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How To Move Your Money Out Of The Big Banks [Video]

How To Move Your Money Out Of The Big Banks [Video]

Today is Bank Transfer Day! This grassroots event has already encouraged 650,000 Americans to move their money out of the corrupt, for-profit banks and into smaller, non-profit credit unions or community-owned banks.

Even if this is the first you’ve ever heard of Bank Transfer Day, you can still participate! Any day is a good day to take back your money.

If you’ve been with your Big Bank for years, you might not be certain how to move your money without disrupting your personal finances. The Move Your Money Project has been working to educate people about the difference between banks and credit unions, and the best way to transfer money out of the Big Banks ever since they took billions of dollars in bailout money from the American taxpayers.

Watch the video below, then follow the checklist to show the Big Banks you won’t support their million dollar bonuses and dirty investment practices any more!

7 SIMPLE STEPS TO MOVE YOUR CHECKING ACCOUNT

1. Open Your New Account

In most cases, you should be able to open a checking account with an initial deposit of $35 to $100. At a credit union, you’ll also become a member and co-owner at the same time.

2. Order New Checks and an ATM/Debit Card

These typically arrive within 1 to 2 weeks. You should also consider applying for a credit card from your new local bank or credit union at the same time.

3. Ask Your Employer to Reroute Your Direct Deposit

When you open your new account, ask the bank or credit union for a direct deposit authorization form that includes your new account information. Give this form to your employer and anyone else who makes direct deposits to your account. It may take one or more pay cycles for the change to be made, so keep your old checking account open and watch for the swith.

4. Contact Companies that Direct-Debit Your Account

Using your last bank statement, make a list of any businesses that you’ve authorized to directly debit your account. Ask your new bank or credit union for an automatic payments authorization form that includes your new account information. Send this to the businesses on your list.

5. Set-up Online Bill Paying for Your New Account

If you like to pay bills online, set up bill payment information for your new accoutn. Also, top automatic, recurring payments you have established through your old account.

6. Close Your Old Account

Once you have started receiving direct deposit into your new account and are sure that there are no outstanding checks or automatic debits that need to clear, close your account.†Warning: do not just withdraw the last dollar and assume the account will fade away on is own. Your old big bank may start chargin you fees for having an empty or inactive checking account. Instead, follow the bank’s procedure for closing out the account.

7. Enjoy Your New Local Banking Relationship!

Related Reading:

Bankers Decide Their Own Regulations

Bank Of America Cancels Debit Card Fee Plan

Are Fed Bankers Colluding To Enrich Themselves?

 

This checklist was produced by the†New Rules Projectís Community Banking Initiative. Visit†newrules.org/banking for articles, graphs, studies, and more.

Image Credit: Flickr – fibonacciblue

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27 comments

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1:01PM PST on Nov 8, 2011

We don't have a local credit union. What can we do???

9:34PM PST on Nov 7, 2011

I've done it, and I feel FREE and successful. Even though I'm just one small person with limited money, if enough of us do it, to show the big banks that they can't randomly screw with us wherever they want more money, ....................... we might just change America with the 99% making an impact. Do it! Move your money away from the Pharisees.

10:35AM PST on Nov 7, 2011

In most cases, if you open up an account at a credit union, they will close out your account for you.

10:21AM PST on Nov 7, 2011

I have my account and my mortgage with a credit union, as do most of the people I work with. While they promote their “family and neighborhood” friendly and loving environment, I know firsthand that their first thought is, “How can my Credit Union make more money.” They are instant when it comes to fees, with no understanding or working with their customers. Foreclosures happen without a care and with little understanding of how long you’ve had an account or how bad (or insignificant) your circumstances.

And every time a Democrat or Obama comes out with some sort of wonderful Government plan to force banks to do business a certain way, my credit union takes advantage of that, runs ads (my branch literally ran an ad with the headline to transfer your bank account to them), changes their policies, and makes it that much more difficult to obtain a loan or take advantage of other benefits they shout about.

Get Government out of the banking industry and we wouldn’t be having all these problems. Just ask a bank teller lead about all the time and money wasted following useless Govt regulations.

9:47AM PST on Nov 7, 2011

support your local credit union : )

8:49PM PST on Nov 6, 2011

I closed my account at Bank of America 5 years ago due to their ridiculous fees and their tendency to clear checks today but wait until tomorrow to clear deposits...
Our local credit union was very easy to join and they sent me home with my temporary checks and my debit card that day.
Please don't hesitate to do the same!

5:43PM PST on Nov 6, 2011

Spread the protest.

Corporations have over-powered our government which now believes that out-sourcing and off-shoring of U.S. jobs is inevitable and necessary with expectations that the middle class should fall on their swords. It is the underlying cause of the financial collapse and borders on national security with the loss of our middle class tax base. Yet, this nation does nothing, not even demand it be restricted by whatever method. International businesses are doing the UN-AMERICAN activity of destroying U.S. salaries, U.S. businesses that hire in the U.S., and as an end result, destroying the U.S. marketplace while still demanding BUSINESS ENTITLEMENTS and protections for themselves.

Infrastructure spending and tax breaks will not replace enough jobs to keep up with the hemorrhaging loss of U.S. jobs from out-sourcing over seas. Neither party will do anything about it unless we begin grass roots efforts to protest out-sourcing and off-shoring of U.S. jobs. If nothing is done we will deserve what we get and it will get a lot worse before it gets better.

2:19PM PST on Nov 6, 2011

Most of the banks, not sure about Credit Unions, when opening a new account will setup the automatic transfer from Social Security to your new account. Do not close the old account until your first Social Security check is deposited into the new account or your check will have no place to go and will be sent back to social security.

When you close your old account make sure you tell the manager why you are closing your account.

11:12AM PST on Nov 6, 2011

that makes a nice little check list. getting going on step one.

9:45AM PST on Nov 6, 2011

thanks

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