Member FDIC. Equal Housing Lender.
Move Your Money
Take action with your deposits.
Banking is the original and most powerful form of crowdfunding. When pooled together, our deposits can finance affordable housing, renewable energy, and business cooperatives – a new, inclusive economy. Whether you are an individual or an organization, where you put your money matters. Take action to build the world you want to see by placing your deposits in a bank that values people and planet.
When you’re ready to move your money, we’re here to help. See below for instructions and tips for how to change your bank for individuals, businesses and nonprofits, and credit card customers.
Individuals: How to switch your bank in five steps
It can feel daunting to switch banks. By creating a checklist and transitioning to your new bank at your own pace, the process can be easier than you think.
- Choose a bank that aligns with your values. Beneficial State Bank offers checking, savings, and online banking options and is committed to a model of banking that invests in our communities and environment. We have branches in California, Oregon, and Washington and a nationwide network of surcharge-free ATMs.
- Open your new checking or savings account, either at a branch or online, with the minimum deposit requirement. Order checks and a debit card/or ATM card. Set up online and mobile banking.
- Don't forget about your automatic payments and direct deposits! Inform your employer or other direct depositors of your new account number. Make a list of your automatic payments and set them to come from your new account.
- Close your former bank account when you are confident you’ve transitioned over everything that is accessing that account.
- Make it public! Share why you chose to make the switch to an ethical bank with your friends and on social media.
How we serve businesses and nonprofits
Businesses
We know that small and local businesses are crucial for building resilient communities and local economies. Our relationship banking approach means that your banker understands your specific situation and needs and is available to help find the right products and services for you.
Nonprofits
Serving nonprofit organizations is central to our mission. We’re proud to offer banking and lending services that cater to the needs of our nonprofit clients. This includes CDARS and ICS accounts, which provide FDIC insurance protection for deposits exceeding $250k, as well as reduced service charges for nonprofits and B Corps.
Businesses and nonprofits: How to switch your organization’s bank
It’s a big step to move your organization’s money. We’re here to help.
- Reach out to us and we'll connect you with a banker who can help understand your organization's needs and find the right products and services for you.
- Open a business checking and/or savings account at your new institution and make an initial deposit. Your banker will help you order checks and debit cards and will guide you through setting up online and mobile banking. Whether you need cash management or other treasury services, your banker will ensure all your service needs are met with your accounts.
- Stop using your old business checking account. Keep the account open until all outstanding checks have cleared and your automatic transactions have been moved over to the new account.
- Make any necessary updates to your business software, such as payroll or accounting.
- Transfer your automatic transactions to your new institution. Contact your vendors, clients, or donors, who may send automatic payments, either debits or credits, and provide them with your new account information.
- Transfer your wire or other automatic payments, such as dues, utility bills, vendor payments, and loan payments that are automatically debited from your account. Keep your new account information handy to provide the new routing and account number to those who need to update your bank information.
- Close your old business account. First, confirm that all your checks have cleared, and all your automatic transactions and payments have been switched and are successfully being deducted or credited to your new account. Then, close your old business account and securely dispose of any old checks.
- Share your story. As a leader in your community, you can spread the word about the impact of moving your money to a bank that aligns with your values.
Businesses and nonprofits: "Know before you go" tips
To better help assist you with moving your accounts and services, your banker will need typical documentation required for an account opening such as Bylaws, Operating Agreement or Partnership Agreement, and personal identification information of all signers. Additionally, your banker will confirm:
- Does your legal entity documentation require written authorization to establish a new banking relationship and approval of all authorized signers? When you are ready to open an account, your banker will need this documentation.
- What cash management and treasury services does your business need? Provide copies of the most recent two months of account statements from your current bank account. Your banker will review these to ensure they understand your deposit banking activities, allowing them to set you up with the appropriate products and services that meet the needs of your business.
- Who needs access to the new account? What level of access do they need? Identify all individuals who will be authorized signers on the account. An authorized signer has full authority and control to transact business, as well as to close an account. Identify all individuals who will be authorized to access the account via online or mobile banking and the levels of control and visibility each user will need. Access can vary by person, from view-only to sending electronic payments. Your banker will assist you with understanding and implementing the access needed.
How to switch your credit card
Starting with your credit card is a great first step for switching your banking relationship. It is easy and quick to apply for a new credit card, and you can gradually transition your purchases. You can use your card for day-to-day purchases, unexpected expenses, and all your recurring purchases like Netflix or gym memberships. We have three unique mission-aligned credit cards to help you meet your financial goals.
Choose a Bank that Invests in Tomorrow
Beneficial State Bank serves the triple-bottom-line of people, planet, and prosperity for all. That means prioritizing social justice and environmental sustainability. Change your bank and help change the world.