Looking Good, Looking Local: Recapping CLF’s Look of Local Fashion Show

The Look of Local Fashion Show celebrated local retailers and makers in Cambridge. Businesses and makers worked individually and as teams to show off their summer collections on the runway. Vendors set up pop-up tables to give guests a chance to buy some of the amazing items on display while community volunteer models prowled the cafe at Workbar in Central Square. 

Everyone turned up to make this a spectacular night. Central Square Florist donated amazing floral arrangements, MMMMAVEN connected us with an incredible DJ, Cuisine En Locale served an incredible array of locally sourced food, beer, and wine. And of course, Eastern Bank made this entire event possible by sponsoring Cambridge Local First.

We had an incredible roster of retailers and makers at the show and on the runway. For more information about event details take a look at the online version of the event program or click any of the photos to be taken to the corresponding business's website.  

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A little pre-show shopping at businesses pop-up tables.

 

 

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Photograph by Michael Rose Photography

 

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Having a hard time not laughing with hilarious co-host and actor, Michael Messina

 

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The crowd cheers to start the show!

 

Local Banking 101

Want to start managing your money at a local bank? Here are some of the most common types of accounts and how they work!

Checking Accounts:

A checking account is used to deposit your money including paychecks, cash or refund checks and to pay for short-term expenses. You can withdraw money from your checking account by using a debit or check card, writing checks or withdrawing cash from an ATM. Many local banks offer additional services such as mobile deposit, where you can deposit checks from your phone. 

Savings Accounts:

The purpose of a savings account is to put money away for longer-term needs or emergencies. Money deposited in a savings account earns interest. Interest is the amount of money you earn calculated as a percentage of the money you have in your account. The bank or financial institution where you have your account pays interest for the privilege of using your money for other purposes such as providing loans to other customers. While interest varies by institution, many local banks offer better than market rates. 

Interest-Bearing Checking Accounts:

Some banks offer interest-bearing accounts. The amount of interest paid is usually much lower than a traditional savings account and often you are required to keep a certain amount of money in the account.

Certificate of Deposit (CD) Accounts:

A CD is an investment account in which you agree to let the bank keep your money for a specific period of time. The bank, in turn, agrees to pay you a specific rate of interest on the money you keep in the account. The period of time often varies. The longer the timeframe and the greater the amount of money deposited, the higher the rate of interest paid. There is usually a penalty if you take your money out before the end of the agreed upon timeframe.

Steps for Moving Your Money to a Local Bank

Make Your Money Local!

To continue our Local Banking Month series, we wanted to provide you with all the necessary steps for moving your money to your nearest local bank!

  1. Organize current accounts. Know which accounts you have, so you know which accounts you need to close. Make sure all pending transactions have time to clear.
  2. Pick your new bank or credit union and open your new account/s. Open your new account with a small deposit (electronic transfer is fastest and safest way to do it).
  3. Change your automatic deposits and payments. Make sure to update any direct deposit and automatic payments attached to your old account and update them. (ex. car payments, credit cards, utilities, Clipper card and loan payments).
  4. Transfer your money into your new account. Once all automatic payments and direct deposits are linked to your new account, electronically transfer your money from your old Big Bank to your new account. If electronic transfers aren’t possible for you, you can get your money in the form of a check when you close your Big Bank account and deposit it into your new account.
  5. Say Goodbye to the Big Bank. (This is the fun part.) Go to your Big Bank and tell a teller that you want to close your account (each bank will have different procedures for closing accounts). Get written confirmation that your accounts are closed.

To learn more, read the rest of this piece written by the Ella Baker Center for Human Rights.

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Meet Our Member Banks!

