Living : Money :

Think you gotta have billions to help rescue the planet?

03.30.2009

Submitted by tmeronek on Sun, 03/29/2009 - 11:00pm.
The Bite:
Don't bank on it. For some financial institutions, more than just the dollar bills are green. Check how yours measures up, and if you don't love what you see, don't get Mad(off) - just switch to a greener bank.
The Benefits: 
  • Investing in sustainability. Some institutions have waste and pollution reduction initiatives, and help green companies get good terms on loans.
  • Maintaining good assets. Most green banks are on the smaller side, but they offer services - such as online banking - just like the big guys, so you can bank from wherever you are.
Personally Speaking: 
The best thing about Mike and Toshio's accounts at New Resource Bank? It refunds up to 10 ATM fees (for using other banks' machines) per month.
Wanna Try: 
  • New Resource Bank - eco-bank that gives preferred loans to green companies and nonprofs, and has a LEED-certified HQ.
  • Permaculture Credit Union - cooperative bank owned by its members (so you get more of a say in its policies).
  • ShoreBank Pacific - the first U.S. bank with a green mission, it offsets its enviro-impact and even offers accounts geared toward kids; co-founded by the eco-org Ecotrust.
More info
  • Green America - ranks the megabanks from best to worst, from an environmental perspective.
 

Cocktail Fact

Americans pay more than $4 billion in ATM fees each year.

Bang For The Bite

If 10,000 Biters put their money in a green bank, we'll support planet-conscious banks and help grow the green economy.

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Skd  on March 30, 2009 at 05:11 AM 1
I bank with a local community bank and I have their "green checking" account. It offers free online bill pay, istatements, debit card, plus I earn interest - .5 % on balances 0-999 and 1% on 1000+. Its a great account and I was suprised that such a small bank would offer this type of account.
Julie T  on March 30, 2009 at 05:28 AM 2
Thank you for this tip. It is not easy to find good information about how to spend consumer dollars for the greater good. I have found The Better World Shopping Guide to be most useful in this regard. It rates companies (by product category) in terms of their relationship to the environment, human rights, community involvement, animal protection, corporate crime, discrimination, employee treatment, and philanthropy. You can look up (for instance) dairy products, toilet paper, hair care, etc. and find out which companies to avoid and which are stellar world citizens. By using it, I immediately changed to a greener credit card and greener (!!) toothpaste. Their website is betterworldshopper.org.
Emma  on March 30, 2009 at 06:38 AM 3
I highly recommend the Working Assets visa card, offered through Bank of America. They make a small donation to non-profits with environmental missions for every purchase you make, AND they plant a tree every time you use the card to buy a tank of gas.
jamfhall1  on March 30, 2009 at 10:08 AM 4
I agree. If you don't like your bank, credit union, or any other company you deal with, dump them! I switched to my current credit union because I am no longer penalized for making too many withdrawls in a quarter (my former c.u. did this) and I am able to use any other c.u.'s atm with no fee (great since I travel alot). I told my husband to pay off his 2 credit cards and dump them too. They were kind enough to increase his limit. I said that's because they can make more money off your finance charge once you have a larger balance. Any company that is receiving a bailout to reward their execs for passing on the costs to you the consumer, get rid of them.
Lisa Jeffries  on March 30, 2009 at 06:05 PM 5
Capital Bank NC is a great local choice for anyone near Raleigh, NC. "Smart Checking" includes paperless statement, the refund of ATM fees (as mentioned in article resource), and 4.01% APR, free online banking and bill pay, ... all on free checking. I <3 it and no, I don't work there. I found out about it on a local college message board and am sharing it with everyone who can benefit. The boyfriend and I ditched our banks that were offering lower than 1% interest quickly.
stellans  on April 17, 2009 at 05:14 AM 6
It's a shame Working Assets teamed up with BofA, because that ensures I will NEVER apply for their Visa card. Whatever small donation is made cannot possibly make up for the shameless abuses against the planet and her inhabitants committed by BofA. Ex.: BofA is actively campaigning against the EFSI Act, using taxpayer dollars. I knew BofA when it was still a growing regional bank in Charlotte (North Carolina National Bank, then), and it wasn't all that good even when small.
Only Finance  on June 04, 2009 at 10:49 PM 7
Thanks for nice tip. In my point of view, people prefer such banks which provide them Business Finance for their new business. There are also many companies which provide Investment Finance with interest.
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