral. The more people who pull their support from Bank of America this month the better our results will be.
Thank you so much for your grass-roots support!!! Together we CAN make a difference!
If you are tired of Bank of America's treatment of you as a customer - the abusive fees, the practices designed to generate those fees, the abuse from the customer service division, unwarranted credit card interest rate hikes, the redistribution of your income to generate enormous wealth for a select few bank executives, and the overall lack of gratitude shown you for depositing your money in their vaults, then NOW is the time to show Bank of America who's REALLY in charge. They ain't got nothin' if they ain't got our money.
Join the growing movement of BofA customers who are regaining control of their money. Throughout the month of February, we are withdrawing our money from BofA and replacing it with a Proclamation of conditions designed to direct the bank toward the practice of gratitude rather than greed. The 7 conditions are described below, and are written in a proclamation which you may copy and print and bring to the bank with you when you withdraw your money.
Read the information below and if you agree with the terms, follow the simple directions and TAKE BACK YOUR POWER. And, forward the link to this page to all of your friends, family, work associates, etc. and share this page through Facebook, Twitter, MySpace, and help make this thing go viral. The more people who pull their support from Bank of America this month the better our results will be.
Thank you so much for your grass-roots support!!! Together we CAN make a difference!
The Proclamation Of Required Change
(If you agree with the following conditions, please copy, save and print the following Proclamation. This is what you will bring to the bank with you when you withdraw your money.
Please note: If you do not bank with Bank of America you will need to change the five references to "Bank of America" [shown in italics] to the name of your bank in the first paragraph and last 2 paragraphs of this Proclamation.)
____________________________________________________________________
PROCLAMATION OF REQUIRED CHANGE
WE, the Depositors of Bank of America, proclaim that, in order for us to continue allowing the Bank the enjoyment of the use of our money, certain changes to the Bank’s policies MUST be made. No longer will we permit the Bank to use our property in a manner that is injurious to our own financial health and which steals from our own quality of life while making a select group of individuals within the corporation exceedingly wealthy.
Be it understood that as Depositors we have chosen to invest in and support the Bank. Too often the Bank has abused the privilege of borrowing our money, and because of these heinous practices we are now withdrawing our investment and support. The following changes to Bank procedure MUST be made before we will return our funds to the Bank.
ITEM #1: MINIMUM BALANCES
No longer will the Bank charge Depositors a Minimum Balance Fee when Depositors choose, for whatever reason, to not keep as much money in their account as the Bank would like. To penalize Depositors for the kindness of lending the Bank our money is an abusive action toward the Depositor and we will not subject ourselves to this abuse any longer.
If the Bank should like to have its Depositors maintain a minimum balance, the Bank may offer premiums to its Depositors as an incentive. Such premiums may include, and are not limited to, free checking, higher interest rates paid, lower interest rates on credit card balances, free or discounted rates on safety deposit boxes, free tax software, free traveler’s cheques, etc. Incentives must REWARD the Depositor for permitting the Bank to have access to his money, not punish him for lending the Bank less money than the Bank might like.
Premiums and incentives may be tailored to the AMOUNT of minimum balance the Bank would like from its Depositors, and a tiered schedule is acceptable.
ITEM #2: NSF FEES
No longer will the Bank charge blanket $35.00 fees for overdrafts. Instead, the Bank will only charge an amount equal to or less than the amount overdrawn. In other words, if an item creates an overdraft of $5.00, the penalty may only be $5.00 or less. By the same token, if the amount overdrawn is $135.00, the NSF fee may also be $135.00 or less. The Bank’s current structure of overdraft fees hurts the very people who can least afford them. This policy must come to an end immediately.
Furthermore, the Bank will extend its late repayment penalty from its current 5 day limit to 15 days to accommodate the needs of its customers. This extension will allow Depositors the needed time to receive their paychecks so that they may repay the delinquent amount. If, after 15 days the delinquent amount is not repaid, the Bank may then assess a fee of no greater than $35.00 in amount.
ITEM #3: INTEREST ON DEPOSITS
The Bank will, from now on, award Depositors interest on all savings account deposits, no higher than the Prime Lending Rate but no less than 4%. If the Prime Lending Rate should drop below 4%, the Bank will still maintain the rate of 4% on interest paid to Depositors.
Money deposited into the Bank is money ON LOAN to the Bank. Therefore, the Bank will pay an appropriate amount of interest on the loan made it by the Depositor for as long as the Bank shall borrow, hold, and freely use the Depositor’s money.
ITEM #4: PROCESS ALL CREDIT CARD PAYMENTS IN REAL TIME
The practice of charging a late fee on credit card payments made on a weekend is an abusive practice. Because payments are logged electronically there is no justification for this. The bank does this so that it may have an excuse to charge a higher interest rate on a customer's card.
The bank will now make sure that all credit card transactions and payments are processed in real time, in the order the transactions are made.
