Sure—your bank offers online bill payment and electronic statements, but can your financial institution claim that it’s truly green? According to a study by Javelin Strategy and Research, 43 percent of consumers are more likely to do business with an environmentally friendly bank. Which should you choose when you go green? And what other sustainable products contribute to leading an eco-friendly lifestyle?
Joining a green bank is the most efficient way to ensure that all of your financial practices keep an eye on the environment. Green banks maintain a triple bottom line: enterprise, environment and social equity. The first company to embody these principles was ShoreBank of Chicago in 1973. Today, ShoreBank has expanded to several cities and has opened a ShoreBank Pacific branch, each supporting the specific needs of their surrounding areas.
In the last few years a new crop of green banks has sprung up. To name a few: New Resource Bank in San Francisco has regular checking and savings accounts and makes loans to environmentally responsible individuals or businesses; Boston’s Wainwright Bank has a progressive social agenda that supports environmental justice, amongst many causes; and all of First Green Bank’s buildings in Florida are LEED-certified and compliant with the US Green Building Council’s standards.
A new green bank in development named e3bank has already created quite a buzz. Recently approved for a state charter by the Pennsylvania Department of Banking, e3bank will focus on supporting sustainability. Its loan officers will consider the long-term energy cost savings on potential projects when determining payment plans for pricey green ventures.
And it also seems like the U.S. government is all aboard the environmental friendly express. Representative Chris Van Hollen (D-MD) is looking to create a national green bank that would finance clean energy and energy-saving projects in the U.S. The proposed Green Bank Act of 2009 would assist the U.S. in adopting a clean energy economy, creating jobs, investing in new technologies, addressing climate change and emphasizing energy independence.
As most nationwide financial institutions become greener, they’re serving up more environmentally friendly options that can help you become a greener banker. Green home equity and mortgage loans allow consumers to invest in sustainable buildings. Green car loans can be used to purchase either hybrids or any vehicle that meets the EPA’s Green Vehicle Guide standard. One Massachusetts bank even offered a “carbon reduction loan” that people could use to finance any tool that would decrease the amount of greenhouse gases emitted from their residences. You should check in with your local bank to see if they have any similar deals, since many green plans tend to be grassroots.
You could also sign up for a green credit card. Some companies give to eco-friendly causes like the Bank of America Brighter Planet Visa card, which fights global warming. Other cards are simply made from biodegradable materials like PVC. You also can order checks printed on recycled paper.
Perhaps the best green living product is a good, old-fashioned piggy bank. There’s no paper trail, you won’t use any gas driving to the ATM and each penny you save will help save the Earth.
More Resources:
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