HOW BANKSWITCH WORKS in 9 SECONDS:
1. Sign up so we can track and announce our growth
2. Tell your branch manager you’re switching to a more sustainable bank in 2022.
3. Wait for the banks to announce meaningful fossil fuel lending policies.
Signing up will not send an automated email to your bank. Instead, we ask that you contact your branch manager or a financial advisor who knows you directly. Instructions, email templates and phone talking points are available below.
How do I move my money and where can I move it to?
By this time next year, we’re *hoping* at least one of the big 5 Canadian banks will clean up their act, but, for now, the best option is a credit union. For a detailed look at some your options, check out this blogpost. Tim Nash, The Sustainable Economist also provides an excellent step-by-step guide to making the transition.
What about my mortgage?
We aren’t financial advisors – so we aren’t going to tell you whether or not you should move your mortgage. Refinancing a mortgage is a complex process and depends on timing. What we do suggest is to start looking around for refinancing options and tell your bank that you’re looking. Your branch manager will be more worried about losing your mortgage than your savings account – and you might even save yourself some money.
Why pressure the banks?
Simply burning the global fossil fuel reserves which have already been developed will exceed our carbon budget to stay within 1.5C of warming. Every loan the banks make to companies that are still exploring and building new projects brings us further past the line. And yet, the big 5 CDN banks have pumped over $600 Billion into fossil fuel companies since the Paris Climate Accord. After ignoring the problem for decades, the banks are now saying they will have net-zero lending by 2050 – but the projects they’re funding today will still be operational in 2050. To dig deeper, read this: Why BankSwitch? Why Now?
How can I help spread the word?
Nothing works better than word of mouth. Make a list of people who might participate and then call or email them with a personal message. If you want to hear about BankSwitch on podcasts and radio, you can donate to our crowdfunding campaign.