ITEM #5: PROCESS ALL DEPOSITS, DEBITS, AND ATM TRANSACTIONS IN REAL TIME
Again, as most of these transactions are handled electronically there is no reason whatsoever that they cannot be processed in real time in the order that they occur. As the Bank rearranges the order of transactions to try and generate a greater number of NSF fees, this practice is also abusive. There is no reason that transactions cannot be processed in the order that they are time-stamped and that real-time balance information cannot be made available.
We demand that the Bank exercise due diligence in the proper and timely handling of all transactions. No exceptions.
ITEM #6: CAP EXECUTIVE PAY
This bank is using its fee structure to force its Depositors to part with their hard-earned money so that the bank may redistribute the wealth to a select few of its executives. This is an abusive policy designed to bite the hands that feed it. Furthermore, executives receive gigantic bonuses regardless of whether the company does well or not.
As a person whose income is used to create extreme wealth for someone else, I demand that this bank cap its executive pay to a percentage of the Bank’s income (max. 0.00125%) and that all executive bonuses are also calculated based on actual annual profits (max. 0.00015%).
ITEM #7: GIVE BACK TO THE COMMUNITY
Nothing says ‘thank you’ to the people like giving something back to us as a way of showing gratitude for our assistance in helping you earn a profit.
We insist that the Bank shall return 3.5 percent of its annual net profit back into the community to help those in need. Education, food, and shelter are three of the most needed services toward which the Bank can direct its new Relief Fund. An additional 0.5%, and/or any funds left over from the 3.5%, may be used to support sporting games, plant trees, sponsor cultural events, and other less-essential causes.
As of today I have withdrawn my money from Bank of America. I am requiring that these seven demands must be met if the Bank is to again enjoy the use of my money.
I, _____________________________________________, and my fellow Depositors at Bank of America present the above demands as necessary changes on the part of the Bank if I/we are to continue a relationship with the Bank. These are not suggestions. These are CONDITIONS OF DEPOSIT. Bank of America will change its practices of greed into a policy and demonstration of GRATITUDE if it is interested in maintaining me/us as a customer.
IF THE ABOVEMENTIONED CHANGES ARE NOT IMPLEMENTED BY MONDAY, MAY 2nd, 2010, I/WE SHALL CEASE OUR PRACTICE OF LENDING BANK OF AMERICA OUR MONEY.
_________________________________________________ ____________________________
(signed) (dated)
_________________________________________________
(account number)
More information is available at http://wedemandchangenow.blogspot.com/
Please note: If you do not bank with Bank of America you will need to change the five references to "Bank of America" [shown in italics] to the name of your bank in the first paragraph and last 2 paragraphs of this Proclamation.)
____________________________________________________________________
PROCLAMATION OF REQUIRED CHANGE
WE, the Depositors of Bank of America, proclaim that, in order for us to continue allowing the Bank the enjoyment of the use of our money, certain changes to the Bank’s policies MUST be made. No longer will we permit the Bank to use our property in a manner that is injurious to our own financial health and which steals from our own quality of life while making a select group of individuals within the corporation exceedingly wealthy.
Be it understood that as Depositors we have chosen to invest in and support the Bank. Too often the Bank has abused the privilege of borrowing our money, and because of these heinous practices we are now withdrawing our investment and support. The following changes to Bank procedure MUST be made before we will return our funds to the Bank.
ITEM #1: MINIMUM BALANCES
No longer will the Bank charge Depositors a Minimum Balance Fee when Depositors choose, for whatever reason, to not keep as much money in their account as the Bank would like. To penalize Depositors for the kindness of lending the Bank our money is an abusive action toward the Depositor and we will not subject ourselves to this abuse any longer.
If the Bank should like to have its Depositors maintain a minimum balance, the Bank may offer premiums to its Depositors as an incentive. Such premiums may include, and are not limited to, free checking, higher interest rates paid, lower interest rates on credit card balances, free or discounted rates on safety deposit boxes, free tax software, free traveler’s cheques, etc. Incentives must REWARD the Depositor for permitting the Bank to have access to his money, not punish him for lending the Bank less money than the Bank might like.
Premiums and incentives may be tailored to the AMOUNT of minimum balance the Bank would like from its Depositors, and a tiered schedule is acceptable.
ITEM #2: NSF FEES
No longer will the Bank charge blanket $35.00 fees for overdrafts. Instead, the Bank will only charge an amount equal to or less than the amount overdrawn. In other words, if an item creates an overdraft of $5.00, the penalty may only be $5.00 or less. By the same token, if the amount overdrawn is $135.00, the NSF fee may also be $135.00 or less. The Bank’s current structure of overdraft fees hurts the very people who can least afford them. This policy must come to an end immediately.
