No one’s taking this whole Durbin Amendment thing lightly. Whether it’s BofA charging you $5 to use your debit card or Visa’s nice little screw-you to small merchants, don’t expect sympathy from big-name banks. But that doesn’t mean you need to take these fees lying down. You’ve got options, man.
To help you out, we’ve compiled a set of resources to help you close down your account without incurring overdraft or returned-check charges, find a bank that gives you free checking and good savings rates to boot, and help the movement grow.
Step 1: Leave your old bank
- Close your checking account without racking up fees
- Account-closing instructions:
Step 2: Open Your New Account
- NerdWallet’s Picks for the Best Checking Accounts of 2011. Because not everyone’s out to screw you.
- Switch to your local credit union. Most are unaffected by the Durbin Amendment, and all are not-for-profit, so they’re much more likely to have free checking.
- Play around with our new rates tool, which lets you compare savings account rates between banks and credit unions (guess who wins?).
- Bank online. The little guys are also unaffected by Durbin by and large, plus they don’t have to pay for rent or maintenance on brick-and-mortar facilities.
Step 3: Spread the Word
- Sign up on Facebook. Because it doesn’t count if you don’t share it.
- Read an awesome interview with Kristen Christian, the woman who started the movement.
- Check out Senator Dick Durbin’s fiery letter to Bank of America CEO Brian Moynihan.
- Occupy Wall Street is all about them bank transfers.
- The Credit Union Times, an industry newspaper, is loving the idea.
Have you left your bank, or are you thinking of doing so? Leave a comment about your experience.