Banks that Support the LGBTQ+ Community

Many large banks and financial providers provide acceptance and access to banking services to support the LGBTQ+ community. They include Amalgamated Bank, Capital One, JPMorgan Chase, TD Bank, Wells Fargo, and many other financial institutions.

Key Takeaways

  • Banks that take steps to promote inclusion and reduce discrimination include Amalgamated Bank, Capital One, JPMorgan Chase, TD Bank, Wells Fargo, and others.
  • Financial institutions may support the LGBTQ+ community by contributing to external LGBTQ+ organizations, having internal policies that promote inclusion in their workforce, or having services that support the LGBTQ+ community.
  • Several banks received a 100% score on the Human Rights Campaign Foundation’s Corporate Equality Index.

Key Takeaways

  • Banks that take steps to promote inclusion and reduce discrimination include Amalgamated Bank, Capital One, JPMorgan Chase, TD Bank, Wells Fargo, and others.
  • Financial institutions may support the LGBTQ+ community by contributing to external LGBTQ+ organizations, having internal policies that promote inclusion in their workforce, or having services that support the LGBTQ+ community.
  • Several banks received a 100% score on the Human Rights Campaign Foundation’s Corporate Equality Index.
What to Know About LGBTQ+ Friendly BanksWhat to Know About LGBTQ+ Friendly Banks

Investopedia / Jake Shi

Examples of LGBTQ+ Friendly Banks

Justin Nelson, co-founder and president of the National Gay and Lesbian Chamber of Commerce (NGLCC), said a bank can be viewed as supportive of LGBTQ+ consumers if it adheres to policies, practices, and services geared toward the LGBTQ+ community.

“Supportive banks understand and address the unique financial needs of LGBTQ+ individuals and can provide appropriate services and products tailored to their requirements,” Nelson told Investopedia via email.

LGBTQ+ customers face unique financial challenges related to mortgages, debt, retirement and insurance due in part to both historical discrimination and the different financial situations that come with being an LGBTQ+ person. And LGBTQ+ people often encounter alienating experiences regarding name changes.

Let’s look in detail at some examples of how different financial institutions support the LGBTQ+ community. Each of these banks earns a 100% score on the Human Rights Campaign Foundation’s Corporate Equality Index, which rates workplaces on LGBTQ+ equality.

Amalgamated Bank

Amalgamated Bank has taken several steps to promote equality and oppose discrimination. For example, it is a coalition partner with Compete America to champion equal employment opportunities for LGBTQ+ people.

Amalgamated Bank launched its Hate Is Not Charitable campaign to stop the flow of philanthropic dollars to hate groups, including those discriminating against the LGBTQ+ community. And it was among those that adopted IDNYC, a government-issued ID card that helps transgender New Yorkers open bank accounts.

Internally, Amalgamated Bank employs several LGBTQ+-friendly practices. The company provides free services for Immigration Equality and the Transgender Legal Defense and Education Fund. Its insurance plan for employees covers gender-affirming surgery and hormone therapy. And among many other measures to promote inclusion, it offers gender-neutral bathrooms in the workplace.

Capital One

Capital One offers LGBTQ+ focused benefits for employees such as fertility coverage, reimbursements for associates for adoption and surrogacy expenses, domestic partner benefits, and health coverage for gender reassignment.

In 1997, Capital One was one of the first major companies to offer same-sex marriage benefits and is now an outspoken supporter of the Equality Act, a proposal that would prohibit “discrimination based on sex, sexual orientation, and gender identity in areas including public accommodations and facilities, education, federal funding, employment, housing, credit, and the jury system.”

Capital One has partnered with and supported community organizations serving LGBTQ+ people, such as Services & Advocacy for LGBT Elders (SAGE), Out & Equal, and The National Center for Transgender Equality. The bank’s chatbot has a gender-neutral name (Eno, or One spelled backward).

JPMorgan Chase

In January 2021, JPMorgan Chase said it would donate $5 million to nonprofits that serve LGBTQ+ Americans, many of whom were financially harmed during the pandemic. Among those organizations is SAGE, one of the oldest nonprofits dedicated to older LGBTQ+ Americans. The bank has won awards for its own workplace commitment to diversity and inclusion, with local LGBTQ+ employee resource groups in 15 countries.

Changing your name on a debit or credit card might not be that simple, though. The bank’s online Account Holder Name Change form is for brokerage accounts, not credit card or savings accounts. If you are a cardholder, you can call the toll-free number on the back of the card. You’ll likely be asked to submit documentation, such as legal proof of a name change.

