Your Banking Choice Matters More Than You Think
How HigherRing Can Help Transform Your Financial Climate Impact
At HigherRing, our financial operations and bookkeeping team is on a mission to move money to be impactful. We've discovered something that many organizations overlook: where you bank might be your single largest climate impact.
When you deposit money in a bank, those funds don't just sit in a vault. Your bank uses that money to make loans and investments across the economy. Depending on your bank's policies, your deposits could be financing renewable energy projects or fossil fuel extraction.
The numbers are staggering: since the Paris Agreement in 2016, the world's 60 largest banks have provided $6.9 trillion in financial commitments to the fossil fuel industry. Every dollar in a traditional bank contributes to this problem.
The Power of Switching Banks
Moving your money to a climate-friendly bank is one of the most powerful actions you can take to reduce your carbon footprint. Research shows that Wall Street banks generate 400% more emissions per dollar lent compared to greener banks in the U.S.
In fact, moving just $5,000 from a carbon-intensive bank to a greener alternative could have a greater annual emissions reduction impact than adopting a vegan diet.
Top Climate-Friendly Banking Options
Instead of traditional banks that finance fossil fuel projects, consider these sustainable alternatives:
Amalgamated Bank: America's largest B Corp certified bank, powered by 100% renewable energy
Beneficial State Bank: A Certified B Corp, CDFI, and GABV member
GreenFi (formerly Aspiration): A B Corp-certified online bank focused on creating a net-zero future
City First Bank: A B Corp-certified bank that has invested over $1 billion in capital to support underserved communities
Climate First Bank: A B Corp bank specifically focused on environmental sustainability
These institutions stand out for their commitment to using finance as a force for positive change, avoiding fossil fuel investments, and prioritizing renewable energy and community development.
The Challenge of Switching Banks
While the benefits are clear, we understand that switching banks can be challenging, especially for organizations with complex financial operations. Common concerns include:
Tracking and transferring numerous automatic payments
Ensuring direct deposits transition smoothly
Potential loss of banking features or functionality
Administrative burden on your team
Risk of missed payments during the transition
How HigherRing Can Help Your Transition
This is where HigherRing comes in. Our financial operations and bookkeeping team is equipped to support you through every step of your transition to more sustainable banking.
Our Bank Transition Services
We can help you:
Assess your current banking carbon footprint and identify climate-friendly alternatives
Create a detailed inventory of all your automated transactions and recurring payments
Develop a customized transition timeline that minimizes disruption to your operations
Handle the administrative work of updating payment information with vendors and clients
Set up and test new banking systems before fully making the switch
Monitor both accounts during the transition period to ensure nothing falls through the cracks
Bridging Functionality Gaps with Fintech Solutions
We recognize that some sustainable banks may not offer all the features your organization currently relies on. That's where our fintech expertise comes in. We can implement complementary solutions like Brex or Ramp to provide:
Advanced expense management and tracking
Virtual cards with customizable spending limits
Seamless integration with accounting software
Enhanced reporting capabilities
Automated receipt capture and reconciliation
Cash-back rewards on business spending
These fintech layers can work alongside your sustainable banking choice to ensure you don't have to sacrifice functionality while making your money more impactful.
Start Your Sustainable Banking Journey
Ready to align your banking with your values? Contact us to discuss how we can help your organization switch to sustainable banking while maintaining—or even enhancing—your financial operations.
Together, we can turn one of your largest carbon footprints into a powerful force for climate action.
Contact HigherRing to get started on your sustainable banking journey.
Additional Resources
Fossil Free Funds - Search platform for climate impact of investments
Bank.Green - Search for sustainable banks in your area
Topo Finance - Research and calculators for climate-aligned financial decisions
BankFWD - Network pushing major banks to phase out fossil fuel financing
Banking on Climate Chaos - Annual report tracking bank financing of fossil fuels