Author: Suzanne Leigh

If You Have A Bank Account, You Are Impact Banking

Your money is speaking for you

Wondering how to start investing? If you have a bank account, you are already an investor. And an impact investor at that. Why? You are impact banking – your deposits are used by your bank to lend to whomever they want.?

Turns out you may not like what your money is doing. In fact, your bank might be investing your money against you.?More and more, people are asking how they can make a positive impact and get better returns on their investment.

Every dollar we spend has an impact of sorts. But have you ever asked yourself:

  • What?s the impact of the money we save in our bank accounts?
  • How about the interest we pay on credit cards?
  • Or the plethora of fees we are charged for a bank?s privilege to use our money?

Where does your money sleep at night?

Most of us understand that our bank is not storing our money in some vault, waiting for us to withdraw whenever we choose. Banks loan out our deposits and earn interest off of those loans. And those loans may be financing all kinds of things. What we don?t often realize is the extent to which our money is being used by the bank?for whatever they want.

If you are banking, you are impact banking.

You may be blindly supporting something that you find reprehensible…that may actually be working against you. The fees that you pay to maintain your bank account, the interest you pay on your credit cards, every cent you contribute to your financial institution, in any way, is going somewhere.

What is bad impact banking?

Many people began thinking about where their money sleeps at night in 2016 when social pressure forced the disclosure of Wells Fargo and other banks? funding of the Dakota Access Pipeline. This discovery led to the city of Seattle completely cutting ties with Wells Fargo. (Wells Fargo is also one of the biggest funders of private prisons in the U.S.)

But Wells Fargo isn?t the only bank invested in the financially risky and environmentally destructive industries of the fossil fuel sector. In fact, according to the Fossil Fuel Finance Report Card 2017, ?Well?s Fargo is only ranked the 20th worst in the world.

In 7th place, we have Bank of America, with an overall financial contribution of $13.376 billion dollars funneled into the most climate changing, environmentally destructive and capital-intensive fossil fuel enterprises. $13.376 billion dollars of the people?s money. If you have a Bank of America personal checking account, your $12 monthly maintenance fee is a part of that $13.376 billion.

What is good impact banking?

Right now good banks are competing for your business. What are good banks? Good banks are those which are both customer-centric while financing values-driven enterprises for the good of the community and the planet. What does this mean? They want to offer you a better deal and show you that they are doing good things with your money.

Good banks want to offer you a better deal AND show you that they are doing good things with your money.

Let?s start by comparing what your money is doing in the simple interest-earning checking accounts offered by two big banks.

If you have a Wells Fargo Preferred Checking Account and keep a balance of $500, you will earn 0.01%. But you will also be subject to a $15 Monthly Service Fee unless you retain a balance of $10,000, or have a mortgage with them, or set up direct deposit of at least $1,000 per month. In addition, every time you use a non-Wells Fargo ATM, you will be charged $2.50. And if you travel outside of the country, that increases to $5.

At Bank of America, you will also earn 0.01%, but that $25 Monthly Maintenance fee will eat it up unless you keep a balance of $10,000. Like Wells Fargo, Bank of America will charge you $2.50 when you use a non-brand ATM.

How Good Banks Do Better (for your wallet and our planet)

1. Amalgamated Bank

If you open a Convenience+Checking interest-earning account at Amalgamated Bank, you will earn 0.06% for balances less than $500, 0.10% up to $1,000, and 0.15% thereafter. Your non-brand ATM fee will be $1.50, but they?ll reimburse you for this twice a month. And your $10 monthly maintenance fee can be waived with direct deposit. ?

In addition, if you link your debit card to their Donate the Change program, the bank will donate 10 cents of their own money every time you use your debit card on a purchase of $10 or more. (They are currently donating to Solutions Project, which is leading an energy revolution towards renewable energy powered by the wind, water, and sun.)

Amalgamated Bank, is a B Corp and a member of the Global Alliance for Banking on Values, as well as a member of RE100, a collaborative, global initiative of corporate leaders committed to 100% renewable energy.

?We have a growing environmental crisis unfolding, and Amalgamated Bank will no longer sit on the sideline.? – Keith Mestrich, President & CEO, Amalgamated Bank

2. Beneficial State Bank

Beneficial State Bank is also B Corp and a member of GABV. Beneficial State Bank is a triple-bottom-line financial institution that believes money should serve people, not the other way around. (“Triple-bottom-line” means they look at people, planet, and profit).

