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We are the 99 percent

How to Move Your Money

Posted 11 years ago on Nov. 3, 2012, 10:50 a.m. EST by OccupyWallSt
Tags: bank transfer day, n5, move your money

move your money

Monday is Move Your Money Out Day of Action! See below to see how you can help.

Want to participate in the Occupy Movement but don’t quite feel ready to march or protest? Don’t worry, there are many other ways to disempower the financial institutions which form a virtual shadow government that subverts the will of the people.

You can move your money.

Late last year, sick of being charged a $3. overdraft fee on a $2 cup of coffee, I decided that I didn’t want HSBC - recipient of $3.5 billion of taxpayer-funded bailout money from AIG - to continue to nickel and dime me, so I opened an account at Ally and directed my paycheck to be deposited there. It was that simple. Now, when I receive $2 statements from HSBC, I laugh. They’re not taking my money any more.

Here’s how you can do the same:

1. Find a local bank or credit union: Check out this handy credit union locator. Type in your zip code and it returns a plethora of local financial institutions that invest in your neighborhood - as opposed to the banking conglomerates like Bank of America and Citi that couldn’t care less about supporting your community gardens.

2. Open your new account: In most cases, you should be able to open a checking account with an initial deposit of $3. to $100. At a credit union, you'll also become a member and co-owner at the same time. At Ally - formerly GMAC bank, which folded during the financial crisis and reopened as a branchless account holder that refunds all ATM fees - customers can keep a savings account open with just three cents. But be sure to keep your old account open for just a bit longer

  • you’re going to need it to activate your new account.

3. Order checks and a debit card: These typically arrive within 1 to 2 weeks. You can order a credit card, as the interest rates are likely to be much lower than the 20. the big banks typically charge, and at least your interest payments will go toward your own community. However, to really save your hard-earned money, use your debit card for purchases instead. Breaking our credit habit will eventually break all the banks, and this is the long-term goal.

4. Ask your employer to reroute your direct deposit: When you open your new account, ask the bank or credit union for a direct deposit authorization form that includes your new account information. It may take one or more pay cycles for the change to be made, so keep your old checking account open for a couple more weeks and watch for the switch.

5. Activate your new account: Once you have both your old and new bank accounts open, your new bank will likely ask you to transfer a small amount into your new account to activate it. You can do this online. This will clear in a day or two, and once it does, you’re ready to go.

6. Contact companies that enroll you in auto-pay: Take your last bank statement and make a list of any utilities, cable companies or other businesses you've authorized to directly debit your account. Call these companies and let them know your new account and routing numbers. Make sure to do this as soon as your new account is activated

  • if your old account is unsuccessfully debited, some companies immediately place you on a collections list. This once happened to me. Don’t let it happen to you.

7. Close your old account: Once you have started receiving direct deposits into your new account and are sure that there are no outstanding checks or automatic debits that need to clear, close your account. Do not just withdraw the last dollar and assume the account will fade away on its own. Your old big bank may start charging you fees for an empty or inactive account. Remember when I said I had $2 left in my HSBC account? That was the amount left over after my very last maintenance fee was deducted. Now that you’ve escaped the clutches of your corporate financial institution, the last thing you want is for them to chase you down for fees.

You’re now ready! Enjoy your totally manageable $9 overdraft fees and customer service with a smile!



Read the Rules
[-] 2 points by shadz66 (19985) 11 years ago

"It’s the Interest, Stupid! Why Bankers Rule the World", by Ellen Brown :

"In the 2012 edition of Occupy Money released last week, Professor Margrit Kennedy writes that a stunning 35% to 40% of everything we buy goes to interest. This interest goes to bankers, financiers, and bondholders, who take a 35% to 40% cut of our GDP. That helps explain how wealth is systematically transferred from Main Street to Wall Street. The rich get progressively richer at the expense of the poor, not just because of “Wall Street greed” but because of the inexorable mathematics of our private banking system.

"This hidden tribute to the banks will come as a surprise to most people, who think that if they pay their credit card bills on time and don’t take out loans, they aren’t paying interest. This, says Dr. Kennedy, is not true. Tradesmen, suppliers, wholesalers and retailers all along the chain of production rely on credit to pay their bills. They must pay for labor and materials before they have a product to sell and before the end buyer pays for the product 90 days later. Each supplier in the chain adds interest to its production costs, which are passed on to the ultimate consumer. Dr. Kennedy cites interest charges ranging from 12% for garbage collection, to 38% for drinking water to, 77% for rent in public housing in her native Germany.

"By 2010, 1% of the population owned 42% of financial wealth, while 80% of the population owned only 5% percent of financial wealth. Dr. Kennedy observes that the bottom 80% pay the hidden interest charges that the top 10% collect, making interest a strongly regressive tax that the poor pay to the rich.

