Money from big banks funds fossil fuels, sweatshops, factory farms, and other destructive industries. Better banking is possible with a community development bank or credit union. Your money can go back into your community and help fund a better world.
When you open a bank account, how do you choose what bank to use? Maybe it’s the one with ATMs close by, or the one your family has always used, or the one that offered you a good deal on a product. But green financing is crucial to an ethical economy, and better banking, aligned with your values, is always possible.
Better Banking
Not all banks are created equal. Whichever bank you use, your money will be there when you want it. But while it’s in your account, the bank can use your money how it wants, which could be aligned with your values, or not. You can put your money to good use simply by doing your banking with a community development bank or credit union, which can meet all your normal banking needs.
Community development banks and credit unions operate just like banks (think national banks with ATMs in every city), but these institutions focus on funding economic development in low- and moderate-income areas and/or supporting local economies, instead of simply investing to make their executives wealthier.
Why mega-banks are bad news:
They may invest your money in industries you don't support, like fossil fuel projects, military development, or abusive sweatshops.
Mega-banks lent billions in predatory sub-prime mortgages that their borrowers couldn’t repay, which lead to the housing market crash in 2008.
Their main objective is to make their executives wealthier, no matter who or what it harms.
They don't treat people right. There have been thousands of complaints per year against mega-banks for bad credit card practices, scams, and fees.
Mega-banks have been required to repay hundreds of millions of dollars wrongfully taken from consumers.
It can feel terrible when it seems like a bank only wants you for your money, charging fees or trying to upsell you on expensive products you don’t need. When choosing a green bank, you are investing in a better banking option, which supports communities, the environment, and your values.
Green America’s Get A Better Bank campaign, and similar initiatives across the country, are gaining momentum! Did you know that Big Banks, like those behind your credit cards, continue to invest massively in fossil fuels, driving us toward greater climate catastrophe?
Our interview with Annalisa B. describes her motivation for switching banks in order to put her money to work for communities – and to avoid supporting fossil fuels.
Are you thinking about breaking up with your mega-bank? By switching to a smaller, community bank or credit union, you are choosing to support the green economy by placing your money in the hands of ethical institutions.
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