Bank Transfer Day: Philly to Raise Awareness Nov. 1
As we reported earlier this week, November 5th is Bank Transfer Day. Thousands of people from all over the country have vowed to opt out of the major commercial bank in which they currently store their cash, and move their money into an account with a local credit union as a message to the big banks.
As Occupy Philly protester Christian told us on Wednesday of the movement, “[Bankers] don’t understand messages. They understand numbers.”
Bank Transfer Day has gained even more steam since then (the Facebook “event” invite now has 65,584 attendees) and has prompted several posts on Occupy Philly’s Facebook page and other online pages of Occupy movements all over the country. Now, some at Occupy Philly are attempting to move the date up.
Occupy Philly protester Michael Reilly says he’s beginning an awareness campaign on Tuesday, Nov. 1, in preparation for Bank Transfer Day. After meeting Bank Transfer advocate Christian, Reilly is prepared to close his bank account and hopes to bring as many Occupiers and others with him as he can.
“I’m going to have people out there Tuesday to provide information and resources to raise awareness for Saturday,” he says.
But this isn’t just a show of solidarity. It’s personal.
According to an op/ed he submitted to the Occupy Philly newsletter and viewed by PW, Reilly claims he got “stiffed by a short-term employer” on October 22. Then stiffed by a couple banks.
“I took my employer’s $250 Wells Fargo check to a Wells Fargo Bank branch at Broad and Wolf Streets in South Philadelphia to cash it,” he writes. “Wells Fargo would not cash the check without charging a $7.50 fee unless I were to open an account. I discovered that there is no account available with Wells Fargo that does not involve fees, minimum monthly balances, or check card obligations.”
Reilly then went to his own bank, Sovereign. And they told him as of July 1, they’re charging a $5 fee for non-Sovereign customers to cash a check issued by Sovereign. And if the check you cash bounces, they charge you $15. “My employer ripped me off,” he writes. “His bank won’t cash my check without taking a cut.”
According to this article at Money and Business, Sovereign also charges $15 to certify a check. Small fees, but, as the argument goes, they add up.
“We don’t have to patronize big banks that add fee after fee while setting aside billions for year-end bonuses,” he writes. “Take your money to a local bank or credit union, and tell them why you are angry with your bank, and why you are moving it NOW.”
The Bank Transfer Day Movement was begun by Los Angeles resident and “private citizen who had enough,” Kristen Christian. It is officially unaffiliated with the Occupy Wall Street Movement.




Already changed. Citizens bank structures it’s overdraft for the maximum overdraft charge possible. Over Columbus Day weekend I was hit with 296.00 in overdraft fees for less than 72.00 in overdraft for 2 days, how Citizens relist your withdraw in declining amounts instead of the order they come in. instead of 1 charge for the 252.00 check that was posted, they listed 8 of the averaging just over 9.00 each and picked my pocket for 37.00 each one. After many calls at all levels I got 74 of it back (of my money to begin with).
Do not bank with Citizens. Everyone I spoke with who worked for Citizens felt it was wrong, but keeping there jobs, so they play along with the fleecing method. Now’s the time to snuff the big bank robbery. Do nothing and nothing changes.
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I know how you feel, I’ve cashed several checks from many different banks without issue. It’s one of the reasons we invented banks to begin with… so seeing this fee pop up and knowing it hurts people that need the money the most is what really gets me.
Complaining about it turned out not to be enough for me, so starting today, I’ve been searching the most popular results from searches for “Wells Fargo” and “$7.50″ and passing my petition along. Here’s a link, pass it on!
http://www.change.org/petitions/stop-wells-fargo-750-service-charge-for-cashing-their-checks