WHAT DO CLIMATE CHAOS + BIG BANK PROFITS HAVE IN COMMON?
IS IT YOU ?!?!
If you're using a big bank, be assured that it is also using you. Big banks invest your savings in fossil fuel ("FF") projects in North America and around the globe for their profits. Sadly, Canadian banks are among the top FF financiers in the world - RBC alone is #5 in the world, and #1 in Tar Sands, and has loaned over CAD $208 Billion from 2016-2020. Turning off the FF'ing finance tap is crucial to keeping climate chaos at bay, and switching banks has been identified as a strong strategy to get the big banks to do that.
YOU KNOW WHO'S BETTER OFF IF YOU SWITCH FROM A BIG BANK?
YOU + ALL OF US + THE WORLD
When you tell your big bank that you're leaving because they invest your savings in FF businesses, they get the message. These are the "Big 5" Banks, and their on-line banking subsidiaries who we should be kicking out of bed: RBC/Royal Bank; CIBC + Simplii; BMO/Bank of Montreal; BNS/ Scotiabank + Tangerine; TD/Toronto-Dominion Bank/TD Canada Trust.
Here's a simple email you can send after making arrangements to get your new, more ethical, banking life started: "I don't want to be involved in your fossil fuel investing and you will no longer be my [main] bank." Or you can sign-up for BankSwitch and use their longer templates here.
WHY IS IT GOOD FOR YOU TO SWITCH?
Spend less $$ on fees, make more $$ through interest.
Credit unions - with over 5.9 Million members in Canada - are often the best option. They use a not-for-profit model (you become a Member for a small one-time fee, like $5) and have: no-fee chequing (or chequing /savings) accounts and no-minimum-balance banking; better interest rates; online banking and other typical bank services; a tradition of good customer service/sense of community. What smaller financial institutions ("FI") don't have are big marketing budgets to let you know you'd be better off with them than with a big bank.
Bank Switch Checklists:
When you're ready to switch, check out these checklists...
https://www.squawkfox.com/switch-bank-accounts-checklist/
https://www.wealthsimple.com/en-ca/learn/how-to-switch-banks
https://www.consumerismcommentary.com/bank-switch-kit-checklist/
Credit Unions are better for the Planet + your Pocketbook.
See for yourself!
