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.