Kae, why was it important to you to divest your personal finances?

Originally,  it was primarily a practical interest in saving money and getting the best deals. I was raised middle class in the 50s-60s and went into the workforce out of college in 1971. Income was limited and I lived frugally, taking advantage of whatever saved me money. When I moved away to DC, I joined the credit union at my workplace – and that is still my main account I use to this day! When I moved out of that area, I also opened some accounts at local banks for convenience. In addition to funding the climate crisis, the big “dirty banks” have horrible customer service. At one point in time, my mortgage was sold to one of the “big 4” and I had a really bad experience dealing with them. That solidified for me that I will stay away from them, now matter how good they try to make their deals sound.

What was the hardest moment in the move your money process and how did you overcome it?

I can’t say choosing or opening an account has been at all difficult, but there have been times when the promised deal has been obfuscated at the point of sale. When that happened and there turned out to be more restrictions than originally explained, I just moved my money back out and closed the account. So it IS important to ask for the details on how much you have to put in – and by when – as well as where the funds can originate and how the money is transferred — and don’t forget, too: whether there is a specific number of days or months the funds must remain in the account.

What pleasantly surprised you about this experience?

I’m almost always surprised by how helpful the service people are. They often go beyond my expectations to research an issue or fix a problem. One thing that helps is to use one institution as much as you can. Then if a glitch occurs, it can be more readily adjusted. For example: I had paid my exorbitant gas bill early one time (on a credit card that gave me a sufficient rebate to make that worthwhile), but the utility deducted the automatic payment anyway even though my balance by the payment date showed $0 (in most instances the creditor won’t deduct an already-paid account! — but do know your creditor’s rules as some just don’t care). My credit union paid the draft even though that produced an overdraft. As soon as I saw the problem, I corrected the balance and initiated an inquiry and complaint with both the utility and the credit union. The utility was unhelpful and unrepentant, but my credit union was totally cooperative and reversed the fees from their end. (It never hurts to ask!) And I was so mad at the gas company’s attitude that I then got a heat pump and closed my gas account!

What piece of advice would you give to someone considering switching?

1. Do your research
2. Make sure it is convenient for you
3. Double check that there aren’t special stipulations you must complete, deadlines, or other “gotchas”

Ready to experience great customer service and a clean conscience—just like Kae?

The “Move Your Money” Workbook contains detailed instructions, resources, and checklists to guide you through every step of the switching process! There’s also information on green credit cards and investments.

Prefer to speak to a real person? Peer facilitators are also available to support you via virtual “office hours”. Click here for more information.

You can also reach out to us via email at thirdactsocalbanking@gmail.com

Third Act Southern CA and THIS! Is What We Did volunteers and staff are not financial advisors and we are legally prohibited from giving financial advice. The resources and support we provide are for educational purposes only and all financial decisions are your own.

1) Why was it important to divest your personal finances?

2) What was the hardest moment in the move your money process and how did you overcome it?
It was the feeling of overwhelm and stasis. We had been with one of the big 4 dirty banks for over 35 years and had multiple accounts (6 personal and 2 business accounts!). The thought of moving our money seemed formidable. I realized that I just had to start the move and that it would take a while to complete. I found a very good community-oriented bank and I began the process of opening accounts in the new bank. It was difficult for a while having to straddle two different banks, keeping the cash flows balanced and shifting the automatic payments from the old bank to the new one. It also took time to learn the “culture” of the new bank and to learn the new mobile banking interface, yet it was a fantastic feeling of satisfaction when the process was completed and I could call up the representatives at my former bank and have them formally close those accounts, AND letting them know why I was making the move!

3) What pleasantly surprised you about this experience?
A few things. First, the process gave me the opportunity to take a fresh look at our financial situation and started me on a process of reorganization and simplification of our banking structures. Our accounts had multiplied like feral cats over the years. Did we really need all of those accounts? I was able to greatly simplify our banking, which has been a relief!
Secondly, I was able to reach real human beings at the new bank (a difficult process always at my former bank) and they were able to help me at points where I needed explanations, help with technical aspects, or just some hand-holding. Very pleasant!

4) What piece of advice would you give to someone considering switching?
I think that it’s important to research what type of financial institution you want to handle your money – it needs to work for you. There are Third Act resources to help you with this. Secondly, even though the task might feel daunting, the important thing is just to start, to take the next step, and the next after that. Before you know it, you will have completed the transition out of the dirty banks and will have dramatically reduced your carbon footprint! It’s worth doing!

Inspired by Rodney’s story? Our Banking On Our Future task force is here to help!

Visit the Third Act-approved resources below, or drop us an email at thirdactsocalbanking@gmail.com.

Step-by-step Move Your Money Workbook (in partnership with “THIS! Is What We Did”)
Drop-in office hours with a trained peer facilitator (in partnership with “THIS! Is What We Did”)
Aligning Your Money With Your Values Webinar (hosted by Green America)

Third Act volunteers are not financial advisors and are legally prohibited from giving financial advice. The resources and support we provide are for educational purposes only and all financial decisions are your own.

Geri, why was it important to you to divest your personal finances?

