Today is the anniversary of Occupy Wall Street. Time to remind people some of the key aspects of what we are fighting for.

One of the main things is the big banks in America are largely responsible for the economic conditions we now face. And they were allowed to do this thanks to the Republican-led deregulation of banks.

But the money that goes into these banks is our money. So the obvious thing is for us to move our money OUT of the predatory lenders and into options that serve our communities better.

We are all angry at the big banks like Bank of America, Wells Fargo, Chase and Citibank because of their predatory lending practices, terrible customer service and greedy, selfish politics and business practices. Basically these banks and similar ones have screwed working class and middle class Americans and made a profit off our suffering. Then they got bailed out with OUR tax money when their lousy business practices and predatory lending hit them in the ass. These banks got us into the economic mess we are in and the CEOs of these banks took America to the cleaners and have been reaping the profits while we suffer foreclosures and tough times. And the fees they charge are insane!

I should note that according to Green America's Responsible shopper, the two worst banks in America are Bank of America and Citigroup. Bank of America and Citigroup, are also are two of the top ten tax dodging companies in America. They love to take our tax money, but hate to pay their fair share. If you have any accounts or credit cards with these two banks, I highly suggest switching. These two banks, along with Chase, also get by far the most customer service complaints to the Comptroller of the Currency. Here is the list from 2009 of complaints received:

Bank of America: 7,230 complaints (25.5% of total)
J.P. Morgan Chase: 4,890 complaints (17.3%)
Citigroup: 3,742 complaints (13.2%)
Wells Fargo: 2,695 complaints (9.5%)
HSBC North America: 1,963 complaints (6.9%)
Wachovia: 1,265 complaints (4.5%)
U.S. Bancorp: 1,027 complaints (3.6%)
National City: 586 complaints (2.1%)
The Royal Bank of Scotland Group: 537 complaints (1.9 %)
Key Corp: 343 complaints (1.2 %)

I would say, even taking size into account, Bank of America ranks the worst by pretty much ANY standard. And there are better options.  read more »

We are all angry at the big banks like Bank of America, Wells Fargo, Chase and Citibank because of their predatory lending practices, terrible customer service and greedy, selfish politics and business practices. Basically these banks and similar ones have screwed working class and middle class Americans and made a profit off our suffering. Then they got bailed out with OUR tax money when their lousy business practices and predatory lending hit them in the ass. These banks got us into the economic mess we are in and the CEOs of these banks took America to the cleaners and have been reaping the profits while we suffer foreclosures and tough times. And the fees they charge are insane!

That is why I advocate breaking ties with these big predatory banks and finding alternatives. I personally have been divesting myself of these big bad banks like Bank of America, Chase, Wells Fargo and Citibank and instead switching my mortgage, accounts and credit cards to USAA (which only works with Veterans and their families), TD Bank (a large bank that actually has excellent customer service and did not engage in predatory lending), and local credit unions. I have particularly liked TD Bank who refinanced my mortgage at a much better rate and much simpler than the big bad banks.

But so far my wife and I still haven't been able to get rid of all our Chase and Bank of America credit cards. Paying off the debt is tough, but we are working on it. But I would like to find better credit cards to use.

Well, Green America has some suggestions I would like to pass on to you.

Cards Connected to Better Banks

There are socially responsible banks and credit unions that exemplify responsible lending practices—as well as community investing institutions that take the social mission one step further by also investing in low-income populations.

Wainwright Bank Visa Cards (fees and rates vary): Wainwright, a Boston-based bank with a tradition of “socially progressive” banking, offers six different Visa credit cards with different rates and terms. All of these cards are issued and managed by Elan, a financial services company. Steven F. Young, senior vice president at Wainwright, says they “chose Elan because we felt their consumer practices were best.”

Permaculture Credit Union’s (PCU) Visa card (13% apr, no annual fee): Based in New Mexico, PCU is committed to Earth-friendly and socially responsible loans and investments. PCU’s card is issued by the Illinois Credit Union League to anyone, whether or not they are a PCU account holder, though applicants should mention they are “affiliated” with Permaculture Credit Union.

