Banking For Good

From WikiForGood

The way we handle money can have a large impact, for good or ill.

Banks invest our deposits, often supporting companies and causes that we would rather not support. Generally, credit unions and mutual savings banks have more world-friendly and community-friendly philosophies and policies that stock-based banks.

Consider switching your checking, savings, and loan accounts to a bank whose values you can support.

For example:

• Common Good Bank (planned)
• Hope Credit Union
• Grameen Bank
• South Shore Bank

Better yet,lend to the poor by lending to microfinance institutions, and earn a return while you help alleviate poverty:

• Microplace Microfinance institutions around the world have discovered an effective way to help the world’s working poor lift themselves out of poverty. These organizations need capital to expand and reach more of the working poor. You can select lending opportunities with a range of interest rates and project types. Some projects offer market rate returns. You can also select project types such as those with environmental benefits, or those that help women.

Or, lend money to people in need through peer to peer lending. For example:

• Kiva -- non profit lending focusing on borrowers in developing countries
• Prosper -- for profit lending

Or, participate in a local currency or local barter system, to support your friends, neighbors and local economy.

For example:

• Ithaca Hours
• Open Money (LETSystems)
• WIR Bank