That's all at noon today at the Bank of America branch at 1001 SW 5th. Then, November 5th is national Move Your Money day. Here's some info about Oregon's move your money movement.
I blogged some advice earlier this month on how to close your bank account and switch to a credit union, but that's all just from my experience. I asked a couple other Portlanders who have closed their bank accounts recently and switched to either a local bank or credit union. Here's we go!
Joe Doebele, Owner of bike shop Joe Bike
What bank were you with and for how long? What kind of accounts did you have?
Wells Fargo, since I moved out west in 1999. By 2011 I had 12 (yes, 12) accounts at Wells Fargo, including checking accounts, savings accounts, credit accounts, my home mortgage, and credit card processing for my bike shop. The only things I didn't have with them were an IRA and payroll. That would have been everything all in one institution, which actually is Wells's strategy for retaining customers.
What was the tipping point that made you switch?
It took a lot to make me uproot 12 relatively integrated accounts and move them elsewhere, especially when the branch is just 2 blocks from my shop. And especially when they own part of my house. But I started appreciating that it's better to keep my money locally in a member-owned credit union than to support what's become an oligopoly of four megabanks that serve global shareholders first and customers a distant second. This is something I'd been aware of but hadn't think much about till the attention surrounding Occupy Wall Street and Occupy Portland happened...
... At about the same time, I realized Wells is literally not accountable to me anymore. Also at about the same time, novel little fees started showing up out of nowhere. The most recent was a "cash disbursement fee" of $3.00. I've been paying Wells more in credit card processing fees each month than I pay in rent on my Hawthorne shop. So for them to charge me $3 to disburse $25 of my cash was the last straw. If it sounds like the decision was as much about a $3 insult as about socially toxic concentrations of wealth and power on Wall Street—well, in any case that was an expensive $3.
How did you decide where to move your money to?
I chose a locally owned credit union where I would be part owner rather than a subject, and one that offered business accounts and merchant services. And one that was in the neighborhood. The mortgage is still with Wells and I can't change that, but I'm gradually moving everything else over.
Has the switch been easy? What trouble have you encountered?
It's a lot of work. We have scores of accounts with suppliers, distributors, utilities, etc., that all need to be changed in writing. A lot of these are on automatic pilot. Setting up credit card processing all over again is also a pain in the ass. This is a disruption that's needed to wait till the slow season for the bike business anyway, which is just about now.
Corinna Beyer, 30
What bank were you with and for how long? What kind of accounts did you have?
US Bank, Captial One for a credit card, Vanguard for long term planning.
What was the tipping point that made you switch?
I've been planning on doing it for years. Previously because of ATM fees. I upped my game now that it's political and I understand more about how banks are for profit and credit unions are nonprofit.
How did you decide where to move your money to?
Ease and internet search. I'm with OnPoint now.
Has the switch been easy? What trouble have you encountered?
Closing the different accounts is tedious, especially since I lost the password on one and potentially losing airline miles on my credit card is lame. But opening the new account is super easy. Also they sound like they have financial advisers that will be way more helpful and worth it in the long run.
Jonathan Maus, 36, editor of BikePortland.org
What bank were you with and for how long? What kind of accounts did you have?
I had a BofA account that I first started back in college in the 1990s. My wife and I both had personal checking accounts with them for well over a decade. I also had checking and business savings accounts at BofA for my internet publishing biz.
What was the tipping point that made you switch?
We had been talking about making the switch for a long time. We actually used a credit union for a recent car loan a few months ago. But when the Occupy Wall Street stuff started up it really made me start thinking and reading and learning more about what these banks have been doing to our country. I have a general distrust for large corporations and I'm well aware of their vast and negative influence on our country, so this idea wasn't too out of left field for me. But with all accounts and especially with the business stuff and automatic bill paying, and so on, switching everything seemed like such a hassle. But after marching in the first two Occupy Portland marches, the ideas and feelings that swirled around my head were so inspiring. It just helped make it absolutely clear to me that we had to do it now.
How did you decide where to move your money to?
We looked for a place that had good rates, good products, and that was based locally and with conveniently placed branch offices.
What the switch easy? What trouble have you encountered?
It's been relatively easy, but then again my wife Juli has really been doing all the details. The big thing is that it's just tedious. It's also a bit scary to think about moving all your money, especially from a place it's been for so long. So far we haven't had any problems or SNAFUs with the transfers. One great outcome is that it's made us take a look at our financial plans and educate ourselves about where our money is and how to be as smart as we can about saving and investing it.
William Duke, 25
What bank were you with and for how long? What kind of accounts did you have?
Bank of America, for about three and a half years. I had the basic checking and savings accounts, and last February opened up a very basic credit card account (which I still have because of a $95.00 deposit I had to pay on it).
What was the tipping point that made you switch?
Probably the recent fee increase for using out-of-network ATMs coupled with the profit reports about BofA. I was paying too much money to have a relatively small amount of money, like I was being punished for not keeping a high balance. So the hell with Bank of America.
How did you decide where to move your money to?
A friend of my girlfriend's recommended Advantis Credit Union, and it seemed like a good enough choice due to the good interest rate that a checking account earns there.
Was the switch easy? What trouble have you encountered?
I was actually astounded at how easy it was; I closed my BofA accounts and opened new Advantis ones within my lunch hour. The only "trouble" that I've encountered is with Advantis' mobile banking iPhone app, as it's not displaying my account information.
Brian Moon, 46
What bank were you with and for how long? What kind of accounts did you have?
In 1998 or 1999, I moved to Austin and started at Nations bank down there, which is a regional bank. And then they got bought by Bank of America, so I never chose to be a Bank of America customer, but I'd been with them for over a decade. I had checking, savings, and a credit card.
What was the tipping point that made you switch?
With the way the economy was going, I was trying to pay off all my debt. As I started paying down my debt, I started noticing all the bad things the bank was doing nationwide—like foreclosing on people. I just decided I was going to switch my money to a small, local bank.
How did you decide where to move your money to?
I bank at Umpqua. They're within walking distance of my apartment. I don't have a car now, so convenience was important. Plus, they have pretty good online banking. And there's no fees—they'll reimburse me my ATM fees at other banks.
Was the switch easy? What trouble have you encountered?
It's been great! I have a personal banker guy, so if I have any questions about my finances, I can just call him up.
