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Community Corner

What's Next for Big Banks? Where do you want your money?

Occupy Wall Street supporters urge Bank of America Consumers to move money out of big banks and into local credit unions before it is too late.

This November, many supporters of the movement will prove their loyalty by closing  bank accounts with large corporate banks, namely Bank of America, and transferring funds to local credit unions and local banks.

Think Progress, a liberal blog dedicated to advancing progressive ideas and policies reported that that in addition to spending millions of dollars lobbying against government regulations, laying off 30,000 employees and awarding executives with multi-million dollar salaries, Bank of America made an announcement that has caused outrage among consumers.

In September, Bank of America announced that it would start charging a $5-a-month fee for the use of a debit card. Bank of America is the largest bank in the country. Think Progress notes that in order for other banks to compete, they will have to follow suit, setting a dangerous trend in the world of finance.

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Responding to Occupy Wall Street protests against Bank of America, President Obama noted that "It expresses the frustrations that the American people feel that we had the biggest financial crisis since the Great Depression, huge collateral damage all throughout the country, all across Main Street," Obama said. "And yet you're still seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on abusive practices that got us into this problem in the first place."

Park Avenue in Scotch Plains is home to several “big banks” including a Bank of America and a Wells Fargo.

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Patch wants to know how you feel about this issue. Are you planning to pull your money out of corporate banks and opt for a local credit union? Tell us in the comments.

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