ReDirect Visa (15.15% apr, no annual fee): The ReDirect card is issued by Washington state’s ShoreBank Pacific.Depositors fuel the bank’s lending programs, which enable sustainable community development. ShoreBank Pacific issues the card by way of TCM, which is owned by ICBA Bancard, a subsidiary of the Independent Community Bankers of America.

Your card fees support ShoreBank Pacific’s community investing mission, and half of the card’s proceeds go toward reducing CO2 emissions through Sustainable Travel International’s “MyClimate” high-quality offsets. In addition to a conventional rewards program, the card also earns cardholders discounts at the sustainable businesses listed in regional “ReDirect Guides” for Denver/Boulder/Fort Collins, CO; Portland, OR/Vancouver, WA; and Salt Lake City/Park City, UT. Those businesses that offer Internet purchasing will extend ReDirect discounts to any cardholder. There’s no need to have a ShoreBank Pacific account to apply.

Salmon Nation Visa (15.15% apr, no annual fee): This card, also from ShoreBank Pacific, directs a percentage of its income to growing a community of citizens that practice environmental stewardship of “Salmon Nation,” a bio-region stretching from Alaska to Oregon where wild salmon live. Like the ReDirect card, Salmon Nation Visa isn’t benefiting a mega-bank, and you don’t need a ShoreBank Pacific account to apply.

The Loop Card (11.99% apr, no annual fee): A Visa from Albina Community Bank in Oregon. Profits from this Visa from Oregon’s Albina Community Bank not only support Albina, but one percent of every purchase goes to Portland’s neighborhoods, funding education, health, social services, environment, the arts, or economic development projects. You do not have to have an account with Albina to get the card, and it is not connected to a mega-bank.

Shorebank’s Elan Visa Consumer Card (variable apr, no annual fee): ShoreBank, in the Midwest, is a community development and environmental bank that issues a credit card available to anyone nationwide through Elan, the same company servicing Wainright Bank’s cards, at a rate determined by your credit history.

Self-Help credit union cards (9.95–12.95% apr, no annual fee): Self-Help, headquartered in North Carolina, works in communities traditionally underserved by conventional financial institutions. It offers Classic and Platinum Visa credit cards to members, and through online banking, anyone nationwide can become an account holder and apply. The cards are issued by Self-Help, a community development bank.

For those purchases you make by credit card, using one of these best-option cards can make your charges a force for good.

One of my goals this year is to switch from my current credit cards, which are still mega-bank linked, to one or two of these cards. I hope you will all join my in making the switch.

Return to Mole's Consumer Advice Page.

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NY Attorney General Eric Schneiderman is filing a lawsuit against the top predatory banks for deceptive and fraudulent practices. From the press release:

Attorney General Eric T. Schneiderman today filed a lawsuit against several of the nation’s largest banks charging that the creation and use of a private national mortgage electronic registry system known as MERS has resulted in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the judicial foreclosure process. The lawsuit asserts that employees and agents of Bank of America, J.P. Morgan Chase, and Wells Fargo, acting as "MERS certifying officers," have repeatedly submitted court documents containing false and misleading information that made it appear that the foreclosing party had the authority to bring a case when in fact it may not have. The lawsuit names JPMorgan Chase Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., as well as Virginia-based MERSCORP, Inc. and its subsidiary, Mortgage Electronic Registration Systems, Inc.

The lawsuit further asserts that the MERS System has effectively eliminated homeowners' and the public's ability to track property transfers through the traditional public records system. Instead, this information is now stored only in a private database – which is plagued with inaccuracies and errors – over which MERS and its financial institution members exercise sole control. Additional defendants include BAC Home Loans Servicing, LP, Chase Home Finance LLC, EMC Mortgage Corporation, and Wells Fargo Home Mortgage, Inc.

“The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages. Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law,” said Attorney General Schneiderman. “Our action demonstrates that there is one set of rules for all – no matter how big or powerful the institution may be – and that those rules will be enforced vigorously. Only through real accountability for the illegal and deceptive conduct in the foreclosure crisis will there be justice for New York’s homeowners.” ...

The lawsuit specifically charges that the defendants have engaged in the following fraudulent and deceptive practices:

MERS has filed over 13,000 foreclosure actions against New York homeowners listing itself as the plaintiff, but in many instances, MERS lacked the legal authority to foreclose and did not own or hold the promissory note, despite saying otherwise in court submissions.

