Questions? We have answers.
When you put money into your deposit account, it doesn’t just sit there. Banks can use your money to fund projects like drilling in the Arctic, laying down oil pipelines through Indigenous land, and building refineries that pollute our communities. Here’s the full story.
Structural racism and the climate crisis are deeply entwined. Both are the result of entrenched power structures working in their best interest to maintain the status quo. Through redlining, denial of housing mortgages, support for polluting industries, among other practices, several of the country’s largest banks have contributed to the climate crisis while stripping BIPOC (Black, Indigenous and People of Color) communities in particular of the resources to respond. BIPOC communities are leaders on climate action, but many of them are also on the frontlines of our changing climate and will be more impacted than white communities. Already, factories and other high-polluting industries are much more likely to be built in communities of color, leading to segregated health impacts even for residents in the same city. Climate justice is racial justice. Read more here.
Good question. None of the institutions listed here came to us with a marketing plan. We found, vetted, and asked everyone listed on the site to participate. All those on our site have committed to being fossil fuel free. For the full details, read more here.
We want to connect institutions that do the right thing to people who want to do right by their communities and our planet. Our end goal: building a new banking system that respects and represents people and the planet.
Yes, this is just the beginning. We started by contacting a group of 100 institutions. We structured our outreach by starting with organizations that already met one of more of the following criteria:
Here are all the details.
Drop us a note. If the institution meets our criteria and wants to be included, we’ll add them to the list.
To make the full switch, you need to open a new account and close your old account(s). Set yourself a reminder to switch here.
Opening a new account can take fewer than 5 minutes. It might take a bit longer for institutions that require steps like a signature or if you need to gather some information. You’ll usually need:
If you’re not a citizen, you can still almost always still open an account. You can use other documents to open an account, such as a:
Closing your old account is easy if you just follow a few steps:
1. Check that all pending payments from your old account have cleared, like checks and debit charges.
2. Transfer money from your old account to your new one. Important: Some institutions charge fees for low account balances, so be sure to either close your account on the same day or leave enough money in your account until you close it to avoid any fees.
3. Move over all your recurring payments (music streaming service, rent, utilities, insurance, etc) to the new account. (You can look at your bank statement to check what needs to be switched). Important: Try to also move them all at once to ensure your payments aren’t interrupted. If you can’t remember all your recurring payments, you can leave your old account open for a month to monitor any activity and close it after that month.
4. Switch your direct deposits (ie. your paycheck), your automatic payments (like your gas and internet), and your linked accounts (music, streaming, and video subscriptions) to the new account.
5. Let your old institution know that you want to close the account. You can usually do this online or over the phone. Document the closing and ask for confirmation that the account is closed via email or a letter.
6. Get loud! Let your old bank know that you disagree with their financing practices and that fossil fuels don’t belong in our future. Post on social media that you’ve made the switch, and use the hashtag #bankforgood.
Important: If you are receiving or expect to receive government assistance due to the pandemic, we recommend keeping your old account until you have finished receiving payments. This ensures you do not miss a payment. Types of assistance include:
Sure thing. Set yourself a daily, weekly, or monthly reminder here.
Our work is funded by a U.S.-based philanthropic foundation.
No. We’re raising up financial institutions committed to changing the system and focused on environmental, racial, and economic justice. Here are the details.
Yes! We got in touch with all the institutions listed here to explain the campaign, asked them to sign our fossil-fuel-free pledge, and then signed them up.
Switching accounts is just the beginning. Step it up here.
In financial services, a broker-dealer is most often a financial firm that engages in the business of providing brokerage products and securities for its customers. Brokerage products include investment and retirement accounts, cash management accounts, and other financial services. Broker-dealers are registered with FINRA and have SIPC protection, not FDIC coverage.
Shout it out! The more who hear your message, the better. Here are some ideas to start:
Credit unions are nonprofit financial cooperatives, born out of the idea that communities can join together to help each other. This means that, unlike banks, credit unions are collectively owned by their members, so when you deposit money, you become a partial owner. You can usually join a credit union’s community, or field of membership, based on where you live or work, your family members, or through a small one-time donation.