Beneficial Bank?s simple Interest Checking rates vary per state. There is no minimum monthly balance and the bank will waive their $8 monthly service fee if you participate in direct deposit. You can use any ATM you want free of charge. (And if you?re a student, they?ll even reimburse up to $10 of ATM charges imposed by other financial institutions.)

?The way we look at it is banking is actually the original and most powerful form of crowdfunding. All banks have impact good or bad.? – Kat Taylor, Co-Founder and Co-CEO Beneficial State Bank.

Although it may be difficult to wrap your mind around, your consumer debt is also a type of investment. And the interest you pay to financial institutions is most definitely having an impact somewhere. Good banks offer a variety of banking products that don?t put corporate polluters before the people and our planet. So if you are paying interest on credit card debt, you can at least choose what is done with it. ?

If you have a credit card through one of the big banks that are financing enterprises you are opposed to, the Sierra Club credit card with Beneficial State Bank is an alternative that assures your money won’t support environmentally destructive projects. Instead, it’s used to support clean energy, sustainable agriculture, affordable housing, and education.

Revenue from the card also supports the Sierra Club’s work while providing you with both rewards and competitive rates. If you transfer your balance, you?ll receive 12 months of %0 APR and no annual fee.

Of course, both Amalgamated and Beneficial Bank offer online banking and mobile Apps. But our favorite for online personal banking accounts is Aspiration. A quick look below and you can easily see why.

3. Aspiration*

Aspiration?is divested from oil and gas and they put your deposits in places you can feel good about.

Here?s a quick overview of the Aspiration Account:

  • Pays you up to 2.00% APY interest?– at least 100X more than traditional banks offer.
  • No minimum deposit – you can open an account with $10.
  • No minimum balance – no minimum balance required, ever.
  • No service fees?- their Pay What Is Fair philosophy allows you to pick your fee, even if it?s zero.
  • No ATM fees – Aspiration reimburses ATM fees worldwide.
  • Deposits are FDIC insured
  • Certified B Corp
  • Industry level encryption?
  • An app that lets you track whether you?re actually voting with your dollars. If you use their debit card, a People and Planet score is assigned to every merchant at which you shopped.
  • They also commit to donating ten cents of every dollar to charities that help struggling Americans get off the ground (microloans.
“We wanted to build a financial firm around the idea that you could make money and make a difference at the same time.” – Andrei Cherny, Founder and CEO, Aspiration.

While Aspiration doesn?t offer business banking products at the moment, ?Amalgamated,??Beneficial and New Resource Bank do. All of these banks are also B Corp certified and members of GABV, and are quite transparent about where your money sleeps at night. ?

“By putting deposits to work for good, we lend to organizations that benefit our communities and preserve our planet.” – New Resource Bank

For better or worse, your money is financing either socially desirable or socially destructive outcomes, good impact banking or bad impact banking. Today, the push by consumers to democratize data is forcing banks to reveal what they are doing with our money.

The Big Banks are Taking Notice

As our demands for socially responsible alternatives and transparency increase, so do our options.

The big banks are starting to pay attention. U.S. Bank (the best of the not-so-bad big banks, if there is such a thing) won most ethical company award in 2016. They also recently announced their intent to stop pipeline project loans.

Your Money Is Powerful. Spend With Your Heart.

In the wake of this, we consumers are becoming empowered with more opportunities to both do good and do well. These opportunities translate into better deals and transparency. As more of these opportunities arise, Wellwallet is committed to bringing them to you.

It is our mission at Well Wallet to provide consumers with the knowledge needed to decide for yourself whether your money is being used in line with your values, and in favor of your financial health.

By choosing well, you can create prosperity on all levels, no matter how small, both out in the world, and with your personal finances. You are already an investor and your money is already making an impact. We owe it to ourselves to make sure that our money is working in our best interest. And we owe it to our communities to make sure our money is working in the best interests of the people and the planet. If you don’t know what your money is doing, it’s time you took a closer look, understand the type of impact banking you are engaged in, and make some changes.


*Based on a comparison of Aspiration’s up to 2.00% APY interest to the following checking account interest rates reported by Bankrate for 2019 Wells Fargo (0.01% APY), Chase Bank (0.01% APY) and Bank of America (0.01% APY).

