While picking a local bank is a good option, and a local credit union an even better option, moving your accounts to a community development bank or credit union is your best bet to matching your banking with your values. Use the Find section of this Get a Better Bank site to find community development banks and credit unions near you, or online-only options. You can find information about each bank and credit union’s ownership, memberships and certifications. As you research your new financial institution, be sure to ask about fees, services, and the details about the banking products you need. Make sure the institution you select is FDIC or NCUA-insured. 

Open your new account with a small deposit while keeping your normal megabank account open. Order the products you need such as checks, debit cards, and deposit slips. 

Make a list of your automatic deposits, like your paycheck or retirement fund check, and your automatic withdrawals, like your phone, gym membership, or utility bills. 

If you have direct deposit for your paycheck, ask your employer to transfer your paychecks to your new account. You will likely need to provide a voided check from your new account to your employer. The same holds true for Social Security payments or other forms of income you receive automatically into your account. Ask for the date on which the deposits to your new account will take place. 

When you know that sufficient funds will be in your new account, transfer your automatic withdrawals so they are now deducted from your new account. You will likely need to provide the routing and account numbers at the bottom of your checks. Ask for the date on which the payments from your new account will begin. It’s wise to leave a small amount of cash in your megabank checking account for at least a month after you think you have shifted your deposits and withdrawals to your new bank or credit union, in case of any unforeseen circumstances like checks you wrote that hadn’t been cashed, or payments you forgot about. 

If you receive paper statements each month from your megabank account, put them all in one place going back three years. If you have online banking through your megabank, download or take screenshots of your account statements going back three years. Save them for your records and keep canceled checks you may later need.   

Transfer the final funds from your megabank account to your new account – once you have all your automatic deposits and withdrawals transferred and any last checks have cleared your old account. Electronic transfer of these final funds to your new account is usually the fastest and safest method to use. 

Once the last remaining funds in your old account have transferred to your new account, follow the bank’s procedures for closing accounts. Obtain written confirmation that your account is closed. 

Inform your bank why you are breaking up (You can use our sample letter as a guide). 

Encourage your workplace, congregation, or alma mater to use a community development bank or credit union if they do not already do so. If you are on the board of any nonprofits, or live in a condo or housing co-op, encourage these organizations to switch too. For congregations, turn to the GreenFaith Multi-Faith Climate Finance Pledge. For colleges and universities, and other endowed institutions, turn to the Intentional Endowments Network for information on mobilizing capital for broad-based economic opportunity. 

Take action to put the rest of your money to work creating a greener planet. Find information about how to switch your credit cards, insurance, and investments including retirement funds to options that serve our communities, not fossil fuels and other destructive industries.