Why Bank Local?

April is Community Banking Month, a reminder of the benefits of banking locally.

We partner with Local First Arizona to support local businesses and the Arizona economy all year round. But this month, especially, we want to highlight and expand upon the five reasons Local First Arizona encourages people to bank locally.

1. You can get the same services at a lower cost.
2. Put your money to work growing your local economy.
3. Keep decision making local.
4. Back institutions that share a commitment to your community.
5. Support productive investment, not gambling.

Let’s dig in a little further to the specifics of these points:

1. Get the same services at a lower cost.

It’s true! You can open a checking account, savings account, and credit card at a credit union. You can apply for a personal loan, mortgage or auto loan, as well. You can also invest or plan for your retirement with a certificate, IRA, high-yield money market account.

Credit unions are local not-for-profit organizations that exist to serve their Members. Profits made by the credit union are returned to the Members through reduced fees, lower loan interest rates and higher share dividends. Banks are for-profit organizations. Profits made by the bank are returned to its stockholders. Typically, banks’ rates, fees and interest charges are higher to increase profits for stockholders. According to a recent Membership Benefits Report from Credit Union National Association (CUNA), Vantage West Credit Union provided $14,562 in financial benefits to its Members in 2018, alone.

• Put your money to work growing your local economy.

Local First Arizona reports that, for every $100 spent at locally owned businesses (like a local credit union), $43 remains in the surrounding economy, as opposed to the estimated $13 that a non-local business contributes. 

• Keep decision making local.

We are not passive participants in our economy—we are stakeholders in the communities around us. When you choose to bank locally, the people who make decisions about loan approvals, community involvement, corporate direction, and more live in the same community you do. They understand the complexities and nuances of your city, because they’re part of it.

• Back institutions that share a commitment to your community.

Because local credit unions are comprised of fellow community members, they succeed when you succeed. At Vantage West, we’re dedicated to earning and rewarding the loyalty of the people and communities we are connected with, so we can all thrive together. There’s mutual benefit for all involved when you share a commitment to your community.

• Support productive investment, not gambling.

Local First Arizona reports that, “Big banks devote a sizeable share of resources to speculative trading and other Wall Street bets.” But local banks and credit unions stand with us through ups and downs, support our local entrepreneurs, and are dedicated to our communities. 

If you don’t yet bank locally, there’s no better time than Community Banking Month to do as Local First Arizona says and, “Move your money today for a stronger Arizona tomorrow.”

Vantage West is federally insured by NCUA. Loans subject to approval. Certain conditions and restrictions apply.