Aspiration Partners, Inc. and its affiliates are committed ?to “All Extra Services Provided at Cost,” meaning that we’ll only charge you what it costs us to provide the extra service (such as a wire transfer), and not a penny more. Besides these at-cost service charges, the only account fee you pay is the fee you choose, even if it?s $0, which is why we call it Pay What Is Fair.

All ATM withdrawal fees will be waived for your Aspiration Summit Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using an Aspiration Debit Card linked to your account at any ATM displaying the Mastercard?, Interlink?, Cirrus?, or Maestro? logos. The reimbursement will be credited to the account two business days after the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.

The Aspiration Summit Account provides customers with the ability to see Aspiration Impact Measurement (AIM) People and Planet scores on a range of merchants where they shop using the Aspiration Debit Card. These scores are determined using a proprietary algorithm that incorporates several measures of sustainability performance. For more information, please click here.

Deposits are insured by the FDIC up to $250,000 per depositor. For more information about FDIC insurance coverage, please visit the FDIC website.

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Divorce Your Bank In 8 Simple Steps – Who Are You Trusting With Your Money?

The Ugly Truth About Big Banks

Is it time to divorce your bank?

Many Americans hold a checking account at mega-banks like Bank of America, Wells Fargo, Chase, and Citibank. These four banks hold roughly 40% percent of all US commercial assets.

These four banks also have questionable track records reflecting certain shady business practices, ridiculous fees, and investments in destructive environmental and social practices. Let?s take a brief look.

Wells Fargo

Wells Fargo?s fraud against its own customers is jaw-dropping.

If you are a Wells Fargo customer, it might also interest you to know that they are the:

That is what your money is supporting in the hands of Wells Fargo.

Bank of America

Bank of America?s rap sheet spans over a decade and it’s not pretty either. BofA has had to pay billions and billions for settlements in lawsuits for:

  • Discrimination against women
  • Discrimination against minorities.
  • Loan servicing and foreclosure abuse.
  • Defrauding investors.
  • Deceptive advertising of credit card products.
  • Unsafe and unsound practices in foreign exchange markets.
  • Discrimination against recipients of disability income.
  • Violation of overtime laws.

How do they score on the environment? Move over Wells, BofA is the 7th biggest offender in extreme fossil fuel environmental destruction in the world.

Chase

JP Morgan Chase has paid millions in settlements for:

  • Charging black and Latino mortgage borrowers higher rates than white borrowers.
  • Fraudulent debt collection practices against credit card customers.
  • Improperly increasing minimum monthly payments to credit card customers.
  • Fraudulently misleading investors in the sale of residential mortgage-backed securities.
  • Bundling toxic securities and lying about it.
  • Forcing homeowners into buying overpriced property insurance.

Their score on fossil fuels? 3rd worst in the world. JP Morgan Chase has invested over 20 billion in environmentally devastating enterprises.

Citibank

Some highlights that Citibank has settled millions in lawsuits for:

  • Charging credit card customers excessive late fees.
  • Lying to investors about exposure to subprime mortgage-related assets.
  • And, in case you forgot, the Enron scandal.
  • The Worldcom scandal.
  • Money laundering.
  • Racial and gender discrimination.

Their ranking in fossil fuel driven destruction: ?9th biggest offender in the world.

Why Do People Get Cold Feet When Thinking About Switching Banks?

What we?re hearing is that people are really done with their bank and are ready for a divorce. Yet, in spite of all of this data, some of us seem to freeze when we think about quitting our bank. Why is this? Let?s explore some of the myths that give people cold feet.

People don?t see a difference.
  • Why switch if the experience and rates are the same?
  • They aren?t. Why would you stay with a checking account which charges you upward of $10 dollars/month and only offers interest rates of 0.01% to use your money?
  • How does ZERO monthly fees and up to 2.00% APY interest sound??Good right?
Familiarity.

People are familiar with the workings of their current bank, and while they may be unhappy with it, they at least know what to do and what to avoid. It?s the devil you know.

  • While change can be uncomfortable, change that makes you money and contributes to a better world just makes sense.
Fear.

Most of us have our deposits and withdrawals set up automatically. We are afraid to disrupt our automated transactions for fear that some bills will slip through the cracks.

  • This is a valid concern, but if you follow the simple steps below, you will see how easy it is to start a new relationship with a bank that invests in good and makes you money.

Divorce Your Bank in 8 Simple Steps and Switch to a Good Bank

Start a relationship with an institution that can grow your wealth and the health of the planet at the same time.??

