Still Banking With the big Banks? Here’s Why You Should Consider Some More Ethical Options
by Alanna Ketler October 20, 2017 (collective-evolution.com)
• Do you use a major bank, where your deposits are used to fuel a capitalist machine fueled by greed and supports the Deep State?
• In this day and age, carrying cash around is impractical. We all need a financial institution. But consider using a more socially responsible alternative bank such as a “green bank” or a community credit union.
• A green bank is a public financial institution that uses innovative financing techniques and market development tools in partnership with the private sector to accelerate the deployment of clean technologies.
• Credit unions typically reinvest its profits back into the credit union to the benefit its’ members and the community.
• These alternative banks can still provide the same perks and services as the major banks.
• Every time we spend money, even at a bank, we are casting a vote for the type of world in which we want to live. We do not have to participate in the parts of society that no longer serve us.
• [Editor’s Note] Read the rest of Alanna’s article for step-by-step instructions on transferring your account to a socially responsible bank.
Do you consider yourself a socially conscious person? Are you someone who stays up to date on current events, researches what’s going on in the world, and knows which companies are contributing to our world’s problems and which are working to solve them? If you said yes, then it sounds like you are a conscious consumer and understand the power of voting with your dollar and putting your money where your mouth is… but — where do you put your money? Which bank do you use? This is something many of us don’t even consider, but just like anywhere else you put your money, the bank you choose to support with your dollars matters.
This is something that I myself am just learning the importance of now, as I have recently begun researching the best places for storing my dollar bills. Not that I have a lot of them by any means, but still, I want them to be supporting things that I myself would support, which does not include a machine fueled by greed — no matter the cost.
This idea of taking your money out of the big financial giants really came into my reality around the time of the Dakota Access Pipeline protests, when people were withdrawing their money en masse. Protesters came to understand that, by giving their money to the big banks, they were actually contributing to and supporting the very oil giants they were fighting so hard to stop.
What Would Happen If We All Took Our Money Out of the Banks?
This is the thing that is a little scary to consider. When you put your money in a bank, it doesn’t just sit there, patiently waiting for you to decide to spend it. It is being invested at high levels. If you choose to, you can actually get involved in that game and potentially profit from your money rather than letting it collect dust, but again, it is up to you to be aware of what your money is actually going to support if you should choose to do that. If everyone were to take out their money from their banking institutions, the banks would essentially collapse. Those who were late to the money party, moreover, wouldn’t get their money back, because once in a bank, it’s technically under the bank’s control, and they do not hold it all in a safe waiting to be returned to customers.
Now, there are some other options, the most obvious being to keep all your money in cash format, but in this day and age, that is becoming increasingly less practical, as we need credit cards for so many things, and carrying a lot of cash is both inconvenient and risky.
So, Where Should You Keep Your Money?
Enter “Green banks.” Sometimes referred to as a green investment bank, clean energy finance authority, or clean energy finance corporation, a green bank is a public financial institution that uses innovative financing techniques and market development tools in partnership with the private sector to accelerate the deployment of clean technologies. This is one option.
But there are also a number of other socially responsible banks that you can choose from that invest the money they receive into ethical and sustainable businesses that truly have the consumer and the planet in mind.
Consider Credit Unions
You can also consider credit unions, whose model is people before profits. They use a co-operative model, which means any profits they make are reinvested back into the credit union to serve the members better, and some of these benefits are shared directly with their members and the community.
There are a lot of misconceptions around credit unions. People think they don’t have good online banking services, use mobile apps, or offer ATMs, but that simply isn’t the case. Most credit unions have all of these perks and more. Essentially, a credit union can do anything a bank can do, but it all revolves around you as the customer.
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Banking, credit unions, green banks, social responsibility
