To the editor:
Choosing a local bank or credit union is not just a financial decision; it is an investment in the well-being of one’s community. First and foremost, local banks and credit unions invest in their communities. They reinvest in the local economy by channeling their resources back into the community through loans to local businesses and individuals, but they also nurture the community through donations and participation in local nonprofits. For instance, National Grand Bank, the eighth oldest bank in the nation, donates to almost every nonprofit in the community. From the Marblehead Museum, to Dollars for Scholars, to Park and Rec and PTOs, the COA, and the Boosters. When Sustainable Marblehead was getting started, we hosted a sizable sustainability fair that the bank helped fund and its president attended and even drove one of the test EVs. When the MHD Harbor Rotary Club needed satellite parking for their POPS event at Abbot Hall, National Grand stepped up. This bank is a pillar of this community.
Marblehead Bank is rightly proud that its employees often volunteer time with local nonprofits. For instance, two weeks ago, members of their staff were volunteering with SPUR, an organization they have supported from its inception, to help put together and deliver flowers and cookies to a variety of individuals and agencies within our community. As with National Grand, their donations to local organizations are longer than both of my arms, using small font!
This contrasts with national bank chains like JP Morgan Chace, Bank of America, Wells Fargo, and Citibank, which allocate a significant portion of their resources to distant markets and shareholders. These markets may not align with your values. For instance, Chase has bankrolled the fossil-fuel industry to the tune of $382 billion since the 2015 Paris Climate Agreement, and the other three behemoths are not far behind. At a time in human history when we understand that fossil fuels have dangerously warmed our climate, causing, fires, floods, droughts, and famines throughout the globe, do you want to use your hard-earned and saved money supporting further disasters? At a time when the extraction and processing of fossil fuels have been shown cause severe environmental and social repercussions, including habitat destruction, air and water pollution, and displacement of indigenous communities, do you want your dollars used to exacerbate these issues? By banking with an institution that funds the fossil-fuel industry, customers may find themselves indirectly contributing to all these negative outcomes.
Choosing a local bank or credit union is not just a financial decision; it is an investment in the well-being of one’s community. The personalized service, competitive rates, and commitment to local economic, social, and educational development make local banks and credit unions standout choices for individuals who want to be more than just a customer – they want to be an integral part of a thriving community.
If you are interested in knowing more or joining with others to promote positive investment, 350Mass has a working group called Stop and Steer the Money: https://350mass.betterfutureproject.org/stop_and_steer_the_money_working_group
Stop The Money Pipeline is a nation organization focused on the same objective: https://stopthemoneypipeline.com/.
And finally, you are welcome to join our protests at the Vinnin Square Chase Bank on the first Saturday of every month, from 11:30 to 12:30. We vote with our pocket books. Let’s vote for a healthier world.
Sincerely,
Judith Black