I did it, I finally did it – I closed my account with Bank of America and opened with a local credit union. It feels so good to have my money in the local community, rather than with a a global bank with no interest in or concern for real people.

I also have an interesting story about what happened when I went into the BofA branch to close my accounts…

Before I get to the details about closing my account, I wanted to share why I decided to make this change – it wasn’t the quickest or simplest thing…but I knew it was important.

There are many reasons that I decided to do this, but it really came down to two main things:

• Exploitation of tax payers by the big banks. We bailed them out, they don’t pay their taxes, and people’s investments are in trouble. Executives receive “golden parachutes” and big bonuses while foreclosing on people’s homes.
• My desire to be more community- and local- focused. Credit unions allow me to keep my money in the community, and I’m a member not a customer so I’m able to be more involved.

It took me over a year to really commit to doing this – big banks have lots of features that I love – online banking, highly functional mobile banking, etc. Ultimately, though, I decided that I couldn’t continue to sacrifice my beliefs and standards for a few technological conveniences. I knew it was time to “put up or shut up” and take some serious action of my own against the exploitations and injustices I frequently discuss.

I started by asking for recommendations on local credit unions and looked for convenience, mobile and online banking, a strong suite of other products I’ll begin using in the near future, and interest rates. I decided on one, opened an account online and began the tedious process of transferring all my online accounts from BofA to the new account. I’m planning on writing a follow-up post about how to move bank accounts, complete with a checklist, tips and timing.

Now, though, let me tell you about the interesting experience I had closing my account at BofA:

I walked in and told the teller I wanted to close my account. He and his supervisor were very nice and helpful – I was able to withdraw the remaining funds right there, before going to officially close the accounts with a personal banker.

The personal banker asked me why I was closing my account. I very pleasantly informed him that I had decided to go with a credit union. He stated that I could still keep one or both of my accounts open with BofA, for convenience. He then went on to discuss other “perks” such as numerous ATMs, online and mobile bill pay, etc. etc.

I just smiled and shook my head. He started processing my information then pressed me AGAIN about why I was closing my accounts. Part of me wanted to tell him it was for political reasons – that I don’t want my money in a corrupt institution that is contributing to poverty worldwide while seeing records profits from evading taxes in the country that bailed it out.

I decided against it – at the end of the day, it’s not his fault although he is party to all of it by working there. I told him I wanted my money in the local community and that credit unions have been a part of my family life for a long time (all of this is completely true).

He mentioned AGAIN that I should leave my accounts open in case I would get a better rate on a loan or some other product in the future. He was so persistent and I was getting pretty annoyed at this point. (I can only imagine how often he is successful at getting those with less resolve than myself to at least keep a savings account open. Terrible.) I calmly told him no and he finished my paperwork, printed off the official “account closed” statements and walked me out.

I felt amazing as I left the building – my step was so light and I had a HUGE smile on my face. I had done it – not only had I left a big bank and their corrupt system, but I had all of my money in the local community. If I can do it, SO CAN YOU! Opt out, raise your hand, get out of the line…BE THE CHANGE. If we all did it, we could have whatever we want. What’s stopping you?

Occupy EVERYTHING

Don’t let anyone stop you

Check back soon for my follow-up post where I share everything you need to know to break up with your bank, complete with a “how to” guide and checklist.