Forum Post: OWS causes real policy change in Banks! Tangible proof of success
Posted 13 years ago on Oct. 31, 2011, 2:29 p.m. EST by WarmItUp
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When people ask what good is this movement doing you can now point to our most obvious success to date which affects the most people. In anticipation of National Bank Transfer Day on nov. 5. All of the major banks are reversing their policy on the $60 a year debit card fees. This is the most visible way so far that OWS has made corporations change thier policy. This should be motivation enough for us to continue focusing on specific policies that are non-partisan. This worked because all political ideologies could get behind the ridiculous greed of these banks to charge us to use our own money. I would still consider moving your money to credit unions but it is nice to have some affirmation that our movement is making real change. Pick a policy that is non-partisan and focus in on it like we did with bank fees, you will see almost overnight change. It should be noted that Regional Financial Corp. is the only large bank still charging these fees. While BOA hasn't officially dropped fees (they need a little more pressure) they have started offering options to avoid fees such as direct deposit which most people do anyway.
Here is the latest bank to reverse fees http://www.sacbee.com/2011/10/31/4019654/suntrust-latest-to-reverse-5-monthly.html
do you really think these protests drove change in the banks policy? They changed because their customers started moving their accounts to banks that don't charge the fee. The free market works, get a job and try it out.
Yes, OWS was hugely instrumental in bringing attention to the story of BOAs $60 fees to the public. Leading marches all over the country where people went into their banks and removed their money. Not to mention sending thousands of letters to executives of these companies. The biggest push on the banks is yet to come on Nov 5th. You are right it took people to actually move their money and close accounts for them to listen. We need to remember that the focused actions of the non-partisan masses can make real change.
I didn't hear about any bank fees from these protests, I and most others heard about it from the usual sources. its delusional to think sleeping tents in a park is making a difference.
not sure why you are arguing it sounds like we have the exact same values here. We should not be charged for accessing our own money. So we agree. I am more interested in forming consensus on issues we agree on. We have been trained for to long to be pitted against each other. Ipvega. I learned about fees when my bank sent me a statement but what motivated me to close my account was knowing I was not the only one, that my voice would be added to the rest of the collective. When the average american united with each other on this particular issue we got change. My point is not really about the movement it is that when people unite together under on non-political issue we can make change. I am not interested in divisive politics ie gay rights abortion or any of the other fabricated hot button issues created to get us to fight. I am interested in seeing my fellow Americans live a happy life which most of us have worked very hard for. We are on the same side at least on this issue
The difference between focusing on corporate policy as opposed to political policy is that CEOs can implement the changes immediately. Where as politics is a very slow process. Get a few more of these corporate policy changes under our belt and we will then win the support of the 99% we are fighting to protect, This will be the momentum we need to make real social change
We need to keep sending clear messages of policy change that we would like to see. They are really actually listening. They do not want to lose our money.