Sustainable-oriented banks offer many of the same perks as the big guys — online banking portals, apps, and waived ATM fees — without the ethical implications.
Socially responsible investing organization Green America offers the Get a Better Bank Map, and you can also search through Better Banking Options. If you’re looking for greener alternatives to big banks, financial planner Patrick Costello suggests Bank for Good and Bank Local.
Finding a bank dedicated to sustainability can take time and energy, which is why Natural Investments financial advisor Sylvia Panek recommends, at minimum, moving your money to a certified CDFI (Community Development Financial Institutions Fund). While banks are for-profit, credit unions are non-profit and member-owned.
Some certifications are created for the purpose of greenwashing, but, according to both Panek and Costello, you can trust a B Corporation certified financial institution. A B Corp certification confirms a company’s operations go toward supporting people and the planet, while C corporations are focused on the return to the shareholder.
Before considering a financial institution, it’s important to do some research. Mighty Deposits, for example, is a website that lets you compare investments across banks and credit unions to see which kinds of companies a bank is loaning to.
The first step is to open an account and start using their checks and/or debit card. Then, update every app or system where you’ve set up autopay, leaving enough money in your old account for any outstanding auto payments.
Finally, let your bank know why you’ve decided to leave. While a time-consuming process, it could help stave off climate catastrophe.