Frequently Asked Questions

+ What is Mighty?

Mighty is a bank comparison site that helps you see what any bank or credit union in the US does with your money and find new banking options that match your values.

We analyze public financial data, compile consumer trends, and collect in-demand impact data in order to help make the banking system more transparent and responsive to all of the diverse communities that fund it.

+ What does Mighty do for me?

Mighty helps you:

• See what your bank or credit union is doing with your money
• Learn about banks and credit unions funding the places and issues you care about
• Contact banks to apply for an account, a loan, or ask a question (these banks make it easy for you to contact them directly via Mighty)
• Subscribe to our Bank Notes and receive our monthly newsletter with data updates, impact analysis, and Mighty news

+ Is Mighty a bank?

Mighty is not a bank. Mighty is a resource to help people find banks and credit unions that match their values.

+ What banks and credit unions are listed on Mighty?

Mighty lists all government-insured banks and credit unions in the US.

+ Is Mighty free?

Yes. If you'd like to support our work, you can find a list of ways to do so here.

+ Is Mighty objective?

Yes. Mighty displays a community impact listing for every bank and credit union, powered by public data. We calculate impact metrics exactly the same for all institutions, regardless of whether an institution elects to add more content to their page and become a featured profile. When you search for banks and credit unions, Mighty shows you the options that best match your criteria. Some institutions choose to upload additional information to Mighty, such as:

• contact information
• information about products and services
• stories of clients they work with

You can see featured banking options listed here.

+ How does Mighty make money?

Banks and credit unions pay Mighty a fee to add custom contact information to their profile on Mighty.

+ I need help finding my bank or credit union on Mighty

• Some banks are global and have different divisions that are part of a larger holding company. For these banks, we've labeled the bank where the most deposits are held as the “MAIN BANK”.

• Some banks are local or regional and may share a common name, but have no relationship. In these cases, use the bank HQ location to identify the bank you're looking for.

+ Is Mighty safe?

Yes. Mighty uses industry standard SSL encryption and does not capture, collect nor integrate with sensitive bank account information.

+ Are banks and credit unions listed on Mighty safe?

Mighty shows you credit unions that are NCUA-insured. Mighty shows you banks that are FDIC-insured. Your money in NCUA-insured credit unions and FDIC-insured banks is protected against loss (up to at least $250,000) by the US government. Read more about standard NCUA-deposit insurance here and standard FDIC-deposit insurance here. Some banks participate in the Certificate of Deposit Account Registry Service (CDARS) where customers can receive insurance on deposits exceeding $250,000. Read more about CDARS here and find banks on Mighty offering CDARS here.

+ Do I open a bank account with Mighty?

No. You open accounts directly with banks and credit unions you find on Mighty. Mighty just helps you find banking options you might like to use, and gives you the option to subscribe to access public data about bank impact. From your banking application to your maintaining a bank account, your account and relationship is always with your bank.

+ Are banks and credit unions listed on Mighty convenient?

Yes. Mighty lets you search banks and credit unions by the conveniences they offer, like online account opening, mobile deposits, and multimillion-dollar deposit insurance. Check with the institution to confirm their most up-to-date offerings.

+ Why does Mighty only show me some of the features banks and credit unions offer, but not all?

Banks and credit unions offer lots of different features, and not all are reported in public data. We currently let you search, filter and sort over 30 different attributes, from geographic focus to types of accounts available, to conveniences offered, like letting you switch your direct deposit and bill pay from your old bank to your new bank (with a technology called ClickSWITCH). We're continuously working to add new metrics to support your search experience. Let us know if there's a particular metric you'd like to see that we're not yet reporting.

+ What does community investment or community financing mean on Mighty and how is it calculated?

Community investment, also called community financing, measures how much of your every dollar with the bank or credit union is invested directly in communities.

• For banks, it's the sum of the following metrics, divided by the bank's total assets:
  • Small Business

    Business loans for $1 million or less

  • Large Business

    Business loans for more than $1 million

  • Small Farms

    Farm loans for $500,000 or less

  • Large Farms

    Farm loans for more than $500,000

  • Housing

    Loans for residential housing

  • Construction

    Construction, land development, and other land loans

  • Households

    Loans for household, family, and other personal expenditures like automobile and personal loans, but not credit cards

  • Public works

    Obligations of, and securities issued by, states and political subdivisions

• For credit unions, it's the sum of the following metrics, divided by the credit union's total assets:
  • Business

    Commercial and industrial loans, and other business loans of all sizes

  • Farms

    Loans for farmers, agricultural production, or loans secured by farmland of all sizes

  • Housing

    Loans for residential housing

  • Construction

    Construction and land development loans

  • Households

    Loans for household, family, and other personal expenditures like automobile loans, student loans, and payday alternative loans, but not credit cards and other unsecured loans

  • Public works

    Securities issued by states and political subdivisions

Community financing has a direct, immediate impact on communities. Anything that does not fit into the above definition of community financing is classified as something else. Something else includes investments in bank offices, other securities, derivatives, as well as other assets not directly for community use.