As a student at UC Berkeley in the ’70s, I witnessed heroes like Nelson Mandela and Stephen Biko fighting against apartheid in South Africa. As a grad student there again in the ’80s, I saw the impact that collective action could have in support of that cause. When thousands of students sat in Sproul Hall (Biko Plaza) urging divestment, the Regents of the University of California finally moved to divest $3.1 billion from companies doing business in South Africa. 

I never forgot that, and have tried since then to be active in supporting social justice causes.

What was the hardest moment in the “move your money” process and how did you overcome it?

For years I did not have any retirement savings, and as a single parent and a librarian, I had the mindset that money was for spending, paying back student loans, not for saving. Later, as I began to build my retirement portfolio, I learned just enough about investing to trust it to a professional provided by my library’s retirement counselor. When I retired, I followed that finance manager to her new job and used her services to move my savings to safe but socially conscious funds. It was, and is, important for me to remember that while individually my funds seem inconsequential, when combined in mutual funds with millions of others, we can direct where to invest and have it mean something.

What pleasantly surprised you about this experience?

It is a false choice to pit personal security against collective action. Everyone needs to first take care of the basics for self and family, but even that can be put to the cause when combined with others with like values. After moving my daily banking away from the top four “dirty banks” to my local credit union, I learned about Third Act’s divestment activities. I joined the SoCal working group on the force of its commitment to expose the dirty banks, and I found colleagues eager to get our beloved Costco away from CitiBank.

What piece of advice would you give to someone considering switching?

• Don’t try to re-invent the wheel. Find a trusted investment manager for your retirement funds and insist that your assets not fund hazardous industries. 
• Use Third Act’s easy-to-use checklists to help move away from the worst commercial banks to community banks and credit unions. There are a few phone calls to make, but when you are switched over for direct deposits and automatic bill-paying, these administrative tasks are done.
• Don’t go it alone. Join your neighborhood or community group, join Third Act! Trust your own power to learn the issues, and to learn how your own participation in causes you believe in has an effect.There is power in collective action, and no one is alone here in the universe. 

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Inspired by Geri’s story? Our Banking On Our Future task force is here to help!

Visit the Third Act-approved resources below, or drop us an email at thirdactsocalbanking@gmail.com.

• Step-by-step Move Your Money Workbook (in partnership with “THIS! Is What We Did”)
• Drop-in office hours with a trained peer facilitator (in partnership with “THIS! Is What We Did”)
• Aligning Your Money With Your Values webinar (hosted by Green America)

Third Act volunteers are not financial advisors and are legally prohibited from giving financial advice. The resources and support we provide are for educational purposes only and all financial decisions are your own.

Did you know that hundreds of Third Act members have moved their money away from the banks funding the climate crisis? We created a blog series to celebrate their accomplishments and help demystify the process so others can follow suit! Today we’re celebrating Steve! 

Why was it important for you to divest your personal finances?

There is a climate crisis and I want to be part of the solution. This includes supporting companies that are working for a sustainable future.

What was the hardest moment in the “move your money” process and how did you overcome it?

We made two changes. Each had its difficulties.

1) We moved our savings from a popular investment service to a local investment firm that’s been specializing in sustainable and responsible investing for more than 25 years. When we decided to do this, I sent our (former) financial advisor an e-mail thanking him for his service. He did not reply. He just disappeared. So I had to spend considerable extra time on the steps of closing and transferring accounts. This involved having to work with different support staff at the national office. In addition, I discovered that a past advisor had set up an annuity (an annuity seemed like a good idea at the time based on how it was presented. However, I now realize the annuity was a terrible investment because it earned a low return and it had a significant cancellation fee). All totaled, the process took about four months. I resolved these difficulties with perseverance and many calls for help. I was also polite, regardless of the difficulties.

2) We moved our main credit card to a green bank. This required checking past statements to find and then transfer all the subscription and auto-pay accounts. I spent many hours spread over a few months on this. 

What pleasantly surprised you about this experience?

1) I was very pleased with the friendly, helpful, professional people at my current green investment firm. One of them drove almost 100 miles to visit so he could learn more about us. I also feel that they provide candid, helpful, and honest financial updates on our savings. 

2) I feel good each time I make a purchase with the new credit card, knowing I’m supporting a green bank.

What piece of advice would you give to someone considering switching?

First, conduct research. Start with identifying what you need. Then find a bank that will best fill that need. And second, just start. The process has many steps, so you can make changes along the way.

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Wow! Don’t you want to be just like Steve? (We know we do.) If you’re ready to learn more, our Banking On Our Future task force is standing by to support you!

Visit the Third Act resources below, or drop us an email at thirdactsocalbanking@gmail.com.

• Step-by-step Move Your Money Workbook (in partnership with “THIS! Is What We Did”)
• Drop-in office hours with a trained peer facilitator (in partnership with “THIS! Is What We Did”)
• Aligning Your Money With Your Values webinar (hosted by Green America)

Third Act volunteers are not financial advisors and are legally prohibited from giving financial advice. The resources and support we provide are for educational purposes only and all financial decisions are your own.

Kerry, why was it personally important for you to do this?

