Bank With Purpose

I've got my eye on you.

Looking for a way to #Resist without having to #LeaveYourHouse? Seriously consider moving

your money from a big bank to credit union. Be honest, it’s just a bank. Do you really feel a

strong emotional attachment to U.S. Bank or Wells Fargo? Most likely you chose a bank

when you were younger for one reason or another and haven’t really thought about it since. While not as easy as sending an email to your senator with Resistbot, it’s a simple thing you can do that will have a lasting impact. Credit unions are a powerful way to have your money support your local community and also send a message to the big banks that we have other options.

Pros of switching to a credit union:

• Lower fees and interest rates. These are not-for-profit institutions, so they don’t need

  to jack up your fees to keep investors happy.

• Higher Yields on Deposit Accounts

• Member Benefits

• Personalized Service and Community Focus

• Deposit Insurance. Deposit accounts are insured by the NCUA for up to $250,000 pre

  account, per person.

• Shared Branches. Many credit unions make it easy to utilize the branches of other

  credit unions so you don’t need to worry about access.

  
  

Concerns when switching to a credit union

• Membership requirements. While this sounds imposing, if you don’t meet the

  requirements (typically based on where you live, work, worship, alumni status, industry

  connection, etc.), you can usually just buy your way in (ah, the American way). Typically,

  these are relatively nominal amounts (i.e., $5 at Wings Financial, $25 at Affinity Plus).

• Fewer physical branches. Although if you have one by your house, how many more do

  you need?

• Fewer services. This is something that will vary significantly by credit union. Some have

  very robust offerings and some people only really the basics.

Although Minnesota has more than 100 different credit unions (!), some top contenders are:

• Wings Financial

• TruStone

• Affinity Plus

• Blaze (a merger of Spire and Hiway)

• MidMinnesota

• Magnifi

• Mayo Employees

As I said earlier, I don’t like to leave the house if I don’t have to, and I was thrilled that I could

open my new Affinity Plus accounts from my phone. I happen to qualify for membership in three different ways (see? So easy!), so that wasn’t an issue. Since I have pretty much everything running on autopay, it’s not an immediate transition. My first direct deposit will go in soon and then I can start moving over my automatic payments. I will also be moving over my emergency fund, which I had kept in a Capital One money market due to the higher rates. Affinity Plus also offer certificates with APY rates up to 4.1% for a nine- or 13-month certificate. Now I can invest my emergency fund where the money can be used to help my community in ways that reflect my values.