1. Monona, why was it important to you to divest your personal finances?
My daughter (who is in her thirties) works with ecological restoration and is a climate activist. For her birthday, she asked our family to move our money from the Big 4 Dirty Banks to a bank that was not investing in fossil fuels. She gave us a list of banks we could think about switching to. I switched to a bank whose mission is to create an economy that dismantles discrimination, breaks the chains of generational poverty, and ends extractive environmental practices. I felt I had to do it for my daughter and future generations.
2. What was the hardest moment in the move your money process and how did you overcome it?
I’m ashamed to say, but it took me about eight months to change my accounts over. I had a lot of accounts on auto-pay that I needed to switch. But once I got organized and made a list of all the accounts, it became a pretty easy process. I was also nervous if the new bank had all the services I might need: I found out they did. Although they only have one branch in my area and it’s not near where I live, I really haven’t needed to go in more than once or twice. Most banking is online anyways.
3. What pleasantly surprised you about this experience?
It really wasn’t that hard at all, and it feels good knowing that my money won’t be invested in harming the environment. I do believe these small actions make a difference. It was great to give my daughter a very belated birthday present.
4. What piece of advice would you give to someone considering switching?
Be patient with the process. Find the bank that is right for you. There’s a lot of good advice and resources on the Third Act SoCal “Switching Banks Simplified” blog series that can help.
Like Monona, you too can “gift” future generations a liveable planet and more equitable society. We’re here to help:
The “Move Your Money” Workbook contains detailed instructions, resources, and checklists to guide you through every step of the switching process!
Watch the “Better Banking: Align Your Money with Your Values” webinar recording from our friends at Green America.
Read our “Switching Banks Simplified” blog series at https://thirdact.org/socal/news/
Want to speak to a real person? Peer facilitators are also available to support you via virtual “office hours”. Click here for more information.
You can also reach out to us via email at thirdactsocalbanking@gmail.com
Third Act Southern CA and THIS! Is What We Did volunteers and staff are not financial advisors and we 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.