Banks use the money that you deposit to finance things. But our financial system does not act in the public interest when it comes to using that money. Left to their own devices and in search of maximizing their own profit, banks robbed people, and communities of color in particular, of their biggest assets. Today, banks continue this legacy by charging large, multiple overdraft fees, while claiming to offer “free checking”. They use depositors’ money to fund activities that the depositors don’t want: payday lenders, private prisons, and the Dakota Access Pipeline.
At Beneficial State, we celebrate depositors as the original and most important “crowdfunders” because they provide the funding to make loans possible. Our depositors know their money is being held by a bank that safeguards community values as closely as it safeguards their deposits.