Energy Capital Credit Union

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International Credit Union Day

Posted on: October 18, 2016

 

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October 20 is International Credit Union Day- a day set aside to highlight what makes credit unions so special.

 

Credit unions began with a very simple idea- that people could pool their money and make loans to each other. This idea of a “people’s bank” started in the mid-19th century and has since spread across the world. It now includes 217 million members in 105 countries. In 1948, the CUNA (Credit Union National Association) declared the 3rd Thursday in October as International Credit Union Day to bring together members and celebrate.

So, what is it that makes credit unions so unique?

Service to Our Members– Credit unions are here to serve you, our members. We are not for profit. Any profits made are given back to our members via dividends and low loan rates. In addition to financial services, we are dedicated to providing financial education to our members.

Equal Ownership– Every member has equal share in the credit union, no matter the size of their account. We are also governed by our members through an elected Board of Directors.

Social Responsibility– People helping people. It’s what we do. This belief is the core of our history and our future.

We would like to take a moment today to thank you, our members, for making us your financial institution of choice.