[frm-currency id=520 type=total] have been divested or moved as of TODAY, as self-reported by our supporters!
MOVE YOUR MONEY – How To’s
Four Steps to Move Your Money to a Values-Based and Local Financial Institution:
- Open an account at an institution that shares your values! Find one from the links below.
- Order your new checks and debit card.
- Move your automatic deposits and payments to your new banking institution. Look at your current bank statement to make your list; contact each and change them from your old bank account to your new account.
- Close your Mega-Bank account AFTER you have allowed time for all automatic withdrawals to be moved. And use a customer comment form at your old bank to state that you have closed your account because you don’t support investment in fossil fuels!
When you move your money to a values-based, local financial institution consider:
- Fees compared to your current bank
- Ways your money will help your local economy by financing local business
- Decision-makers there and their local ties; credit unions are generally owned by their members
- Involvement of the institution in your community
- How your funds will be invested: in productive investments, such as loans in the community, or risky ones, such as speculative trading or in fossil fuel exploration or infrastructure.
Where to Bank?
- Credit Unions: member-owned, non-profit financial institutions that provide a wide array of financial services and generally invest in local communities.
- Community Banks: Many are community minded and invest in their community. Look for one in line with your values.
- More ideas below
Some Questions to Ask
Q: At what level would your funds be insured? Is there federal insurance at the general level of $250,000 per depositor?
Q: What is the interest rate of return? What are ALL their fees?
Q: Can you refinance your big-bank mortgage with the Credit Union?
Q: What about availability of ATM machines? Is there membership in a larger no-fee network? Will out of network ATM fees be reimbursed?
If need be you could keep a small amount of your money in a bank’s free savings account to get access to their ATM network.
Ways to find “clean” financial institutions and funds*:
- Green America’s Get A Better Bank and Credit Card
-
New Economy Project: Move Your Money to the New Economy
- Fossil Free Funds: fossilfreefunds.org
- Deforestation Free Funds: deforestationfreefunds.org
* 350PDX does not endorse any of these sources, but is providing them as a reference.
What are some financial institutions that invest in fossil fuels?
Rainforest Action Network Banking on Climate Change; Fossil Fuel Finance Report Card 2020.
Sample letters to current banks or credit card companies:
Letter to Manager of JPMorgan Chase Bank Branch
Letter to Manager of Wells Fargo Bank Branch