Bank Transfer Day - primer on how-to move your money to a credit union

Bank Transfer Day facebook page --> http://www.facebook.com/Nov.Fifth


Already 650,000 people across the country have joined credit unions in the past four weeks (more than in all of 2010). Want to move your money too? Here's a handy primer from Mother Jones....



http://motherjones.com/politics/2011/11/how-to-move-money-big-banks-credit

How Do I Move My Money Out of a Big Bank?

Why would I want to move my money out of my existing bank?
You'll probably save money in the long run. According to a 2009 year study by the Filene Research Institute, the average credit union account holder paid $71.47 in annual fees, compared to $183.14 paid by the typical bank customer. And new restrictions on debit card fees imposed last month by the Dodd-Frank Act have sent banks scrambling for even more ways to nickel and dime their customers in pursuit of profits. Nonprofit credit unions, on the other hand, only need to break even. They also tend to plow their money back into basic loans in their own communities, instead of dabbling in the kind of complex and risky securitized investments that caused large banks to go bust and drag down the economy. It's important to note that credit unions and small local banks aren't recession-proof: a striking 17 percent of Florida's bank failures since 2008 were community banks.


What's the process?
Don’t expect to be able to open a credit union account and close your old bank account in one day. You'll need to receive new checks and a debit card in the mail, switch over any automated deposits and electronic bill paying services, and wait for pending financial transactions to clear. Only then should you give your old bank the boot. Here's a searchable map that locates credit unions near you. You'll probably have a one or two weeks to get a debit card and checks in the mail, though some credit unions will issue you temporary versions. Besides that, it's just a matter of finding the time to switch over your bills.


Aren't credit unions less convenient than big banks?
Not necessarily. While individual credit unions typically have fewer branches than corporate banks, many participate in "shared branching," allowing customers to make a deposit or withdrawal at other participating credit unions. Also, many credit unions have implemented advanced online banking options including direct deposit, online bill-pay, and mobile banking using your cell phone. What about ATMs? Ask your local credit union if it's a member of the Co-op Network. Customers at credit unions in the network can use a smart phone app to find any one of 24,000 fee-free ATMs across the country. "You actually get access to more fee-free ATMs than if you were at Bank of America," says Ben Rogers, research director for the Filene Research Institute, a think tank that studies credit unions. Some credit unions will even refund any fees that you rack up using other banks' ATMs.


If everyone moves their money out of big banks, how much money do the banks stand to lose?
Currently, total deposits for all banks and savings and loans, including personal and business accounts, come to $7.5 trillion.

(snip- much at link)