People all over the country are breaking up with mega-banks and supporting local community banks and credit unions. The New Mexico Business Weekly reports that credit unions recently experienced $4.5 billion dollars in new deposits from 650,000 new credit union members. That means $4.5 billion less for mega-banks, but, more importantly, that’s billions of dollars that will be invested in local communities.
Our Green America members across the country are happily reporting that they are breaking up with mega-banks and are excited to be banking in a way that supports jobs, housing and community development. As one of our members wrote to us: “I broke up with my bank. And it felt great! I have to feel a little sorry for the employee charged with finding out why I was leaving Chase. I had to explain in my former cheerleader voice that it wasn’t about convenience, it was about politics and I didn’t want to be a part of the bank culture any longer. Same for the guy who cancelled my Citibank charge card later that night.”
If you haven’t broken up with your mega-bank, don’t worry that you missed Bank Transfer Day. Any day is a good day to shift your accounts to a bank or credit union that supports your values. And, if you need help with the process, our handy Break Up With Your Mega-Bank Kit can walk you through all the steps (and help you use the rest of your investments to support people and the planet).
Share your break up with your mega-bank story! We’d love to hear it.