Break Up With Your MegaBank in 10 Easy Steps

How to break up with your megabank!
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Breaking up with a megabank is easy. And it can make your life easier, too.

In New Orleans, Louisiana, Michael Butler sold his car to pay his medical bills, and racked up 1,400 miles on his Nikes walking to and from work for nine months. His mother saw an ad for HOPE Credit Union {GBN} and encouraged him to apply for a car loan, even though he thought his bad credit would disqualify him. An auto loan from HOPE helped him get a 2015 Dodge 3500. “I was overjoyed to get a car loan from HOPE,” Butler says, “I haven’t met too many people that nice. Of course I want to pay it forward. Now I’m happy to be able to help other people who also need a hand.”

Michael Butler

Get Started Today:


Choose your new bank or credit union. 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. Find hundreds of options at


Open your new account. Keep your old account open as you order checks, debit cards, and deposit slips.


Make a list of your automatic payments and withdrawals.


Move your automatic deposits to your new account. Ask your employer to transfer your direct deposit paychecks to your new account. Do the same for Social Security and other deposits you receive. Ask for the date on which deposits to your new account will take place. 


Move your automatic withdrawals to your new account, once you know you’ll have sufficient funds in the account. Ask for the date on which payments from your new account will begin. It’s wise to leave a small amount in your old account for a month after you’ve shifted your deposits and withdrawals to your new bank or credit union, just in case.


Get print or electronic copies of statements and canceled checks that you may later need if you have only online banking through your mega-bank.


Transfer the remaining funds in your mega-bank account to your new account after you have all your automatic payments and deposits transferred and any final checks have cleared your old account.


Close your mega-bank account! Obtain written confirmation that your account is closed.


Inform your mega-bank why you’re breaking up with it. See a sample letter in our “Break Up with Your Mega-Bank Kit,” free at Green America’s


 Encourage your house of worship, alma mater, workplace, and community organizations to use a community development bank or credit union. 

For congregations, turn to US SIF’s {GBN} free “Community Investing Toolkit for Faith Communities” at 

Colleges and universities can get assistance from the Responsible Endowment Coalition  {GBN} at

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