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If you want to move checking or savings away from a bank that finances coal, start by looking at community development banks and credit unions near you—but verify each institution’s written coal policy and whether its accounts meet your needs. Neither a community-development label nor a directory listing proves that an institution avoids coal financing, and the available evidence does not identify one universally best option.
Where can you find banks and credit unions to consider?
Green America’s Get a Better Bank directory is a geographic starting point for finding community development banks and credit unions. In an announcement published April 2, 2025, Green America said its map included more than 3,000 institutions and nearly 17,000 locations across all 50 states, Washington, D.C., and Puerto Rico. Those are dated directory-coverage figures, not a guarantee that every listing remains open or excludes coal financing.
The directory groups institutions associated with several different attributes, including community development, minority depository status, low-income credit-union status, Inclusiv, B Corp, the Global Alliance for Banking on Values, and Green America’s Green Business Network. These labels can help you discover candidates; none, on its own, establishes a coal policy.
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The U.S. Treasury’s CDFI Fund explains that certified Community Development Financial Institutions serve low-income communities and people who lack access to financing. Certification criteria address an institution’s mission, financing activity, target markets, development services, and accountability—not whether it restricts coal financing. The Fund’s certification information and certified-institution list can help identify candidates by location and organization type.
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Not every certified CDFI is a deposit-taking bank or credit union. CDFIs also include loan funds and venture-capital funds, so check that an organization actually offers consumer checking or savings accounts before treating it as a place to move deposits.
Verify the institution itself
- For a credit union, use the NCUA Credit Union Locator and research tools, then verify the institution’s share-insurance status.
- For a bank, use the OCC’s financial institution lists to identify national banks and federal savings associations. The OCC also explains that the FDIC and Federal Reserve oversee different groups of state-chartered banks.
How do you check whether an institution finances coal?
Ask for the institution’s current written policy rather than relying on its name, mission statement, or directory category. Look for language that specifically addresses coal mining, coal-fired power, new coal projects, and companies with coal-related revenue or assets. A policy may restrict some activities while allowing others, so note its exceptions and definitions.
Ask which business lines the policy covers. In particular, find out whether it applies to lending, underwriting, asset management, subsidiaries, and any credit-card issuer associated with the institution. Green America cautions that some community institutions’ cards are issued by a separate company; the card provider’s practices may therefore differ from those of the institution holding your deposit.
Ask how the institution handles existing clients or projects as well as new financing. Climate policies can exclude activities, engage with clients to move them away from coal, or support transition and clean-energy finance. The World Resources Institute notes that transferring coal assets does not itself ensure a real-world phaseout: another financier may take over. Its discussion of what makes a coal phaseout credible is useful context, but it does not show that a particular deposit account funds a particular coal project.
The materials available for this guide do not provide comparable, independently audited coal policies for individual institutions. Treat any candidate as unverified until you have checked its policy directly; do not assume a directory is a certified coal-free list. There is also no comparable coal-only financing statistic established here for this account-selection decision. Green America’s April 2, 2025 announcement attributes to its Responsible Finance Campaign Director, Cathy Cowan Becker, the statement that “The world’s largest banks have plowed over $7 trillion into expanding fossil fuels since the Paris Agreement.” That attributed figure concerns fossil fuels broadly, not coal alone.
How should you compare candidate accounts?
Once you have plausible options, compare the details that determine both the institution’s policy fit and whether you can use the account day to day.
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| What to compare | What to verify |
|---|---|
| Coal policy | Covered activities, companies, business lines, subsidiaries, exceptions, and treatment of existing clients or projects. |
| Account terms | Fees, minimum balances, overdraft terms, and any conditions for avoiding charges. |
| Eligibility and access | Membership or geographic eligibility, branch locations, cash access, and ATM network arrangements. Smaller institutions may have fewer branches; ask whether reciprocal credit-union ATM arrangements are available and what terms apply. |
| Digital and payment features | Direct deposit, bill pay, mobile access, customer support, and whether the services work with your regular payments. |
| Deposit protection | The legal institution holding the account, its regulator, and the insurance coverage that applies to your account structure. |
| Other products | The company actually issuing a credit card or providing another partner service; it may be different from the deposit-taking institution. |
How do you confirm deposit insurance?
For credit unions, the National Credit Union Administration says federal share insurance covers up to $250,000 for account holders at federal credit unions and the overwhelming majority of state-chartered credit unions. Confirm that the specific credit union is insured and check how your account ownership and balances affect coverage using NCUA’s share-insurance information.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11For banks, identify the legal deposit-taking institution and its regulator before opening an account. A brand or online service name may not tell you which institution holds the deposits. OCC’s institution lists explain its coverage of national banks and federal savings associations and point to the distinct roles of the FDIC and Federal Reserve for state-bank groups.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How do you switch accounts without missing payments?
- Open the new account. Confirm eligibility, fees, minimums, insurance, digital features, and access to cash before moving your routine banking.
- Test it with a small transaction. Make sure you can sign in, receive funds, and access the services you expect to use.
- Redirect incoming money. Update payroll and benefit direct deposits with the new account details.
- Move outgoing payments. Change automatic payments for subscriptions, utilities, loan payments, and other bills. Also account for pending checks or transactions.
- Keep enough money in the old account. Leave a buffer until deposits and scheduled payments have cleared, and check the old account for activity.
- Close the old account only after the transition is complete. Confirm closure requirements and any remaining balance or pending transaction with the institution.
Green America’s account-switching guidance says opening or closing deposit accounts generally does not affect credit ratings, while advising consumers to check with the provider. That general point is not a guarantee about a separate credit application or another product that may involve a credit check. Moving a deposit account also does not change the lender on an existing mortgage or loan; refinancing or changing that borrowing relationship is a separate decision.
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