When you belong to a big bank, chances are good the money you keep with it does not hang around long to help the local community. These banks have stockholders who expect a return on their investments; hence, the money filters out of town to take care of those out-of-town investments and other bank-type business.
According to our friends at PSCU (a leading provider of traditional and online financial services to credit unions) and their Make Your Money Matter campaign, big banks raked in over $45 billion in 2012, and up to 97% of it left the local communities from which it was deposited.
On the other hand, credit unions have provided over $630 million within local communities for infrastructure to support new commercial, residential, industrial and farm-related developments.