Closing your old account is easy if you just follow a few steps:
1. Check that all pending payments from your old account have cleared, like checks and debit charges.
2. Transfer money from your old account to your new one. Important: Some institutions charge fees for low account balances, so be sure to either close your account on the same day or leave enough money in your account until you close it to avoid any fees.
3. Move over all your recurring payments (music streaming service, rent, utilities, insurance, etc) to the new account. (You can look at your bank statement to check what needs to be switched). Important: Try to also move them all at once to ensure your payments aren’t interrupted. If you can’t remember all your recurring payments, you can leave your old account open for a month to monitor any activity and close it after that month.
4. Switch your direct deposits (ie. your paycheck), your automatic payments (like your gas and internet), and your linked accounts (music, streaming, and video subscriptions) to the new account.
5. Let your old institution know that you want to close the account. You can usually do this online or over the phone. Document the closing and ask for confirmation that the account is closed via email or a letter.
6. Get loud! Let your old bank know that you disagree with their financing practices and that fossil fuels don’t belong in our future. Post on social media that you’ve made the switch, and use the hashtag #bankforgood.
Important: If you are receiving or expect to receive government assistance due to the pandemic, we recommend keeping your old account until you have finished receiving payments. This ensures you do not miss a payment. Types of assistance include:
- Unemployment benefits
- Stimulus check
- Paycheck Protection Program (PPP) loan