All of the metrics above are taken directly from public reports, except approximations for small business and small farm lending every other quarter. Banks report business and farm lending data every quarter, but details about which of these loans are large versus small are only reported every other quarter. In the quarters that banks don’t report this detail, Mighty approximates that the share of large versus small loans was the same as that reported by the bank in the previous quarter.

+ What do the different impact certifications/icons mean?

Impact certifications/icons mean that a bank or credit union puts social, environmental and/or economic issues at the center of its business and financing approach, through its legal structure, management policies, and/or community financing performance.

• For banks:
  • Sustainable

    Bank is a certified B-Corporation and/or a member of the Global Alliance for Banking on Values, which means it is accountable to providing sustainable banking and reporting on these practices.

  • Investing in low-income communities

    Bank is a certified by the U.S. Department of the Treasury, Community Development Financial Institution (CDFI), meaning it is focused on directing the majority of its financing into low- and moderate-income communities and/or communities of color.

  • Above average in financing communities, overall

    Bank puts a larger percentage of money into community financing (loans for business, farms, housing, construction, and households, and public works financing) than the bank industry average. This is calculated for each bank by measuring the sum of all community financing dollars as a percentage of total assets, using data published by the FFIEC.

  • Above average in small business lending

    Bank puts a larger percentage of money into small business loans than the bank industry average. This is calculated for each bank by measuring small business loans as a percentage of total assets, using data published by the FFIEC.

  • Above average in small farm lending

    Bank puts a larger percentage of money into small farm loans than the bank industry average. This is calculated for each bank by measuring small farm loans as a percentage of total assets, using data published by the FFIEC.

  • Above average in housing lending

    Bank puts a larger percentage of money into housing loans than the bank industry average. This is calculated for each bank by measuring housing loans as a percentage of total assets, using data published by the FFIEC.

  • Above average in investing in public works

    Bank puts a larger percentage of money into loans and securities for municipal use (i.e. financing for schools, roads, parks) than the bank industry average. This is calculated for each bank by measuring municipal loans and securities as a percentage of total assets, using data published by the FFIEC.

  • women-owned

    Bank is a women-owned bank, as certified by the Office of the Comptroller of the Currency (OCC).

  • Black American-owned/led

    Bank is certified by the FDIC to have at least 51% of voting stock controlled by Black Americans, or 51% of the governing board are Black Americans and the bank predominantly serves Black American communities. Mighty also includes banks that have self-reported meeting the above criteria but have not sought certification from the FDIC.

  • Asian American-owned/led

    Bank is certified by the FDIC to have at least 51% of voting stock controlled by Asian Americans, or 51% of the governing board are Asian Americans and the bank predominantly serves Asian American communities.

  • Hispanic American-owned/led

    Bank is certified by the FDIC to have at least 51% of voting stock controlled by Hispanic Americans, or 51% of the governing board are Hispanic Americans and the bank predominantly serves Hispanic American communities.

  • Native American-owned/led

    Bank is certified by the FDIC to have at least 51% of voting stock controlled by Native Americans, or 51% of the governing board are Native Americans and the bank predominantly serves Native American communities.

• For credit unions:
  • Sustainability

    Credit union is a certified member of the Global Alliance for Banking on Values, which means it is accountable to providing sustainable banking and reporting on these practices.

  • Low-income Communities and/or Communities of Color

    Credit union is a certified Community Development Financial Institution (CDFI), meaning it is focused on directing the majority of its financing into low- and moderate-income communities and/or communities of color, and/or is a certified Low-Income Credit Union, meaning it primarily serves low-income communities.

  • Overall Community Financing

    Credit union puts a larger percentage of money into community financing (loans for business, farms, housing, construction, and households, and public works financing) than the credit union industry average. This is calculated for each credit union by measuring the sum of all community financing dollars as a percentage of total assets, using data published by the NCUA.

  • Business

    Credit union puts a larger percentage of money into business loans than the credit union industry average. This is calculated for each credit union by measuring business loans as a percentage of total assets, using data published by the NCUA.

