Your bank account can have BIG impact!
A people first economy Initiative
Keep the Change
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!
... in your pocket!
... in the community!
Local financial institutions put people first. B Lab cites that banking with values aligned banks is one way to use your own finances to support positive social and environmental change. Moving your money is another way of voting with your dollar. Community-based financial institutions can respond with greater agility to the needs of their community, especially in times of crisis. Help us create an economy grounded in local ownership, create generational wealth and build equity in Michigan.
Keep your money close to home. According to the Institute of Local Self-Reliance, community-based financial institutions make up 52% of all small business lending despite only holding 16% of total assets. These small business loans act as an investment in place-based economies growing our local economy, employing our residents, increasing wealth and social capital – literally putting your dollars to work. Help us create an economy grounded in local ownership, create generational wealth and build equity here in Michigan.
Make a Change!
Switching your accounts to a new financial institution can feel daunting – but it doesn’t have to be!
Get started with a local credit union! Whether you’re seeking to open a checking or savings account OR seeking a loan that will fit your needs, there’s a credit union staff member available to support you. Search for Credit Unions.
Build a relationship with your community bank! Staff members on the ground can support you in identifying the checking or savings accounts, loan offers, and financial wellness programs that suit your needs. Search for Community Banks.
Start with the basics – understanding your financial position. Financial Planners and Wealth Managers are experts in unpacking your current budget and helping you manage your financial goals! Search for Financial Planners.
Are you seeking funding? CDFIs offer a market-based approach to loan opportunities that inject new sources of capital into neighborhoods that lack access to financing. Search for CDFIs.
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!
Looking to dig deeper? Read, watch or listen to these resources below to further unpack the value of our local financial systems.
LMCU's 2023 Impact Report
Whether it’s volunteerism, philanthropy or sponsorships; community outreach has been embedded in LMCU’s culture since they opened our doors in 1933.
View their yearly Community Impact Report.
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.
Plant a Tree with Bloom Credit Union
Bloom Credit Union has always focused on helping people thrive financially. So it makes sense they’d help our environment thrive too. For every new account opened this year, Bloom CU will plant a tree in a forest of great need in Michigan!
Mighty Deposits
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?
Move Your Money is powered by Lake Michigan Credit Union.
Move Your Money Pledge
Are you ready to move your money? Tell us below! People First Economy is happy to champion your next steps and aid you in building local banking relationships.
