Bank Locally, Impact Globally

Where does your paycheck go after it’s deposited in your account? It doesn’t just sit there. Banks use those dollars to make loans and investments in other projects. They are depending on your continued patronage to fuel their revenue.

Local banks, credit unions, and other financial institutions often have clientele that live and work in the neighboring communities. But corporate mega-banks have clientele ranging from family households to multimillion-dollar corporations, which gives them more money to loan to industries and practices that harm the environment and put people at risk.

Concentrating your financial power in your local economy is one of the best ways to support your community. But patronizing your favorite neighborhood shops and restaurants isn’t the only way you can put your money to work where you live—investing in local community development financial institutions can also help strengthen community connections, grow local businesses, and even have an impact beyond the borders of your neighborhood.

Move Money Back into the Local Economy

Unlike big banks, community development banks are more likely to follow a strong social justice mission and invest their resources back into the local economy, bolstering support and opportunities for small businesses to expand, and individuals to buy homes. Additionally, these banks are often much more familiar with the needs and conditions of the communities they operate in, and they tend to be more invested in maintaining a community’s stability and health because the bank’s fortunes are more directly tied to the people and businesses it works with.

According to a 2024 report from the Federal Reserve, small business owners were more satisfied after their dealings with community development banks than big banks, and more likely to have loans and credit line requests approved by community development banks. Community development banks and credit unions are also regular supporters of local events like Pride celebrations, music and arts festivals, and public initiatives.

Banking Aligned with Personal Values

In today’s complex, globally integrated systems of finance and industry, it’s incredibly difficult and frustrating to know how to spend and invest your money while causing the least amount of harm. When it comes to the choice between community development banks and credit unions versus big banks, the data is clear.

According to the 2025 Banking of Climate Chaos report, 65 of the world’s largest banks have sunk $7.9 trillion into financing fossil fuels since the Paris Agreement—including $3.3 trillion since 2021, the year the International Energy Agency found no room for any fossil fuel expansion. Yet the 10 U.S. based banks—JPMorgan Chase, Citi, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Truist, PNC, U.S. Bank, and Capital One—are now increasing their funding of both new and expanded oil, gas, and coal operations, accounting for about one-third of the global bank funding for fossil fuels. In addition, big banks also contribute significant financing to the weapons industry and factory farms, which also drive climate change through deforestation, soil erosion, and environmental destabilization, as well as exploit workers, abuse animals, and violate human rights.

Maybe you live in a farming community and want to support farmers looking to adopt regenerative agriculture practices. Or your neighbor is opening a new restaurant that will ensure they work with ethical producers throughout their supply chain. Maybe you volunteer with the library’s Drag Queen story time or a food bank fundraiser and need the support of local businesses and institutions. By banking within your community instead of big banks, your money is more likely to help bring beneficial businesses and events to fruition, rather than produce weapons, unsafe food supply systems, and fossil fuels.

Going Local is Easier than You Think

Making the switch from megabanks is worth your consideration and effort. You’ll want to research a bank’s or credit union’s ownership, memberships, and certifications, as well as ask about fees, services and products, and if the institution is FDIC or NCUA-insured, before deciding.

You can start by visiting Green America’s recently updated Get a Better Bank Map online and enter your zip code to find institutions local to you. The site also has a 10-step checklist to follow once you’ve decided to make the switch.

All banks promise that by working with them, your money will be there when you need it. But not all banks can promise this truth: until you do need that money, it will be used in ways that align with your values, and that will ensure the growth, stability, and safety of your community and the planet. The institutions in our Get a Better Bank Map can.

Moving your bank account to a new bank or credit union may seem like a daunting task, but once you get started, it is easier than you think. Just take it one step at a time. The first step is to research responsible banks and credit unions in your area. Are they a mission-driven institution that supports your community? Do they offer the services you need? Are they in a convenient location with reasonable hours?

Once you’ve decided on a new community development bank or credit union, the next step is to establish a relationship. You can start by opening a checking or savings account, or even a certificate of deposit. After that, move your automatic deposits to the new account, then your automatic withdrawals. Finally close your megabank account and tell them why.

None of these steps need to be rushed—just keep making progress. Every transaction you can move from a megabank to a community development bank or credit union will put us all one step closer to the better world we envision and deserve.

Find a Better Bank near you using our Get A Better Bank Map! >>>