Do you remember the Occupy Wall Street protests in 2011 and the November 5th “Bank Transfer Day?” Big banks pleaded with customers not to move their money from big banks to smaller banks or credit unions; some banks even used force to keep customers from closing their accounts. It is no shock that big banks continue to put up a fight to keep their customers from moving to smaller, more local and traditional community banks or credit unions. Here, we break down reasons as to why you should consider moving your money to a credit union.
Revive the nation’s financial system.
The idea behind moving your money to a credit union is to push the nation’s financial system into growth again. Big banks have been dragging the nation’s economy down a bottomless pit that we struggle to escape. They make their money by charging interest on loans, collecting account fees and reinvesting that money to earn more profit and enrich bank executives and stock holders. Fees at credit unions provide services to YOU, their members. Credit unions are also non-profit organizations, meaning they can charge lower interest rates than banks for most financial services as they do not pay state or federal taxes.
No matter how desperate they are, go local.
Banks will try their best to hold onto your business. They will ask, “What can we do to change your mind?” “We don’t want to see you go.” Depending on the amount of money you have in your account, you may be asked to make multiple withdrawals over the course of a few days because of daily limits they have in place. Don’t let this discourage you from moving to a loyal, local credit union who actually cares about you and has your best interests in mind. You should not second guess your decision to support organizations who offers a plethora of services to its members.
Vote with your wallet.
Moving money is an effective step towards reclaiming America. Big banks have been bailed out of trillions of dollars and the economy continues to suffer. By moving your money to credit unions, you are sending a message to Wall Street and Capitol Hill that you won’t wait on Washington to act on the core problem of the nation’s financial crisis. This video puts the issue into perspective and is something we can all agree with.
Move your money into an account today with Lancaster Red Rose Credit Union. Find a credit union near you!