"People generally assume that if they pay their bills on time, they aren’t paying compound interest; but again, this isn’t true. Compound interest is baked into the formula for most mortgages, which compose 80% of U.S. loans. And if credit cards aren’t paid within the one-month grace period, interest charges are compounded daily.

"Even if you pay within the grace period, you are paying 2% to 3% for the use of the card, since merchants pass their merchant fees on to the consumer. Debit cards, which are the equivalent of writing checks, also involve fees. Visa-MasterCard and the banks at both ends of these interchange transactions charge an average fee of 44 cents per transaction—though the cost to them is about four cents.

"The implications of all this are stunning. If we had a financial system that returned the interest collected from the public directly to the public, 35% could be lopped off the price of everything we buy. That means we could buy three items for the current price of two, and that our paychecks could go 50% farther than they go today.

"Public banking may be a radical solution, but it is also an obvious one. This is not rocket science. By developing a public banking system, governments can keep the interest and reinvest it locally. According to Kennedy and Creutz, that means public savings of 35% to 40%. Costs can be reduced across the board; taxes can be cut or services can be increased; and market stability can be created for governments, borrowers and consumers. Banking and credit can become public utilities, feeding the economy rather than feeding off it."


The seven paragraphs above (my bold) are taken directly and 'verbatim' from the article which I strongly advise all interested readers to examine, graphs and all. This very excellent article will expand on and confirm the contents of, the important news article and I can pretty much guarantee any reader here several 'WTF?' moments !! I really need a medicinal self rolled cigarette and a long lay down now !!!

radix omnium malorum est cupiditas ...

[-] 2 points by Shule (2638) 11 years ago

Allow me to add one more line:

Use Cash. Neat thing about cash is a lot of times you don't have to pay taxes, and you leave no trail.

[-] 2 points by debtfree68 (5) from Yonkers, NY 11 years ago

I like everything about this post except for the overdraft fee references. Don't use anyone else's money and they won't be able to take advantage of you. OWS is getting a good name with the general public for the first time because of the good work you are doing. Don't borrow from the bank and then complain that they want to be paid back.

[-] 2 points by beautifulworld (23782) 11 years ago

All fair, but then we need the economic system to work for all people. We need profits to be shared with workers in the form of wages that can actually provide a decent living. We also need for the cost of housing, food, education and health insurance to be within the means of that wage, hence that wage needs to be a "living wage." Provide that, and you won't see Americans needing to use other people's money.

[-] 1 points by cnieh2468 (1) 11 years ago

this is the lamest website I have ever seen

[-] 1 points by ExNube (4) 11 years ago

Credit Unions use credit and debit cards.

The credit and debit card companies make KILLER money taxing every single transaction that goes through... 1.5%++ of every banking transaction... Money Changers...

[-] 1 points by freewriterguy (882) 11 years ago

why have overdraft fees at all, I opted out, and havent paid a single over draft fee in a year. Thanks to an act of congress, Its now the law, people can opt out and never pay an overdraft fee again. Your transaction simply gets declined when there isnt enough money to cover it, and no fees ever.

[-] 1 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

People do you want to effect change?

Do you want to bring mega monsters back down to size?

Do you want to see an economic balance restored?

If yes is your answer.

Then all we need do - as individuals - is to stop letting the mega monsters feed off of "OUR" resources.

Invest in your local communities - local banks ( not mega monster subsidiaries ) and credit unions.

Move your personal resources to your community.

Don't like the practices of wallstreet?

Not a problem - move your investments ( 401K's etc ) out of investment gambling/stocks and place them into savings bonds.

Show wallstreet that you do not approve of them gambling and stealing and betting against their own clients. Take "YOUR" money away from them.

This is one of the easiest things each individual can do to show our displeasure to banksters and to our oblivious(?) government.

Stop feeding criminal enterprises that are devouring your resources/future.

Our voices may not be heard or might be ignored - but removing our money will not go unnoticed.

Be part of the change you want to see happen.

[-] 0 points by Saesneg (-166) from Linwood, NJ 11 years ago

No one has faith in savings bonds at the moment.

[-] 2 points by GirlFriday (17435) 11 years ago

Yes, yes they do. People that say that they have no faith in savings bonds want you to invest it elsewhere. You can tell because those people resemble crack addicts.

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

LOL - and here I thought the drug of choice 4 wallstreet was koch - I mean coke - sorry long day.

[-] 1 points by GirlFriday (17435) 11 years ago

K...........C...........after awhile.....it's all the same. This is especially true after a long day.

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

Really liked your comment BTW - yep people who would like to continue gambling with your money do not like savings.....bonds.

[-] 2 points by GirlFriday (17435) 11 years ago

Thank you. I have a special place in my heart for "financial advisers" and their ilk. :D

[-] 1 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

ilk is good/descriptive - reminds me of ILL.

