New Year’s Resolution – Break Up with Your Bank

It’s your money.

Is this the year that you make a New Year’s resolution to stop funding the climate crisis through your bank and then actually do it? It is for me.

In the interest of full transparency, I got a head start on my 2020 New Year’s resolution because I have already started the process of breaking up with my bank. They just don’t know it yet.

Technically, it is not just my bank because my spouse and I have joint accounts. Fortunately, my spouse is amenable to changing banks.

Yes, I am one of those people who enjoy making and accomplishing a New Year’s resolution. Most years I write a New Year’s resolution post in hopes of luring more readers into the process. Completing something you set out to do can make you feel empowered.

One year I wrote about green investing and another year I wrote about restarting a previous resolution. Last year my New Year’s resolution was to research and write about the environmental impact of sugar and determine if I wanted to do anything about my own sugar intake (I did).

This year my New Year’s resolution is to sever all ties with our current bank and put our money in a credit union where it can benefit our local community.

In this post, we will take a brief look at how “too big to fail” banks are funding the climate crisis and I will share my banking transition experience so far. Admittedly the process has not been hassle-free but I believe ditching our old bank will be worth it in the long run.

Is Your Bank Funding the Climate Crisis?

A bank is supposed to be a safe place where you deposit your paycheck so you can access your money 24/7/365 to fund your life. Banks offer loans so that you can buy a car or house, pay for things with a credit card, or run your business. Savings accounts and certificates of deposits enable to you make a bit of interest on the money you set aside for the future.

Banks provide valuable and essential services, right? Yes, they do.

However, there is a dark side, too.

What came to mind when you read that sentence? Did you think about the 2008 financial crisis and how it impacted you personally? Were you reminded of news reports about your bank engaging in unethical and perhaps even criminal behavior? Did your student loan balance flash before your eyes?

If offshore oil drilling platforms, natural gas pipelines, and coal mines did not immediately come to mind, then you are probably in the majority. A few years ago, these images would not have popped into my mind either. But now they do.

By the Numbers Big Bank Fossil Fuel Financing Infographic
Source – Rainforest Action Network. Click here to read the report (it is interesting and disturbing).

Keeping our money “safe” in a bank that is funding the climate crisis and endangering our children does not make sense to me. So, I decided to do something about it.

Bank Transition Game Plan

I am a planful kind of gal so I did some research and planning before we began our bank changeover. If you are interested, click here for a checklist that may help you with your own bank transition. Below are some of the major steps.

Think It Through

I take banking seriously and I am not advocating that you or anyone else change banks unless you want to and doing so fits in your life. I am sharing what we are doing to provide an example. Where you put your money is of course completely up to you. If you have joint accounts with one or more people, you need to get their buy-in upfront.

My unease with our bank began with learning about their unscrupulous business practices which we won’t go into here. I wanted to move to another bank but our financial life was heavily entangled with our current bank. So I did what anyone might do when faced with a daunting task, I did nothing.

What made me finally decide to spearhead our bank transition project?

Believe it or not, it was realizing that our money could be helping people and businesses in our own community if we moved it to a regional bank or credit union.

Do Your Homework

Do some research before you rush to open an account at the bank across the street from where you work or the credit union next to your grocery market.

Research activities include asking friends or coworkers where they bank, looking up financial institutions online and checking out their websites, and talking with the new account representatives for your top candidates.

We had decided we wanted to put our money in a regional bank or credit union so that is where I focused my online research. I narrowed it down to a few financial institutions and then I visited their branches to talk with the people in new accounts. I asked them about their services, fees, ATM network, who they loan money to, and how they support the local community.

My spouse agreed to go with the credit union that I felt would best meet our needs. One of the things I like about credit unions is that they are nonprofits owned by their members so there are no shareholders looking to make money off of using our money.

Get Started
Coffee Cup, Pen, Piece of Paper with Begin Saying on Wood Table Top
Photo – iStock/marekuliasz.

The time required to set up new accounts will be somewhat proportional to how many accounts you have at your old bank and how many new accounts you want to set up. If you have a credit card account and/or use online bill pay, the overall process will be more complex.

At our old bank, we have checking, money market, and savings accounts. We also have a Visa credit card account and I use online bill pay almost exclusively to pay bills and transfer money. Most of our bills are available directly through the online bill pay portal so unraveling this was one of the reasons I had delayed changing banks.

To get started we went to the credit union’s main branch and met with a member services representative.

