Are there socially responsible banks out there?

[avendesora]

Are there any socially responsible banks? Credit cards? Savings accounts?

I have a Citibank Mastercard, and I know that citibank is just about the worst of the banking companies, and I'm looking for something else to switch to. Any ideas?

I have a local checking account that I'm happy enough with though. Just wondering what other options are out there.

Thanks,
Aven

[annethcz]

Just wondering why citibank is 'one of the worst banking companies?' I've never had any issues with them, and I have a really good friend who works for them. What haven't I heard about?

[avaylee]

Originally Posted by avendesora

Are there any socially responsible banks? Credit cards? Savings accounts?

Thanks,
Aven

We chose to go with a credit union for our (WA) state residents. I believe that Coop America has a place that lists socially responsible banks on their website.

[AnalogWife]

I'd probably just go with your local credit union. I did have money in a socially responsible mutual fund and boy...did it go NOWHERE. I had to reinvest, I was kind of sad, but happy to see a return.

[amyamanda]

Do you have a truly local bank? We do, and they seem to be very socially responsible and committed to supporting our community.

www.rightreasons.com

I think this may be why people recommend credit unions - they tend to be local and entrenched in the community, unlike the big banks.

[Piglet68]

Originally Posted by annethcz

Just wondering why citibank is 'one of the worst banking companies?' I've never had any issues with them, and I have a really good friend who works for them. What haven't I heard about?

Their role in the plague of consumer debt, the ethics of how they deal with the poor....not a company I want to deal with. I saw this movie and was shocked to find out how these companies prey on the poor.

We belong to our local credit union, which is heavily involved in the community, has ethical investment funds, ethical Visa, etc...

[avendesora]

That movie, Maxed Out, is one of hte things that got me thinking about this.

I have a 'truly local' bank that I use for my checking. They do offer a credit card as well, of course it's affiliated with either Visa or MasterCard. I guess all credit cards are either those or Discover.

I'm not looking for a credit card for the purpose of borrowing money; rather, just for regular purchases. I guess moving to a cash-based system would be best, as that's the only way to avoid having Visa or MasterCard get a cut of every purchase made. But what about online? Paying with paypal seems prevalently available, but I don't have any thoughts on whether or not paypal seems to be a reputable company. Sure, they take some fees, but they've got to earn a paycheck for themselves, right? Do they charge more than is necessary to make livings for themselves?

Aven

[annethcz]

Okay, thanks for answering my question. I have seen Maxed Out, a few times in fact, and I was less than impressed with the movie. It's been awhile since I've seen the movie, so I don't remember the specifics of which companies did what.

But I will say that, having worked for a small, local bank at one time, small and local should not be assumed to be synonymous with ethical business practices. I saw some truly horribly predatory lending happening at that small local bank (I worked in their in-house credit card collections department). I don't think that the big companies have a monopoly on unethical business practices, not by a long shot.