Why Switch?
Canada's Big 5 banks (RBC, TD, BMO, Scotiabank, CIBC) financed $900 billion in fossil fuels since 2016 and enable billionaire wealth concentration through offshore havens. Your deposits fund this. Credit unions, by contrast:
- Member-owned: One-member-one-vote governance
- Community-focused: Loans stay local (mortgages, small business)
- Lower fees: Non-profit structure passes savings to members
- Divested: Most have fossil-free portfolios
Moving $50 billion in deposits (just 1% of Big 5's base) crashes their credit ratings 3x faster than regulation, forcing divestment from speculative assets.
30-Day Switch Plan
Week 1: Research & Choose
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Find Your Credit Union:
- Use Credit Union Central of Canada's locator
- Compare: Fees, ATM networks, online banking, fossil-free policies
- Top picks: Vancity (BC), Alterna (ON), Desjardins (QC)
-
Check Eligibility:
- Most credit unions require you live/work in their region
- Join with a $5-25 membership share (you become an owner!)
-
Open New Accounts:
- Chequing + Savings (mirror your current setup)
- Request debit card, online access, cheques
Week 2: Redirect Income
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Update Direct Deposits:
- Employer payroll: Provide new void cheque
- Government benefits (CPP, EI): Update via My Service Canada
- Other income sources (pension, investments)
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Run Dual Accounts:
- Keep old bank open temporarily to catch stragglers
- Verify 2-3 payroll cycles hit new account
Week 3: Move Bill Payments
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Transfer Pre-Authorized Payments:
- List all automatic payments (utilities, rent, subscriptions)
- Update each with new account details
- Set reminders for first billing cycles to confirm
-
Migrate Investments:
- Transfer RRSPs/TFSAs (contact new credit union's advisor)
- Avoid withdrawal penalties by direct transfer
Week 4: Close Old Bank
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Final Steps:
- Confirm zero pending transactions
- Withdraw/transfer remaining balance
- Close accounts in-person or by phone
- Request written confirmation
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Celebrate & Recruit:
- Tell 5 friends: "I switched to [Credit Union]. Big 5 banks fund fossil fuels with our money."
- Post on social: #99Reset #BankSwitch
Comparison Chart
| Feature | Big 5 Banks | Credit Unions |
|---|---|---|
| Ownership | Shareholders (profit-driven) | Members (democratic) |
| Monthly Fees | $10-30 | $0-10 |
| Fossil Financing | $900B+ since 2016 | Mostly divested |
| Local Lending | <20% of deposits | >80% of deposits |
| Tax Status | For-profit | Non-profit |
| ATM Access | National networks | Exchange/Interac networks |
Conversation Scripts
At Work (Break Room)
You: "Hey, did you know our bank financed $180 billion in oil since 2016? I just switched to [Credit Union]—same online banking, but my money stays local. Takes like 3 weeks. Want the link?"
At Family Dinner
You: "Mom, Dad—I moved to [Credit Union]. Remember when the Big 5 got bailed out in 2008? Credit unions didn't need that because they don't gamble with deposits. Plus, lower fees. You should check them out."
Online Post
"Just completed my #BankSwitch to [Credit Union]! 🎉 No more funding fossil fuels with my savings. Took 4 weeks, saved $15/month in fees, and now I'm a co-owner. If 1% of Canadians do this, we crash Big 5 credit ratings. Who's next? #99Reset"
FAQs
Q: Will I lose access to ATMs?
A: Most credit unions use Exchange/Interac networks (7,000+ ATMs). Some partner with Credit Union Central for surcharge-free access.
Q: Is my money safe?
A: Yes. Credit unions are insured by provincial deposit insurance (e.g., DICO in Ontario, CUDIC in BC) up to $100K, same as CDIC for banks.
Q: Can I still pay bills online?
A: Absolutely. Credit unions offer the same Interac bill payment system as Big 5.
Q: What if I need a mortgage?
A: Credit unions often have better rates (0.1-0.3% lower) because they're non-profit. They also approve more local borrowers.
Q: Will my employer accept credit union direct deposit?
A: Yes. Provide a void cheque or direct deposit form—it's identical to bank setup.
Impact Projections
If 100,000 Canadians switch $10,000 each:
- $1 billion moved to credit unions
- 50-100 local mortgages/small business loans funded
- Big 5 rating downgrade if trend accelerates (Moody's threshold: 5% deposit loss)
- $1.5 million in fees redirected to communities (at $15/person/month)
Historical precedent: 2017 #DeleteFacebook moved 10M users; banks are more vulnerable because ratings determine loan costs.
Next Steps
- Switch Today: Find your credit union
- Track Your Impact: Report your switch at 99reset.org/pledge
- Recruit 5 Friends: Use scripts above
- Join a Chapter: Coordinate local campaigns at 99reset.org/chapters
Resources
- Credit Union Locator: cucentral.ca
- Big 5 Fossil Financing Report: Rainforest Action Network
- Provincial Deposit Insurance: DICO (ON), CUDIC (BC)
Last Updated: November 2025
Difficulty: Easy (4 weeks)
Impact: High (starves Big 5 fossil funding)
Questions? Email info@99reset.org or ask in your local chapter.