10 EASY STEPS
ASKED BREAK-UP
How to Break Up with Your Mega-Bank
1 old account open as
Choose your new bank
or credit union. While
picking a local bank is a
good option, and a local
credit union an even
better option, moving your
accounts to a community
development bank or
credit union is your best
bet to matching your
banking with your values.
Find a Green America-
screened and -approved
community development and
green bank or credit union
at GreenPages.org in the
“Financial--Banks and Credit
Unions” category.
REPRINTED FROM THE JANUARY/FEBRUARY 2012
GREEN AMERICAN MAGAZINE, A PUBLICATION OF
GREEN AMERICA: 800/58-GREEN, GREENAMERICA.ORG
FREQUENTLY
QUESTIONS
Are accounts at these
smaller banks and credit
unions safe?
2 4 A: Yes, your accounts at
community development banks
Open your new Move your automatic deposits to
and credit unions are insured up
account. Keep your your new account. Ask your employer to
to $250,000 per depositor.
you order checks, 3 transfer your direct deposit paychecks to
your new account. Do the same for Social 10 Do community
debit cards, and Make a list of your Security and other deposits you receive. Encourage your house development banks
deposit slips. automatic payments Ask for the date on which deposits to of worship, alma and credit unions pay a
and withdrawals. your new account will take place. mater, workplace, and competitive rate of return?
community organizations A: Yes. Community
to use a community development banks and credit
development bank unions pay a rate of return
or credit union. For comparable with that of banks
congregations, turn to and credit unions in general.
US SIF’s free Community They also provide better
Investing Toolkit for Faith customer service and have
5 Communities at ussif.org/
resources/pubs. Colleges
lower fees.
Move your automatic and universities can get What if a mega-bank holds
withdrawals to your assistance from the Responsible my mortgage?
new account, once you
know you’ll have sufficient
6 Endowment Coalition:
endowmentethics.org.
A: You may be able to
Get print or refinance your mortgage with a
funds in the account. Ask
electronic copies community development bank
for the date on which
payments from your new
account will begin. It’s wise
of statements and
canceled checks that 7 or credit union. If they are
offering a lower interest rate
you may later need Transfer the remaining
than you are currently paying,
to leave a small amount funds in your mega-bank
if you have only online this may be the time to move.
in your old account for account to your new
banking through your
a month after you’ve account after you have all How do I avoid ATM
mega-bank.
shifted your deposits and your automatic payments fees when I bank with a
withdrawals to your new and deposits transferred small bank without many
bank or credit union, just and any final checks have branches?
in case. cleared your old account.
A: A number of credit unions
will pay your ATM fees, or
they may belong to a larger
network that doesn’t charge
fees. Otherwise, you can keep
9 a small amount of cash in a free
savings account at a local bank
Inform your mega-bank
that gives you access to their
why you’re breaking up
ATM network for free. Then, do
8 with it. See a sample letter on
p. 16 and in our “Break Up with
the rest of your banking with a
Close your mega- community development bank
Your Mega-Bank Kit,” free at
bank account! Obtain FREE! or credit union.
GreenAmerica.org/go/BUWYBkit.
written confirmation Get our Break Up
that your account is With Your
closed. Mega-Bank Toolkit
online at
GreenAmerica.org/go/toolkit