I just closed out my Chase account and have some advice for November 5 I wanted to share.

[L0oniX]

http://www.reddit.com/r/occupywallstreet/comments/ldmo9/i_just_closed_out_my_chase_account_and_have_some/

remember, the teller, manager, branch manager are not the enemy. They're part of 99% too and they need to earn a living. Please don't take your frustration of fees and other problems out on them. I almost did until I stopped myself.

when asked about why you're leaving, be honest. Not happy with the $5 fee? Let them know. Not happy they foreclosed on homes of friends? Let them know. As we draw out our funds, the district managers will know something is up and ask their branch managers. If the branch managers have our feedback to give, it could really affect changes in the future.

stick to your guns. If they dangle a free toaster in front of you, ignore it. It'll make things easier if you pick out a bank ahead of time. It took us ten minutes to find the one we liked. We compared the two banks and decided the CU was way better and was worth an hour or two of our time. If you have an idea of how much better a new bank is, it'll be easier to get rid of the old one.

http://www.facebook.com/Nov.Fifth

[Hell Hath No Fury]

1. Good advice.

:thumbsup:

[Raven]

2. great advice! n/t

[JPZenger]

3. Leave some time to stop your automatic payments and checks

It is a good idea to have your new account overlap your old account by a little bit. That is a way to make sure all automatic payments have been transferred and all of your outstanding checks have been cashed.

Some people say that your new community bank/credit union can handle much of the hassle with your old bank. Talk your new bank first.

[gratuitous]

4. Or, open your new account now if you can afford to

That way, when you pull your funds from Chase or Bank of America, you have someplace to put it right away. When Washington Mutual was beginning to flounder, I set up another checking account at my credit union. After Chase swallowed Washington Mutual, and the depradations just got worse, I pulled my money out and skedaddled. This was a couple of years ago now, but it's good to have your landing pad ready ahead of time.

[Pacifist Patriot]

5. Definitely have a new account already open and active before closing out an account.

For anyone like me who has bills that are automatically debited and paychecks auto-deposited, it can take several weeks for these changes to be accurately processed and in place. Anyone wishing to participate in November 5 should start working on it now!

[L0oniX]

11. +1

[corkhead]

14. agreed

[badgerpup]

6. K & R

If you can find one, a credit union (CU) is the way to go.
They are LEGALLY prohibited from being a for-profit organization. You might also get a HUGE reduction in credit card interest by switching.

Try for a balance transfer. Three years ago my rate went from 22% to 11% when I switched. :thumbsup:



:kick:

[Sarah Ibarruri]

7. Thanks! Great advice! nt

[caty]

8. We have an account

at a bank that is just at the end of our street. Since we get our SS and pension checks direct deposited there, they don't charge us any fees and we even get our checks free. So, we keep just enough in there to pay bills and take out spending money.

We also have accounts at a CU, which is further away, where we keep our savings, have an auto loan, and a credit card. Again, there are no fees and we get a $50 dividend every so often. I go there once a month to make a deposit into our savings. Saves a weekly drive there when we have our bank so close and we are fortunate enough not to have to pay fees there.

[MorningGlow]

9. Congrats! Looking forward to doing the same

Mr. MG is switching jobs, starting his new one 11/1. Going to enjoy signing up at a credit union and setting up his direct deposit there, then waving goodbye to HSBC after many years. The only hassle is going to be switching the autopays. We don't have many (TiVo, Xbox, Netflix, etc.); I just don't want to forget any of them.

Really hoping to be able to get a loan to pay off our B of A credit card as well. Fingers crossed.

[L0oniX]

13. +1

[ChiciB1]

10. Yes, Switching Your Automatic Payments CAN Be A Little Crazy,,, But It's Worth It

if you plan ahead! I just recently found out that my auto withdrawals didn't actually go through my CC, so I had to contact each company that was withdrawing and tell them to stop. THEN I had to contact my CC so that THEY would manage the accounts so that I could become and advantage member with them. It's was worth it to become an "advantage" member because they offered 6.98% interest on the money I have in the bank with them. THAT rate was too tempting NOT to take advantage of.

It took me some time, but I'm good to go now.

[RebelOne]

12. What bank is that where you get 6.98% interest?

Is it through a savings account, money market or CD?