Furthermore, the Bank will extend its late repayment penalty from its current 5 day limit to 15 days to accommodate the needs of its customers. This extension will allow Depositors the needed time to receive their paychecks so that they may repay the delinquent amount. If, after 15 days the delinquent amount is not repaid, the Bank may then assess a fee of no greater than $35.00 in amount.
ITEM #3: INTEREST ON DEPOSITS
The Bank will, from now on, award Depositors interest on all savings account deposits, no higher than the Prime Lending Rate but no less than 4%. If the Prime Lending Rate should drop below 4%, the Bank will still maintain the rate of 4% on interest paid to Depositors.
Money deposited into the Bank is money ON LOAN to the Bank. Therefore, the Bank will pay an appropriate amount of interest on the loan made it by the Depositor for as long as the Bank shall borrow, hold, and freely use the Depositor’s money.
ITEM #4: PROCESS ALL CREDIT CARD PAYMENTS IN REAL TIME
The practice of charging a late fee on credit card payments made on a weekend is an abusive practice. Because payments are logged electronically there is no justification for this. The bank does this so that it may have an excuse to charge a higher interest rate on a customer's card.
The bank will now make sure that all credit card transactions and payments are processed in real time, in the order the transactions are made.
ITEM #5: PROCESS ALL DEPOSITS, DEBITS, AND ATM TRANSACTIONS IN REAL TIME
Again, as most of these transactions are handled electronically there is no reason whatsoever that they cannot be processed in real time in the order that they occur. As the Bank rearranges the order of transactions to try and generate a greater number of NSF fees, this practice is also abusive. There is no reason that transactions cannot be processed in the order that they are time-stamped and that real-time balance information cannot be made available.
We demand that the Bank exercise due diligence in the proper and timely handling of all transactions. No exceptions.
ITEM #6: CAP EXECUTIVE PAY
This bank is using its fee structure to force its Depositors to part with their hard-earned money so that the bank may redistribute the wealth to a select few of its executives. This is an abusive policy designed to bite the hands that feed it. Furthermore, executives receive gigantic bonuses regardless of whether the company does well or not.
As a person whose income is used to create extreme wealth for someone else, I demand that this bank cap its executive pay to a percentage of the Bank’s income (max. 0.00125%) and that all executive bonuses are also calculated based on actual annual profits (max. 0.00015%).
ITEM #7: GIVE BACK TO THE COMMUNITY
Nothing says ‘thank you’ to the people like giving something back to us as a way of showing gratitude for our assistance in helping you earn a profit.
We insist that the Bank shall return 3.5 percent of its annual net profit back into the community to help those in need. Education, food, and shelter are three of the most needed services toward which the Bank can direct its new Relief Fund. An additional 0.5%, and/or any funds left over from the 3.5%, may be used to support sporting games, plant trees, sponsor cultural events, and other less-essential causes.
As of today I have withdrawn my money from Bank of America. I am requiring that these seven demands must be met if the Bank is to again enjoy the use of my money.
I, _____________________________________________, and my fellow Depositors at Bank of America present the above demands as necessary changes on the part of the Bank if I/we are to continue a relationship with the Bank. These are not suggestions. These are CONDITIONS OF DEPOSIT. Bank of America will change its practices of greed into a policy and demonstration of GRATITUDE if it is interested in maintaining me/us as a customer.
IF THE ABOVEMENTIONED CHANGES ARE NOT IMPLEMENTED BY MONDAY, MAY 2nd, 2010, I/WE SHALL CEASE OUR PRACTICE OF LENDING BANK OF AMERICA OUR MONEY.
_________________________________________________ ____________________________
(signed) (dated)
_________________________________________________
(account number)
More information is available at http://wedemandchangenow.blogspot.com/
THE DEMANDS EXPLAINED: ITEM #1: NO MORE MINIMUM BALANCE FEES
When we open an account at the bank, we are choosing to lend our money to that bank. So what gives the bank the idea that it can charge us for not lending it as much money as it would like? It’s our money and WE are the ones who determine how much we are willing or able to lend the bank. That is not for the bank to decide. The bank believes that it rewards us for keeping a minimum balance by NOT charging us a penalty. Some reward... it's a slap across the face of the depositor. Where does the bank get off doing that? And where’s the gratitude?
Demand number 1 is to abolish minimum balance requirements and fees. If the bank wishes to have its depositors keep a certain amount of money in our accounts, they can demonstrate their gratitude for our generosity by offering us premiums. Such premiums could include:
Free checking
Higher interest rates on savings accounts
Reduced credit card fees
Free traveler’s checks and cashier’s checks
Free or discounted safety deposit boxes
Airline miles
and other similar "positive" incentives.
Because we are the source of the bank’s holdings and income, it is the bank’s responsibility to demonstrate its gratitude to us if it would like to continue enjoying the use of our money. Every one of us should be given the assurance that the bank appreciates our business and is grateful to have it, regardless of how much or how little money we have entrusted to the bank.
