Put Your Money Where Your Mouth Is (Pt 1)
No, I do not suggest eating your money. But I do suggest, if you are trying to be the change, that you use the way you bank to make a positive impact.
I consider myself an aware person, and I do everything in my power to make a positive change in the world with how I spend my money and what I do with my life. But I never really thought about the impact of where my money was hanging out before I spent it. Until now.
In a recent NYTimes article, Lennox Yearwood Jr. and Bill McKibben broke down just how powerful banks are when it comes to funding environmental destruction. If you have hopped on the vote-with-your-dollar train, putting you money in a more ethical bank may be the locomotive that pulls the whole thing. According to this article, the bank that I have been using since I moved to NYC 11 years ago, is the worst offender of ALL BANKS IN THE WORLD, having lent over $195 billion to fossil fuel companies. The bank? Chase. So convenient, so normal, right? No. Pure evil.
I have always had a contentious relationship with Chase, having taken out a private loan with them so I could attend Parsons and get my Fashion Design degree. A mere stroke of a pen, and I was destined to pay them many hundreds of dollars of student loan interest, before any of the principal amount was even touched. Thereafter, I called it “Chase your dreams away.” And because it was a private loan for a degree that was not my primary degree (I already had my Environmental Studies degree from UVM), there was nothing I could do like consolidation or lowering interest rates. No institution has caused me as many tears as Chase bank. Years of not being able to keep up with payments and a high interest rate, the anxiety and feeling of helplessness and disempowerment. They know exactly what they’re doing when they give a few thousand dollars to a teenager who won’t be able to immediately pay off their debts. What I learned researching this post is that not all banks would treat their client that way. They are just pernicious. And yet, my money is still in their vaults, funding climate catastrophe. This tells you what a giant, insidious machine they are. Once your money is in a bank, it feels like such a momentous task to switch and do the research to find a new one that you just stay even when you know it’s not right. But we are changing that today:
I’ve done that research for you! We can all do this together!
Here are some resources:
The Global Alliance for Banking on Values is an independent network of banks using finance to deliver sustainable economic, social and environmental development.
Nerd Wallet is a great resource for all things money and personal finance. Here is a really helpful article they wrote about sustainable banking.
Stop the Money Pipeline is a website set up by true earthen warrior Bill McKibben. It is all about they ways that Wall Street is financing climate destruction.
Below is a list of banks that are not royally screwing over our planet and its inhabitants. I really just didn’t know that there were so many banks. This is another indicator of how much power Chase has in the marketplace. I thought there were, maybe, a few banks. And what I’ve found out is that there are a TON of banks, like any other consumer product, and you can choose one which reflects your values. I honestly feel ignorant right now but I’m sharing my full journey because I know I’m not alone!
These are the banks recommended by McKibben:
These are a couple others that seemed promising that I found in my research:
If you scroll down to the bottom of this article, there is a good list.
There are so many options, but don’t let that slow you down! Set a deadline for yourself, tell the world about your decision, and hold yourself accountable. As citizens we often feel disempowered, but knowing that you can “hit em where it hurts” is something worth pursuing. Tell me what bank you use now in the comments section, and if you plan on moving your money to a more promising institution (if you haven’t already). Always remember that every day is a new chance to make a difference and be better. And little changes make a big difference collectively.
I will be switching my bank from Chase in the next few weeks. I will write a “part 2” update as the experience unfolds.
