BIG BANKS R EVIL

Christiana Figueres (former executive secretary of the UNFCCC) gave a talk in Oxford: she said that we, as individuals, should prioritise and do these four things to combat climate change:

1. eat less meat
2. use public transport or cycle
3. find out what you're investing in or where your money is, to avoid supporting high-carbon assets
4. vote

We hear about the first two, and the last one, quite often these days. #3 not so much. I want to talk a bit about that today.

When I first moved to Canada, I opened a bank account under a major bank, because it seemed easier, more straightforward, more reliable, and was what I'm used to. (They also offered a one-time $300 bonus. Hey, free money.)

After I started accumulating some savings, I felt really possessive about my money. (It's my money! What are they doing with it?) 

I then opened an account with a Credit Union. It was easier, more straightforward, and more reliable than I imagined. Plus, the service was great - very personal, because they cater to a smaller customer base. There were a few inconveniences compared to the big bank, but there were also a few other benefits. Eventually, I made a complete switch from the bank to the CU. 

Here's a comparison between banks and CU's, and a step-by-step for opening an account, provided UBC.

Basically, CU's are not-for-profit, co-operative (e.g. I own $5 of shares in my CU), and are dedicated to investing in the local economy and serving the community (e.g. my CU donates to the local food bank). I feel much more comfortable keeping my money here. The hassle was worth it.

This article ends on a skeptical note regarding the banking debate: "A lot of what passes for sustainability is actually nothing more than public relations". Which is another way of saying greenwashing (see: this post).

While I acknowledge that the more profits a company is making, the more it's able to invest in PR campaigns to improve its image, I am completely unsurprised that big banks invest in big oil. (Read: this article.) When I was at UCL, the student-led protest group "Fossil Free" was very active and vocal about the imperative for the university to divest from fossil fuels.

Even if Fossil Free couldn't convince the Provost, I'm always grateful for some solidarity. After all, standing together makes all the difference.

Just like if all of us moved our money somewhere better. Your dollar vote matters, including the passive ones sitting around

Where do you stash your cash?