[-] 1 points by GirlFriday (17435) 11 years ago

And they are. They are effing sick and twisted demonic bitches.

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

Perhaps with their preexisting conditions - they can't get health coverage. Not likely the type to spend out of their own pocket - though it is likely they would need to be committed against their will anyhow.

[-] 2 points by GirlFriday (17435) 11 years ago


[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

Another initiative for the people to undertake? {:-])

[-] 0 points by hchc (3297) from Tampa, FL 11 years ago

What happens when bonds dont keep up with the rate of inflation?

[-] 1 points by GirlFriday (17435) 11 years ago

What happens when the stock market crashes? What happens to the stocks when the next election cycle comes around and a bunch of morons don't get their way? What happens if the US stops ........in their tracks.......and does not kowtow to austerity measures? Or does not pass a particular bill? What happens then? If you have to take risks, take the ones that will do the least amount of damage.

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

We may find out shortly after the1st of January.

What happens when the stock market crashes?

People get busy - get quit of the mega-monsters.

[-] 1 points by GirlFriday (17435) 11 years ago


[-] 1 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

Time and long past time to get quit of the financial monsters. Jan 1st is gonna be here very very quickly.

[-] 1 points by GirlFriday (17435) 11 years ago


The two largest private equity firms in the world are busying buying up Europe. They also own our PPO. Cool-ya?

There is more to be gained by failure and apparently stability doesn't offer enough.

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

Kinda - winter is on the way - already here for many who are still without electricity - so yeah kinda cold.

[-] 1 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

4 the moment that would be better then watching your money do a disappearing act in the market.

[-] 0 points by Saesneg (-166) from Linwood, NJ 11 years ago


[-] 0 points by Saesneg (-166) from Linwood, NJ 11 years ago

I know many of you are law students - can you offer any advice on moving our money (with our bodies) out of the country?

[-] 1 points by GirlFriday (17435) 11 years ago

Well, have you consulted Paul Simon ?

[-] 1 points by Saesneg (-166) from Linwood, NJ 11 years ago
[-] 1 points by GirlFriday (17435) 11 years ago

Right on.

[-] 1 points by shadz66 (19985) 11 years ago

Don't blow a gasket now but :

minima maxima sunt ...

[-] 2 points by GirlFriday (17435) 11 years ago

I'm not blowing a gasket tonight. I read it earlier.

[-] 1 points by shadz66 (19985) 11 years ago


pax ...

[-] 1 points by Saesneg (-166) from Linwood, NJ 11 years ago

We came from the land of ice and snow... and if we have to, we'll return. I can't imagine our grandchildren under the weight of a 50% plus tax burden with nothing to show for it except corrupt governance.



[-] 0 points by mhammo (0) 11 years ago

Do you realize that Ally Bank is simply GMAC with a different name? GMAC received MORE THAN $17B dollars in bailout money. Not only that, they used bailout money from the TARP program to "repay" some of the money that GM was given for their bailout. Are you OWS's really that stupid!? Apparently so.

Do your homework before making changes that you think are making a difference. In this case, do what some of the other people below are doing and give your business to your local credit union or local bank. Most now have online banking and provide most of the things the so called "big banks" do.


[-] 0 points by VQkag2 (16478) 11 years ago

Excellent. Solidarity!


[-] -2 points by BetsyRoss (-744) 11 years ago

I am overwhelmed with horror and sadness that you felt it necessary to "teach" these basic principles on a website frequently by adult, US, Citizens who supposedly are some of the best and brightest among us.

I have no hope for my country any longer.....

[-] 1 points by VQkag2 (16478) 11 years ago

Replace pro bankster conservatives w/. pro 99% progressives, & protest for change that benefits the 99%

[-] 1 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

You need not be horrified it is not everyone else who has a comprehension problem - at this point in time - it is just you.

[-] 0 points by stevebol (1269) from Milwaukee, WI 11 years ago

If you have no hope then change location. We'll miss you but life will go on.

[-] -2 points by BetsyRoss (-744) 11 years ago

I'm sorry....are you saying that the readers of this forum NEEDED to be taught or informed on how to "move their money" from one bank to another? That the vast majority, if not all of them, did not already KNOW how to do this, or had to be told to do this?

[-] 1 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

That would be your faulty comprehension again Bitsey.

[-] 0 points by Builder (4202) 11 years ago

Come to Australia, Betsy.

We don't switch banks, we get class actions happening, and make the banks bend over and say sorry.

[-] 1 points by stevebol (1269) from Milwaukee, WI 11 years ago

Thank you.

[-] 1 points by Builder (4202) 11 years ago

No more "late fees" on payments.

$35 imposition that was proven to be usurous and illegal.

Had to pay it back, with interest. Cheeky phukkas think they own the joint.

[-] 0 points by stevebol (1269) from Milwaukee, WI 11 years ago

Don't go away mad, just....