MOVE YOUR MONEY GUIDE
We can use our collective powers to create a powerful impact in defunding financial institutions that finance oil pipelines with our money, leading to indigenous rights violations, and threatens our land, air, and water supply.
With these 7 easy steps, you can leverage your consumer power to withdraw your personal finances from corrupt and unethical financial institutions and re-invest in local, not-for-profit credit unions. Banks should work for the people and our planet, and not for profit.
1. Is your bank one of the 17 banks directly funding the Dakota Access Pipeline?
The Bank of Tokyo - Mitsubishi UFJ
SMBC Nikko Securities
Or do you bank with one of the 18 banks funding the larger Bakken Pipeline which includes DAPL and stretches from North Dakota to Illinois?
Bank of America
Sumitomo Mitsui Bank
Royal Bank of Canada
Origin Bank (formerly Community Trust)
1. If your bank is among this list, it's time to divest and close your account at a local branch! Visit your branch office and educate the staff on why you are closing your account. Ask to speak to the manager and hand them a letter explaining why you are moving your money to an ethical institution. A sample letter can be found here.
2. Move your money and open an account with a local credit union. Some credit union memberships are dependent on your work or geographic area. Ask your employer for a recommendation first.
6 credit unions with open membership to residents living in the City of Los Angeles and Los Angeles County.
3. Order your checks and debit card from the new institution.
4. Once your checks arrive, contact your place of work for a form to change your paycheck direct deposits to the new bank. You will need a blank check for this.
5. For the first stage, transfer the majority of your finances into to your new account, leaving some money for any payments that may be outstanding. Change automatic payments from credit cards, outstanding loans, and any recurring online payments (such as bills). You can check the withdrawal/debit history of your old account to see what needs to be changed.
6. Once all automatic payments have been changed and your paycheck is deposited into your new account, move the rest of your money from your old bank to the new credit union account. The balance should now read zero, and that should be powerful and gratifying moment!
7. Take a picture of yourself outside the bank with a sign and share it to social media. Be sure to tag #DivestLA!
Other recommended tags: #DefundDAPL #BankExit #NoDAPL #WaterIsLife #PeopleAndPlanetOverProfit
Who's Banking Against the Sioux?
Food & Water Watch breaks down the financial web of banking institutions funding the larger Bakken Pipeline, which holds the Dakota Access Pipeline.