You might already be a credit union member or perhaps someone who has thought of joining one. But how much do you really know about credit unions? Here are a few interesting facts to consider.
Credit unions are not new.
The credit union movement has its roots in Asian societies and cultures. Introduced from China in medieval times, the cooperative idea of pooling money for the common good was further developed in Japan where it was called hotokusha. The concept was further developed in Europe two decades later and became the credit union movement. In the United States, President Roosevelt signed the Federal Credit Union Act into law in 1934. This established credit unions as an alternative to banks to promote thrift and prevent usury during the Great Depression. The rest is history.
Credit unions are local.
Credit unions are local and community driven. We are nurturing institutions and we care for our members at every stage of their financial lives. Many of our patrons are generational, having been members since birth and introduced to us by their parents or grandparents.
Credit unions can make a difference in your life.
Credit unions offer better rates on loans and savings accounts, and less expensive fees because we are exempt from federal taxes. We also make a difference because we are strong proponents of financial education and devote substantial time and money to teaching our community about fiscal responsibility.
Research by the Credit Union National Association shows that 82% of current members recommend credit union to others. We thank you for your business and ask that you continue to spread the word!