The Washington Post reports on Molly Katchpole, a 22-year-old recent college graduate who helped spark the nationwide movement that forced Bank of America (the biggest bank in the US) to abandon plans to charge debit-card holders a $5 monthly fee.
One day in early October, she stumbled across some progressive blogs angry about Bank of America’s proposed debit card fees. She had a Bank of America account, and the news began gnawing at her. Katchpole visited the petition-generating site Change.org, where she had earlier signed a petition calling on J.P. Morgan Chase not to foreclose on a soldier’s father.
Now, it was her turn to launch a petition. She typed the headline: “Tell Bank of America: No $5 Debit Card Fees.” Then, she typed the grievance: “When the recession first hit, we gave Bank of America billions of dollars in bailout money. Our reward is higher fees for the same services. At some point, we’ve got to say enough is enough.”
After about a week, more than 100,000 people had signed the petition. The Washington office of Change.org took notice and blasted it out on its e-mail lists. Then, in a publicity stunt, Katchpole went to a local Bank of America branch, withdrew her money (10 $50 bills) and ceremoniously cut up her debit card for the camera crews. She stuffed her money in a kitchen drawer, waited a week or two, then set up an account with City First Bank of D.C. on U Street NW.
…..
Her petition got more than 300,000 signatures. And, whether it had a direct impact or not, Bank of America caved.
Although this was not officially a part of the Occupy Wall Street Movement, perhaps there is a lesson here for the Occupiers on the value of setting specific, achievable goals.
I don’t think it’s a coincidence that Molly Katchpole comes from a working-class family. (Her father is a machinist and her mother is a physical therapist’s assistant.) It’s reasonable to think that her background helped her understand that for millions of Americans, even $60 a year is a lot of money to lose. And while pounding drums and holding signs calling for the end of capitalism may make some people feel good about themselves, it’s doesn’t do much for ordinary folks struggling to get by in the here and now.