News Release: Credit unions are trusted for quality financial services

Wednesday, October 20, 2010

"Local. Trusted. Serving you." is theme for special day on Thursday

INDIANAPOLIS – This Thursday, October 21, 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 – Local. Trusted. Serving you. – encapsulates what has long been the credit union approach to serving its member/owners.”
Other facts about credit unions and the ways they serve their members:
  • In times of uncertainty, credit unions represent a safe haven, as reflected in the strong growth in new deposits from consumers at credit unions this year.
  • Not only are credit unions a place consumers can trust to be safe and sound, they are also a place to receive a good deal. Indiana’s 2.2 million credit union members benefit by close to $150 million annually through better rates and lower fees compared to if the only choice available to consumers was for-profit financial institutions. This is because credit unions are member-owned, not-for-profit cooperatives, and earnings not needed for reserves and operations are returned to members through better rates and lower fees.