CHICAGO (CBS) — Teachers upset with the Chicago Public Schools and Mayor Rahm Emanuel will take their grievances to the streets late Thursday afternoon.

The union expects a “big turnout” for its rally outside of the Midwest regional office of the Bank of America, which the union accuses of steering the Chicago Board of Education into making bad investments.

The rally takes place three days after union leaders rejected a contract offer and one day after withdrawing $725,000 and closing its account at the Bank of America.

Teachers Pension Fund President Jay Rehak says the leadership received unanimous backing at a CTU House of Delegates meeting Thursday evening.

“Everybody unanimously said thank you big bargaining team,” he said. “There was a long standing ovation for those folks for sticking up. You know it’s difficult to be a tough person in hard times but we’re resolute and we’re ready to go.”

Rehak said CPS Chief Executive Officer Forrest Claypool’s threat to cut off pension payments a month from now is irresponsible, and said the timing is unfortunate.

“When they don’t pay that money…then we lose the opportunity to invest that money and that’s going to cost the city of Chicago even more money down the road,” he said.

Rehak said teachers are ready for more negotiations, talks from which another teacher said no one can walk away a winner.