Bank of the West Launches the 1% for the Planet Account
First and only checking account designed for climate action features a carbon tracking tool, biodegradable card, and will donate 1% of account revenues to environmental nonprofit partners of 1% for the Planet at no cost to customers
SAN FRANCISCO, July 20, 2020 /PRNewswire/ -- Bank of the West, a subsidiary of BNP Paribas, today announced it has teamed up with 1% for the Planet to launch its first checking account designed for climate action. Bank of the West will donate 1% of net revenues generated from the account to support environmental non-profit organizations focused on creating a healthier planet. The first recipient of any funds generated by the initiative will be Protect Our Winters (POW).
"When you talk about climate change people are often at a loss as to what they can do personally to effect change," said Ben Stuart, Chief Marketing Officer at Bank of the West. "The 1% for the Planet Account allows consumers not only to bank with a group that is progressive on energy policy and is striving to meet the demands of the Paris Accord, but also that donates 1% of the account's revenue to address climate change at no cost to the consumer."
Key features of the 1% for the Planet Account include:
A carbon tracking tool allows customers to view the carbon impact of every purchase made with the 1% for the Planet debit card;
A debit card made from 100% biodegradable/compostable plastic;
No monthly service charge with one qualifying deposit per statement; and
Bank of the West will donate 1% of revenue from the account to environmental nonprofit partners of 1% for the Planet, starting with Protect Our Winters. This is at no cost to the customer.
See account disclosures below for additional details.
"The planet needs support, and our growing network is doing its part to increase giving. Our business and individual members have donated more than $265 million to our environmental nonprofit partners to date," said Kate Williams, CEO of 1% for the Planet. "Our members lead with purpose and commitment, values that consumers support. We're excited to welcome Bank of the West with their 1% for the Planet Account to our global network. Whether you're a long-time supporter of environmental causes, or prioritizing them for the first time, the 1% for the Planet Account is an easy way to give back at no expense to you."
The launch of the 1% for the Planet Account is the latest action Bank of the West has taken to support a more sustainable planet through policies and investment. It has restricted the financing of fossil fuels, big tobacco, palm oil and other activities harmful to the planet. For more information, visit http://www.bankofthewest.com/change.
"When I learned that Bank of the West teamed up with 1% for the Planet to benefit POW, I couldn't wait to sign up for a new checking account," said professional skier and climate advocate Chris Davenport. "In fact, I recently switched all of my banking to Bank of the West because I don't want my money to indirectly impact the planet in negative ways. I'm confident that as more people learn how their banking choices impact the planet, making a change will come easily."
Legal Information and Disclosures The 1% for the Planet Account is the Any Deposit Checking account that donates 1% of the net revenue to environmental nonprofits through the 1% for Planet organization. Minimum opening deposit of any amount ($0.01 or more).
The carbon tracking tool, which will appear in the Bank of the West Mobile app for the 1% for the Planet Account, uses the Aland Index, a cloud-based service for carbon impact calculations, to provide a measurement of the potential carbon impact of purchases made with the 1% for the Planet debit card. The calculation is based on the merchant code, a code that indicates the types of goods or services a company provides, and the amount of the purchase. The actual carbon impact may be higher or lower than the measurement provided. The Aland Index is the leading index solution for carbon emission calculations for payments and financial transactions. The Aland Index Solution is a joint venture between Alandsbanken and Doconomy. Bank of the West licenses the Aland Index through Doconomy. To learn more visit alandindexsolutions.com.
The 1% for the Planet debit card is made from 100% compostable/biodegradable PVC, however, the EMV chip, magnetic stripe, ink and hologram are not biodegradable.
$10 monthly service charge waived with one deposit of any amount each statement cycle. Deposits include direct deposits, mobile deposit, ATM deposit, or in-branch deposit of any amount. Does not include fund transfers between Bank of the West accounts or any credits from Bank of the West. Also, no monthly service charge if any account owner is under age 25.
About 1% for the Planet 1% for the Planet is a global organization that connects dollars and doers to accelerate smart environmental giving. Through business and individual memberships, 1% for the Planet inspires people to support environmental organizations through annual membership and everyday actions. They advise on giving strategies, certify donations, and amplify the impact of the 1% for the Planet network.
Started in 2002 by Yvon Chouinard, founder of Patagonia, and Craig Mathews, founder of Blue Ribbon Flies, members have given more than $265 million to environmental nonprofits to date. Today, 1% for the Planet is a network of more than 4,000 members and thousands of nonprofit partners in more than 90 countries. Look for the logo to purchase for the planet and learn more at: www.onepercentfortheplanet.org.
About Protect Our Winters Protect our Winters was founded in 2007 by professional snowboarder Jeremy Jones as an organization that bands together outdoor athletes, creative minds, and business leaders to effect change and work toward a carbon neutral future. In short, they help passionate outdoor people protect the places and lifestyles they love from climate change. Learn more at www.protectourwinters.org.
About Bank of the West At Bank of the West, we know money deposited in a bank has the power to finance positive change. So we are taking action to ensure our activities help protect the planet, improve people's lives, and strengthen communities. We are redefining banking for a better future by focusing on areas where we believe we can have a real impact: supporting energy transition, helping enable women entrepreneurs, and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses.