Celebrating the Credit Union Movement

Happy International Credit Union Day, Alaska! It’s our favorite time of year again, when credit unions around the world celebrate our history and dedication to the “people helping people” philosophy.  This year’s ICU Day theme is “Celebrating 75 Years,” which is a pretty exciting testament to the longevity and success of the credit union movement. 

Let's back up a moment. You may be wondering what this "credit union movement" is and what makes a credit union so special. We compiled some answers for you. Take a look through these amazing highlights about credit unions around the world:

Credit unions originated in an effort to serve the underserved.

There was a recognition that not everyone had equal access to financial services and banks were denying service to marginalized communities. Community members in Germany took matters into their own hands. They pooled their resources and established the first credit union — a combined savings that members could borrow from when they needed it. The concept expanded, developed more structure, and there are now over 85,000 credit unions around the globe!

Today, credit unions strive to offer inclusive financing, services and education to empower every individual to achieve their financial goals.

Credit unions care about your financial success.

Credit unions exist to serve our member-owners. We're not-for-profit and everything we do is to better support you!

• Credit unions play a vital role in promoting financial literacy and education, providing valuable resources to help members make informed financial decisions and improve your overall financial well-being.
• Credit unions offer the same financial products as banks, but because we’re not-for-profit, we often offer better rates than banks.
• Revenue made at a credit union is reinvested in members and the community. These funds go toward our ability to offer lower rates, expand member services, and help your neighbors establish a strong footing toward their financial goals. 
• Your deposits at a credit union are safe! Credit union accounts are insured by the federal government up to $250,000. 

Credit unions are cooperative and innovative.

Credit unions collaborate to offer members improved resources and services, like access to a network of 30,000 fee-free ATMs nationwide! Credit unions also share knowledge and procedures to help each organization develop and better serve members — there are current collaborative efforts to improve technology in credit unions all over the world. At CU1, we’re happy to offer a wide variety of e-Services and innovative ITMs that empower our members to manage finances in the way that fits best.

Celebrating 75 Years - International Credit Union Day 2023 from CUNA on Vimeo.

Credit unions strengthen the economy.

Credit unions play a crucial role in strengthening the economy by providing access to affordable financial services, promoting financial literacy, offering competitive rates, and reinvesting in the local community. By supporting credit unions, individuals not only benefit from personalized and member-focused services but also contribute to the economic well-being of their communities and beyond.

Talk about a great list of reasons to cheer for International Credit Union Day! A big part of your financial health is trusting your finances to a place with your best interests at heart – and by supporting a not-for-profit credit union like CU1, you’re doing just that. WAY TO GO, YOU! 

Now go on and share this blog with someone who needs to see the credit union light!