Cutting the Cord
by Changing Banks and /or Credit Cards
February 7, 2023
Dear Third Act Mainers,
We are, as many of you already know, trying to figure out how to exert pressure on the big four banks–Bank of America, Chase, Citi, and Wells Fargo so they will finally stop funding new fossil fuel projects. Many of us are going to show up to the rally in Monument Square in Portland at 3 pm on March 21. That’s great!
Can we do more?
Here's a story from one Third Act Mainer. We'd love to hear from you about whether you plan to show up for the rally, are planning to cut up a credit card, or have another idea! Let us know! ThirdActMaine@gmail.com
Cutting the Cord by Changing Banks and /or Credit Cards
by Judith Blanchard
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, specifically asking the biggest investors in fossil fuel to divest. I imagined my 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 Citicard 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, 2023 rally in Monument Square in Portland at 3 pm!
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, and it is not on the top 100 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 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 the 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!