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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Ando Debuts Digital Banking That Proactively Combats Climate Change, Gives Complete Transparency To Customers

January 14, 2021 GMT
Ando Impact Center
Ando Impact Center

SAN DIEGO, Jan. 14, 2021 /PRNewswire/ -- Launching today, Ando is an innovative mobile banking app that empowers people everywhere to proactively combat the urgent climate crisis simply through everyday banking. Ando gives customers full transparency into how they’re helping to support green initiatives, such as clean energy, sustainable infrastructure, and regenerative agriculture, by simply signing up for a free spending or savings account with Ando.

“The current banking system invests trillions of dollars from their customers’ deposits into fossil fuels and other environmentally harmful assets,” said JP McNeil, CEO of Ando. “At Ando, we’re transforming the financial industry by redirecting that money already present in the system and investing it exclusively in carbon-reducing projects. Our mission is to provide customers with an easy way to fight climate change without ever sacrificing the features and security they expect from a modern bank.”

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Big banking has a dirty secret

Since 2016, banks have used customer deposits to directly fund the fossil fuel industry to the tune of $2.7 trillion. Unfortunately, most consumers are completely unaware that they’re passively funding investments that contribute to climate change.

Other “green” banking products ask customers to fund climate initiatives through paid options and donations from their accounts—money that’s then used to buy carbon offsets and for planting trees. In contrast, Ando goes directly to the heart of the matter, lessening the need for offsets by funding projects that reduce the amount of carbon emitted in the first place. And because the money is already in the financial system, Ando doesn’t require customers to pay fees or otherwise bear that expense.

Follow Your Money: Ando Impact Center
Ando’s Impact Center is pioneering transparency in banking, showing exactly where customer money is allocated and revealing the power we all have to save our planet.

By inviting friends and contributing to the movement, customers exponentially reduce carbon emissions in favor of a more sustainable future—the scope of which is calculated in the Impact Center. With Ando’s commitment to transparency, customers will be better educated on how their money is being used, all while having access to modern and secure banking in alignment with their own personal values.

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  • Your Influence: When you invite friends—and they invite their friends—we’ll show your entire network on a map that clearly illustrates how crucial your influence is to providing for a better tomorrow.

  • Your Allocations: A first in banking, see exactly where your money is going and how it’s being used to fight climate change across five high-level categories—like clean energy and sustainable transportation—that break down into more than 30 different initiatives. This unparalleled insight gives peace of mind knowing your money is working for you—and your planet.

  • Your Carbon Reduction: Based on your average balance, we show you your impact in terms of tree equivalents to help illustrate your effective carbon reduction. For every $175 in your account, your money is reducing carbon output equivalent to the work of one fully mature tree. And for each friend you bring in your network, you’re doing the work of another almost one-and-a-half mature trees. But to be clear: while we love and support trees, Ando is dedicated to investing in industries that can change the world today.

Ando Banking Services
Ando offers zero monthly fees, no minimum balance, a huge fee-free ATM network,1 peer-to-peer payments, easy money transfers, quick direct deposits, and interest rates more than 3x the national average.2

How It Works:

  • Visit www.andomoney.com to sign up for a free account
  • Upon account creation, you will automatically receive your eco-friendly Ando Visa® Debit Card (using 80% less plastic than traditional cards) in 2–9 business days
  • Once the card is activated, it can be used everywhere Visa® is accepted
  • Start using your account immediately via mobile wallet
  • Link your external bank accounts and set up direct deposit to easily add money to your Ando Spending and Savings accounts
  • Invite friends to join Ando so that they too can help reduce carbon emissions

Key Mobile Banking Features:

  • Free online banking, no monthly fees and no minimum balances with an Ando Spending Account
  • Fee-free withdrawals at more than 34,000 MoneyPass® ATMs nationwide using a provided Visa® bank card
  • With interest rates 3x the national average, earn more with your Ando Savings Account
  • Direct deposits fund your account faster, increasing your impact on climate change
  • Easily transfer money to your Ando accounts via linked accounts
  • Safely transfer money so you can pay friends
  • Pay bills and send checks as needed
  • With interest rates 3x the national average, earn more with your Ando Savings Account
  • Get unprecedented insight into how you’re helping to create a more sustainable tomorrow
  • Grow your network and instantly invite friends to help you fight climate change
  • All deposits are FDIC insured up to $250,000 through Community Federal Savings Bank, member FDIC
  • Visa’s® Zero Liability Policy protects you and your Ando account from all unauthorized purchases
  • Instant alerts help to keep you safe and in the loop on all transactions3

To learn more visit www.andomoney.com.

1 Fee-free withdrawals MoneyPass® ATMs. Out-of-Network cash withdrawal fees apply. Third-party and cash deposit fees may apply.

2 The Annual Percentage Yield (“APY”) for the Ando Savings Account is variable and may change at any time. 3x is based on the FDIC Weekly National Rates of 0.05% published on Oct 5, 2020. Must have $0.01 in savings to earn interest. No minimum balance required.

3 Your financial institution must be notified immediately of any unauthorized use. For specific restrictions, limitations, and additional details, please contact your issuer.

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SOURCE Ando