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.