I had bank accounts with one of the top four dirty banks. After I became aware of the bank’s role in financing fossil fuels, my conscience said I couldn’t keep my accounts there. I was really uncomfortable knowing that money I had on deposit was being funneled into loans to fossil fuel companies.

What was the hardest moment in the “move your money” process and how did you overcome it?

Inertia! I had already opened accounts at a credit union years ago, and used them for the majority of my checking account and credit card activity. I let the checking account at the Big Four dirty bank sit there without any deposits or withdrawals, with enough funds to avoid any charges. I used their credit card once a year just to keep it active. I tried to pretend that it was costing the bank money to maintain my accounts. After working with Third Act SoCal members who want people to find better banks, I decided it was time to listen to my conscience and end my banking relationship with that financial institution altogether.

What pleasantly surprised you about this experience?

My credit union has almost everything I need – the only gap is that the credit union doesn’t have safe deposit boxes and my previous dirty bank does. (I made other arrangements and closed out that safe deposit box too.)

In other regards, the credit union is better than the bank. In addition to online banking and a mobile banking app, I can use just about any credit union’s ATM without incurring a charge. There are no foreign currency transaction fees on credit card transactions. I have a competitive rate on a home equity line of credit.

What piece of advice would you give to someone considering switching?

THIS! Is What We Did has some useful tools on their website – https://thisiswhatwedid.org/move-your-money/. Each person’s financial situation is different, and their workbook lays out a plan that you can customize.

I’d also suggest that instead of just quietly closing your account, you write a letter detailing why you’re moving your money, and then meet with your branch manager to present the letter and have a conversation about why you’re taking this action.

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Inspired by Kerry’s story? Our Banking On Our Future task force is here to help!

Visit the Third Act resources below, or drop us an email at thirdactsocalbanking@gmail.com.

• Step-by-step Move Your Money Workbook (in partnership with “THIS! Is What We Did”)
• Drop-in office hours with a trained peer facilitator (in partnership with “THIS! Is What We Did”)
• Upcoming “Align Your Money With Your Values” webinars (hosted by Third Act Upstate NY)

Third Act volunteers are not financial advisors and are legally prohibited from giving financial advice. The resources and support we provide are for educational purposes only and all financial decisions are your own.

David, why was it so important for you to launch the “Banking On Our Future” task force at Third Act SoCal, and to divest your personal finances?

I’ve cared deeply about the environment and combating climate change my whole adult life and have tried to be an activist and responsible consumer, and to support a transition to renewable energy. A quick transition to clean energy is the only way to mitigate the enormous human suffering and planetary destruction being caused by a chaotic climate on our rapidly warming planet. It’s only in the last few years that I’ve realized how the massive funding of new fossil fuel development by the four “dirty” American banks – Chase, Citi, Wells Fargo, and B of A – was making a quick transition to clean energy sources impossible. These four banks alone have invested $1.3 TRILLION into new fossil fuel projects in the last six years (Banking on Climate Chaos report, 2023).

As I became more involved in Third Act and we began advocacy efforts to get these banks to stop funding new fossil fuel development, I finally understood that I needed to walk my talk and begin banking relationships with financial institutions that were more responsible and not funding climate chaos. First I moved my money to a regional bank that’s a certified B Corporation focused on community development, and “doing well by doing good.” Then I learned more about how those frequent flier miles and credit card points I’d coveted were actually being underwritten by people who couldn’t afford to pay off their credit cards every month (the exorbitant interest rates they paid made my benefits possible), so I switched my credit cards, too. It’s been an ongoing process of small steps consistently taken, but I feel great about the changes I’ve made so far!

Through doing this process, I became aware of many helpful tools and resources and was inspired to help other members of Third Act access them so they too can align their money with their values.

What was the hardest moment in the move your money process and how did you overcome it? The hardest part was just to make the first step and overcome inertia to get started! When I fully realized the importance of walking my talk in my efforts to stop the climate emergency, moving my money became essential and I was motivated to take action.

What pleasantly surprised you about this experience? I was surprised by just how good it felt to actually be making the changes and working with financial institutions and their employees that I liked and respected!

What piece of advice would you give to someone considering switching? Two thoughts come to mind: 1) Just do something  (“The person who moves a mountain begins by carrying away small stones” – Confucius), and 2) be patient with any challenges that come up in the process. We are trying to help build a new, more responsible economic system and support financial institutions that actually care about the planet and our children’s future. If we aren’t willing to put up with a little extra inconvenience or hassle, if it arises, who will?

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Inspired by this story? Our Banking On Our Future task force is here to help!

Visit the Third Act resources below, or drop us an email at thirdactsocalbanking@gmail.com.

• Step-by-step Move Your Money Workbook (in partnership with “THIS! Is What We Did”)
• Drop-in office hours with a trained peer facilitator (in partnership with “THIS! Is What We Did”)
• Upcoming “Align Your Money With Your Values” webinars (hosted by Third Act Upstate NY)

Third Act volunteers are not financial advisors and are legally prohibited from giving financial advice. The resources and support we provide are for educational purposes only and all financial decisions are your own.