  • Farms

    Credit union puts a larger percentage of money into farm loans than the credit union industry average. This is calculated for each credit union by measuring farm loans as a percentage of total assets, using data published by the NCUA.

  • Housing

    Credit union puts a larger percentage of money into housing loans than the credit union industry average. This is calculated for each credit union by measuring housing loans as a percentage of total assets, using data published by the NCUA.

  • Public works

    Credit union puts a larger percentage of money into loans and securities for municipal use (i.e. financing for schools, roads, parks) than the credit union industry average. This is calculated for each credit union by measuring municipal securities as a percentage of total assets, using data published by the NCUA.

  • Native, Black, Hispanic, and Asian American Equity

    Credit union is certified by the NCUA as a Minority Depository Institution. This means that over 50% of the credit union’s board members, potential members, and current members are Native American, Black American, Hispanic American, and/or Asian American.

+ What impact metrics are listed for select banks only and what do they mean?

Metrics listed for some banks and credit unions on Mighty include:

• Any information about impact, products, and conveniences that isn’t available in public data may be collected for select financial institutions

• Fossil fuel financing: Deposits don't fund fossil fuels: Mighty currently lists banks that have self-reported that they do not finance any fossil fuels. Fossil fuel financing is defined as lending or underwriting for fossil fuel extraction or infrastructure companies/projects. (Fossil fuel financing does not include financing for equipment that uses fossil fuels nor entities that solely distribute local supplies of fossil fuels to consumers, like loans for vehicles or businesses with gas pumps.)

• Top funder of fossil fuels: Mighty currently lists the banks that have done the most fossil fuel financing globally between 2016-2018, as is reported by the Rainforest Action Network's Fossil Fuel Finance Report Card 2019.

• Benefit Corporation certification(coming soon)

• Private prison financing(coming soon)

• Gun manufacturing financing (coming soon)

We continue to look to new metrics to list on Mighty. Have a suggestion of data for us to list? Write us.

+ How does Mighty calculate where money is based?

Where money is based is an estimation of where your money creates community financing. Banks and credit unions are not required by law to publicly report the locations of all loan recipients. One reason is to protect customer privacy. Bank regulation encourages banks to meet the credit needs of communities in which they do business. Absent better data, Mighty uses location of deposits and branches to estimate geographic focus. For banks, to estimate how much money is based in an area, Mighty calculates the share of the bank’s total deposits based in branches in that area. For credit unions, to estimate how much money is based in an area, Mighty calculates the share of the credit union’s total branches located in that area. Some banks and credit unions are taking steps to share more specific data about the locations of their loans. You can see banks doing this on Mighty, here.

+ Where does Mighty get its data?

Banks and credit unions are legally required to report deposit, loan and community investment data to the US government quarterly. Mighty analyzes over 1.6 million pages of this data each year, including:

• The Bank Call Report and the Uniform Bank Performance Report, both published by the Federal Financial Institutions Examination Council, which is made up of the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Association, and the Office of the Comptroller of the Currency

• The Credit Union Call Report, published by the National Credit Union Administration

• The Summary of Deposits Survey, published by the Federal Deposit Insurance Corporation

• Minority Depository Institutions data, published by the Federal Deposit Insurance Corporation and the National Credit Union Administration

• Community Development Financial Institution (CDFI) data, published by the US Department of the Treasury

• Data about women-owned banks, published by the Office of the Comptroller of the Currency

Some banks and credit unions voluntarily report impact data to nonprofit organizations. Mighty analyzes this data, including:

• Social and environmental performance data about how a company’s operations and business model impact workers, community, environment, and customers, published by the nonprofit B Lab, the organization behind B Corp Certification

• Social and environmental performance data about how the bank or credit union puts a triple bottom line approach at the heart of the business model, serving the real economy, prioritizing long term relationships with clients, self-sustaining resiliency, transparency, and embedding these principles in the culture of the bank, published by the Global Alliance for Banking on Values

Mighty makes every effort to ensure the accuracy of data presented on Mighty, however errors may occur. Please access original bank and credit union reports to address if data error exists there. If you believe you’ve found a data error on Mighty, we invite you to let us know.

We continue to incorporate new sources of publicly available impact data into our analysis. Have a suggestion of data for us to analyze next? Write us.

+ How often is data updated on Mighty?

Data is updated about once a quarter on Mighty, when the bulk of banks’ and credit unions' community impact data is reported.

The date of the last data update on Mighty is listed in the footer of our website.

