Plenty of large banks say that they offer banking and financial services to the LGBTQ+ community. But how many of them actually mean what they say and hold up their end of the promise? A study done on mortgage applications that were made between 1990 and 2015 showed that couples of the same sex were more likely to get their mortgage applications refused by more than 70% just because of their gender identity and sexual orientation, and they also paid more interest.
When it comes to banks and finance, the LGBTQ+ community faces many challenges and hardships even if the system has come a long way over the past few years. From shopping for a personal loan or a mortgage to renting and buying homes, to getting financial guidance, the community finds it difficult due to the discrimination that still exists.
That said, there are many banks and insurance providers who genuinely offer their services to the LGBTQ+ community without differentiating a person simply because of their sexual orientation or gender identity. These organizations are mentioned below.
Daylight is an online bank founded by members of the LGBTQ+ community to act as one of their banks. Having an account with this bank does not require you to have a minimum balance. You can also withdraw money from an ATM for free once every month. you can open your account with any name of your choice irrespective of what your name is on your ID. The bank is working on creating a support community for members online to encourage members to offer support and advice to each other. Through their affiliate network, you can get expert financial advice from their LGBTQ+ financial coaches. The bank is still in its beta testing phase and you have to join their waitlist if you want their prepaid Visa card.
Capital One offers LGBTQ+ specific benefits and facilities for its employees. These benefits include coverage for fertility treatments, domestic partner benefits, reimbursements for adoption and surrogacy costs, and health coverage for gender reassignment. The bank was one of the first large organizations to offer marriage benefits for couples of the same sex. Capital One, now, is a major supporter of the Equality Act as well. it often partners with LGBTQ+ focused community organizations such as GLAAD, SAGE, etc.
Experian is another financial institution that offers services to the LGBTQ+ community. It offers sound financial advice to those who are finding it challenging to get it otherwise. According to the company, changing your entire name could impact your credit score. For transgenders, changing their full name involves additional documentation and extra steps. Along with updating your full name, you may also have to update other important information such as your Social Security, driver’s license, etc., with both the state and federal governments. The credit bureau has all the necessary information on its website.
MassMutual shows its support for the LGBTQ+ community even on its website. It has a whole section dedicated to videos about the community and even promotes its advisory services with videos of same-sex couples adopting children. This insurance company offers sound financial advice to the LGBTQ+ community. The company did a comprehensive study on individuals in the LGBTQ community and found that these individuals were more worried about their finances and retirement options when compared to people in the general society. These studies and surveys help improve the quality and quantity of financial services available to the community.
Superbia’s goal is to be able to provide banking, money management services, and life and health insurance for the LGBTQ+ community. The company was supposed to start operations in 2021 but was hampered by the Covid-19 pandemic. Its savings account and checking account are designed to carry no fees, low rates, and zero discrimination. Users can also pick the name they want to display on their cards.
JPMorgan Chase, in 2021, said that it planned to donate $5 million to organizations affiliated with the LGBTQ+ community. One among these was one of the oldest nonprofit organizations that cater to older people in the LGBTQ+ community, called SAGE (Services and Advocacy for LGBT Elders). If you want to change your name on your card, submit legal documents that prove your name change. The bank has won many awards for being a workplace that encourages inclusion and diversity.
Wells Fargo offers the LGBTQ+ community access to financial advisors and experts in dealing with specific issues. The bank’s website also has a dedicated section for LGBTQ+ people where customers can sign up for a card designed on the Pride theme. The company also offers services by finance professionals who understand the various financial challenges faced by LGBTQ+ couples and individuals and address their specific needs.
Prudential is an insurance provider and is very vocal in its support of LGBTQ+ rights. Its employment policies are inclusive and anti-discriminatory against LGBTQ+ employees. The company did an extensive data-based study on the financial needs and conditions of the community in 2017. It found that LGBTQ+ individuals were not able to access banking products with the same freedom as the general population. Studies like this help improve the financial services and products that are available to the community.
Progress may be slow when it comes to financial and banking support and services for the LGBTQ+ community. However, more and more companies are stepping up every day to stand against LGBTQ+ discrimination. Many try to improve the products and services available to the community. With extensive media visibility and legislative support as well, the community can look up to a much better future.
Line may not be a bank, but we do offer money for financial emergencies, especially for the LGBTQ+ community. So, if you need instant cash or need to borrow money and are not getting it from your sources, try Line. We have no interest fees, no credit checks and no income restrictions. All you need to do is apply for cash now and pay it back when you get your payment. No due dates and no hidden charges.