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- Research has found that LGBTQ people often experience prejudice or discrimination when it comes to financial services.
- Some banks have established policies or initiatives that reflect LGBTQ needs or support LGBTQ rights.
- We’ve listed banks and credit unions with LGBTQ-friendly services.
As the banking sector shifts to better serve customer needs, LGBTQ customers still often face systemic barriers to banking.
If you are looking for a financial institution that better aligns with your values and supports LGBTQ people, here is a bank that genuinely supports LGBTQ people.
Why is LGBTQ friendly banking important?
Research from the National Endowment for Financial Education found that two in five LGBTQ adults felt prevented or discouraged from receiving financial services and products because of barriers or discrimination in the design of these services. In addition, transgender respondents were more than twice as likely to say they experienced discrimination and prejudice in the financial system than LGBTQ cisgender men and women.
One area where LGBTQ couples experience discrimination is in mortgage lending. According to a 2019 study published in the Proceeding of the National Academy of Sciences of the United State of America, same-sex couples were 73.1% more likely than heterosexual couples to be denied a mortgage.
The process of changing the name of your debit or credit card to reflect your chosen name can also be time-consuming and cumbersome. Only a few financial institutions allow you to personalize debit cards or credit cards independently of your government-issued ID.
LGBTQ friendly banking is important because it recognizes the banking issues faced by LGBTQ people and provides solutions to these dilemmas through products or services.
“It’s about making sure that every person in the community has a place to go, where they know they will be accepted and cared for and listened to and treated equally,” said Scott Stanley, CFP and Founder of Pharos Wealth.
How do you know if a bank is genuinely LGBTQ friendly?
If you’re looking for an LGBTQ-friendly financial institution, Yvonne Bradshaw, financial advisor and coach, recommends taking a look at the bank’s mission statement and practices.
“They want to look at who they support and what their banking policies say. are they inclusive Will this policy only be extended to their workers? Or does that go a little further? Are you gradually looking for help and support for the LGBTQ community?” advises Bradshaw.
Stanley also says you can review a financial institution’s corporate governance board and research its online presence. If a financial institution leader has had a history of prejudice, you might consider other banking options.
Financial institutions with LGBTQ friendly banking
Some financial institutions offer products and services that recognize banking barriers and advocate for LGBTQ rights. Here’s a brief overview of some financial institutions that offer LGBTQ-friendly banking.
- Amalgamated Bank: Amalgamated Bank is a socially responsible bank with offices in Washington, DC and the New York City area. It also offers online-only checking and savings accounts if you don’t live in those places. Amalgamated Bank showed support for LGBTQ rights by joining amicus briefs speaking out against LGBTQ+ discrimination. It also allows trans people living in New York to open bank accounts in their chosen name through IDNYC.
- BMO Harris: When you receive a BMO Harris credit card, debit card, or ATM card, you may display your chosen name if it doesn’t match your legal name.
- Citi: In 2020, Citi announced it would begin offering True Name. You can get any Citi credit card with your chosen name.
- Daylight: Daylight is a mobile banking platform that specifically serves and supports LGBTQ+ people. Daylight allows you to personalize your debit card with your chosen name. If you plan on having gender reassignment surgery in the future, the Daylight account also has a guided objective feature with a virtual assistant that can help you better understand the process.
- Republic Bank: Republic Bank is a brick-and-mortar financial institution with offices in Kentucky, Indiana, Tennessee, Florida and Ohio. Republic Bank offers the True Name feature for their debit cards.
The final result
Finding an LGBTQ-friendly financial institution that is right for you may require methodical research. To determine if a bank aligns with your values, you can check if they have LGBTQ+ social initiatives or offer products that address LGBTQ people’s banking issues. You can also check out our list of institutions with LGBTQ friendly services as a resource.