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Discover the Benefits of Socially Responsible Banking with O1ne Mortgage

If you’ve become more conscious of how your financial choices impact the world, you might want to consider more than just price or appearance when selecting your bank. Increasingly, customers are choosing banks based on how well the bank’s values align with their own. One way to do this is by switching to a socially responsible bank.

What Is a Socially Responsible Bank?

A socially responsible bank is a financial institution that prioritizes making a positive impact on the world, not just profits. These banks consider corporate practices, employee treatment, investment strategies, and political contributions. They might avoid investing in fossil fuels, support renewable energy, or focus on social justice causes.

Pros and Cons of Socially Responsible Bank Accounts

Pros

• Aligns with your values: If you’re passionate about the environment, using a bank that doesn’t invest in fossil fuels can ensure your money aligns with your values.
• Can make a positive impact: You’ll know you’re helping to make the world a better place.

Cons

• Requires more research: Finding and selecting a socially responsible bank can be time-consuming.
• Relying on smaller banks: Many large banks don’t practice socially responsible banking to the extent smaller, cause-focused banks do. Smaller banks may have fewer locations and services.

How to Choose a Socially Responsible Bank

1. Find a Bank

Finding a socially responsible bank requires research. Look to experts, find pre-vetted lists, and seek out certifications like B-corporations or Global Alliance for Banking on Values. Ensure the bank’s actions align with their claims by reviewing their website, social media, and political contributions.

2. Make the Switch

Switching banks can be easier with a plan. Open an account at your new bank and transfer a minimum amount to fund it. Update all automatic payments, direct deposits, and linked accounts. Keep your old account active for at least a month to catch any missed payments.

3. Explore Other Options

Once you’re set up with a socially responsible bank for your checking and savings accounts, consider socially responsible retirement and investment accounts as well.

Expand Your Search to Credit Cards

Many financial institutions offer credit cards, so you can practice socially responsible banking beyond checking and savings. With features from Experian, you can receive personalized credit offers based on your FICO® Score. Research socially responsible banks in advance to know if any matched card offers align with your values.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you make informed and responsible financial decisions.

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