In honor of Local Banking Month, we wanted to introduce you all to our local member banks here at Cambridge Local First!

camb savings logoCambridge Savings Bank

At Cambridge Savings Bank, we are inspired by the lives and businesses of our customers. Cambridge Savings Bank is a full-service financial institution with $2.6 billion in assets. As one of the oldest and largest community banks in Massachusetts, the Bank offers a full line of individual and business banking read more


 

Cambridge Trust Company 1390_Cambridge-Trust-1

“Cambridge Trust Company is a strong independent bank. Since we opened our doors in 1890, we’ve dedicated ourselves to personal service and hiring experienced, thoughtful professionals. That’s how we’ve grown into a full-service commercial bank. Today, we combine the best of tradition with the latest technology to offer our customers read more


 

East Boston Savings Bankeastbostonsavingsbank_logo

Operating for 165 years under one name speaks to the underlying strength of East Boston Savings Bank. That’s where honoring our past comes in. Those of us, who work here today; stewards of the Bank founded in 1848, have at most beenhere only 38 years. If not for the read more


 

780_EastCambridgeSavings-1East Cambridge Savings Bank

Independent mutual savings bank; focused on personalized customer service and profitable growth; offering a broad range of products and services delivered conveniently; resulting in the bank of choice in Cambridge and surrounding areas; with a corporate commitment to the community; and providing a challenging work environment for motivated employees. Mission read more


 

eastern_bank_leadingEastern Bank

Today more than ever, you need a bank that’s not only there for you, but true to you and your community. That’s Eastern Bank. For nearly two centuries, we’ve been here to help generations of individuals, families, and businesses reach their goals. We’ve accomplished it with honest values and service read more


 

Leader-Bank-logoLeader Bank

Leader Bank is headquartered in Arlington, MA with branches in Cambridge, Burlington and Belmont. We offer unmatched service for your personal
and business banking, or residential mortgage needs. Our technology through online banking, mobile banking, and mobile deposit offers banking at your fingertips. Learn more about our innovative rewards checking read more


 

Naveo Credit Union14naveologo

Naveo Credit Union was founded in 1928 when twenty-seven Portuguese-Americans banded together to form a financial cooperative after finding it increasingly difficult to access deposit and loan products from banks in the community. Naveo Credit Union, formerly Cambridge Portuguese Credit Union, was incorporated on March 2, 1928 as a place read more


 

northcooplogoNorth Cambridge Co-Operative Bank 

The North Cambridge Co-operative Bank was chartered in 1912. We have operated continuously in this location since its inception. The bank’s primary mission has been to serve the banking needs of North Cambridge as well as the surrounding communities. We are proud of our Co-operative heritage and believe our financial strength demonstrates that true community read more

It’s Local Banking Month, Here are the Top 5 Reasons to Bank Locally!

ShopBankLocal

Here at CLF, our goal is always to support local businesses and let people know the benefits of choosing local first! With Local Banking Month beginning, we wanted to take this opportunity to let you know the top 5 reasons to choose local banks over big banks:

1. Get the Same Services at Lower Cost

Most locally owned banks and credit unions offer the same array of services, from online bill paying to debit and credit cards, at much lower cost than big banks. Average fees at small banks and credit unions are substantially lower than at big banks, according to national data. Studies show that small financial institutions also offer, on average, better interest rates on savings and better terms on credit cards and other loans.

2. Put Your Money to Work Growing Your Local Economy

Small businesses, which create the majority of new jobs, depend heavily on small, local banks for financing. Although small and mid-sized banks control less than one-quarter of all bank assets, they account for more than half of all small business lending. Big banks, meanwhile, allocate relatively little of their resources to small businesses. The largest 20 banks, which now control 57 percent of all bank assets, devote only 18 percent of their commercial loan portfolios to small business.

3. Keep Decision-Making Local

At local banks and credit unions, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with their customers, and understand local needs. Because of this personal knowledge, local financial institutions are often able to approve small business and other loans that big banks would reject. In the case of credit unions, control ultimately rests with the customers, who are also memberowners.

4. Back Institutions that Share a Commitment to Your Community

The fortunes of local banks and credit unions are intimately tied to the fortunes of their local communities. The more the community prospers, the more the local bank benefits. This is why many local banks and credit unions are involved in their communities. Big banks, in contrast, are not tethered to the places where they operate. Indeed, they often use a community’s deposits to make investments in other regions or on Wall Street.

5. Support Productive Investment, Not Gambling

The primary activity of almost all small banks and credit unions is to turn deposits into loans and other productive investments. Meanwhile, big banks devote a sizeable share of their resources to speculative trading and other Wall Street bets that may generate big profits for the bank, but provide little economic or social value for the rest of us and can put the entire financial system at risk if they go bad.

To read more written by the New Rules Project’s Community Banking Initiative, click here.