Social Justice: 4 Ways to Let Your Money Speak for You and Bank Transfer Day
We are in a time of civil unrest. Protests and marches are called to bring attention to systemic racism. The markets fluctuate along with public opinion. Major sports players are boycotting games. Governments are bailing out businesses selectively, and consumers are taking notice of how divisive political moves have become at the state and national level.
With every news cycle, there seems to be some new injustice or muddy maneuver by power players. Social media is exploding with opinions on both sides of every issue and citizens are ready to do more. You want your opinions heard by the decision-makers and financial power houses. Marches and protests have started the ball rolling, but how can you send a big message about social justice? That’s easy. You can let your finances speak for you.
Companies often say the right things, but do they follow those announcements with action? Do their actions speak as loudly as their words, or is it just another marketing campaign? Most companies and financial institutions chase the almighty dollar. So, if you don’t like what a company is doing – send them a message in terms they will understand. Financially.
Move Your Bank Accounts
Where is your money right now? Is it inside a bank account at a large bank receiving yet another government bail-out? Is it part of a banking system that follows policies that you don’t agree with? Years ago, Bank Transfer Day was established on Guy Fawkes Day as an opportunity to send a message with others frustrated with big banking practices.
Don’t like your bank or what it stands for? Move your money into a local or community bank or credit union. Closing accounts sends a big message, especially when many people do it at once, and you may wind up with much more favorable terms and fewer fees at the same time.
Donate Money
Best wishes, posts on social media, and conversation will help spread the word about issues you feel strongly about. But civil lawsuits, marketing campaigns, and the other hard work of social-justice focused non-profits aren’t free. They need funds to sustain their efforts and to continue to spread their message.
If you feel strongly about a issue, post about it and talk about, but also consider helping to fund it. Donate money to an associated non-profit. Before you write a check or set up a monthly donation plan, check out the organization to be sure the funds you are donating are going to the cause, not bureaucrats. Grass roots organizations and community programs may be in greater need of funds than large multinational non-profits, and you will be helping programs in your own community as well.
Boycott Brands
Businesses are paying attention to the social issues. Companies have made statements for or against certain campaigns, and as a consumer activist, you have the choice on how to support those companies. If a brand speaks out against something you believe in or know to be right, don’t support that business.
Not buying a $10 meal or item won’t cause much damage to the bottom line for a large company, but those $10 items add up quickly when you share your boycott efforts with others who may follow your lead. Sharing your boycott publicly via social media also can generate public attention and pressure for a business, which does affect the bottom line and get financial attention.
Where Do I Get a Personal Loan?
There are several types of lenders who handle personal loans. You can find personal loans through:
- Traditional banks
- Online lenders
- Loan aggregators
- Credit unions
- Peer lenders
Traditional banks are the same banks that handle your checking account and paychecks. You can approach these banks and fill out an application in the bank or through their online banking services. Traditional banks tend to have the most requirements and have the most rigid lending requirements due to their large scale and wide range of financial services.
Online lenders are banks that are only online. You apply for a personal loan from an online lender through an online application. The application is process and approved quickly and you get your response online as well. The loan is then funded from the online bank and you make online payments to repay the loan in full.
Loan aggregators pull many different lenders together in a single location. You will only need to fill out a single application with a loan aggregator that will then be sent to multiple lenders on your behalf. The loan aggregator will offer you various possibilities based on what their lenders are able to provide and you can select the loan that is the best fit for your specific circumstance.
Credit unions are like banks, but rather than being owned by a company, they are owned by the customers. Credit unions are a not-for-profit institution, and they may have more lenient lending standards than some traditional banks. Most require an in-person application, however, with limited online presence.
Peer lenders are like online credit unions in a sense. They are a collective of individual investors who are willing to lend their money to their peers for various reasons. Peer lenders will often have the least restrictive terms as they have the most flexibility in their lending practices.
Spend Responsibly
The flip side of a boycott is spending your money well. In this case, spending responsibly doesn’t mean shopping discounts or looking for coupons. It means using your money to support local businesses that support or represent the same practices that you do.
Eat at black-owned restaurants. Shop at stores or bakeries owned by same-sex couples. Set up accounts at local banks with active community presence and buy clothing manufactured without the use of exploitive or illegal labor practices. Spend your money in a way that makes you proud and directly helps those who practice what they preach.
There are many people and businesses working hard to shed light on the injustice or immoral practices in the world. As a consumer, you have the ultimate power to send your message to companies and financial institutions that support or work against what you believe in. It may not feel like you’re doing much, but a huge march is made up of individuals. And a huge financial movement is made up of individual purchases, donations, and financial decisions. Do your part.
