Early Retirement Blog

Around 15 years ago, I helped launch the “Conservation Checking Account” at Bank of the West, the brainchild of CEO Don McGrath.  Half the monthly fees from the Conservation Checking Account, went to the Northern California branch of The Nature Conservancy, providing over $3 million dollars to help fund environmental restoration programs.  And, Bank of the West attracted over 10,000 new customers, long before “Green” entered the mainstream consciousness.

Today, there are more banks that share a similar commitment to the environment. One is Shore Bank of the Pacific Northwest and Chicago.  Through their lending practices, they encourage loans to companies that seek to grow their business, by employing sound environmental practices.  Since 2000, ShoreBank has lent $182 million to companies, that have rebuilt toxic buildings and made them green.

ShoreBank’s commitment to the environment is clearly stated on their website:

“Communities cannot achieve economic prosperity if entrepreneurial activities and residents’ health are compromised by toxins in the land, air and water, or if natural resources are consumed in an unsustainable way. Therefore, to build strong sustainable communities, we must also focus on environmental issues.”

ShoreBank Pacific Northwest started in 1997 as a partnership between “Ecotrust”, a non-profit dedicated to developing a sustainable economy, and ShoreBank Chicago-Detroit.  Through their “EcoDeposits” checking accounts, customers invest their money in FDIC insured accounts, and the deposits then provide the funding to make loans to help build better and healthier communities.

Here in San Francisco, New Resource Bank, is helping to finance individuals and businesses green efforts.  Founded in 2006 by entrepreneur Peter Liu, and leading San Francisco Bay Area Green venture capitalists, New Resource Bank is committed to practice Green Banking. From their website:

“We believe in banking efficiently. We will provide our customers with innovative products and technology to help them achieve their financial goals while saving time and resources. Our own operations will be highly efficient. Our banking facility has been built to the standards of a Gold LEED CI certification.”

And New Resource Bank offers No Money Down Solar Loans, for customers who wish to install solar panels, or other green technologies for their house or business.  Solar technologies can carry a big up front cost, limiting the number of potential customers, solar financing (which may be tax deductible) makes greening your house or business easy and affordable.

Even if you don’t live near ShoreBank or New Resource Bank, and can’t use their services, you can easily “Green” your existing bank by going paperless and using online banking.  Almost all banks promote online statements, and online banking, in an effort to cut costs and help the environment.  According to a Javelin Strategy and Research survey, 43% of consumers said that they like the idea of Green Banking, however 75% of bank customers still receive paper statements in the mail.

So, help your bank go green, by using online banking and statements, it will allow them to keep low fees, which benefits you and the environment.  Best of all – it costs you nothing!