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Green America: $5 Debit Card Fee is Latest Reason for American Consumers to Join the Protest Against Big Banks

As Wall Street Occupation Continues, Green America Cites Latest Abusive Big Bank Fee as Reason for Americans to "Break Up" with Mega Banks and Switch to Community Lenders

Green America: $5 Debit Card Fee is Latest Reason for American Consumers to Join the Protest Against Big Banks

As Wall Street Occupation Continues, Green America Cites Latest Abusive Big Bank Fee as Reason for Americans to "Break Up" with Mega Banks and Switch to Community Lenders

Published 10-05-11

Submitted by Green America

As protestors continue to occupy Wall Street and consumers across the country are increasingly outraged by the abusive practices of mega-banks, the nonprofit Green America (http://greenamericatoday.org) is urging Americans to "break up" with their mega-banks and, instead, shift their money to community investing institutions nationwide. The latest outrageous mega-bank gouging of consumers: the rise of the $5 monthly debit card fee.

Unlike mega-banks, community investing institutions serve local communities, providing loans to support affordable housing, small businesses, and social services. They often lend money to people overlooked by big banks, such as women entrepreneurs, green businesses, and people providing vital services in their communities, such as child care. Also unlike mega-banks, community investing institutions do not engage in abusive and predatory banking practices, since they have a mission of building communities.

"Consumers are increasingly fed up with the fact that mega-banks pay their executives millions in bonuses, while charging consumers outrageous fees, foreclosing on homes, and failing to invest in Main Street," said Todd Larsen, corporate responsibility director for Green America. "Bank of America's recent announcement of charging $5 per month for debit cards is just the latest outrage.  We're helping more and more Americans to move their money out of mega-banks and into community investing institutions that are working to rebuild our communities and that value their customers."

Over the past 10 years, the funds invested in community investing institutions grew from $5 billion in assets to nearly $40 billion. Much of this growth has been fueled by individual investors. To help individuals break up with their mega-bank, Green America provides resources, including a comprehensive guide for finding community investing options (available free as a download, and in print copies to individuals, or in bulk to community organizations), and stories of consumers who have broken up with their mega-banks and made the switch to community investing institutions.

About Green America

Green America is a national membership organization dedicated to harnessing economic power—the strength of consumers, investors, businesses, and the marketplace—to create a socially just and environmentally sustainable society. Green America’s Community Investing Program can be found on the Web at: http://www.greenamerica.org/socialinvesting/communityinvesting/.

Green America logo

Green America

Green America

Green America is United States' leading green economy organization. Founded in 1982, Green America provides the economic strategies, organizing power and practical tools for businesses and individuals to solve today's social and environmental problems. Green America's green economy programs encourage corporate responsibility, tackle climate change, build fair trading systems, advance healthy, local communities, and provide green purchasing and investing information for families and businesses. To receive Green America's popular publications, including the Green American and the National Green Pages™, participate in Green Festivals, or to get its free e-newsletter, providing the latest green news, green discounts, and opportunities to take action for a green economy, visit http://www.GreenAmerica.org, email info@GreenAmericaToday.org, or call at 800-58-GREEN.

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