A people first economy Initiative
Keep Your Money Close To Home!
Your local bank account can have BIG impact!
When you choose to bank locally your dollars are kept close to home. Unlike big banks, local financial institutions go beyond banking to build relationships in the community they are held and use these relationships to put your dollars to work – underwriting business loans, granting mortgages to residents in your neighborhood and supporting your overall financial wellness. Make positive impact with your accounts – Move Your Money!
How to Move Your Money
Open Your New Account at Your Chosen Community Bank or Credit Union
- Order New Checks and an ATM/Debit Card
- Ask Your Employer to Reroute Your Direct Deposit
- Contact Companies that Direct-Deposit Your Account
- Set-up Online Bill Pay for Your New Account
- Close Your Old Account
- Enjoy Your New Local Banking Relationship!
Each April, during Financial Literacy Month, the Good For Michigan and Local First programs shine a light on how our financial systems go beyond banking. Join in by sharing these graphics and using #MoveYourMoney #BankLocal and #PeopleFirstEconomy. To download any of these images, right click and save it to your computer. On mobile, tap and hold on the image and save the graphic to your photos.
Don’t forget to tag @goodformi and @localfirstwestmi
Looking to dig deeper? Read, watch or listen to these resources below to further unpack the value of our local financial systems.
Why We Need Black-Owned Banks
Black-owned banks are a shrinking part of the American financial system. Planet Money’s The Indicator takes a look at why this matters. Why we still need Black-owned banks, and why something as boring as banking lies at the heart of America’s racial disparities. Listen here.
FDIC Community Banking Study
Community banks play a vital role in the functioning of the U.S financial system and the broader economy, from lending to small business owners and farmers, to providing critical banking services in small towns and rural communities across the nation.
Group of Faith Leaders Urge Banks to Stop Financing Climate Crisis
Christian, Muslim, and Jewish leaders joined United Nations officials on in urging financial institutions to stop bankrolling activities that are driving climate change, including ending support for new fossil fuel projects.
What does your bank do with your deposits? Mighty Deposits has compiled a resource for you to help you bank your values, like their guide to socially responsible banking, that gives you a sense of banks available to you, what to look for, and what to ask.
What is Sustainable Investing?
Investors can use several strategies to build and diversify their portfolios to ensure financial success. One emerging trend changing the way businesses and investors think about investing is a concept known as sustainable investing.
Planet Money Movie Club
Can you pair economic theory and classic movies!? Planet Money discusses how It’s a Wonderful Life claimed its fame, the impacts of a bank run, and what exactly a building and loan is.
Decent Work and Economic Growth
By keeping your assets in community-based financial institutions, you are contributing to the Sustainable Development Goal 8: Decent Work and Economic Growth. What are the SDGs?