Our Pledge: If Bank of America, Chase, Citibank, and Wells Fargo are still funding climate-destroying fossil fuel projects in March 2023, I pledge to close my account and cut up my credit card. If I don’t bank at these institutions now, I pledge I won’t do so in the future.”
Note from the editor: In the following essay, the Rev. Judith Blanchard, a member of Third Act Maine and Third Act Faith, explains how she came to sign the pledge. If you have doubts about making this commitment as I once did (see the reflection following her essay), you may find reason enough in her essay to sign the pledge.
Cutting the Cord
by Changing Banks and/or Credit Cards
by Judith Blanchard
[This article was initially published in the Third Act Maine Newsletter on Feb. 7, 2023.]
When I learned about Third Act, I got very excited about those of us 60 years or older leveraging our financial investments for sustainable energy, explicitly asking the biggest investors in fossil fuel to divest. I imagined cutting up my credit cards in a big demonstration, like when we burned our bras or the brave guys burnt their draft cards during the Vietnam War. But then I got scared. While I don’t bank with any of the Big Four (Bank of America, Chase, Citibank, and Wells Fargo), I do have a Wells Fargo credit card, a Citi Card Mastercard, and THREE Chase cards (yes, three! Chase appears to have a monopoly on those airline cards we all love to accumulate miles on toward future travel!)
Was I really ready to cut up all five cards? After a lot of thought, I realized that this symbolic act might send a message to the banks – and that it was worth it. Now I am researching other credit card options and preparing for the March 21 rally at 3 p.m. EDT in Monument Square in Portland!
I currently bank with a Maine-based credit union. All their investments may not be completely clean, but on the plus side, it is a local entity not on the top 60 list of fossil fuel investors. Others with Third Act are working hard to give us banking and credit card suggestions and to make available podcasts to help us navigate the options. One that keeps surfacing as a “green bank” is Androscoggin Bank, again Maine-based.
Now to the credit cards: I liked Wells Fargo because they were dependable and gave a 2% rebate on all charges. Hard to let go of? I did a little homework and found a credit card named OLLO. They began with a Missouri bank, but it appears they are now owned by a Utah- and Texas-based bank named Ally. Great name, huh? It is very difficult to find their investment policies, but they are not on the list of most egregious lenders to fossil fuel companies. They give 2.5% back on all charges, AND, unlike many other credit card companies, including the card attached to my credit union, Discover, and all the cards listed above, they have no foreign transaction fees when traveling abroad! I was sold.
Have I done all due diligence? Probably not, but I will continue to explore and write letters to my credit card companies, forewarning them of our Day of Action and the loss of my business altogether.
Please join me!
Pledging to Cut the Cord
By Mary Jane Cherry
Third Act Faith
Until recently, I was on the fence about signing the Banking on Our Future pledge, which asks the big Dirty Four Banks to stop underwriting the fossil fuel industry’s destruction of our planet. First, you should know that I joined Third Act eight months ago because of its alignment with the Save Democracy movement. The Climate Crisis – the other focus of Third Act’s activism – was not much on my radar back then. Yes, I was growing concerned about global warming as I witnessed extreme weather incidents becoming increasingly frequent and devastating – even in my home state of Kentucky. Still, the Climate Crisis was not a “crisis” for me then. The Pledge was more threatening.
You see, my husband and I are comfortably retired, living on a fixed income supplemented largely by our modest 401K and IRA investments. How can I sign the pledge in good conscience? I have asked myself many times. But how can I not? I have begun to ask myself more often.
Since joining Third Act, I have learned much more about the climate crisis and what unchecked fossil fuel expansion means now and in the future. See for yourself at the New York Times’ Postcards from the World, and read Bill McKibben’s articles in The New Yorker, his various interviews and op-ed pieces in The New York Times, and the postings in his blog, The Crucial Years. Terms and concepts like “carbon budget,” “Net Zero by 2050,” “stop the money pipeline,” “greenwashing” and “green and sustainable banking” are now a part of my consciousness and conscience – and a regular part of the conversation, undoubtedly to some friends’ chagrin.
Still, I was reluctant to commit to The Pledge. We have obligations to meet, and I am not ready to irrevocably “break up” a long fiscal relationship with our banking and financial institutions, which, at any rate, can’t possibly be done by March 21. I prefer to try “talk therapy” first and let them know my displeasure (to put it mildly) over our fossil fuels addiction. This, I have learned, is an excellent first step. Talking with Third Act Faith friends who say they are “working toward” the goal of cutting ties has been helpful. I now see I can approach the pledge as an incremental work in progress.
Third Act founder Bill McKibben’s Jan. 25 blog post was especially helpful. The conclusion made it possible for me to sign the pledge in good conscience: “Some people have been pledging to close accounts at these banks, which is powerful (and here’s one resource for finding a greener bank) – but it’s not a requirement. Even more than direct financial damage, we need to damage the reputation of these banks [my emphasis] so that people understand just how dirty they currently are. Peacefully, of course, but also forcefully. These bankers are literally mortgaging the future of the earth.”
Immediately motivating, however, was the article by Judith. Her explanation of her steps to change her credit cards made this action seem doable. It showed me the first step I can take toward fulfilling the pledge. It will not be the last. I well know, as the Gospel of Matthew points out, “where your treasure is, there your heart will also be” (Mathew 6:21).
If you are still on the fence after reading her piece, that’s okay too. Pledging is not required for you to join this movement. Holding these banks accountable – publicly – is, and March 21 will be an excellent day to start if you haven’t already. On that day, Third Actors, friends and partners will gather for nearly 80 events (at last count) to publicly denounce the Dirty Four Banks’ abysmal record of fossil fuel financing. Visit Third Act’s 3.21.23 Day of Action event map and register to attend an event or organize one (it’s not too late).
For a sneak preview of planned actions – and to be inspired by Third Actors’ commitment and creativity – sign up for the “Hype Call” at 8 p.m. EDT (5 p.m. PDT) March 14. Actress Jane Fonda and Sierra Club leader Ben Jealous will be featured guests.
And on March 20, join us online for an interfaith Service of Solidarity to uplift and send forth those participating in the 3.21.23 Day of Action. The 45-minute service of prayers, readings, reflection and music will begin at 8:30 p.m. EDT (5:30 p.m. PDT). Register to attend.
Above all, whatever you choose to do to support this movement, remember this:
“We are powerful when we act together. No matter where you are on your journey towards aligning your money with your values, we need you to help harness our collective boldness” (Banking on Our Future).