It seems like everyone is leaning in to ask more questions about the social impact of their banks these days.
(Like the Cities of Seattle, Davis, New York, and celebrities like Sarah Silverman, Solange Knowles, Adrian Grenier, and Baratunde Thurston, as well as Elizabeth Warren supporters, Bernie supporters, the list goes on.)
You may be one of them. You'd dig putting your money with a bank that builds up what you believe in. You'd love to feel like an active participant in investing in American cities and issues, versus a passively complicit number in a dark pool of money.
Volia! You can get started as an active financier of what you believe by finding a bank that matches your values. Mighty helps you find these banks.
We know what you may be thinking:
But switching banks is hard! Or maybe even more brutal, boring! Finding a new one is scary! What if I mess it up?
Relax. Breathe. Switching banks isn't that hard, as Fast Company recently wrote. It just takes a bit of planning. Mighty's here to help you step into the exciting reasons that you're going to be so happy with yourself, all new and strutting strong with your impactful banking relationships.
Think of it like changing your hairstyle. It can be stressful! It takes a bit of thought! But once you commit and bring about that change: BAM! You, only better: refreshed, proactive, forward looking. Yes, finding a bank that matches your values is just like that. It looks good on you.
Like planning for and changing your hairstyle, the entire process takes an hour or two. Here’s a quick run-down of how to do it.
Step 1: Identify the bank you'd love to try on
You can use Mighty’s search engine (reserve your invite) to identify a bank that meets the needs you have and the impact you want. Want to alleviate gentrification in neighborhoods? There’s a bank for that. Want to support minority equity? There’s a bank for that. Love local farms? There’s a bank for that, too.
Mighty’s search engine will match you with banks that match the impact you want, as well as the other need to know information you'll need to make a choice (like details on accessing your money, convenience, etc). Money is going digital so you will have more banks to choose from in more locations than you may have ever considered. (Hello, online banking.) Most banks now are linked to all-purpose ATMs, and many banks reimburse a set number of ATM withdrawls each month made from non-affiliated ATMs, so if you still rely on carrying cash, you should be covered.
Step 2: Pick an account; you can start with one
Banks offer many types of accounts, but a majority fall within two major categories: savings and checking.
A savings account lets you accumulate interest on money you’ve saved for the future, not intended for daily withdrawals. You may have a college savings account for instance, where you put in extra money that you have to go toward future payoff.
A checking account allows everyday deposits and withdrawals. You can access your money through connecting your bank account to your digital wallets, your ride sharing and coffee payment apps, by using your debit card, withdrawing from an ATM, or for those over 40 -- or small businesses -- writing checks.
Services are fairly homogeneous across the board with savings and checking account options.
Step 3: Grab your ID and your SSN (your creds)
When you open an account with a bank, you need to prove you're really you. This is a one and done thing. Once you prove you're you, you won't need do it again.
Most banks will ask for two forms of identification, generally a government-issued ID and social security number is sufficient. Alternate forms of ID can be used if you do not provide a SSN, check with the bank.
Step 4: Visit the bank via the web (and maybe later, in person. You still visit your stylist in person, you can do this).
Visit the bank online to see your options on where to open an account. Most banks let you walk in. Most may let you call in. Some let you do it online.
This process will take 30 minutes if you walk in, or 10 minutes if you do it online.
If you visit the bank to open your account, once your account is open, you'll likely never need step foot in the bank again, unless you want to, of course. Once the bank knows who you are, managing your money via mobile/online, and via phone or chat if you need to talk to someone, is increasingly commonplace.
Step 5: Bank happy
Your websites and passwords and paper documents may look different, but relax, you know this. You've been here before. This is your money. This is your new impactful bank. The website may be cool. It may be kitchy. But your money is getting the job done. It's available to you, and financing the markets you care about. And lucky you, now you've got Mighty to keep you updated on your money's impact. If you haven't yet signed up, reserve your spot to get Mighty.