A new digital banking service called Ando launched on Monday promising customers that 100 percent of the bank's investments will support the environment.
"When you deposit your paycheck into your Ando account, we guarantee that the money will only be invested in green initiatives that reduce emissions and improve the environment," JP McNeill, CEO of Ando, told Cheddar.
McNeill said he came up with the idea in the process of trying to reduce his own carbon footprint and realizing that his bank deposits were working against his goals, given that most banks are invested in the fossil fuel industry.
"There are millions of people today, including myself, who are looking at ways in which we can reduce our carbon footprint as well as help the environment," he said. "Unfortunately, many options are out of reach for the average person, or they're very difficult to implement, but banking is within reach for most Americans."
This isn't the first time McNeill has attempted to bring environmental principles into the banking and investment space. He was formerly the chief executive of Renovate America, which provided financing for solar and other home energy-saving improvements.
McNeill, however, left the company in 2017, because he saw no clear regulation on the federal level. The company filed for Chapter 11 bankruptcy in 2020 after facing multiple lawsuits from customers and tightened credit requirements that made its business model difficult.
McNeill said Ando will offer a test case in how banks can help divert customers' money away from fossil fuels.
"The way the banking sector works is that for every dollar that we deposit in our account, the bank can originate one dollar worth of loans," McNeill said. "So the idea is that by better design we can direct and reorient our money to fund green initiatives that reduce emissions and improve the environment."
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.
InnerPlant CEO Shely Aronov reveals how engineered crops like soybeans and corn emit signals when stressed—offering farmers early warnings to boost yields.
Payoneer CEO John Caplan discusses the implications of $100K H1B visa requirements—and how they could reshape tech talent, hiring, and U.S. competitiveness.
Electronic Arts, the video game maker of “Madden NFL,” “The Sims,” and other popular titles, is being acquired and taken private for about $52.5 billion in what could become the largest-ever buyout funded by private-equity firms.
