It’s EASY to move your assets from a Big Bank to a community bank or credit union.
Here’s what you do:
1. Select a local bank or credit union (our guide in this issue can help.) Take the minimum amount they require for new customers (usually at least $25.) Walk into the institution. Tell them you want to open an account. In a few minutes, you’ll have the account.
2. While you’re in the building, order checks and an ATM card.
3. Since you’re there, order a new credit card. Wait about 2 weeks for everything to arrive.
4. If you are employed and have direct deposit, ask the new institution for a direct deposit authorization. Give this to your employer. Ask them to switch. They will.
This is your opportunity. Tell them.
5. If you pay any bills by “direct pay,” switch these companies over to your new account, too.
6. Once everything is going smoothly, close your old, Big Bank account. As part of their procedure, they always ask why a customer chooses to leave them.
7. There are a number of reasons you might name. Predatory lending practices? The high cost of fees and poor service? The fact that they don’t invest in the Salem community? People who advocate moving money recommend that someone closing a big bank account select only one reason. This makes the message less confusing, and is easier for the bank person to record.
You’re all done!