Why I Broke Up With My Megabank
It’s one thing to sign a petition or share a meme on Facebook; it’s another to put your money where your mouth is. But that, therein, is what will be necessary if we are to succeed in combating rampant social and environmental injustice.
If you are like me, you have long toyed with the idea of switching banks – discarding the vampiric megabank you currently trust your funds with, and joining a Credit Union or a regional bank that has the mission of community empowerment, not community exploitation and extraction.
I long put off this switch, intimidated by the hassle and process I imagined it would entail. However, it was incredibly easy to do so, and I could not be happier with the transition. I no longer feel a sense of guilt when using my debit/credit card or when seeing my bank statement populate in my inbox; instead, I can now proudly tell my family and friends about the social good my deposits are doing in creating economic security and well-being within and beyond my community.
Attached below is my break up letter to the CEO of Wells Fargo, explaining why I decided to close all of my accounts; perhaps you may find it informative and hopefully motivational to do the same with your mega-bank.
If you have any interest in aligning your banking practices with your values, I encourage you to join the movement (inspired by Green America’s “Break Up With Your Mega Bank” campaign) and make it one of your 2017 resolutions to switch! Credit Unions are member owned and operated, and make it easy for you to switch accounts. If you are interested and have questions of where to begin, please do not hesitate to ask!