Move Your Money
Big banks in California have been at the root of the foreclosure crisis. Furthermore, after the federal government bailed out the nation's nine largest banks, those same institutions continue to successfully lobby against any serious efforts to address the foreclosure crisis or increase bank accountability. In California, big banks spent tens of thousands of dollars lobbying against SB729 which would have increased transparency and accountability in our State’s mortgage market.
As a community, we say, "No More!" Make a commitment today to transfer your accounts to smaller credit-unions and local banks that put people before profit.
Use the following resources to select a credit union or local bank in California and start the process of moving your money.
5 Steps to Move Your Money
- Organize current accounts. Know which accounts you have, so you know which accounts you need to close. Make sure all pending transactions have time to clear.
- Pick your new bank or credit union and open your new account/s. Open your new account with a small deposit (electronic transfer is fastest and safest way to do it).
- Change your automatic deposits and payments. Make sure to update any direct deposit and automatic payments attached to your old account and update them. (ex. car payments, credit cards, utilities, Clipper card and loan payments).
- Transfer your money into your new account. Once all automatic payments and direct deposits are linked to your new account, electronically transfer your money from your old Big Bank to your new account. If electronic transfers aren't possible for you, you can get your money in the form of a check when you close your Big Bank account and deposit it into your new account.
- Say Goodbye to the Big Bank. (This is the fun part.) Go to your Big Bank and tell a teller that you want to close your account (each bank will have different procedures for closing accounts). Get written confirmation that your accounts are closed. Click Here for Detailed Instructions
- Bonus Step - Celebrate! Moving your money is a powerful act. The banks aren’t too big to fail, our movement is.
California Credit Unions and Local Banks
Note: This list contains locally based financial institutions and Federally Chartered Credit Unions. At this time, we have not added State Chartered Credit Unions because they are not required to comply with the Community Reinvestment Act which provides important investment and protections for our communities. As we are able to vet those State Chartered Credit Unions in compliance with the CRA, we'll add to this resource.