What is Green Banking?

Green Choice Bank Chicago

Green Banking isn’t easily defined, but we will try. How about any form of banking that benefits the environment? A rather broad definition that works for us. Green banking can benefit the environment either by reducing the carbon footprint of consumers or banks. Either works. Same with paper. Either a bank or a consumer can conserve paper and benefit the environment. Ideally, a green banking initiative will involve both. Online banking is an example of this. When a bank’s customer go online, the environmental benefits work both ways. Other examples of what Green Bank Report considers forms of green banking on the consumer side include:

Green Checking - converting checking accounts to online banking

Green Money Market Accounts - converting savings accounts to online banking

Green CDs – bonus rates for online banking

Green Loans – better rates for energy-efficiency projects

Green Mortgages – better rates for energy-efficient houses

Online Bill Payment

Reward Checking Accounts

For banking professionals green banking involves the tenets of sustainability, ethical lending, conservation and energy efficiency. Many banks are making dedicated efforts in their local community in these areas. In fact, every week another eco-friendly green banking initiative is announced. The question is…….Is your bank one of them?

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