Since 2008, we have been awash in news revealing the greed, reckless investing, fees, and foreclosure fraud (and brutality) engaged in by America’s largest banks: The Bank of America, Citibank, J P Morgan Chase, Wells Fargo, and other multi-state and multi-national banking powerhouses. Each received bailouts from Washington politicians of both parties – bailouts that were given, supposedly, because they were “too big to fail.” Many people feel like they have no choice but to complain about and accept what they can not change.
When you choose a Credit Union, you are investing in your neighborhood and Main Street - not providing cash for a gamble on Wall Street hedge funds or fee-based mortgages that are bundled and sold off to another financial investment firm. In 2008, Wall Street’s corporate banks demanded a bailout of $700 billion…and while the size of these Wall Street “Banksters” threatens our economic system, their size has actually increased since we bailed them out. According to FDIC data, the largest 5 banks held only 13% of US deposits in 1994; today they hold 38%. If the government won’t step in and apply Antitrust statutes to the Banking Industry and break them up, then we can do it ourselves and end ”Too Big To Fail” once and for all.
Changing financial institutions is not a one-step, or an easy one, but it is worthwhile.
1) Research your local credit union options. Find one here: USA Credit Unions
2) Then, open an account with the one that best suits your needs.
3) Cancel all automatic withdrawals & deposits from your old bank
4) Transfer your funds to the new account, keeping some cash available until your new checks and debit card come through
5) Follow your bank's procedures to close your account.
Start NOW , because between your debit card, credit cards, direct deposit of paychecks, and automatic bill pay, the banking world has you practically captive, and it will take a little time to get out from under their grip. But you can take pride when you invest in your community, and restore the 'human' element to your financial transactions.