One Way To Unplug From The Big Bank System
Setting up a credit union for your neighborhood, intentional community or local digital network — here's how.
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Dear Sovereign Souls,
Banks don't serve us. Their sole purpose is to enrich their shareholders at the expense and risk of their clients—US!
To cement their financial power over us, advocacy organizations such as the Bank Policy Institute use our money to influence elected officials who then craft and support regulation in their favor. So it's high time to stop supporting Big Banks by exiting their system and investing our money where we live and thrive.
So, this week’s tactic will focus on this.
- The Thriver
This Week's Tactic
Week #28 - Join a State Chartered Credit Union
Goal: Unplug from the big bank system
Skill Verb: Decentralize
Level: Medium
Joining a state chartered credit union is a quick and easy way to divest money away from the corrupt, corporate banking system. Instead, becoming a member of a cooperative financial institution is empowering, especially on a state level. Understand that not all credit unions may offer the convenience of online banking as we are accustomed to "enjoy" with the big players in this industry. As always, convenience comes at a price. In the case of big banking, it's your privacy, your rights, and ultimately your money.
So how do you join a state chartered credit union?
To qualify for membership in a credit union you need to either work, live or worship within the community it serves. To find out which credit unions serve your area, you can go to the database of the National Credit Union Service Organization or your state's credit union department and look for a list of credit unions in your state. Here are the links for Texas, and California.
Many credit unions allow you to sign up online. So it will only take minutes to make the switch. Other's still want you to come in person to complete enrollment. But getting to know the people who are handling your money is actually a good thing.
Opportunity
Looking to start your own credit union? Regardless if it's for your local neighborhood, intentional community or digital network, a credit union can be a powerful freedom tool so we found a few resources below that walk you step-by-step through the process.
Guide from Growththink
Guide from the National Credit Union Administration (NCUA)
Article on how to reignite the credit union movement
Quora discussion on how to start a credit union
Free Credit Union Compliance Courses from Compliance Cohort
If you need a decentralized domain for your credit union—grab a name and register at Forever Domains, the first truly decentralized domains that can actually be used as domains (with DNS).
Please note: You will want to check with your local state laws as it pertains to starting a credit union.
Action Steps
Research credit union options using the resources above
Check with your local state for compliance guidelines
Thought
There could be a 'community of communities' rather than a state. They would be united in some way but without any governing body. It would be made up of unions, credit unions instead of banks. There would be no more lending at interest. There would be no more money lenders. - Dorothy Day
Do you think credit unions can offer financial freedom away from big banks?