Move Our Money. Bank Local.
May is Move Our Money Month. Bank Local!
Will we continue down the path to less freedom, less free time, and more stress. More bills, more greed, environmental destruction. Will we allow the 1% to get away with destroying communities and controlling the government? Or will we say no more. We are the 99% and we will no longer tolerate the greed and rule of the 1%. Our actions determine the direction we go. Lets organize.
Let’s move our money out of their criminal too big to fail banks. Here’s how:
Go to moveourmoneyusa.org for more info.
- Find another financial institution that has your values. You may wish to check out a community bank or a credit union in your area.
- Once you have found a new financial institution, open up your accounts (like the ones you will be closing at Bank of America, JP Morgan Chase or Wells Fargo).
- Order checks.
- Order your ATM/Debit Card. Note: Some institutions will give you a debit card upon opening your account.
- Set up automated payments (mortgage, cell phones, garbage, etc.…).
- Set up automatic deposits (as needed)
- Set up online banking (as needed)
- If you have automated banking, you may wish to log on at your earliest convenience to set up your bill payments that way. Log on to your Bank of America, JP Morgan Chase or Wells Fargo online banking account to get all your information about who you pay online. Setup your online banking payments
A more detailed guide to closing your account from fearlessrevolution.com
- 1. Go through previous big bank statements to see exactly which accounts you have. Be sure to check the names on each account. If you are closing a joint account with two holders, it makes a difference whether the word joining your names is “and” or “or.” If the account in your name is in your name and someone else’s, you will both need to go in and close the account. If the account is in your name or someone else’s, either of you can close the account. Some big banks may vary on this policy, so it’s best to call your big bank to find out exactly what you need to do prior to walking into your local branch.
- 2. If you have any loans with a big bank, look closely at your statements and paperwork you signed at the time of closing. There very well might be penalties that will trigger a higher interest rate if you close your checking account. Big banks excel at offering customers lower interest rates on mortgage and auto loans if you open a checking account and maintain a minimum balance. A primary checking account is a bank’s ultimate goal to securing your, ahem, loyalty. A primary checking account also leads to, on average, the opening of three additional accounts with that financial institution. Decide whether or not you can or have the willingness to pay off the outstanding loan balance. If you do not pay off the loan balance, call your bank to ask about escalating fees or rate increases by closing your checking account before walking into your local branch to close the checking account.
- 3. Stop using your deposit accounts ASAP. You need to allow everything to clear the accounts completely before you close them. This clearing process takes about two weeks to complete. Keep close tabs online to see which transactions are still outstanding.
What To Do After You Have Closed Your Big Bank Deposit Accounts
- 1. Shred all remaining checks and debit cards. This is an essential step. If you mistakenly use the checks or debit cards, you will be going back to the big bank branch. Except this time it will be to clean up your mess.
- 2. Sync up your new deposit account information (ABA routing number and account number for checks, card number, expiration date, 3-digit security code for debit card) to any relevant accounts that require automatic payments. For example, if you automatically pay your car insurance on a monthly basis with your checking account, be sure to sync up your checking account with your car insurance company. You may also want provide your new account information for online products such as iTunes, eBay, and PayPal.
- Wear your finest running gear.
- Make a sign explaining why you moved your money. If you were banking with BofA you can use this sign.
- Have your picture taken with your sign in front of the big bank and add it to the gallery (coming soon).
- If you are in New York City, and you put your info into the form below we will be contacting you soon for a Move Our Money photo shoot by the same folks who took these amazing photos.
- Tell everyone that you made the move. Tweet #fthebanks, #moveourmoney, and post on facebook.com/fthebanks and fill in the form below.