Tips on Choosing an Ethical Bank Account


People like using businesses that have ethics. Corporations add more pollution to our environment than anything else. As consumes wake up and realize whats happening, they are getting more serious about doing business with people who are environmentally, socially, morally, and ethically aligned with their own values. 

Here are some tips on making sure that the bank you choose is in line with your values.

* Avoid Banks That Invest in Fossil Fuel  One of the problems with investing in fossil fuel is that it really is our past. Alternative energy like solar will eventually take over from fossil fuels because the latter will not last forever. So, there are two reasons to divest from banks still heavily investing in these types of energy: one to avoid losing money and two to prevent negative environmental impact. 

* Find Banks That Lend Money Specifically for Environmental or Social Causes You Care About  Look into how the banks lend money. Do they have exclusive deals for causes that you care about? If so, they might be the right choice for you.

* Find Banks That Are Transparent about Who They Lend Money To  Who your bank lends to is important too. If theyre lending money to organizations that harm the environment or other social issues that you care about, you want to keep your money from them.

* Find Banks That Do Not Avoid Paying Taxes  Did your bank pay their fair share of taxes last tax season? This is a significant indicator of their ethics, because it is a moral obligation of all business owners and citizens to support their government to help pay for the defense and welfare of the nation. 

* Look at Their Executive and Director Payments  How much do they pay people at the business? Is everyone fairly compensated? If the director is getting over a million a year, double down on finding out how much everyone else is getting paid to ensure that everyone who helps you receives a living wage. 

* Look at Banks That Do Not Finance War  While most will agree that some wars are unavoidable (like World War II, for example), regime change wars fought over fossil fuels, and not for the good of the people, are not ethical investments. 

* Look at the Carbon Footprint of Your Bank  How does your bank do their daily business? Do they use a lot of paper? Is their building energy efficient? Do they recycle? Do they encourage their employees to volunteer for their community? How are they about equal pay, family leave, insurance, and other issues that make it easier for you to have a lower carbon footprint? 

* Look at Banks That Do Not Support Animal Testing  Most animal testing is not even needed and is done by the cosmetic industry. Some banks have signed an agreement not to loan money or allow any of their funds to be used for this type of testing. 

* Always Look at How They Charge Members  One thing to look at when considering the ethics of the institution is how they treat their members. Do they charge extraordinarily high fees for low balances or overdraft fees? How much interest do their interest-bearing accounts make? 

* Look at Their Good Deeds  What type of good deeds does the bank do in the local, national and worldwide community (depending on how big they are)? If you like the kinds of things they do as a corporation and it fits your value system, thats an excellent choice to make.

When you find the bank you want to use based on your own values and what is important to you, make sure you tell others about it. The more people who divest from banks that are doing things that arent moral or ethical - especially when it comes to fair lending practices, the environment, and their investments, the more likely banks will become more ethical. 






 





