FAQ

Every dollar in a deposit account is active. Banks use those deposits to fund loans that shape housing, small business growth, infrastructure upgrades, and community development.

Understanding these flows helps you choose the kind of outcomes your money supports.

To follow a $1,000 deposit through the banking system, read The Hidden Power of a Bank Deposit. Part I shows where the money goes, and Part II shows how the type of institution you choose changes its path.

Housing, transportation, and local infrastructure all influence the cost and quality of life in a community. Loans that support modern, efficient buildings, local businesses, access to affordable and clean energy, and resilient infrastructure can lower household expenses, strengthen neighborhoods, and support long-term economic stability. These connections often go unseen, but they affect real people every day.

Good question. Responsible institutions tend to be transparent about their lending priorities.

You can look for signs such as:

• community development loans
• strong customer service models
• certifications (B Corp, CDFI, MDI)
• member ownership
• locally focused lending
• public reporting on community outcomes

Please note that none of the institutions here listed financially support the initiative.

Each bank page shows how the institution scores on responsible banking, through two views side by side, with equal weight and no overall score.

Environmental responsibility looks at how the institution finances coal, oil and gas compared with renewable energy, and at its related policies and disclosures. It is shown as one of five ratings: Advanced, Strong, Developing, Early stage and Lowest rated.

Social impact shows who the institution lends to compared with institutions of the same type, whether it is a CDFI or an MDI, and where its deposits are held, from public data.

Our directory lists institutions rated Advanced or Strong for environmental responsibility, and institutions rated Developing or Early stage that stand out for their social impact.

The environmental responsibility labels are Bank for Good’s own wording, based on Bank.Green’s evaluation. A rating can change when that evaluation is updated.

Read how we look at each bank.

It shows how a bank or credit union divides its lending between homes, apartment buildings, businesses and commercial property, construction, farms and consumer loans, compared with similar institutions. The figures come from the quarterly reports every US bank files with the FDIC and every credit union files with the NCUA.

“Where its loans go” is part of the social impact view on each bank page. It sits alongside the environmental responsibility rating, which looks at different things. Read together, the two views give a fuller picture of how an institution uses the money deposited with it.

The badges and the deposits map are part of the social impact view. A CDFI badge means the institution is certified as a Community Development Financial Institution by the CDFI Fund of the US Department of the Treasury. An MDI badge means it appears on the FDIC’s or the NCUA’s list of Minority Depository Institutions. A low-income badge means the NCUA has designated the credit union as low-income. A lending badge means the share of its loans going to an area such as small businesses, homes or farms is above the average for institutions of the same type: banks are compared with banks, and credit unions with credit unions.

For banks, the deposits map shows the states where the bank holds deposits and the share held in each, from the FDIC’s annual Summary of Deposits.

Yes. Many banks and credit unions serve their communities well, including institutions that are not in our directory.

Our directory lists institutions rated Advanced or Strong for environmental responsibility, and institutions rated Developing or Early stage that stand out for their social impact. The environmental responsibility rating relies on what institutions publish, so an institution that publishes little information may have a lower rating. Each bank page shows both views, so you can see the full picture.

You can suggest it through our form, and we will pass it to the Bank.Green research team, which reviews institutions using publicly available disclosures and policies. If the institution is rated Advanced or Strong for environmental responsibility, or stands out for its social impact, it may be added and will appear in our directory when the data next updates.

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 often takes only a few 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:

• • Proof of address (credit/debit card statement, lease, utility bill, cable bill, or a cell phone)
  • A government-issued ID (driver’s license, state ID, passport, Social Security card, or birth certificate)
  • Your social security number

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:

• • Municipal ID (NY)
  • Foreign driver’s license
  • Consular ID
  • ITIN (individual taxpayer identification number) instead of a SSN
  • Alien identification card number

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. If you wish, tell your old bank why you are leaving. To share your switch, you can use #bankforgood.

Important: If you are receiving or expect to receive government assistance, we recommend keeping your old account until you have finished receiving payments. This ensures you do not miss a payment. Types of assistance include:

• • Unemployment benefits

• • Other government benefits

Sure thing. Add a reminder to your calendar here.

Telling others can help them think about where they bank, too. A few ideas:

• Let your old institution know why you are leaving, through its feedback form or on social media.
• Tell friends and family what you like about your new bank or credit union.
• Many institutions have referral programs, so check whether yours does.
• Share The Hidden Power of a Bank Deposit with anyone curious about where their money goes.

Our work is funded by a U.S.-based philanthropic foundation.

No. Financial institutions do not pay to be listed, and none of the institutions listed financially support the initiative.

The institutions listed are those rated Advanced or Strong for environmental responsibility, and those rated Developing or Early stage that stand out for their social impact. Read how we look at each bank.

Switching accounts is just the beginning. Step it up here.

Of course.