The following letter can be used as a model to explain to your megabank why you have broken-off your relationship with them. After you have closed your account, be sure to send a letter to your megabank informing it why you have left. The letter can be sent to the CEO. Contact information for the CEOs and addresses of the largest banks in the nation can be found below.
Edit to reflect your experience.
Dear (Name of your mega-bank or its CEO):
After (number) years as an account holder, I have closed my checking account / savings account / credit card with (name of bank).
Taking this step has been on my mind for some time. The economic crash of 2008, and the shameful role of the largest banks in driving that collapse, as well as ongoing predatory practices have prompted me to take action.
The continued bankrolling of fossil fuel project driving the climate crisis has strengthened my resolve to switch to a better bank. The nine largest US banks have financed fossil fuels by over $2 trillion since the Paris Agreement. These banks have done nothing to stop the money pipeline to extinction.
I want you to know that I am no longer going to be part of financial institutions that profit at the expense of the majority through unfair fees and especially at the expense of economically marginalized communities and individuals through predatory practices.
I am no longer going to be part of financial institutions that don’t know me and don’t care about my specific needs and questions. I am no longer going to be part of financial institutions that pay their top executives exorbitant salaries – and bonuses – while their clients face foreclosure and economic hardship that could largely have been prevented.
I am no longer going to be part of financial institutions that invest in fossil fuels or fossil fuel infrastructure while the need to be move to renewable energy becomes increasingly dire each day. I am no longer going to be part of financial institutions that are not lending to the small businesses that are the engines of jobs and innovation for our economy.
It is with a sense of pride in what our country and financial system can do, that I am now meeting my household’s banking needs with a Community Development Financial Institution. I now have a smaller community development bank /credit union that works to know me and my circumstances.
My new financial institution is dedicated to the economic uplift of struggling communities, not to extracting profit from those in need. My new bank / credit union is helping me play the constructive role I want to play in making economic well-being a reality for more Americans. I can now tell my family / friends / children about the good that my deposits are doing. I only wish that this had always been the case.
In closing, there are steps that (name of bank) could take to improve its impact on people and the planet, especially your role in financing the fossil fuel industry. I urge you to join other banks, investment firms, and corporations in:
* Inventorying and disclosing your Scope 1, 2, and 3 greenhouse gas emissions immediately.
* Committing to cut your financed carbon emissions in half by 2030 and to zero by 2050, in line with climate science, and creating concrete step-by-step plans and programs to meet these goals.
* Creating fossil-fuel-free banking products to meet consumer demand.
Thank you for considering these important and timely actions.
Sincerely yours,
(Your Name and Contact information)
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Following is contact information for the four largest depository banks in the US. You can use this information to send a letter to the CEO explaining why you broke up with the bank. | |||
| Citigroup 399 Park Ave. New York, NY 10043 Phone: 800-285-3000 | Bank of America 100 N. Tryon St. Charlotte, NC 28255 Phone: 800-299-2265 Fax: 704-403-0968 | JPMorgan Chase 270 Park Ave. New York, NY 10017 Phone: 212-270-6000 Fax: 212-270-1648 | Wells Fargo & Co. 420 Montgomery St. San Francisco, CA 94163 Phone: 866-878-5865 |
