How do you know when your big-bank relationship just isn’t right? Is your bank just in it for the money? From questionable lending practices, to financial support of environmentally destructive practices, to abusive fees, many big banks engage in bad behavior. You deserve better, according to Washington, DC-based Green America.
The not-for-profit membership organization is dedicated to “[harnessing] economic power—the strength of consumers, investors, businesses, and the marketplace to create a socially just and environmentally sustainable society.”
Since Valentine’s Day 2008, Green America has encouraged U.S. consumers to opt for community development banks and credit unions — which measure their returns both in terms of financial profitability and social impact —through its Break Up With Your Mega-Bank campaign. In December 2009, shortly after Green America launched its initiative, allies at the Huffington Post (News - Alert) launched the Move Your Money campaign, also advocating a shift away from the exploitative conduct of large conventional banks.
The two campaigns believe that using a community development bank or credit union is an excellent way to start ensuring that as much of your money as possible supports projects that align with your [green and community based] values. Over the past decade, assets invested in community development financial institutions have grown from $7.6 billion to $41.7 billion. Individual investors have been an important part of this growth.
Green America Corporate Responsibility Director Todd Larsen said, “If you are not feeling the love from your big bank, [now] is the perfect [time to decide] to dump it. It is time for Americans to take a stand against abusive bank practices and banks [that] don’t value the relationship with their clients. Looking for a banking arrangement where you are not always giving and your bank is not always taking? Then it’s time for you to think about …getting into a healthy financial relationship with a community development bank or credit union instead.”
Not sure what to do next? Check out Green America’s brand-new Break Up With Your Mega-Bank website and its downloadable brochure, Break Up With Your Mega-Bank. The brochure offers:
Above, the brochure cover
As part of its mission, Green America officially has come out in support of the Occupy Wall Street movement throughout the United States. In an official statement, the organization praised the protesters: “Here at Green America, we are inspired to see people in cities and town squares from coast to coast send the message that the old, corrupt Wall Street economy is not working for people or the planet. We welcome so many new people who are waking up to the idea that they can take action to end the damage and suffering of this destructive system and help build a new, green economy that works for all.…Together, we can shift from ‘greed” to “green.’”
Finally, switching can, indeed, lead to satisfaction. As “Jim,” one of Green America’s members said, after shifting from a mega-bank, “When I closed my account, I was asked to state a reason. I said ‘philosophical differences’ and the teller replied with a slight smile: ‘That’s not one of the choices I have to choose from.’ I walked down the street to my local credit union and felt a new freedom.”
Cheryl Kaften is an accomplished communicator who has written for consumer and corporate audiences. She has worked extensively for MasterCard (News - Alert) Worldwide, Philip Morris USA (Altria), and KPMG, and has consulted for Estee Lauder and the Philadelphia Inquirer Newspapers. To read more of her articles, please visit her columnist page.Edited by
Rich Steeves
