International Credit Union Day – October 20, 2022, history, significance
International Credit Union Day is observed on the third Thursday of October every year, falling on October 20th this year. International Credit Union Day is celebrated across the world, and it is an opportunity for Credit Unions and the communities they serve to reflect upon the credit union movement, promote credit union achievements, and share the impact credit unions have on their members.
Credit unions are full-service financial institutions that provide the same products, services, and benefits offered by other financial institutions. Credit unions differ because they are not-for-profit financial cooperatives owned by and operated for the benefit of the customers (members) they serve.
Credit unions serve their members, not investors. Credit unions are cooperatives or organized groups of people with some common bond. Examples of a common bond may be your employer, the community in which you live, a faith-based organization, a school, or the military, just to name a few.
For example, Direct Federal Credit Union in Massachusetts offers membership to anyone who lives, works, or worships in Norfolk or Middlesex County in Massachusetts – that’s over 2,000,000 people who can join Direct Federal. To learn more about Direct Federal Credit Union in Needham – visit www.Direct.com.
This year, Direct Federal Credit Union, along with its 30,000 members, will be celebrating and recognizing its commitment to delivering great rates, saving its members money, providing easy accessibility to save time, and providing remarkable service to preserve peace of mind.
HISTORY OF INTERNATIONAL CREDIT UNION DAY
You might be wondering how a credit union is different from a bank. Credit unions are interested in advancing their communities because they are owned by the people they serve daily. That’s why they work so hard to improve their members’ savings; help them invest in their homes, businesses, and education, and secure a stronger financial future. No matter what life brings, credit unions have been there to help strengthen the financial lives of individuals, families, and businesses in their communities.
In 1948, the U.S. Credit Union National Association (CUNA) started a new National Credit Union Day celebration. The World Council of Credit Unions was created in 1971 to help others establish and maintain viable credit union movements in countries across the globe. International Credit Union Day has been observed on the third Thursday of October since 1948 and was created to celebrate Credit Unions and their meaning to the community.
HOW TO OBSERVE INTERNATIONAL CREDIT UNION DAY
Learn about your local Credit Union
Research your local Credit Union options. Take a look at your current interest rates on loans and what you’re earning in your Savings accounts. Think about the customer service you are receiving from your financial institution. If you are unhappy with what you see, research what your local credit union can do for you.
Join a Credit Union
Celebrate International Credit Union Day by joining a Credit Union. In doing so, you will become part of a community that works toward helping people like you realize their dreams in the best way possible. If you’re based in Massachusetts, head over to Direct.com to learn more.
Brush up on your financial literacy
Visit your local credit union’s website to check out their resources on financial education. You can visit the DirectLIFE portal at Direct Federal Credit Union and take online classes about basic financial education topics.
Help one of the organizations your local Credit Union supports
Credit Unions work hard to make a positive difference in the communities they serve by integrating our community engagement efforts into their everyday business and leveraging our strengths and resources to make the greatest impact. Direct Federal Credit Union is able to provide financial support to 501(c)(3) organizations in the 82 cities and towns located in Norfolk and Middlesex County.
Their philanthropic support includes monetary donations, event sponsorships, and scholarships in local schools. They also recognize that sometimes financial support is just not enough, so they volunteer in their neighborhoods for local organizations. In addition, they use financial education to connect with our community and teach valuable skills that promote financial capability in the 82 cities and towns they serve. Visit your local Credit Union’s website to learn what organizations they support and connect with that organization to see how you can help.
