This post was contributed by a community member. The views expressed here are the author's own.

Politics & Government

Bank Transfer Day Urges Local Banking

Occupy Petaluma direct their anger at big banks' fees, federal bailouts

Supporters of Occupy Petaluma, the grassroots movement grown from recent protests on Wall Street, participated in “Bank Transfer Day” on Saturday, calling on customers of big banks to transfer their money to local banks and credit unions. 

”I closed that account and moved my money to Redwood Credit Union," said Mhana Mason, a Petaluma graphic designer who has been a Wells Fargo customer since 1978 and one of the people protesting outside the Bank of America. "It's not right that these large banks are raising fees and hurting the little people while getting so much tax payer bailout money.”

Mason was joined on Washington Street by several members of the Occupy movement, who are camping at Penry Park up the hill from the Bank of America branch. Occupy protestors have vowed to remain at the park until government policies they say favor the richest one percent of America are altered to support the majority of America. 

Find out what's happening in Petalumawith free, real-time updates from Patch.

"I've been very disturbed for a long time about the direction of this country," said Amy Hanks, who works in healthcare. "The other 99 percent of this country has got to stand up for our interests or this country is screwed." 

Hanks was joined by local resident Sam Hudnell, who  stood on the street corner waving a sign that called for the banks to be taxed more. 

Find out what's happening in Petalumawith free, real-time updates from Patch.

"This movement is the first real chance to make America become the place we were all raised to think it was and should be," said Hudnell.

"The big banks are rip-off artists and they have politicians from both parties helping them fleece the American taxpayer. Look what has happened with investment banks like Merrill Lynch and Goldman Sachs, who were allowed to be taken over by commercial banks like B of A. That gave them Federal Deposit Insurance Protection when they should have been allowed to fail for their poor choices. FDIC money is taxpayer money and we paid for their bad business decisions," added Hudnell. 

Employees for the Bank of America on Washington Street had no comment on the protests in front of their branch. But one Bank of America’s customers said that while he would continue to bank with Bank of America, he had sympathy for the protestors and their message. 

"I've been a customer of Bank of America for over 30-years and I’ve had my issues with them," said Dirk Atkinson, who is in the construction industry. Atkinson, who has been unemployed as a result of the bad economy, said he had to hire a lawyer and take Bank Of America to court in order to avoid the bank foreclosing on his house. 

"I'm 58-years old and I went back to school after I lost my job in 2009. I'm willing to put my tool belt back on if I have to, but people in this country are having a hard time and the hidden fees big banks charge is not helpful." 

Atkinson said he was staying with Bank of America due to the convenience he saw in large banks, such as always being able to find a branch no matter where he was traveling. He also said that while he supported the protestors constitutional right to speak out, he felt the George W. Bush and Barack
Obama administrations made the right decision when they bailed out the big banks. 

"If the banks had not been saved, this country would have headed into a depression. There would have been food lines and other problems. It would not have been pretty."

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?