Data reflects past performance of financial institutions and is not a guarantee of future activity.

+ What do we mean when we say “your money”?

Mighty analysis is powered by public data. Mighty does not integrate with your bank account. When we talk about the impact of “your money” in a bank or credit union, it is an estimate.

We measure what a bank or credit union is financing, as a whole, as is evidenced by public data. We then estimate that this is what your money with the bank is doing, as a whole, when you bank there. Because when you put money in a bank or credit union, you’re funding the overall business of the bank or credit union.

Many financial institutions gather additional data about their impact that is not publicly reported. Some choose to make this additional data available on Mighty. Speak with the bank to gain additional information about what your money with the bank supports.

+ Why are some impact metrics listed, but not others?

We've built the foundation of our site grounded in what is available within public data: data that all banks and credit unions are required to report, by law, by a common reporting standard.

This enables us to make it easy for you to compare one bank to the next. We continue to look to new metrics to list on Mighty. Have a suggestion of data for us to list? Write us.

+ How can banks and credit unions volunteer data?

Some information about banks and credit unions isn't provided in government data, like the kinds of conveniences offered, or energy lending. Because Mighty has to get this information from each institution individually, we have not yet compiled information for all institutions in the country. Banks and credit unions are invited to voluntarily add this information to their Mighty listing, here. If you see a bank or credit union you're interested in but Mighty doesn't show it reporting the voluntary data you're looking for, contact the bank or credit union directly to confirm the information.

+ Why does Mighty show you comparisons to the industry average?

We show you comparisons to the bank or credit union industry average to help you understand if a certain percentage of community financing is a lot, a little, or somewhere in between.

To calculate the bank industry average, we take the average percentage of total assets devoted to community financing sectors (as defined above) for all banks in the US, weighted by the total assets of each bank. (This average only includes banks that take deposits from consumers.)

To calculate the credit union industry average, we take the average percentage of total assets devoted to community financing sectors (as defined above) for all credit unions in the US, weighted by the total assets of each credit union. (This average only includes credit unions that take deposits from consumers.)

Comparisons to the industry average are shown as percentages, not percentage points.

The bank industry average is a relevant average for comparison more so than, say, the average bank, because 1% of banks have the majority of deposits, so the average person’s money is not in the average bank.

+ What is a banking portfolio and what does the average banking portfolio mean?

A banking portfolio consists of the sum of bank accounts you have with one or multiple banks or credit unions.

On the page Calculate Your Bank Impact, Mighty estimates for you the performance of your bank portfolio. We measure what each bank in your portfolio is financing, as a whole, as is evidenced by public data. We then estimate that this is what your money with each bank is doing, as a whole, when you bank there (because when you put money with a bank, you’re funding the overall business of the bank). We then weight the performance of one bank versus another by the relative amount of money you keep with each bank to give you your unique bank portfolio impact analysis. We compare your unique impact score to that of the average bank portfolio. To calculate the average bank portfolio, we take the average percentage of total assets devoted to community financing sectors (as defined above) for all banks in the US, weighted by the total number of deposit accounts at each bank. (This average only includes banks that take deposits from consumers.) We assume that the average bank portfolio consists of accounts with one bank.

On the page Calculate Your Credit Union Impact, Mighty estimates for you the performance of your credit union portfolio. We measure what each credit union in your portfolio is financing, as a whole, as is evidenced by public data. We then estimate that this is what your money with each credit union is doing, as a whole, when you bank there (because when you put money with a credit union, you’re funding the overall business of the credit union). We then weight the performance of one credit union versus another by the relative amount of money you keep with each credit union to give you your unique credit union portfolio impact analysis. We compare your unique impact score to that of the average credit union portfolio. To calculate the average credit union portfolio, we take the average percentage of total assets devoted to community financing sectors (as defined above) for all credit union in the US, weighted by the total number of deposit accounts at each credit union. (This average only includes credit unions that take deposits from consumers.) We assume that the average portfolio consists of accounts with one credit union.

Comparisons to the average portfolios are shown as percentages, not percentage points.

+ Can I see the specific projects and organizations my bank or credit union is investing in?

Financial institutions are not legally required to publicly report the names of projects and organizations they finance. One reason is to protect customer privacy.

People can choose to share their stories about receiving financing from a bank or credit union, or holding a deposit account with a bank or credit union. See some of these banking options and the stories they finance on Mighty, here . Want to share your story about working with a bank or credit union? Share your story, here.

+ I have another question. Can I email you?

Yes, write us.