1st Choice was approved as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury’s CDFI Fund in January 2022. The CDFI certification allows qualified financial institutions to access grants and other federal funds to provide financial products and services in low-income communities for local residents and businesses.
Earnings go to outside bonds and stockholders in the form of dividends.
Banks are governed by paid shareholders. Voting rights depend on the number of shares owned.
Banks require customers to use their branded ATMs and branches for services or pay fees. Some services are unavailable outside the bank. Credit unions are local, community-based financial institutions. Members support their local communities when they bank at a credit union. Banks are big! The average size of a bank is double that of a credit union. Credit unions have members, not shareholders. Banks have customers and shareholders. They must make money from their customers to please shareholders.