How to stop funding the system that drains us—and start keeping your own money.
Why this matters:
Big banks (Chase, Wells Fargo, Bank of America) made over $15 billion in overdraft and ATM fees in a single year.
Who pays? Not the wealthy. You do. Every fee you pay is a transfer of your wealth to shareholders—many of whom fund politicians and policies that harm Black communities.
The good news: You can leave. It takes about 2–3 hours total. And after that, you stop the bleeding.
Step 1: Find Your New Bank or Credit Union
Option A – Black-Owned Bank
(Puts your dollars directly into Black lending power)
- Citizens Trust Bank (GA, AL, TN, virtual)
- OneUnited Bank (MA, CA, FL, virtual)
- Carver Federal Savings Bank (NY)
- Industrial Bank (DC, MD, NJ, virtual)
- Liberty Bank (LA, MS, virtual)
Option B – Community Credit Union
(Nonprofit, member-owned, almost no fees)
Use the NCUA Credit Union Locator: https://www.ncua.gov/credit-union-locator
Look for ones with “community” or “municipal” in the name—they serve entire cities or counties.
Option C – Low-Fee Online Bank
(For those who want convenience and no fees)
- Charles Schwab Investor Checking (no ATM fees anywhere, no minimum balance)
- Ally Bank (no monthly fees, $0 minimum)
- SoFi (no account fees, early direct deposit)
What to look for: No monthly maintenance fee, no minimum balance requirement, free transfers, free ATM access (or reimbursed fees).
Step 2: Open Your New Account (15–30 minutes)
You’ll need:
- Driver’s license or state ID
- Social Security number
- A small deposit ($5-50 to open—many credit unions require as little as $5)
Do this online or in person. If you’re switching to a credit union, call first and ask: “Do you have any hidden fees for low balances or transfers?” If they hesitate, move to the next one.
Step 3: Redirect Your Money (Don’t Close the Old Account Yet)
Week 1 – Small move
Transfer $50-100 to your new account. Test that everything works: debit card, online login, bill pay.
Week 2 – Switch direct deposits
Contact your employer (HR or payroll) and give them your new account number and routing number. If you get Social Security, disability, or veteran benefits, update it at https://www.ssa.gov/myaccount.
Week 3 – Move automatic payments
List every bill that auto-drafts from your old account (utilities, phone, insurance, subscriptions). Switch each one to your new account. Do not skip this—you don’t want a missed payment.
Week 4 – Transfer the remaining balance
Once all deposits and payments are switched, transfer whatever is left in the old account to your new one. Leave about $50 in the old account for 2 more weeks—just in case you forgot something.
Step 4: Close the Old Account (15 minutes)
Call the bank’s customer service line. Say this:
“I want to close my checking/savings account. Please send the remaining balance to [new bank name] at [routing number] [account number].”
What they’ll say:
“We can waive your next fee if you stay.”
“We’ve been your bank for X years.”
“What can we do to keep you?”
Your answer:
“I’m moving to an institution that doesn’t charge fees to people with lower balances. Thank you, but please close the account.”
Get confirmation in writing – an email or a letter. Save it.
Step 5: Celebrate and Tell Someone
You just stopped the drain. That $50-200 per year you were losing to fees? Now it stays with you—to save, invest, or spend at a Black-owned business.
Share your story. Post this on social media or tell two friends:
“I left [old bank name] after X years. Best decision I made. No more fees. Here’s how I did it: [link to this checklist]”
Common Questions
Q: Will closing my old account hurt my credit?
A: No. Checking and savings accounts do not affect your credit score (unless you left a negative balance that went to collections).
Q: What if I have a loan or credit card at the old bank?
A: You can keep them separate. Just close the checking/savings account. Continue paying the loan from your new account.
Q: What if I’m living paycheck to paycheck?
A: That’s exactly why you need this. Fees hit hardest when you have the least. Even if you only move $100, you’ve started. Do it slowly.
Q: What if there are no Black-owned banks or credit unions near me?
A: Use an online bank like Charles Schwab or Ally. Then send a letter to your city council asking why your community has no local credit union. That’s organizing.
Final Truth
This one action doesn’t collapse the system. But it weakens it—and strengthens you. Every dollar pulled from a predatory bank is a dollar that stops funding your own oppression. And when thousands do it, the system notices.
Start today. Open that new account now. Even $5 is a vote for your own freedom.
Disclaimer
The information in this document is for educational and informational purposes only. We are not financial advisors, attorneys, or certified professionals. Banking, credit, and financial situations vary by individual. Consult with a qualified professional before making any financial decisions. By using this information, you assume all risks and agree that neither the author nor the publisher is liable for any losses or damages.
You are free to: Share, print, and distribute this checklist non-commercially.
You must: Keep this disclaimer and attribution intact.
You may not: Sell this checklist or remove the author’s name.
