Neighborhood Notes, November 25, 2012
Portland’s Occupy movement and like-minded activists around the nation have highlighted, using various methods, the benefits of transitioning from big banking to small during the last 12 months. And while some 6 million Americans have switched “their banking business from corporate-level, for-profit banking institutions to not-for-profit credit unions that strive to promote economic growth in our communities,” according to the official Bank Transfer Day Facebook page, the reality is that those millions of people still represent only 3 percent or so of banking consumers.
Increased fees and poor service have definitely helped convince many Americans to choose smaller banks and credit unions, but, as Stacy Mitchell, a senior researcher with the Institute for Local Self-Reliance, points out, there are plenty of constructive reasons for choosing a community bank or credit union over a big financial institution—like growing your local economy, supporting productive investment, and keeping decision-making local amongst institutions that are committed to your community.
While the Occupy movements and Bank Transfer Day were capturing headlines almost a year ago, Neighborhood Notes would like to remind you about some of the community-based credit unions around town that offer support for your local economy and neighborhood.