International Credit Union Day
October 20, 2016
Credit Unions first formed in Germany in 1849 and the first credit union in the United States was started in 1909 in New Hampshire. With more than 102 million credit union account holders across the country, we have a lot to celebrate. But what exactly are we celebrating that’s different and why are we celebrating it? Here are a few highlights that explain why credit unions are important and unique:
- What is International Credit Union Day?
- International Credit Union Day is a day when credit unions all over the world celebrate the qualities that make credit unions unique and show appreciation for their members.
- The celebration started in 1948, and occurs every year on the third Thursday of October.
- There are 57,000 credit unions worldwide in 105 countries.
- What makes a credit union different?
- Credit unions are not-for-profit financial cooperatives.
- We offer the same services as other financial institutions, but we return all our profits to members. That’s why we have better rates and fewer fees.
- We are owned by our members, not shareholders, so our money stays in the community.
- What is a cooperative?
- A cooperative is an association of people who come together to meet a shared need.
- All co-ops are democratically controlled and share common principles, such as social responsibility and offering education to members. The 9 credit union principles come from the 7 cooperative principles that all co-ops follow.
- Credit unions are financial cooperatives, but there are all kinds of co-ops. From a neighborhood grocery co-op to national name-brand co-ops, like the outdoor retailer REI.
Stop by our branches and help us celebrate!