Oakland Kicks Off “Dump Your Bank Campaign”

Oakland members recently kicked off the “Dump Your Bank Campaign,” supporting the effort to close accounts with major banks and switch to credit unions and community banks.

The campaign coincides with an Oakland City Council proposal to divest from Wells Fargo. Council wants to have a say in where the City invests its money. “Usually the City Administrator’s office puts the City’s money into an account without the Council having a say,” says Jason Overman, Communications Director for Councilmember Rebecca Kaplan’s office. “We proposed that the Council should have the power to approve the banking institution before the contract is settled.” 

Local 21 member Elisa Marquez, Case Manager for the City of Oakland’s Office of Aging, supports the effort to keep dollars local and not support corrupt financial institutions that caused the foreclosure crisis. She recently opened an account with Western Federal Credit Union, which is right below her office. “It’s incredibly convenient, there is excellent customer service, and I’m extremely happy with having changed to a Credit Union,” she says. “I had hesitations at first – I had so many automatic payments linked to my other bank account and credit card, so it does take a bit of time and planning. But when you see the number of charges big banks tack on and that Credit Unions aren’t out to get you, switching is completely worth it.”

Watch Local 21’s “Dump Your Banks Movie” and learn how to switch to a Credit Union without hassle.