MERS certifying officers, including employees and agents of JPMorgan Chase, Bank of America, and Wells Fargo, have repeatedly executed and submitted in court legal documents purporting to assign the mortgage and/or note to the foreclosing party. These documents contain numerous defects, including affirmative misrepresentations of fact, which render them false, deceptive, and/or invalid. These assignments were often automatically generated and "robosigned" by individuals who did not review the underlying property ownership records, confirm the documents’ accuracy, or even read the documents. These false and defective assignments often masked gaps in the chain of title and the foreclosing party's inability to establish its authority to foreclose, and as a result have misled homeowners and the courts.

MERS' indiscriminate use of non-employee "certifying officers" to execute vital legal documents has confused, misled, and deceived homeowners and the courts and made it difficult to ascertain whether a party actually has the right to foreclose. MERS certifying officers have regularly executed and submitted in court mortgage assignments and other legal documents on behalf of MERS without disclosing that they are not MERS employees, but instead are employed by other entities, such as the mortgage servicer filing the case or its counsel. The signature line just indicates that the individual is an "Assistant Secretary," "Vice President," or other officer of MERS. Indeed, these documents often purport to assign the mortgage to the certifying officer's own employer. Moreover, as a result of the defendants' failure to track the designation of certifying officers and the scope of their authority to act, individuals have executed legal documents on behalf of MERS, such as mortgage assignments and loan modifications, when they were either not designated as a MERS certifying officer at the time or were not authorized to execute documents on behalf of MERS with respect to the subject loan.

MERS and its members have deceived and misled borrowers about the importance and ramifications of MERS' role with respect to their loan by providing inadequate disclosures.

The MERS System is riddled with inaccuracies which make it difficult to verify the chain of title for a loan or the current note-holder, and creates confusion among stakeholders who rely on the information. In addition, as a result of these inaccuracies, MERS has filed mortgage satisfactions against the wrong property.

Let me just say hooray for Scheiderman. This has been a LOOONG time coming. It is WAY past time to hold these banks accountable for their criminal activities.

Let me just say hooray for Scheiderman. This is way overdue. These banks have been screwing middle and working class Americans for years now and I am glad somenoe is doing something about it.

I have been pushing for divestment in the four worst banks. I base my choice of worst banks on several criteria: customer service complaints filed with the Comptroller of the Currency, predatory lending practices including racist policies and targeting veterans, right wing politics including support for tax breaks for billionaires while advocating cutting social programs, whinging about "big government" while begging for taxpayer funded bailouts, etc. To some degree I also base it on the rating system of the Responsible Shopper website.

I have been targeting Bank of America, Chase, Citibank and Wells Fargo. Of these four, three are also the worst on the Responsible Shopper website: Bank of America, Chase, and Citibank. Fidelity and Vanguard are also among their worst. I haven't targeted them because they aren't really "banks."

I have been pushing as alternatives to the worst banks switching to Credit Unions, TD Bank (a large bank that avoided all the predatory lending practices), USAA (for Veterans and their families), and small local banks.  read more »

I'm going to keep plugging this action, now focused more specifically on the worst four banks in America: Bank of America, Chase, Citicorp and Wells Fargo.

I have personally been switching my money (credit cards, accounts, mortgage) away from the big bad mega-banks that screwed Americans with predatory lending and took taxpayer handouts with better banks and financial institution. And I invite you to join me. It is a way of moving your money at least a step away from the worst of Wall Street.

In particular I pick four banks to target: Bank of America, Chase, Citigroup and Wells Fargo

I base my recommendations on three things:

1. Customer service complaints. The banks that get the most customer service complaints are as follows: (according to the Office of the Comptroller of the Currency, I think these numbers are from 2009)

Bank of America: 7,230 complaints (25.5% of total)
J.P. Morgan Chase: 4,890 complaints (17.3%)
Citigroup: 3,742 complaints (13.2%)
Wells Fargo: 2,695 complaints (9.5%)
HSBC North America: 1,963 complaints (6.9%)
Wachovia: 1,265 complaints (4.5%)
U.S. Bancorp: 1,027 complaints (3.6%)  read more »