Remember – if your supermarket butcher said he’d have to charge you a fee each time you didn’t spend $40 at his counter you’d tell him "No deal" and take your business somewhere else. So why do you let your bank charge you for not "spending" enough in their bank?
Sorry Bank of America, we're not allowing that any more.
Demand number 1 is to abolish minimum balance requirements and fees. If the bank wishes to have its depositors keep a certain amount of money in our accounts, they can demonstrate their gratitude for our generosity by offering us premiums. Such premiums could include:
Free checking
Higher interest rates on savings accounts
Reduced credit card fees
Free traveler’s checks and cashier’s checks
Free or discounted safety deposit boxes
Airline miles
and other similar "positive" incentives.
Because we are the source of the bank’s holdings and income, it is the bank’s responsibility to demonstrate its gratitude to us if it would like to continue enjoying the use of our money. Every one of us should be given the assurance that the bank appreciates our business and is grateful to have it, regardless of how much or how little money we have entrusted to the bank.
Remember – if your supermarket butcher said he’d have to charge you a fee each time you didn’t spend $40 at his counter you’d tell him "No deal" and take your business somewhere else. So why do you let your bank charge you for not "spending" enough in their bank?
Sorry Bank of America, we're not allowing that any more.
ITEM #2: NO MORE $35 NSF FEES
Is there a bank practice that is more harmful to a great percentage of its depositors than the $35 NSF charge? The bank uses the practice of processing transactions from greatest to smallest to increase the chances that this will create more NSF fees from small transactions which in turn will create a debt of hundreds of dollars against your account. You’ve heard of the $40 cup of coffee? Congress' new policies regarding NSF fees will not eliminate the $40 cup of coffee.
This plan will.
Demand number 2 is that the NSF fee for any transaction that causes, compounds or perpetuates an overdraft may only be as high as the amount overdrawn.
If the overdraft is $2.00 the NSF fee is $2.00. If the overdraft is $200.00 the NSF fee is $200.00, and so on.
The Bank may actually make more money this way, and the burden wouldn’t be so heavy for the Bank’s lower income depositors.
This plan will.
Demand number 2 is that the NSF fee for any transaction that causes, compounds or perpetuates an overdraft may only be as high as the amount overdrawn.
If the overdraft is $2.00 the NSF fee is $2.00. If the overdraft is $200.00 the NSF fee is $200.00, and so on.
The Bank may actually make more money this way, and the burden wouldn’t be so heavy for the Bank’s lower income depositors.
ITEM #2a: EXTEND LATE REPAYMENT PERIOD FOR OVERDRAFTS
Bank of America recently added a new nuisance fee to pilfer more money from its customers - especially its lower-income customers. If an overdraft (including associated overdraft fees) is not repaid to the bank within 5 days the bank charges an additional $35 as a late payment fee.
This demand of repayment within five days adds anguish on top of insult to each customer affected by the fee, especially if they must wait more than 5 days for their next paycheck. And it steals money from the pockets of the people who need the money the most.
Demand number 2 also requires that if the bank would like to charge a late repayment fee for a customer’s failure to pay back the overdrawn amount, the bank will allow the average amount of time between a worker’s pay periods (15 days) before assigning this fee.
This demand of repayment within five days adds anguish on top of insult to each customer affected by the fee, especially if they must wait more than 5 days for their next paycheck. And it steals money from the pockets of the people who need the money the most.
Demand number 2 also requires that if the bank would like to charge a late repayment fee for a customer’s failure to pay back the overdrawn amount, the bank will allow the average amount of time between a worker’s pay periods (15 days) before assigning this fee.
ITEM #3: PAY PRIME INTEREST RATE ON ALL MONEY LOANED TO THE BANK
When you put your money into a bank account you are loaning the bank your property. The bank then uses your money to make income for the bank. When the bank loans you money they charge you interest based on the Prime Rate, but when they borrow it from you they pay you next to nothing to use it. Now, why shouldn’t YOUR money work equally as hard for you as it does for them?
Without the public's money the bank doesn’t exist. Don’t you think it makes sense that the bank should show us its gratitude for our generosity and faith by rewarding us with a decent interest rate on the money we lend it through our savings accounts?
Demand number 3 is that we now require the bank to pay interest on all monies we loan to it, at the same rate as the prime lending rate, with the provision that the rate of interest paid the account holder will never fall below a minimum rate of 4%.
Without the public's money the bank doesn’t exist. Don’t you think it makes sense that the bank should show us its gratitude for our generosity and faith by rewarding us with a decent interest rate on the money we lend it through our savings accounts?
Demand number 3 is that we now require the bank to pay interest on all monies we loan to it, at the same rate as the prime lending rate, with the provision that the rate of interest paid the account holder will never fall below a minimum rate of 4%.
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