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August 6th, 2008

Massive money move in wake of subprime crisis

A group of Black clergy, business owners and consumers were at Bank of America in New York City to begin a 40-day aggressive plan to close their bank accounts and move their money out of an institution they say discriminates against Black employees, customers and the Black community in general.

Referring to themselves as The Move Our Money Coalition, the group plans to move at least $100 million over the next 40 days, and they are projecting that 4,000 depositors in New York will join them in this 40-day fund shift.

Bank of America was overwhelmed by more than 40 customers who were on their way to move their money at the branch located at 3rd Avenue and 42nd Street in Manhattan.

"This subprime crisis has greatly impacted the Black community in New York and across America, and Bank of America is one of the chief culprits. They take our deposits and then make few loans in our community, leaving our community prey to these predatory lenders and unscrupulous merchants," shared Rev. Dennis Dillon, the pastor of the Brooklyn Christian Center and author of The Economic State of Black New York Report. Dillon, who is a co-organizer of the move, led one of the largest bank moves in New York through a similar action in 1996.

The group predicts a long line at the bank, extending to the streets as people show up to move their money and close their accounts.

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