I have been meaning to move my money out of Bank of America for over a year and I'm finally doing it! After reading Think Progress's Five Reasons to Move Your Money Out of Bank of America, I just had to find the time to figure out what to do.
I found a really useful website started by Arianna Huffington: http://moveyourmoneyproject.org/. It has a great video using It's a Wonderful Life.
I used the website to find local banks and credit unions near my house. I'm in the process of moving my money out of Bank of America and in to BECU, a local credit union. Here's a handy checklist to help you move your accounts:
I made my own video about what I've been studying (sustainable finance) and making my money move.!
Stay posted for more information on how to move your investments so they too will support a better world!
I found a really useful website started by Arianna Huffington: http://moveyourmoneyproject.org/. It has a great video using It's a Wonderful Life.
I used the website to find local banks and credit unions near my house. I'm in the process of moving my money out of Bank of America and in to BECU, a local credit union. Here's a handy checklist to help you move your accounts:
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!
This checklist was produced by the New Rules Project’s Community Banking Initiative. Visit newrules.org/banking for articles, graphs, studies, and more.
I made my own video about what I've been studying (sustainable finance) and making my money move.!
Stay posted for more information on how to move your investments so they too will support a better world!
Thank you for sharing about how to divorce your bank. Like you, I've been meaning to do it, but have wanted a little push and some direction.
ReplyDeleteYou video does a great job of explaining you and your Beat. Great use of screen-grabber, plus I love the mossy necktie image.
Woo-Woo! Empowering people to invest in each other, that's what I'm talking about!
ReplyDeleteNice to know there are good resources available to help you move your money out of a big bank and into a local community bank. You do a great job of showing people where to start.
ReplyDeleteI've been meaning to ditch B of A for over a year now too! I'd given myself until the end of this year...I know, why should it take so long? I have some complications in that my family and I have shared accounts and can thus easily transfer money in and out of each others' accounts if needed. My other concern is that I want to go with a local credit union in Seattle but if I move next year, I'll have to pick another one. Still, I'm going to commit to doing it.
ReplyDeleteGreat job on the video by the way, very informative! And I look forward to learning more about sustainable finance through your blog.
Thank you, Rachel, for your encouragement to move my money to a local bank. I'm now considering BECU or Prevail. My boyfriend banks at the later, but BECU is more convenient for me. I look forward to hearing how you will be handling your mutual funds. I have mutual funds at Vanguard. They only have one social mutual fund.
ReplyDeleteThis is powerful stuff Rachel! I feel empowered to take action when I read your blog. Thanks for the honesty about having to make the time to take back your money. I also really appreciated the video from Arianna Huffington's page. Very interesting and I love the mix of story and reality.
ReplyDelete