When your money is deposited in locally owned and operated community banks and credit unions, it's quickly recycled back into our local economy. Currently only 4% of Arizona's total deposits are in Arizona-owned banks and credit unions. Local banks and credit unions stand with us through ups and downs, so let's get that number to 10% and see the impact it will have on our communities.
Not sure where to start on making the switch to a local bank or credit union?
5 Reasons to Choose a Local Bank or Credit Union
1. Get the Same Services at a Lower Cost
Average interest rates and fees at small banks and credit unions are substantially lower than at big banks, according to national data.
2. Put Your Money to Work Growing Your Local Economy
Although small and mid-sized banks control less than one-quarter of all bank assets, they account for more than half of all small business lending. The largest 20 banks devote only 18 percent of their commercial loan portfolios to small business.
3. Keep Decision-Making Local
At local banks and credit unions, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with their customers, and understand local needs.
4. Back Institutions that Share a Commitment to Your Community
The fortunes of local banks and credit unions are intimately tied to the fortunes of their local communities. The more the community prospers, the more the local bank benefits. This is why many local banks and credit unions are involved in their communities.
5. Support Productive Investment, Not Gambling
The primary activity of almost all small banks and credit unions is to turn deposits into loans and other productive investments. Meanwhile, big banks devote a sizable share of their resources to speculative trading and other Wall Street bets that provide little economic or social value for the rest of us.
Sign the Pledge
Move your money to a local bank or credit union! Go ahead and sign even if you already bank with a local bank or credit union!
Sign the pledge and you'll be entered to win a variety of prizes and gift cards! By signing this pledge, you give Local First Arizona permission to contact you by email.