How credit unions can help in ways that big banks can’t during the pandemic
If you're tired of banks getting richer while you struggle, it may be time to make the switch.
If there’s one thing that the coronavirus pandemic has made clear, it’s the massive divide that exists between the haves and have-nots.
Take big banks, for example ― the pandemic has only improved their bottom lines as the rest of the country struggles to stay afloat. The 10 largest U.S. banks expanded by more than $1.2 trillion in the first quarter of 2020 alone, with JPMorgan Chase growing by close to 20% and becoming the first U.S. bank with $3 trillion in assets.
Meanwhile, by May, more than 100,000 U.S. businesses permanently closed. As of June, nearly half the country was jobless.
Unlike banks, which are profit-driven businesses that must meet revenue goals and shareholder expectations, credit unions have more incentive and flexibility to serve members’ interests first. So if you’re tired of being treated like just another dollar sign by your bank, here’s why it might be time to join a credit union instead.
