Is your checking account in a national or regional bank? How about your savings accounts? Are you invested in individual stocks? In an IRA? In mutual funds? Cash under the mattress?
Well, it is if you do checking and savings with a national or regional bank; or, if your individual stocks include fossil fuel companies; or, if you own a S&P500 mutual fund or IRA. If your cash is under your mattress you’re safe from being a supporter of Big Oil, Gas and Plastics (though not from other dangers!).
Move Your Money Month encourages you to look at your investments and move any money you have invested in fossil fuel and highly polluting industries. Where should you move it?
The best place to move your banking and savings money is to a local credit union. Credit Unions are depositor owned. They only invest money in loans to their depositors. No outside polluters are ever involved. They are safe. They have similar federal deposit insurance as banks do. And there are plenty to choose from. Just go online to look for “credit unions near me” and you’ll find a bunch. (Though national and regional banks may also have bought their way onto the list. Ignore them,) You may also find strictly local banks on the list. Many of them, like Credit Unions, only invest locally, but you’ll need to check on what they invest in before moving your money.
Next week we’ll give you advice on moving your investments. Until then, ditch your national or regional bank and invest in your local credit union!
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