MOVE YOUR MONEY – How To’s

Four Steps to Move Your Money to a Values-Based and Local Financial Institution:

1. Open an account at an institution that shares your values!  Find one from the links below.
2. Order your new checks and debit card.
3. Move your automatic deposits and payments to your new banking institution. Look at your current bank statement to make your list; contact each and change them from your old bank account to your new account.
4. Close your Mega-Bank account AFTER you have allowed time for all automatic withdrawals to be moved. And use a customer comment form at your old bank to state that you have closed your account because you don’t support investment in fossil fuels!

When you move your money to a values-based, local financial institution consider:

• Fees compared to your current bank
• Ways your money will help your local economy by financing local business
• Decision-makers there and their local ties; credit unions are generally owned by their members
• Involvement of the institution in your community
• How your funds will be invested: in productive investments, such as loans in the community, or risky ones, such as speculative trading or in fossil fuel exploration or infrastructure.

Where to Bank?

• Credit Unions: member-owned, non-profit financial institutions that provide a wide array of financial services and generally invest in local communities.
• Community Banks: Many are community minded and invest in their community. Look for one in line with your values.
• More ideas below

Some Questions to Ask

Q: At what level would your funds be insured? Is there federal insurance at the general level of $250,000 per depositor?

Q: What is the interest rate of return? What are ALL their fees?

Q: Can you refinance your big-bank mortgage with the Credit Union?

Q: What about availability of ATM machines? Is there membership in a larger no-fee network? Will out of network ATM fees be reimbursed?

If need be you could keep a small amount of your money in a bank’s free savings account to get access to their ATM network.