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CHICAGO — The Chicago Teachers Union closes accounts at the main Bank of America in the Loop on Wednesday. The union claims it’s an institution that’s adding to the budget crisis.

This is the latest move as the union and CPS battle over a new contract.

The union had more than $700,000 in the Bank of America at 135 S. LaSalle. It’s protesting against the bank’s so-called toxic interest rate swap deals with CPS.

This move comes 24 hours after CPS threatened $100 million in potential budget cuts, which would be deep enough to include many teaching positions.