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For and against moving my money
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Question
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What are the “Fors” and “Against” reasons to switch my finances? bank accounts and credit cards?
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You can list Pros/Cons for each type of account: checking/savings, credit cards, investments, retirement...
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ForAgainst
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1 Bank of America is in top 4 of dirty banks financing fossil fuels. Other banks seem to have similar checking and savings options, and no minimum balance requirements. I don't have that much money in checking/savings, so not such a big deal to make the switch. There are resources to help me make the switch smoothly and deal with Social Security.1Bank of America - Lots of ATMs, my college-aged child has accounts and I can easily transfer funds to them; there are brick and mortar branches where I live. My social security check is automatically deposited and I don't want to hassle with bureacracy.
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2 Chase credit card from an airline - Chase is the worst financier of fossil fuels. Other non-fossil fuel credit cards also do not have foreign transaction fees and have similar interest rates. Reducing Chase's profits and fossil fuel investments feels good. I don't want my credit card to fund climate change. Non-fossil credit cards do other good things like plant trees.2 Chase Credit card from an airlines - I like getting award miles. The amount of miles I get per year adds up to $XX of "perks." The card also does not have foreign transaction fees. I worry about affecting my credit rating.
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3 My investments - My current investment advisor doesn't know that much about ESG. I don't want my investments to finance things that don't align with my values. I don't want fossil fuel investments to ruin my investment performance as they become stranded assets.3 My Investments - My investment advisor is my childhood best friend; I don't want to ruin my relationship with them. I don't know how to find a reputable investment advisor that knows about ESG. I'm fearful of losing money and returns on my investments if I make a switch.
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