News Release: Credit unions “Unite for Good” to serve consumers and small business
Tuesday, October 15, 2013
INDIANAPOLIS – This Thursday, October 17, credit unions in Indiana and around the world will celebrate International Credit Union Day and the role these financial institutions play in serving community members. As member-owned, not-for-profit financial cooperatives, credit unions have always been a trusted place for quality financial services, offering better rates and lower fees. Additionally, their status as a source for locally rooted loans for consumers and small businesses continues to be an advantage.
“Credit unions were established more than 100 years ago by people who pooled their resources for the benefit of one another, and they are still successfully using this model to provide the modern products and services today’s consumers and business owners want and need,” said Indiana Credit Union League President John McKenzie. “This year’s theme – Unite for Good – emphasizes the cooperative spirit of the credit union business.”
Other facts about credit unions and the ways they serve their members:
Over the last five years, Hoosier credit unions provided financial benefit for their members (including thousands of small businesses) of $100 million per year, on average, compared to the fees and rates the members would have faced if their only option would have been to use a for-profit financial institution.
Nationally credit unions saved members $6 billion in 2012.
Thousands of credit unions across the U.S. share their branch facilities to offer members additional convenience and accessibility. In Indiana, there are 225 credit union locations that allow members from any participating credit union to come in and perform transactions, which make credit unions the largest financial institution branch network in the state.
There are 176 credit unions in Indiana. To find one near you to join, visit www.iBelong.org and enter your ZIP code.