Because I seem to be incapable of original thought, I'm left to pimp articles I think are worth wider distribution than my local paper. This one from the San Francisco Chronicle jumped out today. It discusses that, along with buying from farmers markets and using alternative transportation, perhaps we should all think about banking locally.
From the article:
...One of the key points of being happy, for "Jessica", is to bank at Cooperative Center Federal Credit Union. Jessica's made it a point to convert her friends to using credit unions, which are nonprofit banks. While she flipped the zucchini pancakes, she laid out her best argument, "I say to people: So you shop at a farmer's market. You use alternative fuel or bike or take public transportation. But you still bank at Bank of America?" She laughed at the paradox of the small- is-beautiful crowd supporting a global corporation.
I shifted in my chair. My main account is at Washington Mutual. I support my local farmer, but I had never thought about banking as a political act. I've always picked banks based on how close they are to my house or work.
Jessica explains why she started using credit unions:
... She wanted to put her money back into the community, and a credit union allowed her to do that.
"With banks, it's a business and all your money goes to make someone you don't know rich -- but with credit unions, all the money goes back into the community," Jessica explained. "It's people banding together to share the abundance."
There are good fiscal reasons to do this:
Although investing in her community is Jessica's raison d'etre, she has an arsenal of compelling reasons to bank with a credit union. Jessica finds herself trying to change her friends' minds about where they bank with her other big gun: interest rates. "I used to do this thing where I would ask my friends who use regular banks what their savings interest rate was," Jessica paused before taking a bite. "And mine was always higher."
And banking locally allows you to influence where investments are made:
She points out that private banks usually pay a board of directors to oversee global investments. Credit unions, however, have a board of directors selected from the community. Any member can go to the meetings, and have input on how the money will be spent.
There is a drawback:
She points out one downside with credit unions: there are fewer ATMs. Jessica found herself taking money out of the most convenient ATMs -- usually from big banks like Wells Fargo or Bank of America. She distinctly remembers realizing that the $2 fee would go straight to the corporation she was trying to avoid.
But she deals with it... just by planning how much cash she'll need for the month and taking it out from her credit union all at once..
Actually, there's another drawback:
For dessert, Jessica opens a jar of homemade stewed plums.
If banking at a credit union means I'm eating stewed plums for dessert...
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