The Move Your Money project is a campaign that aims to empower individuals and institutions to divest from the nation’s ‘Too Big To Fail’ Wall Street banks that wreaked havoc on our economy and created the worst financial crisis since the Great Depression, and move their money to local financial institutions like small community banks and credit unions. They warn  “not all community banks or credit unions are risk free. Some of them got involved in the same risky behavior that took down some of the biggest banks

Where Should I Move My Money?

Thanks to the volunteer services of an independent bank ratings firm called Institutional Risk Analytics (IRA), you can get a listing of the most sound community banks and credit unions near you. IRA lists only banks that, according to its rating system, which is based on government data, get a grade of “C” or better.”

The IRA lists the following community banks with branches in Newburyport:

FIRST NATIONAL BANK OF IPSWICH
155 State Street
Newburyport, MA 01950

EASTERN BANK
17 Storey Avenue
Newburyport, MA 01950

PROVIDENT BANK
66 Storey Avenue
Newburyport, MA 01950

THE INSTITUTION FOR SAVINGS
93 State Street
Newburyport, MA 001950

NEWBURYPORT FIVE CENTS SAVINGS BANK
63 State Street
Newburyport, MA 001950

Click here to search for community banks in cities other than Newburyport.

Seven Simple Steps to Move Your Checking Account 

(Courtesy of the New Rules Project)

1. Open Your New Account – In most cases, you should be able open a checking account with an initial deposit of $25 to $100. At a credit union, you’ll also become a member and co-owner at the same time.

2. Order New Checks and an ATM/Debit Card – These typically arrive within 1 to 2 weeks. You should also consider applying for a credit card from your new local bank or credit union at the same time.

3. Ask Your Employer to Reroute Your Direct Deposit – When you open your new account, ask the bank or credit union for a direct deposit authorization form that includes your new account information. Give this form to your employer and anyone else who makes direct deposits to your account. It may take one or more pay cycles for the change to be made, so keep your old checking account open and watch for the switch.

4. Contact Companies that Direct-Debit Your Account – Using your last bank statement, make a list of any businesses that you’ve authorized to directly debit your account. Ask your new bank or credit union for an automatic payments authorization form that includes your new account information. Send this to the businesses on your list.

5. Set-up Online Bill Paying for Your New Account – If you like to pay bills online, set up bill payment information for your new account. Also, stop any automatic, recurring payments you have established through your old account.

6. Close Your Old Account – Once you have started receiving direct deposits into your new account and are sure that there are no outstanding checks or automatic debits that need to clear, close your old account. Warning: do not just withdraw the last dollar and assume the account will fade away on its own. Your old big bank may start charging you fees for having an empty or inactive checking account. Instead, follow the bank’s procedure for closing out the account.

7. Enjoy your new local banking relationship!