Move Your Money
Move Your Money puts the focus on financial literacy and the impact of where we hold our accounts. Local banking systems put people first and keep our money close to home. Our local financial institutions go beyond banking to support businesses, families, and individuals in our community. Take a deeper look at how our financial systems impact place-based economies.
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.
Your bank account can have a BIG impact!
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!
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.
Switching your accounts to a new financial institution can feel daunting – but it doesn’t have to be!
There are many ways to get started and make a change that positively impact you, neighboring businesses, our community and the environment. Consider any of the following ways to get started today! Let People First Economy know how we can support you by filling out our Move Your Money pledge.
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.
Make a Change!
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.
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!
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.
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!
