As I sit to begin our new series “The CO-OP”, the lyrics “cooperation make it happen, cooperation working together” from Sesame Street continues to play in my mind. It seems as if we were raised with this idea of “cooperating” and “working together” but somehow we lose that training little by little throughout the years. Why is it that we become more selfish as we mature, and what can we do about it?
MOSAMUSE created “The Co-Op” not to teach you how to share in the sand box, but to teach you to be invested in one another, so as one grows we all grow. And lets be honest, it’s easier to create the life you dream to have, if you do it as a collective experience. Whether its grocery shopping, retail, banking, or creative arts… cooperation makes it happen.
First up we share how making money can be a cooperative experience. Before you moan and groan and change to the next article, I want to let you know the information I am about to give you could save you thousands of dollars.
Still here? Well let’s go…
Things That make You Go Hmmmm?
Don’t you find it strange that an 18 year old can walk into a bank, ask for a $100,000 student loan without a job, and get it? If a 40 year old person who is working full time went into a bank and did the same thing…most likely that person would be denied on the spot. That makes you think, right?
You know what else should make you think is the fact that you pay a “maintenance fee” on an account that houses your money. Didn’t they ask you to start the account? And now they are taking money from you as you keep your money in the account? Makes you think, right?
The problem is that you have no ownership in a place that you put your money into. Would you ever store your personal money in a stranger’s house? Probably not. If you use commercial banking, that’s sort of like what you are doing. You are storing your money into the hands of the large stock holders who are then making money off of your money being there, and also making additional revenue by applying fees on your account so that you are a profitable customer to them.
And listen…business is business. Commercial banks are businesses and therefore they are there to make a revenue.
But There Is Another Way.
Credit Unions are on the rise, especially for young adults like you who most likely have a distrust in banking institutions and are looking to be financially savvy and watch their money grow.
A credit union is a member-owned financial cooperative, democratically controlled by its members and operated for the purposes of providing credit at competitive rates, and providing other financial services to its members. They aren’t run by stockholders like banks…they are run by its members (which means YOU…if you join). Credit unions also provide services intended to support community development, which is an added benefit and the reason why many people join. Credit unions are not-for-profit organizations, which is the reason why fees are lower and they provide more competitive rates.
Community involvement, increased financial services, and member-benefits are the reason why many people are leaving their banks and joining credit unions.
Although Its Not Glamorous, Its Still Beneficial
You might agree with all that I’m saying and still not want to join in on cooperative banking. Why? Simply because its not glamorous. Their colors are dull, they aren’t located on every corner with flashy signage, and they tend to be hidden. We get it. But it costs money to be flashy, and that is why you pay a maintenance fee at your bank!
Although they aren’t glamorous, they are very beneficial for your financial future. With more competitive rates, you can really make out well at a credit union. Not to mention many are becoming VERY accessible, and have found ways to partner with other institutions so that you can bank and use the ATM at multiple locations.
The cooperative experience increases the money in your pocket, and also increases your financial knowledge.
We hope that as you continue our series “The Co-Op” you learn even more reasons joining cooperative ventures adds a true benefit to your life and the lives of others’.