Banking for Good: Your Financial Institution Has Impact
Banks and credit unions can use your money in ways that align with your values – or not. Where you put your money has an impact.
Banks and credit unions can use your money in ways that align with your values – or not. Where you put your money has an impact.
Banking for Good
Banks and credit unions can use your money in ways that align with your values – or not. Where you put your money has an impact. Get a better bank.
Most large banks are funding fossil fuels, weapons manufacturers, or predatory payday lenders. So your deposits are working against the future you're trying to build. Values-aligned banks do the opposite: they invest in clean energy, small businesses, and affordable housing.
Making the switch to a better bank is easier than you think, and it's one of the most powerful financial decisions you can make.
Watch the video below to learn how three financial institutions are investing in a more sustainable and equitable world through small business, affordable housing, and more.
Featured institutions include Beneficial State Bank, Self-Help Credit Union, and Adelphi Bank. You’ll also be introduced to Hip Hop Caucus' Bank Black and Green program as well as Green America’s Get a Better Bank map.
Why You Should Switch Banks
What if you found out the money in your bank account was being used to fuel fires and floods, contaminated water from fracking and coal mining, or air pollution where you live? If you bank with one of the Wall Street megabanks, that's likely the case.
Here’s how it works: When you put your money into a bank account, it doesn’t just sit there. The bank uses the money to make loans. Community development banks and credit unions use the money to finance community needs such as small businesses or mortgages. But the biggest banks use the money to finance corporate projects — including disproportionately fossil fuels, factory farms, and weapons of war.
Benefits of switching to a community development bank or credit union include:
They invest in their local economy – things like mortgages and small business.
They have more accountability to individual customer members, not shareholders.
They provide financial services to low-income individuals and/or supply capital for small businesses, affordable housing, and education facilities.
Banks and credit unions dedicated to community development help create good local jobs.
They may support clean energy, fair labor, and food security in food deserts.
Get a Better Bank
To help you find a better bank or credit union, Green America has created the Get a Better Bank map. This new website lists over 3,000 banks and credit unions - with almost 17,000 locations - whose mission is to build their communities.
The map is fully searchable by name and location. You can also find online-only banks and credit unions, as well as information about why and how to switch banks, and learn more about how we selected the institutions listed.
Green America's mission is to harnesses the economic power and strength of consumers, investors, businesses, and the marketplace in order to create a socially just and sustainable world. Learn more about our finance work here, including responsible credit cards and socially-responsible investing.
