Pro Tip: Put your money where your values are.
As a student, opening a bank account might seem like just another adulting task. It might also seem as simple as opening an account at your parents' bank.
We encourage you to look at the bigger picture. Where you bank can and should reflect your values, and it could have an impact on your future.
Why Your Bank Choice Matters
Banks don’t just hold your money. They invest it, lend it, and support causes. Some banks fund environmental or social causes. Some support specific communities, while others may have histories of discrimination.
By choosing a bank that aligns with your values, you’re essentially voting with your wallet. You are making a statement about the causes you believe in.
But more than that, you should choose a bank that will protect you, not hold your values against you.
One of the most important reasons Old Glory Bank exists is that our co-founders saw the concerning and pervasive trend of debanking, and we did something about it. We created a bank built on the promise law-abiding citizens would not be canceled for their political beliefs and values.
What is debanking? Why should I care?
Debanking refers to the practice where banks close or deny access to a customer’s accounts, because they seemingly perceive the individual to be a financial, legal, or reputational risk to the bank. This can happen without warning, explanation, or the opportunity to appeal.
Debanking has sparked concern for several reasons:
- Lack of Transparency: Many individuals and organizations are debanked without knowing why, and this trend has disproportionately impacted politically conservative-leaning individuals and businesses. (Read more on our blog.)
- Impact on livelihoods: Losing access to banking services can severely disrupt someone's ability to work, pay bills, or run a business.
- Political and social concerns: Some claim debanking is used to target specific groups, such as conservative voters, religious groups, or other socially targeted causes.
- Cryptocurrency and tech: In recent years, crypto firms and tech entrepreneurs have reported being debanked, raising concerns about innovation being stifled.
Debanking isn’t just a problem for high-profile people. It’s not a matter of wealth, age, or profession. Everyday Americans have been impacted.
Ok, got it. But am I really at risk at my age?
Maybe, maybe not. The reason it matters now is that most people choose a bank sometime in high school or college, and they stick with that bank for years or even decades. So the choice you make now is a choice for your future. You should choose a bank that will give you the solid foundation you need for every stage of your life – a foundation based on freedom and values.
And then there’s privacy. According to an investigative report led by Representative Jim Jordan, some corporations and megabanks have been caught handing over private data to the government without legal reason to do so. What does that mean for you? If you shopped at a sporting goods store, or bought a Bible, or even if you searched certain keywords on the web, your “behavior” may be flagged as potentially extremist. Unless you are breaking the law or making credible threats to yourself or others, your shopping habits and your internet searches should be considered private.
What else should I look for in my bank?
Your generation has an expectation of convenience and reliability when it comes to your technology, as you should. So your choice of a bank should consider those factors.
In addition to your values and privacy expectations, think about these practical needs:
- 24/7 access to your accounts through a great mobile app
- Easy deposits for checks and cash
- Great customer service from real people
- Accounts free of monthly fees
- No minimum balance requirements
- Budgeting and saving tools
(Shameless plug: Old Glory Bank checks all of these boxes.)
Choosing a bank isn’t just about where you stash your cash. It’s about finding a banking partner that respects your values, protects your privacy, and offers a foundation of trust you can rely on to have your back.
You and your financial future deserve it.
