Thursday, November 03, 2011

Bank Transfer Day

Will you be participating? Changing out your big bank for a locally owned credit union? One that invests in the community you live in? Bringing your money local?

Bank Transfer Day is Nov. 5 and it might be a bit of short notice to try to do that on Saturday, but lots of credit unions are open then. Here are a couple of things to remember:
1. Your direct deposit of your paycheck needs to be transferred, so get proper documentation of your new account to your payroll department as quickly as you can so they can verify and be ready to deposit your next check.
2. If you have ANY direct deposits or deductions, it takes time to switch them. Don't close your old account right away.
3. Make sure everything you've charged at your old bank has cleared before you close that account.
4. But make sure you close the old account once everything has been transfered and cleared, because they often will charge you a monthly fee, not to mention fees for balance minimums not being met!

Credit Unions are terrific places to put your funds and support your local community. I made the switch several years ago. Then recently I started moving funds into accounts with a regional bank (one that's not "big" and has never received bailout funds, as well as being very conservative with their reserves levels).

The "Buy Local" movement makes just as much sense in the banking industry as it does for your other consumer habits.

1 comment:

Carrie K said...

I've been in my local credit union for over 20 years. There are usually local banks as well.