Divest from fossil fuels
Pledge to switch banks to take a stand against fossil fuels!
The big 4 banks are using your money to bankroll fossil fuel projects and companies – it’s time to put them on notice. Not a dollar more should be loaned to fossil fuels, and its up to us to stop them.
We can ensure Australia’s big 4 banks do the right thing by speaking in a language they understand: money. If banks know that funding fossil fuel projects will cost them customers, they won’t take the risk.
Pledge to divest from the big 4 today!
Switching banks to more ethical options is important, but it’s so much more powerful when we do it together. That’s why we’re getting together in the hundreds on Divestment Day this October 7 to close our accounts together and maximise the impact in the media and for the banks.
Read more below to start the process of switching banks, but keep your bank card for October 7th and chop up your card on Divestment Day!
How to switch to a fossil-free bank
Step 1: Put your bank on notice
Before you close your account, your bank needs to know that they’re at risk of losing customers if they don’t get their act together and stop funding fossil fuels. You have a few options for how to do this – you could call the customer complaints line, fill in the complaints form, or go into your local bank branch and let them know there.
Step 2: Find a new bank
This is an important first step, and one that’s entirely up to you! We are not financial advisors but our friends at Market Forces have a handy bank comparison table to find a bank that better aligns with your values. The table lists over 115 other banks and credit unions along with their positions on lending to fossil fuels.
Some banks on the Market Forces approved list are:
- Bank Australia
- Bank of Queensland
- Bendigo Bank
- Credit Union Australia
- Heritage Bank
- ME Bank
- People’s Choice Credit Union
Step 3: Identify regular transactions
Log in to your bank and note down all of your deposits and transactions that’s automatically come in and out of your account. Most banks and credit unions can help you with this process by obtaining from your old bank a list of all your direct debits and direct credits for the previous 13 months. To get this process started you will need to submit to your new bank a form called ‘Switch of regular payment arrangements’.
Step 4: Move your regular transactions to your new account
After your new bank or credit union receives the list of regular direct debits and direct credits associated with your old account they will send it to you for your review. You will need to verify that the list is correct and return it to your new bank or credit union along with a signed ‘Notice of Variation of Account Details’ form. This form authorises your new bank or credit union to switch your regular direct credits to your new account.
Step 5: Close your old account
This is the fun bit where we get to line up at the bank with heaps of other people, overwhelm them with closed accounts and cut up our cards for the cameras! Pledge above to receive information about Divestment Day to be held on October 7.
Become a Divestment Champion
Influencing the decisions of the big 4 banks can’t be done without the support of thousands and thousands of Australians. Chances are, you have friends, family, colleagues who want a safe climate as well and would be willing to pledge to protect it.
Help us to reach more people by signing up to be a Divestment Champion. You will receive a call from one of our amazing volunteers, who will then send you a guide about how to talk about the campaign, and give you all the resources you need to chat to your friends about protecting land, water and our climate.