Political Activism Sparking a Renewed Interest in Credit Unions
Image Courtesy: Phil Belena

Political Activism Sparking a Renewed Interest in Credit Unions

I recently came across an interesting article that encourages readers to close certain accounts with major banks funding the Dakota Access pipeline. It also encourages them to take a renewed look at federal credit unions.

After eight difficult years for smaller banks and for credit unions, a renewed interest in member-owned and focused federal credit unions makes a lot of sense. In particular, with Americans having just elected a President whose sole interest is his own wealth and that of his ultra-wealthy cabal, people may feel that their next act is to resist by keeping their financial dealings within their own communities. Credit unions fit that need.

In particular, credit unions are owned by their members and they are generally bound by a common membership theme (you may join based on your place of residence, your profession or some other identifiable field of membership). Members have a say in the way the union is operated, and profit is return to the members in the form of lower fees or better rates.

Even more importantly, in this current rising interest rate environment, certificate of deposit rates are rising more quickly and more dramatically at credit unions than elsewhere.

Find credit unions near you.

See the best credit union CD rates.

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to bank transparency and the climate crisis. Since co-founding BestCashCow in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

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