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Money Matters Blog

Tuesday, October 13, 2020

International Credit Union Day: Inspiring Hope for a Global Community

Each year we come together to celebrate International Credit Union Day (ICU Day) and raise awareness about what it means for members everywhere to partner with their local credit union. This year, with the coronavirus pandemic and health crisis on a global scale, communities around the world have seen their lives turn upside down. During this time, credit unions have stayed true to our cooperative principles and stepped up during the economic uncertainty.

Hope is a global resource that everyone has a right to feel and experience. This year’s ICU Day theme, “Inspiring Hope for a Global Community,” reflects how we as credit unions work to create a brighter future through financial empowerment, education, and support.

In the spirit of ICU Day, let’s take a look at just a few of the perks members receive by entering in a relationship with their local credit union:

Membership is the Foundation, Not Profit

As a member of a credit union, you own a piece of the organization. At its most basic level, credit unions are people pooling their money to provide each other with affordable loans: People helping people. Because credit unions are founded on membership—for and by the people—we can focus on offering superior service and policies that are member-centric.

Financial Wellness is a Priority

One of the many great things about being part of a credit union is that since we’re focused on our members, your financial wellness and education is a priority. Credit unions are willing to work with you through rough patches, where other institutions may only see the bottom line. At Community Financial Credit Union, you’re more than just a number. Your credit score is only one piece of the puzzle, and credit unions are able to look at the whole picture to find the financial resources and products that will work best for you.

Lower Fees

Banks earn much of their profit through high fees and pushing unnecessary products on their customers. While credit unions will also have some fees attached to products and services, these tend to be much lower than those you would find at banks.

Better Interest and Dividend Rates

Credit unions offer higher dividend rates on savings accounts and lower interest rates on loans. Credit unions only need to cover operating costs, and all the money we save is passed down to our members in the form of favorable rates, enhanced services, community giving, increased operations and more.

Interested in learning more about how credit unions work? Visit https://www.cfcu.org or call our Member Contact Center at (877) 937-2328 and let Community Financial show you the credit union difference today!

 

Your Turn: What’s your favorite part about being part of a credit union? Share your ICU Day thoughts in the comments!

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