In early February the Seattle City Council voted unanimously to divest from Wells Fargo Bank because of its financial backing of the Dakota Access Pipeline in North Dakota. While your checking and savings accounts may seem paltry compared to the assets of the 18th largest city in the U.S., moving your money to a credit union is an incredibly effective way of investing in your local economy and taking your hard earned dollars out of the hands of corporate interests.
Large corporate banks like Wells Fargo, Chase, Citibank and TD Bank use customers’ deposits to invest in a wide range of ventures, some of which are risky, divisive and take money outside of the communities where customers live. We’re talking an oil pipeline that threatens drinking water and Native American sovereignty; we’re talking mortgage-backed securities; we’re talking investments that you the consumer are never consulted about and may never know about, in companies and with entities you would never intentionally support.
Unlike so many thorny political and financial issues of conscience though, there is a good answer for this dilemma: Join a credit union.
“It’s like shopping local,” says Michael Mattone, the vice president of public relations for Municipal Credit Union. “We’re the shop local of banking.”
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