You can help send a message that investing in fossil fuels is no longer acceptable by moving your money to a local credit union or sustainably-focused bank that doesn’t invest in fossil fuels.
As members of the University of California, we have the potential to make a very loud statement – half a million people moving their money away from fossil fuels.
Does divestment work?
Yes! There have been numerous divestment campaigns targeting various aspects of the fossil fuel money pipeline. One example is the Chase bank protests, which have led Chase to at least begin changing their investment practices.
Are credit unions secure?
Yes! Credit unions are federally ensured for depots up to $250,000 per person through the National Credit Union Share Insurance Fund.
Will my personal divestment really make a difference?
Yes! While your account may be small relative to the trillions of dollars floating around the financial system, it still matters who you bank with. Big for-profit banks need individuals to deposit their cash to sustain their business model, and they want your business. Moving your money is about sending a message to these big banks that you’re not ok with your money being used to finance climate chaos.
You can see how your money makes a difference in the Explore Your Impact tab.
What is a Credit Union?
A credit union is a cooperative, not-for-profit financial institution that is owned and operated by its members. It provides the same services as a bank, but it invests in local communities rather than in multinational corporations. Generally, the exposure of credit unions to environmentally damaging industries is much less. Some credit unions even work to improve local infrastructure.
Because they are not-for-profit businesses, they are often able to provide financial services for lower costs, and to offer better rates on loans and credit cards. Although they are locally-focused, their online and mobile services are as good as big banks. ATM services are typically provided through partner networks, so you can use partner ATMs around the US surcharge-free.