We had filled out a small stack of forms at home. At the credit union, the member services rep asked a few more questions and then entered all the information into the credit union system while we waited. The rep was friendly and nice but this process was still mind-numbingly boring and more time consuming than I had anticipated.

We paid $5 to become members of the credit union and opened a share account (savings) and a checking account with minimal amounts.

I selected the most basic and inexpensive checks. Unfortunately, when the checks came in the mail, our name was spelled wrong. So we had to go back and repeat some of the previous steps. The credit union sent replacement checks at no charge.

Our new ATM/debit cards came in the mail but activating them required speaking with a member services rep at the call center.

Go at Your Own Pace

Once you have set up an account(s) with your new financial institution, you can decide whether you want to go close out your old account(s) immediately or do it in multiple steps.

I decided to take a phased approach for several reasons.

  • My spouse just turned in a direct deposit change form so I am waiting for the first paycheck to arrive in our checking account at the credit union.
  • Applying for a new Visa card is a separate process that we have not done yet.
  • Stopping online bill pay at the old bank and starting it at the credit union needs to be done carefully because I do not want to end up with unpaid bills or late fees. So far I have set up an online account.

Will it take me a month or several months to complete all the tasks on my checklist? I do not know but I am looking forward to the day I can walk into our old bank, close all of our accounts, and walk out with a cashier’s check. I also intend to send a letter to the CEO of the bank explaining why we are no longer customers.

Birdlike Links Flying to Freedom Through Hole in Chain Link Fence
Photo – iStock/Eoneren.

So what do you think? Are you ready to break up with your bank? If you are, thank you. Soon you will no longer be part of the climate crisis funding machine. My children, your children, and everyone else’s children are relying on us to do whatever is necessary to keep Earth beautiful and habitable now and in the future.

If you do not want to change banks or are not ready to do it yet, that is okay. Check out the resources section below for other New Year’s resolution ideas or come up with your own.

Happy New Year!

Featured Image at Top: A tiny black oil drum sits on top of a bank credit card – photo credit iStock/porcorex.

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If You Have Not Tried Plant-Based Meat, You Should

Plants. It’s what’s for dinner.

Eating less animal meat is good for the environment. Luckily, you can switch to plant-based meat for some or all of your meals without compromising on taste.

There are many reasons to consider eating less or no animal meat. This includes the massive amount of land, water, and food crops required to raise livestock animals, the enormous volume of greenhouse gas emissions and waste they produce, and the ever-growing quantities of animal hormones and antibiotics in our food. Adding to this is the horrendous treatment of people and animals throughout the industrialized meat system from factory farms to slaughterhouses.

Beyond Burger Life Cycle Assessment Infographic Sep 2018
Click here for the infographic – source Beyond Meat.

Plant-based meat is not new. Veggie burgers, tempeh, and tofu meat substitutes have been around for years. But now there are plant-based meat products on the market that look and taste a lot like their animal-based counterparts such as burgers, sausages, and nuggets.

About two months ago, I was wrapping up a trip to Oregon where I had been visiting with two wonderful longtime friends. On the way to the Amtrak train station, we stopped to eat a late lunch at the Red Robin restaurant. The Impossible Burger was featured on the menu so I decided to give it a whirl.

That experience got me thinking about revisiting the topic of meat.

It has been six years since I researched and wrote the two posts entitled Environmental Impact of Eating Meat and Vat Meat, Cultured Meat, In Vitro Meat – Would You Eat It?

Rereading those posts reminded me that my children have significantly influenced what I eat, now. In some cases, I changed what I eat because of our discussions about things like the environmental and ethical issues associated with eating meat or that over 80% of food in the U.S. contains corn. Sometimes I was persuaded by their personal food choices.

For instance, one night at dinner during a visit from college several years ago, my younger son announced that he was no longer eating pork as he pushed the baked beans with bacon to the side of his plate.

When I asked him why he told me that pigs are intelligent animals that take care of each other and he did not want to eat them (or something like that). He did not ask or demand that my spouse and I stop eating pork but we chose to follow his lead.

Pork chops and roasts were easy to stop eating. Baby back ribs not so much. Giving up bacon was hard. The local Cookie Crock Market cures and sells the most delicious bacon I have ever tasted, thick but not too thick, with just the right amount of smoke and salt. Even years later, I still miss bacon. If some company comes up with pig-free bacon that looks and tastes like the bacon I remember, I am in.

In the meantime, there are plenty of plant-based meats to try.

