Religious leaders of Greater Boston take a stand against usurious rates by moving their money out of Bank of America.
In an action organized by alumnus Annie Fox on November 17, 2010, 113 religious leaders from across Greater Boston gathered in front of Bank of America’s Government Center branch (on 6 Tremont St.) to protest the bank’s usurious lending practices by moving their money.
At the gathering, 136 individuals (represented by leaders of their religious institutions) as well as heads of two major religious institutions – Hope Central Church in Boston and First Church in Cambridge, UCC – closed their accounts. Dr. Jeanette Callahan of Bethel AME church said, “I moved my money out of Bank of America today because this bank is no longer about Main Street and all about Wall Street.”
By Elana Kling Perkins February 13, 2011 - 10:08 pm
I am interested in the issue of usurious interest. What banks in the Boston area have better practices?
By Annie Fox February 17, 2011 - 3:35 pm
Hey Elana,
Really any bank that is chartered out of Massachusetts is going to be more ethical becuase they have to follow MA laws, but Wainwright (now Eastern) is my personal favorite. You can find out more about the campaign at the link below.
http://gbio.org/index.php/campaigns/61-anti-usury-campaign