Bank of America Announces End to Debit Card Fees As Occupy Miami Descends

Categories: Occupy Miami
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​Hey, Miami, you're welcome. Thanks to the nationwide Occupy movement -- including the 305's very own budding revolt at the Stephen P. Clark Government Center -- Bank of America just announced it's no longer planning to rip off debit card users by charging them five bucks a month. One for Occupy, $700 billion for the banks! It's definitely a start.

Hours before the announcement this morning, Occupy Miami organized its second march on the city's Bank of America buildings. Riptide was there to check out the parade of dancing, whistle-blowing, and really enthusiastic chanting.

The hundred or so people who took to the streets walked (on the sidewalk, of course) from the Greater Bethel AME Church in Overtown to downtown Miami's BOA. In the end, a smaller group split off toward Brickell to stick it to the bankers there.

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Eco-friendly cops on bikes held traffic so that protesters yelling things like "We are the 99 percent," "Up with the people, down with the banks," and "Banks got bailed out, people got sold out" could safely cross the street.

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There weren't a ton of people, but those present were as loud as children at a birthday party. Once everyone made it to the first stop, the security guards locked the doors of the bank building.

That got everyone excited and set off some gyrating, drumming, and grooving to music blasting from portable speakers. What was playing? James Brown. People working at their desks looked on -- plainly horrified -- as protesters jammed out. One lady turned to us and said, "Having a little trouble with their PR?" Shame on you was understandably a big theme.

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Occupy Miami received support in the march from other local groups, including SEIU 1199, OneMiamiNow.org, Miami Workers Center, and University of Miami Student Union. There were ACLU and Planned Parenthood signs also. The crowd mostly consisted of folks over 40, staunch activists, a couple of people of questionable sanity, regular joes, and occupiers.

As they passed through downtown, there were plenty of smiles and waves, even some honks. Some of the marchers were a little obnoxious with their whistles and drums, and at one point, two demonstrators playfully opened the door to Burger King to incite some passion from within. No one came running out to join us.

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3 comments
Jay Gould
Jay Gould

We shouldn't lose sight of how this whole thing started.  All these debit fees banks are now rolling back were introduced in response to the fall in bank revenues from debit card transactions that was the consequence of the passing of the Durbin Amendment to the Dodd-Frank bill and the subsequent Federal Reserve ruling to limit debit interchange at $0.22 + 0.05% of the transaction amount. Those of us who were paying attention to what was happening knew that this was coming and warned against it.  Here is one of the things we wrote at the time: http://blog.unibulmerchantserv... What happened was that the government decided that a substantial portion of the banks' revenues would be collected by retailers.  The banks then decided to make up for the shortfall by creating new revenue sources.  Is that surprising?

The bottom line is that the banks will find a way to make up for their lost revenues and their customers (i.e. us) will foot the bill.

Katy76
Katy76

still closing my account on the 5th of November.Going Credit Union Baby!!!!got my aunt and sister to close the 3 accounts they had as well!!Power to the people!FU BOA!!!!!!!!

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