How to Boycott Banks
According to the pro-credit union site A Smarter Choice.org, credit unions are a better choice because when compared to banks, they usually have better rates, lower fees and higher satisfaction rates. Credit unions are cooperative, not-for-profit institutions and every member is a voting owner. What would be profit for a bank translates into savings and service to credit union members. Your money is safe with deposits insured up to $250,000, and most credit unions now offer all the services of traditional banks. Opening a credit union account and closing your bank account is a boycott spoken in the only language banks understand.
Other People Are Reading
Instructions
-
-
1
Use the National Credit Union Association's credit union finder to find a credit union you are eligible to join (see Resources).
-
2
Visit the credit union you have located and pay the $5 to $50 membership fee. This fee remains in your account and draws interest for you, but it is not available for withdrawal unless you are closing the account. Open credit union accounts to replace your bank accounts. Enroll in online bill payment, if possible, and account statements by email, as these save the credit union and you time and money.
-
-
3
Visit your bank and close your accounts. It is your choice as to whether or not you inform the bank of the reason your are closing your account.
-
1
Tips & Warnings
Don't store your money in the freezer at home. Every thief knows to look in the freezer. A credit union is safer.
Don't choose to boycott banks by keeping your money at home. If you are very public about your bank boycott, you may be putting yourself and your family in danger.
References
Resources
- Photo Credit Matt Cardy/Getty Images News/Getty Images
