A campaign to withdraw funds from American and Western banks supporting Israel gains traction

Watan-Activists on social media are urging people to withdraw their funds from American and Western banks in response to their support for the Israeli entity in its 36-day-long war against the Palestinian people. The aim is to exert pressure on these banks and prevent them from supporting Israel.

The activists have launched a hashtag on the former Twitter platform, titled ‘Financial Resistance with Money.

https://twitter.com/vib_mahgoubb/status/1723301696426611058?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1723301696426611058%7Ctwgr%5Edd56c824141b6a9f9c250d89a1db20563df35483%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.watanserb.com%2F2023%2F11%2F11%2FD985D982D8A7D988D985D8A9-D8A7D984D985D8A7D984-D8A8D8A7D984D985D8A7D984-D8ADD985D984D8A9-D984D8B3D8ADD8A8-D8A7D984D8A3D985D988D8A7%2F

“Financial Resistance with Money” hashtag gains momentum

According to a report aired by Al Jazeera about the hashtag, highlighting some of the comments, one activist addressed America and the West, stating, ‘They must know that they can no longer use our money as they please.’

She added, ‘The time has come, tomorrow we will settle our affairs for the sake of Palestine.’

Both Americans and Arabs engaged with the ‘Financial Resistance with Money’ hashtag, calling for the withdrawal of funds from American and Western banks to exert pressure on them and prevent support for Israel.

https://twitter.com/AJArabic/status/1723264302021324993?s=20

The activist in the mentioned video reiterated that ‘transferring our money from these banks will have a significant impact not only on the occupying state and the Palestinians but also on many of these major banks, as she claimed, investing in massive fossil fuel companies used in the tanks and machinery of the Israeli occupation.’

The organizers of the campaign prepared a guide on how to withdraw funds and transfer them to credit unions unaffected by foreign policy, while informing the bank that the reason for the withdrawal is its support for Israel.

According to some Twitter users, this campaign could be very impactful, and if it expands, it may pose a financial crisis for major American banks.

In this context, lawyer Khaled Abdullah commented through the hashtag: ‘Financial Resistance with Money is an initiative and an idea for victory for the people of Gaza, the resistance, the children in Gaza, and the Palestinian cause against the occupation.’

He continued, explaining: ‘The idea is not from an individual affiliated with Hamas or the resistance but belongs to humanity and the right to support the oppressed people and assist them in liberating their land.’

Meanwhile, a Twitter user under the name Amr Al-Barbari wrote: ‘If you support the cause, you should resist with money wherever you are, even if you only have your monthly income, withdraw it and sit on it.

https://twitter.com/AJArabic/status/1723264302021324993?s=20

Investing the depositors’ funds

It is well-known that most banks worldwide do not keep depositors’ funds in cash but rather channel them into investments or larger banks to generate profits.

A sudden collective withdrawal could exert significant pressure on banks, causing them to struggle to meet the demand and potentially leading to collapse, similar to what occurred in March of last year when four prominent American banks, including Silicon Valley Bank, collapsed.