1-Go for the low hanging fruit.

You don?t have to do everything at once. You don?t have to move all of your accounts either. Start small. Start with your checking account. Here?s an account that pays you up to 2.00% APY interest and cares about the planet.

2-Find a better bank.

If you haven?t found a better bank, you can view some alternatives here. First, take a look at the banking services you currently use, including the fees you are charged. Take stock of your interest rates if you have any interest-bearing accounts. This will help you compare alternative banks.

3-Start with a simple checking account.

Open a checking account with a small balance with your new bank while keeping your old bank account open. Order any products that you need such as debit cards or checks. Start to become familiar with your new bank?s procedures and services by performing a few simple transactions.

4-List your automatic services.

Make a list of your auto deposits (paychecks, distributions, and other forms of income,) and your auto withdrawals (bills, credit card, personal loan, and mortgage payments.)

5-Move your automatic deposits to your new account.

Notify your employer to deposit your paycheck to your new account. Do the same for other types of income. Be sure to get confirmation of the date on which the new deposit directive begins.

6-Move your automatic withdrawals to your new account.

When you are certain your deposits have been transferred to your new account, move your automatic withdrawals to your new account. This can be done easily online. Keep your old account open until you are certain that all transactions are being processed through your new account.

Be sure to keep a sufficient balance in your old bank for any withdrawals that will not be processed until the next statement cycle to clear.

7-Transfer the remaining balance.

Once all outstanding payments and checks have cleared your old account, transfer the remaining balance to your new account.

If you use e-statements at your old bank, be sure to capture any statements you will need for your records either by downloading them or taking screenshots.

8-Close your old account.

And tell them why. There?s nothing more powerful than your voice and your actions.

Good change is good!

It’s time to divorce your bank and move your money to a bank that invests with your values and makes you money. Make a commitment to yourself to make your money matter. Help secure our future generations so that they may enjoy a healthy planet and community.

Your voice is powerful. Use it to make an impact, both in your wallet and on the world.


*The Annual Percentage Yield ?(?APY?) associated with the Aspiration Summit Account is variable and accurate as of [January 2019]. Rates may be changed from time to time without notice.

Based on a comparison of Aspiration’s up to 2.00% APY interest rate to the following checking account interest rates reported by Bankrate for January, 2019: Wells Fargo (0.01% APY), Chase Bank (0.01% APY) and Bank of America (0.01% APY).

All ATM withdrawal fees will be waived for your Aspiration Summit Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using an Aspiration Debit Card linked to your account at any ATM displaying the Mastercard?, Interlink?, Cirrus?, or Maestro? logos. The reimbursement will be credited to the account the same day the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.

Aspiration Partners, Inc. and its affiliates are committed ?to “All Extra Services Provided at Cost,” meaning that we’ll only charge you what it costs us to provide the extra service (such as a wire transfer), and not a penny more. Besides these at-cost service charges, the only account fee you pay is the fee you choose, even if it?s $0, which is why we call it Pay What Is Fair.

The Aspiration Summit Account provides customers with the ability to see Aspiration Impact Measurement (AIM) People and Planet scores on a range of merchants where they shop using the Aspiration Debit Card. These scores are determined using a proprietary algorithm that incorporates several measures of sustainability performance. For more information, please click here.

Deposits are insured by the FDIC up to $250,000 per depositor. For more information about FDIC insurance coverage, please visit the FDIC website.

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Emergency Savings – Is It For Me?

Sounds like a crazy question, right? But the fact that over 50% of Americans have less than $1,000 in their bank account gives it a bit more weight. If you are a part of the majority that has no emergency savings, it might make you feel better that you aren’t alone here, but please don?t let it make you complacent.

What happens when we don?t have emergency savings?

Every time we hit a bump in the road, we have to reach for credit cards to bail us out. And when you’re already in a position where you have to reach for a credit card to put out a fire, the last thing you need is an additional monthly credit card payment, especially one that grows with compound interest. Clearly, you can see the spiral here.

Admittedly, saving hard earned cash to disappear problems isn’t as sexy as getting that new shiny thing, but the alternatives are worse. When you have cash backing you up, you have more options available to you when you’re in trouble, so you won?t have to sell a piece of your future to solve a problem. Think of cash as the hammer in your financial toolbox. You need it. We all do.

Related content:?Are You Losing Money By Saving?

