Spencer Tierney (Mar 4, 2022)
Some banks that uphold social and environmental causes let outside groups evaluate their values to show their commitment.
"A champion for good causes" may be the last way you would characterize a bank, but some fit that profile.
Part of how banks make a profit is by using the money in your checking, savings and other accounts to make loans to businesses, home buyers and other customers. But you don’t have a say in what your bank supports with those funds. They could be activities you don't support, such as projects that lead to deforestation or new oil pipelines.
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Green America Certified
- Includes fewer than 10 U.S. banks, credit unions and fintechs.
Since 1982, the national not-for-profit Green America has built a green network of small businesses. Green America defines “green” to mean a focus on social justice and environmental responsibility. Certification requires submitting an assessment, and eligibility includes companies at least four months old that fulfill a host of requirements.
Specific to banks and credit unions, eligibility involves over two dozen requirements across four categories: company (business practices), company employment (fair worker wages and benefits), education (truthful marketing) and sustainable facilities. Under the company category, banks must have clear policies around where customers’ money may or may not be invested. Any banks that fund certain industries, including but not limited to weapons and fossil fuels such as gas, oil and coal, aren’t eligible to be Green America Certified.