Plant-Based Meat Taste Tests

I do not remember when more plants and less meat began appearing for dinner but it has been at least five years, maybe longer. In the past year or so, my spouse who is our family cook has ratcheted it up so our consumption of beef and chicken has continued to decline.

After I returned from Oregon, I announced at dinner one night that I wanted to try different plant-based meats and then write a post. My spouse gamely agreed to participate. There was a decided lack of enthusiasm from our sons but they did say that they would try whatever was put on the table in front of them.

Plant-Based Meat and Meat Substitute Section at Soto's True Earth Market - December 2019

Soto’s True Earth Market one of our two small-town grocery markets carries a decent variety of plant-based meats and meat substitutes like tempeh and tofu look-a-likes. The Cookie Crock Market only carries tofu.

Whenever my spouse was ready to make a plant-based meat test dish, I photographed the product and read up a bit about the company. Sometimes I remembered to photograph the actual dish but not always.

The companies varied from well-established organizations to startups. Ingredients included GMO and non-GMO soybeans, peas, beets, wheat gluten, chickpeas and a wide variety of additives. Most products contained a sizable percentage of the recommended dietary allowance for protein and contained a lot of salt. Prices varied but were consistently higher than factory-farmed ground beef.

Below are my findings from the five plant-based types of meat that I have tried; one at a restaurant and four in meals prepared by my spouse. I suggest you do your own taste test.

Impossible Burger
My Impossible Burger with Sweet Potato Fries at Red Robin
This is the Impossible Burger and sweet potato fries I ate at a Red Robin – photo credit Carrie Ciak.

So far the only plant-based burger I have tried is the Impossible Burger I mentioned earlier. The burger looked and tasted like a basic McDonald’s beef hamburger. It ate like a hamburger but was not juicy. To me, the main drawback of this product is that it is made from soybeans that are grown from herbicide-resistant GMO seeds thus contributing to the proliferation of pesticide use in the United States.

Beyond Beef
Beyond Beef Plant-Based Ground Package

My spouse made a casserole dish with Beyond Beef. It looked and tasted similar to ground beef. Beyond Beef does not contain GMOs. I can see myself eating this product on a regular basis.

Edward & Sons Jackfruit

The photo on the front of the Edward & Sons Trading Company Jackfruit Meatless Alternative looked good. My spouse included it in a pasta and cheese dish. The product looked okay but it had kind of a bitter aftertaste. Chewing it reminded me of artichoke hearts. I like that the product is USDA Organic but not that it comes from far away in India.

No Evil
No Evil Pit Boss Pulled 'Pork' BBQ Package and Pouch

We tried No Evil in a skillet dish. The tiny meat bits were chewy but did not resemble meat. The taste was so-so. I like that the company pays its employees a living wage and is involved in worthwhile programs in their community.

Lifelight

The Lifelight Smart Ground Meatless Original Crumbles were used to make a taco salad. I thought the plant-based meat looked, chewed, and tasted a lot like a crumbled ground beef. Lifelight has been around for many years and their products do not contain GMOs. I would eat this again.

The Bottom Line

All in all the taste tests were a success and there are a lot of other plant-based meat products we are interested in trying.

One of the most exciting things about the newer plant-based meats is that they make a surprisingly burger-like burger. Tens of millions of Americans eat beef hamburgers every day so a tasty plant-based burger could seriously disrupt the animal meat industry and I think this is a good thing for the planet, people, and even the animals that we raise for food.

I do worry that these companies are using the current environmentally harmful and inhumane industrial food system to scale up their operations.

I want to learn more about the companies making plant-based meats in hopes of finding at least one that is making a delicious product and working to transform the food system. If and when I do, I will buy that product thus making a minuscule contribution to building a better food system. Imagine what we could accomplish if everyone did the same thing.

Homemade Beef Hamburger with Hand Cut French Fries

I will admit that if I am craving a hamburger I am either going to In-N-Out (there is one in our county about 30 miles away that we rarely go to) or more likely eating one of my spouse’s yummy juicy homemade beef hamburgers accompanied by hand-cut French fries.

Eating less meat and more plants is a journey. I am glad I tried the Impossible Burger because it sparked my interest in plant-based meats. During the taste tests, I discovered that plant-based meats can be tasty. My spouse and sons think so, too which means plant-based meat dishes will frequently find their way to our dinner table.

Now it is your turn. Consider ordering a plant-based meat burger at a restaurant (they are widely available) or making one yourself from plant-based meat you select at your grocery market.

Featured Image at Top: Vegetable peeler and meat cleaver – photo credit iStock/Studio_Serge_Aubert.

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