Every deposit makes a difference.
Banks and credit unions are a huge part of our everyday lives, but we don't even think about it. Every dollar we earn and spend will end up in a banking instituion at one point or another. But what do banks do with these assets while they have them?
Because they are federally insured, banks and credit unions can leverage their assets, essentially meaning that for every dollar in deposits, your bank can make ten dollars in loans.
However, many banks and credit unions don't use their deposits effectively- especially mega-banks, or those "too big to fail" banks that are currently dominating the banking industry. They use their deposits to invest in fossil fuels and speculative trading, only investing a small percentage of their assets through quality loans.
Good banks and credit unions should be putting your deposits to work in your community through wealth-building loans- housing loans that allow families to pass down generational wealth and small business loans that create jobs and bring capital into communties.