Credit Unions: Members Make It Happen
October 20, 2005

Today, more than 123 million credit union members worldwide celebrate International Credit Union Day.

Credit unions have kept their purpose constant for more than 150 years. Today, more than 123 million people belong to 40,421 credit unions in 87 countries worldwide. In Indiana, 2.2 million Hoosiers are credit union members.

Because credit unions are not-for-profit financial cooperatives, their focus has always been on service to members. Credit unions provide the services members request—from student loans to car loans to first mortgages. No need is too big or too small. And, each member has an equal vote in electing the board of from among the membership. Most credit union directors are volunteers. Since there are no stockholders, members receive higher rates on their savings accounts, lower rates on loans, and lower service fees.

In Indiana, the 2.2 million Hoosier credit union members benefit by $160 million each year they have access to credit unions compared to if their only choice were for-profit banks.

Even though International Credit Union Day comes but once a year, you’ll find the best deals and the best service at your credit union, year ‘round.

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