Bank Switch Toolkit

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. Every dollar in your chequing account becomes capital they deploy toward extraction and speculation.

Credit unions operate under a fundamentally different model. They're member-owned, with one-member-one-vote governance that puts democratic control in the hands of depositors—not shareholders chasing quarterly returns. Their non-profit structure means lower fees, with savings passed directly to members rather than extracted as executive bonuses. Most importantly, they've largely divested from fossil fuels, and they keep money circulating locally through mortgages and small business loans instead of offshore tax havens.

The math is stark: moving just $50 billion in deposits—merely 1% of the Big 5's base—crashes their credit ratings three times faster than regulation ever could, forcing divestment from the speculative assets that fuel climate collapse and wealth concentration.

30-Day Switch Plan

Week 1: Research & Choose

Start with the Credit Union Central of Canada's locator to find institutions in your region.Most credit unions restrict membership to people who live or work within their service area, so geography matters. When comparing options, scrutinize fees, ATM network access, online banking platforms, and—critically—fossil fuel divestment policies. Vancity in British Columbia, Alterna in Ontario, and Desjardins in Quebec consistently rank among the strongest choices for progressive banking.

Eligibility typically requires proof of residency or employment within the credit union's territory.Joining means purchasing a membership share—usually between $5 and $25—which transforms you from customer toowner with voting rights on major decisions. This isn't a fee; it's equity in a democratic institution.

Open both chequing and savings accounts to mirror your current setup, minimizing disruption during the transition. Request a debit card, online banking access, and paper cheques. Most credit unions process these requests within 5-7 business days.

Week 2: Redirect Income

Once your new accounts are active, redirect all income streams. For employer payroll, submit a void cheque from your new credit union to HR—the same process you used when you first started the job. Government benefits like CPP and EI require updates through My Service Canada's online portal. Don't forget pension payments, investment dividends, or any other recurring income.

Run both accounts in parallel for at least two to three payroll cycles. This safety buffer catches any payments that slip through during the transition. Keep your old bank account open with minimal funds—enough to avoid fees but not enough to matter if you forget about a straggling automatic payment. Only after confirming that every income source reliably hits your new account should you proceed to the next phase.

Week 3: Move Bill Payments

Compile a complete inventory of every automatic payment linked to your old account: utilities, rent or mortgage, phone bills, streaming subscriptions, insurance premiums, gym memberships. The comprehensive list prevents surprises. Update each service with your new account details, either through their online portals or by calling customer service. Set calendar reminders for the first billing cycle of each to confirm the transition succeeded.

Investment accounts require special handling to avoid tax consequences. RRSPs and TFSAs can be transferred directly between institutions without triggering withdrawal penalties or affecting your contribution room—but only if executed properly. Contact your new credit union's investment advisor to initiate a direct transfer. Never withdraw funds yourself; let the institutions handle the backend paperwork.

Week 4: Close Old Bank

Verify that no pending transactions remain in your old account before closing it. Check for any outstanding cheques, pending deposits, or scheduled transfers. Once you've confirmed everything has cleared, withdraw or transfer the remaining balance to your credit union. Most closures can be handled by phone, though some banks require an in-person visit. Always request written confirmation of the closure—without it, dormant account fees may surprise you months later.

The final step is recruitment. This isn't charity work; it's strategic economic warfare. Tell five friends: “I switched to [Credit Union]. The Big 5 banks have financed $900 billion in fossil fuels with our deposits.” Share your experience on social media with #99Reset and #BankSwitch. Every conversation plants a seed. Every switch compounds the pressure on extractive finance. The cascade effect begins with you.

Comparison Chart

Conversation Scripts

At Work (Break Room)

At Family Dinner

Online Post

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

The numbers tell a compelling story. If 100,000 Canadians each switch $10,000 in deposits, $1 billion flows out of the Big 5 and into credit unions. That capital gets redirected into 50 to 100 local mortgages and small business loans—the kind of productive lending that builds community wealth rather than extracting it.

But the real leverage comes from credit ratings. Moody's and S&P downgrade banks when deposit flight crosses the 5% threshold, which dramatically increases their borrowing costs and forces asset liquidation. Meanwhile, $1.5 million in monthly fees—money that once padded executive compensation—stays in communities. At scale, this is $18 million annually per 100,000 switchers.

Historical precedent proves this works. The 2017 #DeleteFacebook campaign moved 10 million users and tanked the company's stock by 20% in weeks. Banks are more vulnerable because their credit ratings directly determine loan costs. A coordinated switch isn't just symbolic—it's structural sabotage.

Resources

Credit Union Central of Canada maintains a national locator at cucentral.ca for finding institutions in your region. The Rainforest Action Network publishes annual reports documenting Big 5 fossil fuel financing at ran.org. Provincial deposit insurance details are available through DICO for Ontario and CUDIC for British Columbia.