TD Bank

TD Bank’s corporate initiatives to promote inclusion include a recent $150,000 grant to the Somerset Health PROUD center, which provides LGBTQ+ oriented services like HIV prevention and hormone replacement therapy.

TD Bank also seeks to foster a work environment of inclusion, such as an initiative called Sharing Pronouns to make employees’ pronouns clear.

Wells Fargo

Wells Fargo’s website includes an LGBTQ+ section where customers can sign up for a Pride-themed card and learn about the bank’s services and culture. The bank employs professionals who are trained to understand the financial needs of LGBTQ+ couples and individuals.

Wells Fargo offers access to financial advisers with LGBTQ+ expertise and sensitivity. Before same-sex marriage was legalized, Wells Fargo partnered with the College for Financial Planning to create the designation of accredited domestic partner advisor (ADPA) and offered training to its financial advisors.

Investment advisors are trained in issues that affect LGBTQ+ couples and domestic partners so they can be advocates for the community. In the event the partnership ends in death or divorce, an advisor with the ADPA designation can ensure that the interests of both partners are protected.

Other Financial Institutions

MassMutual

MassMutual has taken several steps toward promoting inclusion and equality, including videos on the LGBTQ+ section of its website and on YouTube of same-sex couples going through the adoption process. The videos promote its advisory services.

MassMutual provides financial advisors who are sensitive to the financial needs of the LGBTQ+ community, and the life insurer supported marriage equality in 2015.

Also, MassMutual conducted the MassMutual LGBTQ Financial Security Study in 2017. The study surveyed 500 LGBTQ+ Americans between ages 25 and 65 with household incomes between $35,000 and $150,000. Among the findings: LGBTQ+ people were more worried about retirement and finances than the general population. These studies are important for the LGBTQ+ community to learn about their financial challenges and make informed financial decisions.

Prudential

Prudential, an insurance provider, is an outspoken supporter of LGBTQ+ rights and has instituted a range of inclusive policies that support LGBTQ+ employees. Gender identity and expression are now explicitly protected under its non-discrimination policy.

Perhaps the company’s biggest initiative is its data dives into the financial experiences of different populations. Prudential scrutinized the financial lives of the LGBTQ+ community in 2017 and includes the community as a population in other surveys. In one of its studies, Prudential found that LGBTQ+ respondents lagged behind their non-LGBTQ+ counterparts in banking products.

Cait Howerton, a certified financial planner in the Atlanta area who serves the LGBTQ+ community, said obstacles that LGBTQ+ banking consumers might run into include discrimination against mortgage or loan applicants based on sexual orientation or gender identity. Some LGBTQ+ consumers also face difficulties when it comes to filling out financial paperwork.

“Finding banks that offer gender-neutral paperwork and have expansive gender options on forms is crucial for those whose gender identity may not align with the traditional binary option,” Howerton told Investopedia via email.

In Progress: Superbia

As of June 2023, Superbia was in the process of becoming certified as a credit union to offer financial services specifically to LGBTQ+ people, but you don’t need to be part of the LGBTQ+ community to become a member. The company maintains a wait list for people who want to take advantage of its offerings, which are expected to include credit cards and life insurance.

Superbia’s mission states that it aims to “provide discrimination-free banking, life and health insurance, and money management services that fully consider the needs of our LGBTQ+ community.”

Are There Any LGBTQ+ Focused Financial Institutions?

Superbia, which is geared toward serving LGBTQ+ customers, is seeking certification as a credit union. It plans on providing credit card and life insurance among its offerings.

How Much LGBTQ+ Discrimination Happens in Banking?

A 2023 report from the Center for LGBTQ Economic Advancement & Research (CLEAR) and Movement Advancement Project found that 11% of LGBTQ+ Americans had faced discrimination related to banking or financial services. In addition, 23% indicated they had experienced financial challenges based on their LGBTQ+ identity. 

Is Your Gender on Your Credit Report?

Your gender is not listed on your credit report. Your credit report is connected to your Social Security number and includes data about your payment history, the amount of debt you carry, and other financial information. It does not include information about your religion, sexual orientation, ethnicity, race or age.

The Bottom Line

Financial services companies are making moves toward inclusion. To find the right financial provider to work with, consider talking to others in the LGBTQ+ community to see which banks they use and which ones they feel are supportive.

Also consider asking financial advisers and institutions what they do to support the community throughout the year, not just during Pride Month.

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