Yes, your accounts at community investing banks and credit unions are insured up to $250,000 per depositor at any bank with FDIC insurance and any credit union with NCUA insurance. 

Yes. Community development banks and credit unions pay a rate of return on savings accounts and certificates of deposit comparable with that of other banks and credit unions. They also often provide better customer service and have lower fees. 

You may be able to refinance your mortgage with a community development bank or credit union. If a green bank or credit union is offering a lower interest rate than you are currently paying, this may make a lot of financial sense. 

Many credit unions have reciprocal relationships where they will not charge each other’s customers ATM fees. You can also take out a week’s worth of cash at your bank and supplement those withdrawals with cash back on debit card transactions from stores. Many pharmacies and grocery stores will let you receive up to $100 (or more) in cash back for free with each purchase. 

This is a personal judgment call. However, Green America and other coalition partners have been engaging with US megabanks for many years and have yet to see any meaningful change. At this point, we think the better strategy is for people who care about sustainability and equity to end their relationship with a bank that is still plowing billions of dollars into oil, gas, and coal. If you have a preferred relationship with a climate-bad bank, it would be helpful to seek a meeting with a bank branch manager to let them know why you are ending your relationship and encourage them to share that with their supervisors. Some credit unions and smaller banks have private banking services that you can use instead.

Green America has created a lot of resources on this website to help! While it can feel overwhelming to sift through the details, moving our money from megabanks that fund destructive industries is both doable and is one of the most effective things we can do to promote sustainability and human rights. 

Green America’s Get A Better Bank map includes only mission-driven community development banks and credit unions. None of these institutions have fossil fuel holdings. However, some otherwise green banks and credit unions may offer credit cards issued by fossil banks such as Elan Financial, which is owned by US Bank, a megabank with considerable investments in oil, gas, and coal. Check into any outsourcing a bank or credit union may do.

The fossil fuel industry is powerful, and it’s going to take a large, coordinated effort to break that power. That’s why we believe it’s important to focus our efforts on pressuring the largest US funders of climate chaos. If even one megabank changes its act, there will be ripple effects throughout the entire global financial sector.

And substantial progress in this area IS happening! HSBC, the largest bank in Europe by total assets and the 13th largest funder of fossil fuels worldwide, recently committed to not funding any new oil and gas projects. The pressure is starting to mount on these massive institutions, thanks to the persistent and coordinated efforts of folks like you.