JACKSONVILLE, Fla. - If you are planning on moving your money to a non-profit financial institution as part of "Bank Transfer Day," you will need to do some research.
"Bank Transfer Day" is officially November 5, 2011, but organizers say people should not wait until Saturday to start the process. According to the group's Facebook page, you should:
- Research where you want to move your money
- Open an account at the credit union or bank of your choice
- Set up any online or automatic payments for your new account
- Finally, close your "big bank" account
In Jacksonville, Bank of America, Wells Fargo and T.D. Bank are popular national banks. Recently, Bank of America and Wells Fargo came under fire for instituting monthly debit card fees. Bank of America decided to do away with their $5.00 per month fee earlier this week after public outcry.
According to CreditUnionsOnline.com, Vystar Credit Union and Community First Credit Union are two of the largest non-profit money groups in Jacksonville. Vystar is ranked as the second largest in the state of Florida. Community First is listed as the 10th largest on CreditUnionsOnline.com.
If you want to switch banks, you should look at which ones will make the most sense for you financially. Many credit unions require a membership fee in order to join.
Bank of America Vystar Credit Union
Membership $0 $5 (one time)
eBanking $8.95/month* $0
Checking $12/month* $0
*According to Bank of America's website, they will not charge you for eBanking if you get paperless statements and do not use a teller at a bank location. BOA will waive fees on checking accounts if you keep a minimum balance of $1,500 or direct deposit at least $250 into the account each month.