WE CAN DO BETTER
An alternative to big, corporate banks are local banks and credit unions. There are several ways to look at the local model, and many advantages.
Our communities are suffering due to the reckless behavior of these big institutions. By putting our resources into our community through a local bank or credit union, we help our community weather the consequences of the big high finance game.
The choice is between keeping our wealth circulating in the local economy, or allowing it to be siphoned-out to feed big interests. It is a choice between protecting our value, or allowing compulsive gamblers to manage it. It is about being self-reliant as a community.
Another advantage to local banks or credit unions is that they are more accountable. They’re not faceless institutions; they are people in your community who count on your patronage and are much more likely to hear your concerns and truthfully answer your questions. In this sense, they tend to be more like community partners who provide a reliable flow of financial resources into productive areas of the local economy. They are a public benefit (like a utility). Big banks often function like a siphon that funnels your wealth into the pockets of an ever smaller percentage of the world’s population. Local banks and credit unions, on the other hand, tend to function more like the farmer who fertilizes, waters and tends to the potential in the community, helping it grow.
The question, then, is how sustainable is the local bank’s crop? And what kind of value does the crop hold? That’s where you come in. You get to choose the garden you want grown in your community. You also get to send a message to the other banks with your choice. Just because a bank or credit union is local doesn’t mean they’re the good guys. Some local financial institutions are just smaller versions of the BIG rip-off.
The first thing you need to know about your local banking options is ownership: who owns it and what does that mean? [To learn more go to Banks versus Credit Unions.]
Each bank or credit union is unique. Some will resonate with your values more than others. Sure, it means some homework, but that’s ok. Big banks are so ever-present that we tend to go straight to them for our banking needs. This is a symptom of our culture of convenience. Big banks know this. They exploit it. Our singular message is that in firing your big bank you are choosing your community over convenience. Banking local allows you to find a better fit for your money, one that fosters a stewardship on a local level.
If you live in the Portland, Oregon area we’ve begun the process of giving you the tools to choose. Check out our Local PDX Scorecard, or go to our Forum to learn and share.
If you live outside of the Portland area, start putting together your own list. We’d be happy to link it here.
We don’t have to be duped into dependency just because the big banks are on every corner, like Plaid Pantry. We don’t have to be terrorized by financial collapse, just because the big banks got caught betting the house in a poker game. And we certainly don’t have to accept underwriting social irresponsibility any longer. It’s time to claim responsibility for the use of our wealth, the sweat and labor of our lives. It’s time to take it away from those who have failed us and gather it together as a commons to promote a sustainable life.
