Local bank is self described as B corporation. I was told it’s good for the neighborhood and “better” than traditional banks. Looking for a simple explanation that is not Wikipedia. Thank you.
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It’s called green marketing, just because a bank is local they can call themselves a B-corp…bigger banks take bigger monthly fees for just having an account with them. Go to a credit union if you’re not using the bank for your business or if you’re not doing wires across state/country lines. It’s like my refrigerator telling you me it’s a B Corp because only some food goes bad in their every month. Credit unions are nonprofits and have different set of regulations. But sure, a local bank may invest in a local entrepreneur and thus call themselves a B Corp since that money was vested locally. Still an eye roller when I see that about banks
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