Your Financial Choice Matters: How Local Institutions Strengthen Boston Communities

“Local” is not a new buzzword. We shop and eat locally; base our communities proximally; work, travel, and explore within the limits of our own environs. So why is local banking so often forgotten from our list of prideful neighborhood allegiances?

“Having a bank that’s local means that, beyond the conveniences of great products and services, we have a shared connection to the community we live in,” says Pablo Coyle, learning and development program manager at Harvard Federal Credit Union—a Boston institution that exemplifies precisely that ethos. “There is an undeniable authenticity that can only come from that local, shared community experience.” And while there are countless personal decisions that go into choosing the right bank for you, it’s worth mentioning that the financial and community benefits to banking locally are manifold.

A More Personal Experience

From a numbers standpoint, choosing a smaller, local financial institution almost always means a more personal and responsive experience. Without thousands of cardholders competing for attention, your local banking team can dedicate the time and energy to truly partner with you on your financial journey. Credit unions, in particular, are built on a foundation of community, cooperation, and member ownership—offering a more ethical, inclusive, and locally rooted alternative to traditional banks. Harvard FCU is proud to uphold that mission-driven approach throughout Boston.

“People are often surprised by just how personal the experience is. We take the time to understand individual goals and challenges,” says Craig Leonard, president and CEO of Harvard FCU. “Members also appreciate the access to senior leadership. When issues arise, they aren’t passed around; they’re resolved by empowered, caring people who truly want to help.”

As he explains it, the commitment to one-on-one financial advisory and goal development is a major tenet of the Harvard FCU experience. Whether you’re looking to invest, making a plan to pay off debt, or merely wanting to ask a question, someone will be available to give you the kind of intimate attention your finances deserve.

“We really want to get to know our members as individuals. Most organizations, given size and volume, can easily lose track of this,” says Coyle, who recently experienced a particularly impactful moment at one of Harvard FCU’s five branch locations. A member was at a loss, struggling to manage her monthly payments, and inadvertently falling into fee-collecting loops. “We took our time, slowed down the interaction, and really showed this person: ‘Hey, we’re here to help,’” he says. Coyle went so far as to personally sift through a year’s worth of statements, and helped the member to craft a payment cadence aligned with when her funds were available. He also rebated all the fees she had racked up and offered himself as a personal contact for future concerns.

Long story long, the commitment to care is personal.

Equal Opportunity Services

Whether you’re looking for everyday banking solutions (like rewards checking accounts and cash-back credit cards), or services that many assume are merely reserved for the notably wealthy—such as access to investment advisors or estate planning—Harvard FCU has the resources to collaborate with you. And many times these services are offered at little to no cost, like access to free financial counseling for Harvard FCU members.

“Our financial advisors will work with you no matter how much you have to invest, even if you’re just starting out and want to plan for the future,” says Leonard. Which is to say, you don’t need to be a global top spender to earn white glove financial support from your bank.

Harvard FCU is committed to opening its doors to all potential members. “We focus on closing access gaps to services that help individuals and families plan for the future, and we often serve members who might be overlooked by larger financial institutions,” says Tom Montilli, chief operating officer at Harvard FCU. “That includes helping people who are working to rebuild their credit, supporting international members in establishing a financial footprint, or offering hardship loans to those in need.”

Community Development

Banking locally isn’t just about supporting your own financial goals—it’s also about the broader Boston community. It means banking with a values-driven institution—one that prioritizes real, tangible involvement in the local community over vague promises of ‘positive global impact.’

“We’re embedded in the fabric of the community. That’s about more than just writing checks—it means showing up,” says Montilli. “Each year, our team volunteers hundreds of hours with local nonprofits—working side by side with our members to support the causes we truly believe in. Among Harvard FCU’s many causes are familiar local names like Food for Free, the Mass Coalition for the Homeless, Phillips Brooks House Association, the Jimmy Fund, Toys for Tots, Cradles to Crayons, the Gillian Reny Stepping Strong Center for Trauma Innovation, and more.

“We also partner with local schools, nonprofits, and advocacy organizations to ensure that financial literacy, stability, and opportunity are within everyone’s reach,” adds Montilli.” “This combination of personalized service and local engagement reflects our core mission of doing what’s right for our members and the communities we serve.”

As Leonard explains it, financial well-being on a personal level is what builds stronger, more robust communities. When people have the tools and resources to make good financial decisions, everyone benefits. And a smaller, local financial institution like Harvard FCU has the power to extend that impact—reaching more people, addressing extra needs, and building deeper relationships.

“Banking locally isn’t just a financial decision, it’s a values-based one. It means choosing to invest in your neighbors, your community, and your future,” says Leonard.

Make a Change

“Opening an account is easier than most people think. You can join Harvard FCU online in just a few minutes or visit one of our branches to speak with a team member,” says Montilli. Harvard FCU has five convenient branch locations, including in Harvard Square and the Longwood Medical Area. Plus, members have access to surcharge-free ATMs throughout Boston and a nationwide network of shared branches—allowing you to perform transactions just as you would at a Harvard FCU branch. “We help new members every step of the way, from transferring accounts to setting up direct deposit and bill pay. And while we are proud of our Harvard name and connection to that community, we have pathways for everyone to join—and we’re excited to welcome people throughout Greater Boston to find out how we can support their financial journey.”

For more information, visit harvardfcu.org.

This is a paid partnership between Harvard Federal Credit Union and Boston Magazine