Since Green America put out the call to members and the public to Break Up With Your Mega-Bank we’ve heard from people all over the country who were excited to end their abusive relationships with large banks and begin a healthy relationship with a community development bank or credit union.
As one member put it: “Fed up with the banking/financial system at large, finally got smart and walked out on my corporate institutional bank today. Goodbye, US Bank, and hello to the neighborhood credit union.” As more and more people move their bank accounts to community development banks and credit unions it strengthens communities, creates jobs, and makes our country more sustainable.
Mega- banks are starting to get the message, with Bank Of America just the latest to roll back new fees in the face of a customer exodus (no word yet on whether they will improve their lending practices). As a friend on our Facebook wall succinctly noted about BofA’s announcement: “Too little too late.”
We’ve also heard from some members that they’ve encountered barriers to breaking up with their mega-bank, especially if they have online accounts. Luckily none of them experienced the challenges of some Citibank customers who were arrested for trying to terminate their accounts. Later this week, Green America will be putting out a Break Up With Your Mega-Bank Kit that walks people through the steps of breaking up with their mega-bank, and helps them steer all their investments towards social investing.
We want to hear more of your Break Up With Your Mega-Bank Stories. What drove you to break up with your bank? Where are you banking now? Any challenges with closing your mega-bank accounts?