11/03/2011 02:09 pm ET Updated Jan 03, 2012

MoveOn Joins Move Your Money Project For Nov. 5 Day Of Action

With the Occupy movement continuing to gather momentum, political organizers at the progressive nonprofit MoveOn are joining a campaign from other progressive groups for a Move Your Money "day of action" on Saturday, Nov. 5.

Although MoveOn refers to Nov. 5 as a "day of action," a California activist has already dubbed it "bank transfer day." Both MoveOn and organizers of the event are loosely affiliated with the Move Your Money initiative, an effort launched by Arianna Huffington and others in late 2009 seeking to persuade consumers to move their bank accounts from big Wall Street banks to local community banks and credit unions. By encouraging citizens to divert their deposits from Wall Street to community finance organizations, Move Your Money advocates hope to limit the economic clout of big banks that sparked today's economic crisis, while empowering small business lending by institutions that did not partake in the subprime bonanza.

The Nov. 5 event follows a renewed push for the Move Your Money project from New Bottom Line, a national coalition of anti-foreclosure activists, small businesses and community groups, which staged several protests against Wall Street banks in the months leading up to Occupy Wall Street's ascension into the media spotlight.

WATCH MoveOn's Move Your Money video: