I hear stories of more and more people wanting to take their money out of corrupt, greedy and law-breaking big banks, and invest their funds into their local communities. However, it still seems that many well-intentioned people are not taking action, and for a long time I was one of them! I recently wrote on my own personal decision to leave Bank of America and move my money to a credit union. Before I decided to do this, I had many doubts, usually focused around hassle of switching, convenience, and the time to research another option.

Having gone through the entire process, I thought it would be helpful to outline in detail how to go about moving your money BACK into your community. It’s not as hard as you think, but it does take some time and planning (just like most other things that are worth doing and worth having!).

“Now imagine a world where banks are not-for-profit organizations where surplus funds, after ensuring reserves, are distributed back to the members as dividends and better rates on loans. Imagine if each member had an equal say in the governance of the organization, regardless of his or her account size. Imagine “banks” that are democratic, member-owned cooperatives. This world exists and these better-than-banks organizations are called credit unions” – DaveUSA, Daily Kos

Step-by-Step Guide to Break Up with Your Big Bank

This list assumes that you’ve already pretty much decided that you don’t want to support the banking industry any longer. It also assumes that, for whatever reasons, you haven’t yet cut the chord. This list will help you!

1. Write down the main features of you current bank that are MOST important to you, or that you fear going without if you move your money to a credit union/local bank. For me, it was ATM access (my credit union partners with other credit unions to offer more places), mobile banking, and online banking. The interface on the online banking is nothing like Bank of America’s was, but in the end it doesn’t matter. I can pay my bills, check balances and make transfers, so that’s enough for me!
2. Start doing your research – search online, ask your friends for recommendations, put it out on your social networks…find out what else is out there. 
3. Cross-reference with your list from #1 – Spend time on the websites of these CUs or banks – read thoroughly, and email/call to ask questions to make sure they have the features you most want (please keep in mind – you will not get everything you had at the big bank, but your money will be in a better place).
4. Open a new account with your selected CU or local bank – I did this entirely online, and had my new check card and checks within a week or so. Easy peasy!
5. Add you new card to all of your online accounts. This is the most tedious part of this process. I had online accounts on many sites, and had to rack my brain, go back through filed emails, and check past bank statements to make sure I’d changed them all. You don’t want to miss anything here. Here are some common online accounts:
   1. Utilities (electric/gas bills, water, sewer, etc.)
   2. Rent/Mortgage
   3. Student Loans
   4. Credit Cards
   5. Cable/Internet
   6. Car and Car Insurance
   7. E-commerce and retail sites – Amazon, PayPal, Ticketmaster, Etsy, Target, Pandora, iTunes, etc. 
6. Add your new account to direct deposit at work. Get that money flowing to your new account!
7. Change your card on your automatic withdrawals. This can take more time and effort than just logging into an online account and adding a new primary card. In my case, I had to call and there was a waiting period for the adjustment to take place. Which leads nicely into the next step…
8. Keep your old bank account open for at least two months. This is a MUST-DO! Leave the amount of money in there that would cover ALL of your bills for one month, just in case something is amiss (new card number entered incorrectly on the site you pay rent on, automatic withdrawal taking two billing cycles, etc.).
9. Monitor both accounts for at least one, if not two, full months. Make sure all the transactions appear in your new account, and that there are no more transactions on your old account.
10. Break Up – Go into that Big Bank, close your account, and WALK OUT KNOWING YOU’VE MADE A POSITIVE IMPACT. Trust me, it feels WONDERFUL.