Banks that Support the LGBTQI+ Community

Many large banks and financial providers provide access to banking services that are catered to the specific needs of the LGBTQI+ community. Some of these institutions include Amalgamated Bank, Capital One, JPMorgan Chase, TD Bank, and Wells Fargo,.

Examples of Banks that Support LGBTQI+ Communities

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 LGBTQI+ consumers if it adheres to policies, practices, and services that support the LGBTQI+ 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.

As a result of historical discrimination, LGBTQI+ customers face unique financial challenges related to mortgages, debt, retirement, and insurance coverage; LGBTQI+ individuals also find themselves in different financial situations than non-LGBTQI+ individuals. Finally, LGBTQI+ people can face extenuating circumstances as a result of legal name changes, among other challenges.

Here are some examples of how different financial institutions support the LGBTQI+ community. Each of these banks earns a 100% score on the Human Rights Campaign Foundation’s Corporate Equality Index (HRC CEI), which rates workplaces on LGBTQI+ equity.

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 LGBTQI+ 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 LGBTQI+ 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 LGBTQI+-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 LGBTQI+-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 LGBTQI+ 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 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, including legal proof of a name change.

TD Bank

TD Bank's corporate initiatives to promote inclusion include a recent $150,000 grant to the Babs Siperstein PROUD Center at Robert Wood Johnson University Hospital (RWJUH) Somerset in Somerville, New Jersey, which provides LGBTQI+-oriented services, such as HIV prevention and hormone replacement therapy.

TD Bank also seeks to foster a work environment of inclusion; one of its corporate initiatives, called Sharing Pronouns, is intended 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 LGBTQI+ couples and individuals.

Wells Fargo offers access to financial advisers with LGBTQI+ 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 LGBTQI+ couples and domestic partners so they can be advocates for the community. In the event a 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 employs 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 LGBTQI+ Americans between ages 25 and 65 with household incomes between $35,000 and $150,000. Among the findings: LGBTQI+ people were more worried about retirement and finances than the general population. These studies are important for the LGBTQI+ community to learn about their financial challenges and make informed financial decisions.

Prudential

Prudential, an insurance provider, is an outspoken supporter of LGBTQI+ rights and has instituted a range of inclusive policies that support LGBTQI+ 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 LGBTQI+ respondents lagged behind their non-LGBTQI+ counterparts in banking products.

Cait Howerton, a certified financial planner in the Atlanta area who serves the LGBTQI+ 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 LGBTQI+ 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.

Superbia

Superbia is a new credit union with a mission to offer financial services specifically to LGBTQI+ individuals (although you don't need to be part of the LGBTQI+ community to become a member). The organization is currently awaiting its charter; its website includes this statement: "The process to gain approvals involves many stakeholders and is ultimately up to the regulator to determine our opening. We will update our members as soon as we have a time frame to the opening of the credit union."

When it opens, Superbia will offer many services to its members, including credit cards, life insurance, and health insurance. Joining is free; there is currently a waitlist to join, and members will be the first to learn when the credit union is scheduled to open.

Superbia will be the first-ever credit union granted a charter to serve the LGBTQI+ community. Its mission is to “provide discrimination-free banking, life and health insurance, and money management services that fully consider the needs of our LGBTQ+ community.”

The Bottom Line

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

It's important to consider all aspects of a company's culture and operations—not just their activities during Pride Month. Oftentimes, the corporate actions that have the most positive impact on the well-being of LGBTQI+ communities are the least visible to the public, for example, the types of healthcare covered by the company's sponsored policies.