Bank of America's Fee Cancellation Is a Major Victory Signaling the Maturing of the Occupy Movement
Today’s announcement by Bank of America that it would drop its $5 debit card fee represents nothing less than a victory for the #Occupy movement, a victory on many fronts and on many levels. This is especially important when we consider that one of the primary criteria defining movements is the ability to define and secure victories.
First and foremost, the Bank of America debit fee announcement represents a victory for the communities and groups that have been organizing around banking issues for some time. Groups like Alliance for a Just Society, and organizers behind both the online petition demanding BofA rescind the fee and the “Bank Transfer Day” scheduled for later this week got a major boost and channeled popular energy to secure this win for us all.
Today’s announcement is also critical because it shows the power people really do have over even the most powerful among us-namely the banks and financial institutions that dominate life as we know it. They are vulnerable to us. The fact that Wells Fargo, JPMorgan Chase, SunTrust and Regions banks also announced that they were canceling their plans to increase debit fees is nothing if not a testament to the people power taking hold in the U.S. Not only are we saving ourselves millions of dollars in another unnecessary display of super greed, but we are also starting to show that we may be able to save the country-and the world- from the workings of the super greedy financial institutions.
Another, development, perhaps the most critical, reflected in today’s announcement by BofA has to do with how the #Occupy movement is growing into a sea of movement-building that simultaneously feeds and draws from the streams and rivers of other movements, in this case the economic justice movement. In addition to powering and pushing the work of groups fighting the bank fees, the #Occupy movement is also nourishing the work planned or envisioned by other groups. For example, those behind the “Move Your Money” campaign to get people to take their banking out of the big banks and into credit unions and other, more community-oriented financial institutions are getting a major boost from the zeitgeist of the #Occupy moment.
Bank of America and the other banks capitulation to popular demands offers a small, but important example proving to ourselves that we can fight and win against the most powerful, that we can discipline the banks and other institutions and align them with the needs of the majority. We have taken a step towards reaching what Clausewitz called the “culminating point of victory.” As in war, the spiritual value of winning in political activism will be determinant in ending the class warfare against the poor, the war against the 99% by the 1%.