Bank of America: MORE Hypocrisy and an Alternative

Recently I have been harping on how Bank of America took a taxpayer-funded bailout then tried to screw taxpayers. And I put this into a context of poor customer service by Bank of America in general, drawing on some experiences others have posted. Bank of America is also tied for worst bank (with Citicorp) on Co-op America's Responsible Shopper site. I know of at least three people who have decided to stop doing business with Bank of America recently over these issues.

Now I want to add one more bit of hypocrisy into the list of reasons to take your business elsewhere. Seems Bank of America makes claims about their environmental record that just don't hold up. From Rainforest Action Network:

In March 2007, Bank of America made headlines with an environmental initiative pledging support for “environmentally sustainable business…. (and) to address global climate change.” While hailing itself as a leader in the fight against global warming, Bank of America is continuing to finance the greatest cause of climate change: coal.

Unfortunately, Bank of America CEO Ken Lewis’ lofty rhetoric is at odds with his company’s track record. In reality, BofA's pledge commits less than two percent of the company's assets to fighting global warming, and the money will be spread out over the next 10 years. Bank of America's efforts are akin to trying to douse a fire with a cup of water in one hand and a tank of gasoline in the other.

And what is Bank of America doing with the other 98 percent of its $1.1 trillion in assets?

Accelerating Climate Change

Bank of America has financed dozens of new coal-fired power plants to the tune of billions of dollars. If these proposed plants are built, BofA will be helping finance hundreds of millions of tons of new C02 emissions every single year. The bank's clients include some of the country's largest power and utility companies: AES, Dynegy, Florida Power and Light, Great Plains Energy, Idaho Power, Peabody Energy and many more.

Destroying Appalachia's Mountains

Bank of America has invested billions of dollars in companies that practice Mountaintop Removal, including Massey Energy, Arch Coal, Alpha Natural Resources and others. These companies are responsible for the loss of millions of acres of Appalachian forests and mountains, and Bank of America is continuing to bankroll the destruction. Learn more about Mountaintop Removal....

Violating Human Rights

Peabody Energy is the largest coal mining company in the world. In 2006, Bank of America helped financed more than $4 billion of the company's controversial mining operations in the Black Mesa region of northeastern Arizona. For 40 years, Indigenous Navajo and Hopi communities in Arizona have been ravaged by the Black Mesa coal mine, which drains 2.5 million gallons daily from the only community water supply, has caused bitter land disputes between Peabody and the Indigenous communities of the region, and left a toxic legacy along a 273 mile coal slurry pipeline. Learn more about Peabody Coal's Black Mesa mine...

Predatory lending
Begging taxpayers for a bank bailout
Lobbying against a bailout for taxpayers
Poor customer service
and Lying about their environmental record

Pretty bad record for one bank.

I would like to put in a plug for a bank Joy and I had a good experience with recently: TD Bank. They have exemplary customer service, and in a situation where another local bank, Astoria Bank, screwed us over, TD Bank had a no-minimum balance, no fee option for an account for a minor. They seem to have avoided much of the predatory lending practices, so have not had to beg taxpayers for a bailout. Additionally, they have been one of the world's most sustainable companies according to the fifth annual Global 100 ranking (ncluding companies' performance on social, environmental and strategic governance issues.) Though I suspect, seeing some of the other companies on that list, the criteria for being named to this are low. Still, it shows an independent agency saw TD Bank as worthy of recognition for their social, economic and governance issues. To me, they are clearly better than Bank of America anyday and if there is a TD Bank in your area, check them out. Otherwise, the relatively best companies listed on Co-op America's Responsible Shopper site (all mediocre, but better than Bank of America or Citicorp) are Wachovia (now I think bought out by Wells Fargo), Wells Fargo itself, and Suntrust.