“Corporate social responsibility.” “B Corp certified.” “ESG.” “Carbon neutral.” These are some of the buzzwords that companies use to talk about their impact on society. As America’s socially responsible bank, we use these words to describe our approach to doing business. But what does it really mean to be a socially responsible bank?
What we do
At Amalgamated, being socially responsible means that we are a bank that uses its resources, money, and influence to help move our customers, our community and society forward.
This commitment to the greater good has shaped our business model and our values for the past 95 years and will for the next 95. It is why we support thousands of people, organizations, causes, and businesses that are striving to build a stronger, safer, smarter, cleaner and fairer world. It is why we are the largest B Corp certified bank and a proud member of the Global Alliance for Banking on Values.
Being America’s socially responsible bank means that you can see our commitment to fairness in our policies, our products and our people. We have made it easier for everyone—regardless of their socioeconomic status—to bank with us. We were the first bank in New York City to offer free checking accounts to working people. We pioneered unsecured loans so people without a strong credit history could borrow money and finance opportunities for advancement. We offer second chance bank accounts to those who need a fresh start. We make it easier for people to open their first bank accounts and for families to buy their first homes. We were one of the first banks to accept the IDNYC form of identification. We enable individual and institutional investors the opportunity to invest in fossil-free, firearm-free and tobacco-free funds.
How we use our money
We are proud to be able to say that we lend and invest our money responsibly. We use more than just financial criteria to determine how, where and to whom we lend money. If a business has a solid mission in addition to a solid balance sheet, we do our best to help finance it. We’ve funded food banks, day care centers, affordable housing projects, clean energy companies and environmentally friendly projects. We are committed to helping more businesses and more families get the financial backing they need to grow and succeed.
We also put our own money where our mouth is. We have established very clear policies on what we won’t do with our own money. We donate to values-based organizations when our customers use their debit cards or when they open new accounts through our unique Donate the Change program and our Give Back Checking and Give-Back Savings accounts.
When it comes to investing, we also follow strict guidelines. We invest our own money in funds that are carbon-free, tobacco-free and environmentally responsible. When our Longview Funds invest in companies, we hold those companies to higher standards of corporate governance—challenging them to improve the diversity of their boards, the safety of their production facilities and their environmental standards.
How we operate
Doing good is in our DNA. We were the first bank to raise our minimum wage to $15 an hour. We’ve funded striking workers on the picket lines when we believed in their causes. We’ve used our bank branches to register people to vote. Just this year, we achieved carbon neutrality in our operations.
Many companies have a mission. But at Amalgamated, we’re on a mission: to support those who support others, to invest in progressive and impactful causes, to seek true financial opportunity for all and, ultimately, to do the most good for the most people. To us, this is what it means to be a socially responsible bank.
Why it matters
Not unlike where you work or how you choose to spend your money, where you bank is a representation of who you are and what you stand for. Our communities are filled with passionate, upstanding citizens, but many are unaware that they can choose a bank with similar ideals. As a member of the Amalgamated family, you can take pride in knowing that your money is in good hands—and is doing good along the way.
All information and data on this blog site is for informational purposes only. No representations as to accuracy, completeness, suitability, or validity, of any information is being made. All information is provided AS IS with no warranties, and confers no rights. Because the information on this blog are based on personal opinion and experience, it should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. This does not constitute an offer to invest or solicitation of an offer to buy interest in a fund. Investment products are not insured by the FDIC (or any other state or federal agency), are not deposits, obligations or guaranteed by Amalgamated Bank or any bank or non-bank affiliate thereof, and are subject to investment risks, including the loss of principal amount invested. Consider a strategy’s investment objectives, risks, charges and expenses carefully before investing. Past performance is not indicative of future results.