How To Divest from a Big Bank
Set up an account at another financial institution:
- Find another financial institution that has your values. You may wish to check out a community bank or credit union in your area. For local residents of Redwood City and the Peninsula, Occupy Redwood City has compiled a list of credit union and community bank branches in San Mateo County for your convenience!
- 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. Some institutions will give you a debit card upon opening your account.
- Set up automated payments for your 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, Citi, or Wells Fargo online banking accounts to get all your information about who you pay online. Set up your online banking payments with your new institution.
Many thanks to the New Bottom Line for this basic step-by-step guide. For a more detailed guide to closing your account or what to do after you have close your Big Bank deposit accounts, go to: http://www.newbottomline.com/how_to_divest_from_a_big_bank.