Green Your Banking

With the world's financial markets in turmoil (and perhaps your own financial woes), everyone's thoughts are on the color of money these days. But there may be some steps you can take to "green" your banking that may also help save you money, reduce your impact on the planet, and vote for a better, more sustainable future at the same time.

* Switch to online only banking. You can do this with your current bank by using the ATM/debit card they provide and their online bill pay services. Most banks do not charge for this service, or have a way to get around any fees (for example, Wells Fargo has free bill pay service if you have a direct deposit into your account). Also, some banks (like ING Direct) have "paperless" accounts that eliminate checks and paper statements, instead providing a debit card, ATM access and online bill paying service (you can usually have them issue a check for you if you need one).

* Get your bills electronically. Eliminate the shipping, paper statement, envelope (or 2 if they send a return envelope) and any extra leaflets they include. Saves not only paper and gas, but time and money as well (no stamps or trips to the post office). Check with your bank(s), utility companies, credit card issuers and more to see if they offer this option. Then pay through your online bill pay service.

* Nix the receipts. When you have the option, decline a copy of your receipt (i.e ATM machine, fast food, restaurants, etc.) Collectively this can add up to a lot of paper (saving trees and reducing the chemicals like chlorine used in processing), and in your household can leave you with less paper clutter to sort through.

* Buy recycled paper checks. Most banks and check services have a limited number of check designs made from recycled paper content. Choose from these. Or, you can buy your checks from The Check Gallery, Inc. which has a wide variety of designs and images, all of which are made from recycled paper. Another great benefit is that with many of these designs, 10% of profits are donated to environmental, conservation or other social causes.

* Choose a "greener" bank. Local credit unions are one great option. They are member-owned, not-for-profit, and many of them also invest in the local community. You can also find some larger regional or even national banks that follow sustainable and environmental business practices and invest in local communities and/or developing countries. A good place to start a search for these larger banks (also some local banks in larger cities) is the National Green Pages directory.

* Green your investment portfolio. Investments may be trickier in today's market than your day-to-day banking. We don't know yet if the market has "hit the bottom," but when it does economic experts say it will be a great time to buy and get some great deals (some even suggest now may be a good time to buy). There are companies that will screen your portfolio for social and environmental causes (by both "negative" and "positive" screens. Negative screens will eliminate things you don't want in your portfolio--like tobacco, alcohol, or other factors that may be important to you. Positive screens will include certain things that matter to you--like companies with strong environmental or social commitments.) You can also find these companies through the National Green Pages.

Some of these may seem like tiny steps. That's precisely the point. If it's easy for you, you will be more likely to make the change. Added together and multiplied, however, these baby steps on each of our parts can really contribute to a greener future for our children.