The benefits of keeping our money in a credit union are many: We have low fees and no “sneaky” rules about minimum balances or revolving accounts. As voting members, we have a say in policies and fees. We get great service at the bank or over the phone. We feel good knowing that the members have control over our money, and most of all, that some CEO isn’t raising fees and cutting staff while making an outrageous salary.
Tens of thousands of people this week are moving their money from banks to credit unions as part of Transfer Your Money Day this Saturday, November 5th. The movement is also encouraging people to invest in local banks, however, I have seen at least one local bank charging high monthly fees while refusing to loan to small businesses, so I can’t recommend them on the whole.
Hopefully, this will be the start of a new awareness and appreciation for cooperative-type businesses. It is gratifying to see a revolt against the big banks who took money from the U.S. taxpayers to bail out their mistakes. Next, hopefully, we will see a revolt against big companies who don’t pay their share of taxes.
Speaking of revolt, hooray for the general strikers in Oakland, who joined in solidarity yesterday to oppose the brutal treatment by police of peaceful protesters, especially an Iraq War veteran, and some disabled citizens. Power to the people!