What is a credit union?

The Occupy Wall Street protest and those inspired by it around the world have brought the topic of corporate greed and its effects into center stage. And as these topics become common in the zeitgeist people are looking for ways to avoid sending their hard-earned money to some giant multinational.

One way of making sure your money doesn't go towards the multinational corporations (MNCs) is to stop banking at one of them. The banking industry is well known for being one of takeovers and mergers. Big banks gobble up little banks until there aren't any more small town friendly banks anymore.

But you do have a choice. Many communities have credit unions that can serve your banking needs just as well, if not better, than the MNCs could. And you don't have to feel bad about where your money is going because it stays in the community.

A credit union is an institution borne out of the desire for its members to collectively benefit. Sorta the same spirit as many of those protesting in the Occupy encampments. So if you believe, as many are starting to, that the profit motive doesn't necessarily serve society in any noble way, it may be time for you to check out a credit union. You can still earn interest on your deposits and get some good rates on loans.

In fact, sometimes the rates you can get at a credit union are better than at a commercial bank because they don't have the interest of the stockholders on a pedestal like the MNCs do. In fact, credit unions are owned by their members, and if you bank at one then that means you're part owner of your credit union. What could be more comforting than to know that you don't have to worry about the bank cheating you to satisfy stockholders' desire for better numbers?