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.