The group moved into the empty building at the corner of the square and Hamilton Street on Monday night, and say they want to turn it into a bed and breakfast for rough sleepers.
Signs on the windows and a post on the protestors鈥?Facebook page said they were seeking donations of items including food, bedding, cups and plates.
In April and May 2015, the group occupied the old Bank of England building on Castle Street in a protest that lasted just over two weeks.
In September that year, five Love Activists were jailed for their part in the occupation.
Here is what the role of police, council and the building鈥檚 owner in what happens next:
History of the building
50, Hamilton Square was opened as a branch of the Bank of Liverpool in 1887 before becoming Martins Bank and then a branch of Barclays in the 1960s.
It closed in July 2013 and the Grade I-listed building is understood to have been empty ever since.
Who owns the building?
In July last year the first and second floors of the building, which were previously used as offices, were sold at auction for £65,000. Auctioneers said listed building consent was granted in June 2015 to convert both floors into two flats.
But Barclays Bank is still believed to hold the lease for the ground floor, previously the main banking area, which is the area the protestors are occupying.
What can the police do?
Police were called to Hamilton Square on Monday night after reports of a small protest and said a number of people entered the property at around 5.45pm.
But although two police cars remained outside the building on Tuesday, the role of the police here is ensuring the safety of the public.
A spokesman said officers were monitoring the situation and had been making attempts to engage with the group.
What about Wirral Council and Barclays Bank?
Wirral Council said it was aware of the situation and staff had spoken to police at the scene.
But the local authority does not have any power to force the Love Activists to leave because the building is in private ownership, and it will be down to the landlord to take any legal action and issue a claim for possession.
The ECHO has contacted Barclays Bank for a comment.
What do the Love Activists say?
The protestors occupying the building have dubbed themselves the 鈥淏irkenhead bank squatters鈥?and taped a notice to the front door asserting what they say are their legal rights.
They say they live in the property, it is their home and they intend to stay there and any attempt to enter the premises without their permission is a criminal offence.
They also say they will prosecute anyone who attempts to 鈥渆nter by violence or by threatening violence鈥?
They added: 鈥淚f you want to get us out you will have to issue a claim for possession in the County Court or in the High Court.?/p>