XR DIVEST DAY

April 23, 2020

If you bank with a large US financial institution, then it is likely that you are passively contributing to the climate crisis by allowing your bank to use your finances to underwrite fossil fuel exploration and expansion. You can prevent this from happening by moving your money to a socially responsible bank, taking away crucial funding from the fossil fuel industry in the process.

On April 23, XR Rebels across the globe will be taking part in a mass, simultaneous divestment, focusing on our personal bank accounts. We’ll be opening new accounts at fossil-free banks to send a powerful message to the financial industry - a stable climate is priceless. Stop selling our future away for a quick buck and divest now!

If you’re interested in participating, you can sign the XR Divest Day Pledge so we know to keep you updated with important developments. Also, check out and share our how-to divest yourself guide with draft social media posts.

This is a great way for us to stay active while we can’t gather in the streets. Our divestment day will help to support the day of action led by the global Stop the Money Pipeline coalition on April 23.

The culmination of our efforts over the next few weeks will result in a mass card-cutting action on April 23! If you want to participate in our mass card-cutting, you’ll need to take some steps in the leadup to April 23 to make sure everything is ready (see below). Then, on April 23, send a video of yourself cutting a bank card to extinctionrebelliondc@protonmail.com, and we’ll broadcast our success on our website and on social media! You can also post your video to social media with the hashtag #xrdivestday. Don’t forget to tag us!

Why Divest?

Despite several banks, insurers, and investors recently publishing reports detailing the dangers of fossil fuels to a stable climate and a just society, they continue to give precious financial aid to the industry: $1.9 trillion from 33 banks since the Paris Climate Accords were signed in 2016. Major US banks are the most enthusiastic accomplices to the climate and ecological crisis - JP MorganChase, Wells Fargo, CitiBank, and Bank of America alone have given over $500 billion in the past 4 years. You can read more about who funds the climate crisis here. Unless your bank explicitly says that it is not funding fossil fuels, you can be almost certain that it is.

But business-as-usual won’t last much longer. In the past decade, the divestment movement has diverted trillions of dollars away from the carbon economy. Without reliable access to credit, the fossil fuel industry will feel greater pressure to change. Many fossil fuel companies, especially fracking firms, are already struggling to stay profitable; if enough money is divested, they will be forced out of business!

One of the best ways you can help pressure banks to stop giving money to the fossil fuel industry is by divesting your own personal funds. It may seem small, but it sends a powerful message, especially when done en masse. A constant dripping of water wears away stone!

How to Divest

Divesting your personal finances isn’t too complicated, just a little tedious. We’ve put together a short step-by-step guide on how to move your money. We’re also working to set up a training with a divestment expert who can explain the process in greater detail and answer questions. If you’re interested in that training, please fill out this form.

Step 1: Find a bank that isn’t financing the destruction of the planet

    There are lots of great banks to choose from. For example:

  • Aspiration Bank and Amalgamated Bank are two banks that make sustainability a core part of their mission, and they have great online banking options

  • Credit Unions are locally-focused, not-for-profit lending institutions. Many have mandates to support local communities through their lending

  • Banking with Black or Indigenous owned banks can be a strong way to use your money to benefit those traditionally left behind by the capitalist system

  • You can check out this site for an extended list of socially responsible banks and choose one that works for you

Step 2: Open an account at a good bank and move some of your money

Each bank will have its own application process. But most banks will take at least a few days to process your application, so if you want to join the card-cutting party on April 23, you’ll need to open a new account soon! Once your account is open, you can transfer your money from your old, planet-destroying account to your new, planet-friendly account. Be sure to leave enough money in your old account to cover any scheduled payments that haven’t cleared yet.

Step 3: Update automatic and recurring payments

Most of us have set up recurring online payments, and all of these will need to be updated now that your old account doesn’t have any funding! This is perhaps the most tedious step of the process. Try to think through all of your payments that are linked to your old account - paypal, rent, utility bills, direct deposits, social security checks, subscriptions for Netflix and Amazon, etc.

Step 4: Cancel your old credit card, making sure to use or transfer your points and other rewards, and make a new credit card that works with your fossil-free bank

Big banks can offer you the most enticing rewards on your credit card spending. That’s part of their monopoly power. Fossil-free banks are smaller and can’t compete with those rewards, thus most fossil-free banks don’t offer their own credit cards. However, there are many organizations, including Amazon Watch, that offer Visa cards that still give rewards, mileage, and cash back with no annual fees. GreenAmerica has a good list of responsible credit cards. Nerdwallet is also a great resource for finding new credit cards, as long as you avoid the big evil banks.

If changing credit cards isn't feasible right now, that's OK! Credit cards don't directly contribute to fossil fuel financing in the same way as checking and savings accounts. Fossil fuel financing comes from amounts in checking or savings, so if you need to keep your credit card at your old fossil fuel bank, just try to keep your balances as low as possible. Storing most of your money at a responsible bank is the most important part.

Step 5: Transfer the rest of your money and close your old account

Once you’re certain that all of your outgoing payments are being sourced from your new account, and all of your incoming payments are headed to your new account, you can move the remainder of your money to your new account. Then, the fun part - closing your old account! All banks have different procedures; many will require a phone call or office visit. Make sure to get written confirmation that your account has been closed.

(Note - for more information, the Consumer Financial Protection Bureau has a great page about moving your money to a new account: https://www.consumerfinance.gov/ask-cfpb/what-is-the-best-way-to-move-my-checking-account-to-another-bank-or-credit-union-en-985/)

Make sure you get a head start on this process, so that you can join us on XR Divest Day! We’re looking forward to seeing you cut your card with us on April 23, 2020!