Start by looking at community development banks and credit unions near you, then verify each institution’s written coal policy and whether its checking or savings account meets your needs. Neither a community-development designation nor a directory listing proves that an institution avoids coal financing, and the available information does not establish a universally best or verified coal-free bank.
Where can you find alternatives to banks that finance coal?
Green America’s Get a Better Bank directory is a practical geographic starting point for community development banks and credit unions. In an April 2, 2025 announcement, Green America said its map included more than 3,000 institutions and nearly 17,000 locations across all 50 states, Washington, D.C., and Puerto Rico. Those are dated directory-coverage figures, not a guarantee that every listing is still open or excludes coal financing.
The directory includes organizations associated with several categories, including community development, minority depository institutions, low-income credit unions, Inclusiv, B Corps, the Global Alliance for Banking on Values, and Green America’s Green Business Network. These labels describe different organizational attributes; none, by itself, establishes a coal policy.
Search certified CDFIs, but confirm they take deposits
The U.S. Treasury’s CDFI Fund maintains a certified CDFI list that can be filtered by location and organization type. CDFIs can include banks and credit unions, but also loan funds and venture-capital funds. Check that a listed organization offers consumer deposit accounts before considering it as a place to move checking or savings.
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CDFI certification is a community-development designation, not a coal exclusion label. The CDFI Fund says certified organizations serve low-income communities and people who lack access to financing. Certification criteria address mission, financing activity, target markets, development services, and accountability; they do not establish restrictions on coal financing.
Verify credit unions and banks with official resources
- Credit unions: Use the NCUA Credit Union Locator and research tools to check an institution and its reported information. Confirm federal share-insurance status for the specific credit union and account.
- Banks: Use the OCC’s bank directory and regulator guidance to identify national banks and federal savings associations. The OCC also explains that different groups of state-chartered banks are overseen by the FDIC or Federal Reserve.
How do you tell whether an institution avoids coal financing?
Read the institution’s current policy rather than relying on a directory category or broad climate statement. Look for explicit language covering the kinds of coal activity and business relationships that matter to you. If the policy is unclear, ask the institution for its scope, exceptions, and how it is applied.
- Does it exclude or restrict coal mining, coal-fired power, or both?
- Does the policy cover new projects only, or existing coal businesses as well?
- Does it apply to companies with coal-related revenue or assets, and are thresholds or exceptions specified?
- Does it govern lending, underwriting, asset management, subsidiaries, or only certain products?
- Who issues any associated credit card, and does that issuer follow the same policy?
The available materials do not provide comparable, independently audited coal policies for individual institutions. A directory can help you discover candidates; it should not be treated as a verified list of coal-free banks.
What should you compare before opening an account?
Once you have plausible candidates, compare the written coal policy alongside the practical terms of the specific account. A policy that sounds aligned is not enough if the account cannot serve your everyday needs.
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| What to compare | What to verify |
|---|---|
| Coal policy | Covered activities, companies, financial services, subsidiaries, exceptions, and date of the policy. |
| Account costs and rules | Monthly fees, minimum balances, overdraft terms, and any requirements to waive fees. |
| Eligibility and access | Geographic or membership eligibility, branch availability, cash access, and ATM network arrangements. |
| Digital and payment features | Direct deposit, bill pay, mobile access, customer support, and any features you rely on. |
| Insurance and account provider | The legal institution holding the deposit, its regulator, and applicable deposit or share insurance. |
| Partner products | Whether a credit card or other service is provided by a separate company and what policy applies to that provider. |
Smaller institutions may have fewer branches. Green America also notes that some credit unions participate in reciprocal ATM arrangements; confirm the network, access, and any fees directly with the institution. A credit card offered through a community institution may be issued by a separate company, so the card relationship may not follow the deposit account’s policy.
How do you check deposit insurance?
NCUA says federal share insurance covers up to $250,000 for account holders at federal credit unions and the overwhelming majority of state-chartered credit unions. Confirm insurance for the particular credit union and account structure rather than assuming every institution or account is covered in the same way.
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For banks, identify the legal deposit-taking institution and its regulator using official regulator resources. The OCC’s guidance explains its role for national banks and federal savings associations, while noting the distinct roles of the FDIC and Federal Reserve for different state-bank groups. Verify the account provider and applicable insurance before transferring money.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What does moving your deposit account change—and what does it not?
A bank’s climate policy may exclude coal financing, seek to engage clients to transition away from coal, or support transition and clean-energy finance. As the World Resources Institute explains, transferring coal assets alone does not ensure a real-world phaseout: another financier may take over. Broader coordination and transition measures matter. This context does not show that a particular consumer deposit account directly funds a particular coal project.
Green America’s April 2, 2025 announcement attributed this statement to Cathy Cowan Becker, its Responsible Finance Campaign Director: “The world’s largest banks have plowed over $7 trillion into expanding fossil fuels since the Paris Agreement.” That is a Green America-attributed figure about fossil fuels broadly, not a coal-only total. The available material does not establish a comparable, named coal-only statistic appropriate to this account-selection question.
Moving a deposit account also does not move an existing mortgage or loan to the new institution. Ask the current lender separately about any change or refinancing; a deposit switch does not itself alter who holds your loan.
How do you switch accounts without disrupting payments?
- Open the new account. Confirm eligibility, fees, minimums, insurance, and access first. Set up online or mobile access and test the account before relying on it.
- Move incoming deposits. Update payroll and benefit deposits with the payer, then check that they arrive in the new account.
- Update outgoing payments. Change automatic payments for bills, subscriptions, utilities, and loan payments. Track the dates they will start drawing from the new account.
- Keep a buffer in the old account. Leave enough to cover pending transactions, checks, and payments still in transit. Monitor both accounts until activity has shifted.
- Close the old account only after the transition is complete. Confirm that deposits and payments have moved and ask the old institution about its closure process.
Green America says opening or closing deposit accounts generally does not affect credit ratings because banks and credit unions do not usually inquire into credit history, but it advises checking with the provider. That general guidance is not a guarantee about a related credit application or another product, which may involve different checks.
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