Pros
  • Builds good money habits.
  • Gives you security and confidence.
  • Allows you more choices when problem-solving.
  • Savings accounts aren’t subject to the risk that investments are.
Cons
  • Savings accounts generally earn a lower return than investments.
  • Monthly fees at some banks can eat up interest earned.
  • Saving money could mean a change in lifestyle.
  • Budgeting to save forces you to take a deep look at how you handle money.

How much should I save?

Ask yourself how much you would need each month to survive if your income stopped abruptly. Ask yourself uncomfortable questions such as ?how long would it take me to replace my job?? The more difficult you think it might be for you to replace your income, the more you should save. Financial advisors suggest ranges anywhere from 3 month’s to 2 year’s worth of monthly expenses. But you are the best judge of your risk tolerance.?

Where should I keep my emergency savings?

The most important features of an emergency savings account are accessibility and growth. You want to be able to use the money immediately should you have to, but you also want to keep it in an account with the highest interest rate possible, and no monthly fees. It’s a good idea to keep an emergency savings?account in a different bank than where you do your everyday banking to avoid the temptation of dipping into it.?Online savings accounts can come into play well here as their interest rates are generally higher, and some have zero fees.

How do I start?

You may not be in a position to put very much aside at first, but don?t let this dissuade you from saving at all. The truth is, if you simply start by setting reachable goals, you will gain the confidence you need to continue. For example, set an initial savings goal of $1,000. Reach it. Then repeat it. Decide on a fixed?amount that you can spare each month. Can you afford $50 bucks? $250? Pay yourself first via direct deposit or scheduled transfer. Treat your emergency savings like a monthly bill, and pay it first.?Here are a few of the highest interest rate, no monthly fee savings accounts that allow you to automate your savings.

Online Savings

Min Balance

Fees

Interest

Ally

0$

0$

%1.25

Discover

0$

0$

%1.30

Alliant

5$

0$

%1.25

So, let’s put this in play here. Say you can save $100 per month. (That’s like $3.50 a day, you can do that, right?) With an interest rate of 1.30%, you’d have $1,000 in around 9 months. While that might not seem like much, if you put this in place today and forget about it, 3 years down the road you?ll have close to a $4,000 cushion to fall back on should something happen. $4,000 can at least buy you some time, or car repairs, and keep you from sinking into debt. So, just socking away $3.50 a day for 9 months can put you in a better financial position than most Americans. Think about that for a minute.

Related: What’s Keeping You From An Online Bank?


Photo by?Steinar Engeland

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Wanna Change The World? Change Your Bank

Wanna Change The World? Change Your Bank


As impact investing enters the mainstream, many people are asking how they can make a difference and get a better deal. Yet the change they need to make may be right in front of them. If you wanna change the world, you may need to change your bank.?

The truth is that, outside of investing, every dollar you use or save is doing something somewhere.

Every time you spend a dollar, you are having some impact on something outside of you which you may not realize.

Simply picking up your go-to bathroom cleaner at the store can create an impact of sorts, both on the environment and on your family?s health, that you may not be aware of and may not approve of.

Your money could be contributing both to the destruction of the environment and the health of your family. How can you know? Today we are lucky to have organizations that provide us with information about products and services. Information educates, and consumers who learn can push for change.

For example, when consumers first learned of the harmful chemicals in Johnson & Johnson?s baby products by referencing Skin Deep, an online database containing ingredient information for more than 75,000 personal care products, consumers pushed back and demanded change. Johnson and Johnson reacted by removing?Formaldehyde from their baby products and?have promised to reformulate others. Today, if you are wondering what’s in the personal care products you’re buying, all you have to do today is click and read.

The same applies to your bank account. If you have a bank account, your money is not lying in a box with your name on it, waiting for you to withdraw whenever you choose. In fact, if every bank customer tried to withdraw their money at the same time, they couldn?t. This is because banks do not hang onto your money, they loan it out and earn interest off it. Banks make money by loaning it out at a higher interest rate than the cost of the money they lend. And these loans may be financing all kinds of enterprises that you may not be too happy about.

Whether you like it or not, you are inadvertently investing in whatever your bank decides to do with your money.

The fees you pay to maintain your bank account, the interest you pay on your credit cards, every cent you contribute to your financial institution, in any way, will be used to make an impact somewhere. And it may not be inline with your values and beliefs.?

Many people discovered this in 2016 when social pressure forced the disclosure of Wells Fargo and other banks? funding of the DAPL pipeline.

