What would happen if everyone moved there money from traditional private banks to credit unions/ coop banks
What would happen if everyone moved there money from traditional private banks to credit unions/ coop banks
Can credit union and coop banks replace traditional banks completely?
Edit (adding additional question): Has there been an attempt to do this on a national or societal level?
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IDK why people are interpreting your question about the mechanics of everyone switching at the same time. It sounds to me like you're asking more about the bigger picture problems it would solve with society, not whether the sudden change would be able to be handled by the banks. Is that what you're looking for?
Moving to a credit union is a great idea. I did a long time ago and haven't looked back.
There are some things they don't offer, sure, but then for stuff like investments I use dedicated platforms for those which is a better experience anyway.
Thanks for your answer. You're right, I was hoping to get more answers on the bigger picture change that would happen to society. Particularly since coops and credit unions are more democratic in nature, I wonder how different society would be with more direct control of how they money is managed.