To kick off the series, we’re featuring Third Act SoCal’s Banking On Our Future Task Force lead, David R!
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.