This prompted the city of Seattle to completely cut ties with Wells Fargo.

So if you feel powerless, think again. Sustained social pressure is powerful.

Regardless of where you stand on that issue, if you were against the pipeline and you banked with Wells Fargo, you would be living against your personal beliefs. Without information, we may be blindly contributing to the very things we abhor. As consumers wake up to this, the market is responding with a plethora of alternatives. And this a good thing.

The traditional paradigm that separates capitalism and philanthropy is crumbling quickly.

Paying high-interest rates to financial institutions engaged in sketchy investments, and then turning around to give money to a favorite charity that may be fighting those very investments is a lesson in futility that consumers are waking up to. We owe it our communities to find out where our money is going, and we owe it to ourselves to find out where we can get a better deal.?

You don’t need to be an “investor” in order to make conscious change through spending choices and reap financial benefits. What you need is access to information about the choices available so that your money is working in line with your beliefs and providing you with the best deal possible. It is our mission at Wellwallet to provide consumers with information they need so that they can decide for themselves whether their money is being used in line with their convictions, and is working in favor of their financial health.

Money is money, whether you save it from avoiding high banking fees, or whether you make it by investing wisely. It can be difficult to find out whether your ?big bank? is investing in something that you may not agree with, but it isn’t difficult to compare the interest rates and fees with good banks who are both committed to socially responsible investing and are quite transparent about their investment decisions.?Right now good banking services are competing for your business. Look into them and decide whether it’s time to change your bank.

What are good bank services? They are both customer-centric while financing values-driven enterprises for the good of the community and the planet. They want to offer you a better deal and show you what they are doing with your money.

Good Banking Services Offer You A Better Deal And Show You The Good They Are Doing With Your Money

Aspiration is divested from oil and gas and they put your deposits in places you can feel good about.?

Here?s a quick overview of Aspiration’s Summit Account*:

  • Pays you up to 2.00% APY interest – at least 100X more than traditional banks offer.
  • No minimum deposit – you can open an account with $10.
  • No minimum balance – no minimum balance required, ever.
  • No service fees – their Pay What Is Fair philosophy allows you to pick your fee, even if it?s zero.
  • No ATM fees – Aspiration reimburses ATM fees worldwide.
  • Deposits are FDIC insured
  • Certified B Corp
  • Industry Level Security?
  • An app that lets you track whether you?re actually voting with your dollars. If you use their debit card, a People and Planet score is assigned to every merchant at which you shopped.?
  • They also commit to donating ten cents of every dollar to charities that help struggling Americans get off the ground (microloans.)

We, as consumers, must take ownership of our financial choices on all levels, from debt to investment, in order to make a change in both our finances and our world. And today we can. By choosing well, you can create good on all levels. No matter how small. You are already an investor and your money is already making an impact. You can?t escape this as a consumer in a capitalist system. If your bank is invested in bad ventures, simply change your bank.

You already have more power than you think you do. Now all you have to do is use it.


*The Annual Percentage Yield ?(?APY?) associated with the Aspiration Summit Account is variable and accurate as of [January 2019]. Rates may be changed from time to time without notice.

Based on a comparison of Aspiration’s up to 2.00% APY interest rate to the following checking account interest rates reported by Bankrate for January, 2019: Wells Fargo (0.01% APY), Chase Bank (0.01% APY) and Bank of America (0.01% APY).

All ATM withdrawal fees will be waived for your Aspiration Summit Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using an Aspiration Debit Card linked to your account at any ATM displaying the Mastercard?, Interlink?, Cirrus?, or Maestro? logos. The reimbursement will be credited to the account the same day the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.

Aspiration Partners, Inc. and its affiliates are committed ?to “All Extra Services Provided at Cost,” meaning that we’ll only charge you what it costs us to provide the extra service (such as a wire transfer), and not a penny more. Besides these at-cost service charges, the only account fee you pay is the fee you choose, even if it?s $0, which is why we call it Pay What Is Fair.

The Aspiration Summit Account provides customers with the ability to see Aspiration Impact Measurement (AIM) People and Planet scores on a range of merchants where they shop using the Aspiration Debit Card. These scores are determined using a proprietary algorithm that incorporates several measures of sustainability performance. For more information, please click here.

Deposits are insured by the FDIC up to $250,000 per depositor. For more information about FDIC insurance coverage, please visit the FDIC website.

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