Senior Adam Hasz, senior Molly Gott, senior Pete Tontillo, junior Paul Ahn and junior Wei-Yin Ko hold signs outside Bank of America on Friday, Nov. 4 as part of the nationwide Bank Transfer Day. Students protested Bank of America’s recent business decisions by closing their accounts.

The students were calling on their peers to boycott large banks and move their accounts to small, local banks or credit unions.

Loosely affiliated with the Occupy Wall Street movement, the protest—known as Bank Transfer Day—was part of a national initiative that encouraged people to switch banks by Saturday, Nov. 5.

Five students closed their Bank of America accounts and 11 more pledged to close their accounts for Bank Transfer Day, according to senior Molly Gott, the student who organized the effort on campus.

On Friday, Gott and several other students handed out fliers outside of the University’s Mallinckrodt Center, trying to inform their peers about the “corruption” of big banks.

“As a Wash. U. student, I feel like I want my money to be in an institution that’s working to make the community healthier and stronger…instead of ignoring them,” she said.

Gott chose to transfer her money to St. Louis Community Credit Union, which she said was more engaged in the local community.

“We want people to question whether the bank that they have their money invested in is aligned with their values,” junior Ken Kumanomido said.

Kumanomido said he hoped that Bank Transfer Day would be as successful as the protests against Bank of America’s plan for a $5 debit card fee, which was recently scrapped.

“The consumers of Bank of America…don’t want to support the kind of practices that they’re dealing with. We’ve shown that consumer demand can really change the policies and the actions of these big banks. It only happens when the consumers make a push for it,” he said.

Among the 16 students who closed their accounts or pledged to do so, some cited discontent with Bank of America’s foreclosure practices and its $4.3 billion investment in coal over the past two years.

“That investment in [the coal] industry that I consider toxic and extremely dangerous for our generation’s future—that’s the main reason that I want to switch my money from Bank of America to something else,” senior Adam Hasz said.

But while student passers-by seemed interested in the idea of supporting smaller banks, many said they wouldn’t participate in the protest simply because of the convenience of banking on campus.

“The only thing about Bank of America is it’s convenient,” freshman Keith Wood said. “I’m not sure how many people will actually switch, simply for the sake of convenience.”

Others said they would stay with the bank for the financial benefits of putting their money in a large institution.

While participation may not have been overwhelming, Hasz said he still hopes the protest on Friday is only the beginning of a larger student effort.

“I don’t think this action alone will send that much of a message, but this is part of a national effort to have people move their money all focused on today, so I think when that is added up, it definitely sends a message,” he said.